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2011 China International Conference in Finance
July 4-7, 2011 Shangri-La Hotel, Wuhan, China 2011 中国金融国际年会 7 月 4 日 至 7 日 CONFERENCE PROGRAM July 4, 2011 2:00 - 5:00PM
Industry Symposium
Organized by TCW Asset Management Company Emerging Markets: Into the Mainstream
Jean-Charles Pierre Sambor, Senior Vice President, TCW Asset Management Company
Evolution of the Securitized Asset Markets
Eric Arentsen, Managing Director, TCW Asset Management Company
Trust Company of the West Overview
Trust Company of the West
July 4, 2011 6:30 - 7:30PM
Conference Reception - Xian Tao/Xian Ning, 3F
(Sponsored by TCW Asset Management Company) Academic Sessions
(40 sessions in English and 15 Sessions in Chinese) Tuesday, July 5, 2011 – 8:30-10:00AM
Asset Pricing Theory I - Xiao Gan, B1F
Session Chair: Jun Liu, University of California at San Diego Endogenous Information Disclosure and Regulatory Reforms Renhui Fu, Erasmus University Yong H. Kim, University of Cincinnati Buhui Qiu, Erasmus University Speculation and Hedging in Segmented Markets Liyan Yang, University of Toronto Itay Goldstein, University of Pennsylvania Yan Li, Temple University Ambiguity Aversion, Optimal Portfolio Choice and Market Decomposition with Rare Events Xing Jin, University of Warwick Allen Zhang, Treasury Department of US Size and Return: A New Perspective Fangjian Fu, Singapore Management University Wei Yang, University of Rochester Discussants: Longkai Zhao, Peking University Henry Cao, Cheung Kong Graduate School of Business Luis Goncalves-Pinto, National University of Singapore Dora Fan, University of California, San Diego Tuesday, July 5, 2011 8:30-10:00AM
Banking I - Jing Men, B1F
Cheung Kong Graduate School of Business, Hong Kong University of Science and Technology The Seeds of a Crisis: A Theory of Bank Liquidity and Risk-taking over the Business Cycle Hassan Naqvi, National University of Singapore Viral Acharya, New York University Business Cycles and the Bankruptcy Code: A New Structural Approach Redouane Elkamhi, University of Iowa Min Jiang, University of Iowa Does the Secondary Loan Market Reduce Borrowing Costs? Mark Kamstra, York University Gordon Roberts, York University Pei Shao, University of Northern British Columbia Bank Size and Lending Specialization Qinglei Dai, Universidade Nova de Lisboa Diana Bonfim, Banco de Portugal Discussants: TBA Erica Xuenan Li, Cheung Kong Graduate School of Business, University of Michigan Lei Sun, Hong Kong University of Science and Technology Min Jiang, University of Iowa
Tuesday, July 5, 2011 8:30-10:00AM
Derivatives I - Shi Yan, B1F
Session Chair: Charles Cao, Penn State University The Information Content of the S&P 500 Index and VIX Options on the Dynamics of the S&P 500 Index San-Lin Chung, National Taiwan University Wei-Che Tsai, National Taiwan University Yaw-Huei Wang, National Taiwan University Pei-Shih Weng, National Central University A New Simple Approach for Constructing Implied Volatility Surfaces Liuren Wu, Baruch College Peter Carr, New York University Economic Catastrophe Bonds: Inefficient Market or Inadequate Model? Haitao Li, Cheung Kong Graduate School of Business, University of Michigan Feng Zhao, University of Texas at Dallas The Tail in the Volatility Index Nikunj Kapadia, University of Massachusetts, Amherst Jian Du, University of Massachusetts, Amherst Discussants: Gan Li, Hong Kong Baptist University Jun Tu, Singapore Management University Jie Cao, Chinese University of Hong Kong Feng Zhao, University of Texas at Dallas Tuesday, July 5, 2011 8:30-10:00AM
Capital Structure - Xian Tao/Xian Ning, 3F
Session Chair: Mark Walker, North Carolina State University Credit Market Timing Murray Frank, University of Minnesota Pedram Nezafat, University of Minnesota Capital Structure and Volatility of Risk Nikolay Halov, University of California, San Diego Florian Heider, European Central Bank Kose John, New York University Transaction Costs and Capital-Structure Decisions: Evidence from International Comparisons Allen Y.F. Li, University of Macau Tam Lewis H.K., University of Macau Inside Debt and the Design of Corporate Debt Contracts Divya Anantharaman, Rutgers University Vivian FANG, Rutgers University Guojin Gong, Pennsylvania State University Discussants: Jens Martin, The University of Amsterdam Yexiao Xu, University of Texas at Dallas Kasper Meisner Nielsen, Hong Kong University of Science and Technology Chen Lin, Chinese University of Hong Kong Tuesday, July 5, 2011 8:30-10:00AM
Trading and Securities Investment (in Chinese) - Xiang Fan, 3F
Session Chair:Zhishu Yang, Tsinghua University 证券投资与交易 主持人: 杨之曙, 清华大学 冷漠是理性的吗？基于中小股东网络投票的证据 孔东民, 华中科技大学经济学院 刘莎莎，北京大学 邢精平, 深圳证券交易所 中国IPO上市首日的超高换手率之谜 邵新建，对外经济贸易大学 巫和懋，北京大学国家发展研究院 王钰铖，南开大学 机构投资人能适时卖出该卖的股票吗? 池祥萱，东华大学 林煜恩，东华大学 黎怡均，东华大学 机构投资者交易行为研究 陈志娟，浙江工商大学 马长峰，浙江工商大学 郑振龙，厦门大学 林苍祥，台湾淡江大学 Discussants: 俞红海，南京大学 金洪飞，上海财经大学 吴飞，江西财经大学 王宝琏，香港科技大学 Tuesday, July 5, 2011 10:30-12:00 AM
Asset Pricing Empirical I - Xiao Gan, B1F
Session Chair: Yexiao Xu, University of Texas at Dallas Frog in the Pan: Continuous Information and Momentum Umit Gurun, University of Texas Mitch Warachka, Singapore Management University Zhi Da, University of Notre Dame A New Anomaly: The Cross-Sectional Profitability of Technical Analysis Yufeng Han, University of Colorado at Denver Ke Yang, Washington University in St. Louis Guofu Zhou, Washington University in St. Louis Expected Stock Returns and the Conditional Skewness Eric C. Chang, The University of Hong Kong Jin E. Zhang, The University of Hong Kong Huimin Zhao, The University of Hong Kong Discussants: Kevin Wang, University of Toronto Darvin Choi, Hong Kong University of Science and Technology Lai Xu, Duke University Tuesday, July 5,2011 10:30-12:00 AM
Corporate Finance I - Jing Men, B1F
Session Chair: Liu Yang, University of California in Los Angeles Patent Signaling, Entrepreneurial Performance, and Venture Capital Financing Jerry X. Cao, Singapore Management University Po-Hsuan Hsu, University of Connecticut Internal Cash Flows, Firm Valuation, and the Simultaneity of Corporate Policies Xin Chang, Nanyang Technological University Sudipto Dasgupta, Hong Kong University of Science and Technology George Wong, The Hong Kong Polytechnic University Ownership Structure and the Value of Excess Cash: Evidence from China Zhenzhen Sun, Siena College Yaping Wang, Peking University Institutional Ownership and Firm Cash Holdings Yangyang Chen, Monash University Discussants: Minwen Li, Tsinghua University Jiang Luo, Nanyang Technology University Zeng Wang, Shanghai University of Finance and Economics Mark Walker, North Carolina State University Tuesday, July 5, 2011 10:30-12:00 AM
Mututal Funds - Shi Yan, B1F
Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Mutual Fund Families and Performance Evaluation David Brown, University of Wisconsin - Madison Youchang Wu, University of Wisconsin – Madison Spillover Effects in Mutual Fund Companies Clemens Sialm, University of Texas at Austin Mandy Tham, Nanyang Technological University Business Ties and Information Advantage: Evidence from Mutual Fund Trading Ying Duan, University of Alberta Edith Hotchkiss, Boston College Yawen Jiao, Rensselaer Polytechnic Institute Endogenous Benchmarks David Hunter, University of Hawaii Eugene Kandel, Hebrew University Shmuel Kandel, Tel Aviv University Russell Wermers, University of Maryland Discussants: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jiekun Huang, National University Singapore Meijun Qian, National University Singapore Jay Wang, University of Illinois at Urbana-Champaign Tuesday, July 5, 2011 10:30-12:00 AM
Macroeconomics and Finance - Xian Tao/Xian Ning, 3F
Session Chair: Tan Wang, University of British Columbia Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty Hao Zhou, Federal Reserve Board Credit Risk and Business Cycles Jianjun Miao, Boston University Pengfei Wang, Hong Kong University of Science and Technology No-Arbitrage Taylor Rules with Switching Regimes Haitao Li, Cheung Kong Graduate School of Business, University of Michigan Tao Li, City University of Hong Kong Cindy Yu, Department of Statistics, Iowa State University How News Reports on Economy-wide Risks and Uncertainties Affect Stock Market Liquidity and Returns Michelle Alexopoulos, University of Toronto Melanie Cao, York University Discussants: Junye Li, ESSEC Business School Ming Guo, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Tan Wang, University of British Columbia Jie Zhu, Shanghai University of Finance and Economics Tuesday, July 5, 2011 10:30-12:00 AM
Financial Derivativies(in Chinese) - Xiang Fan, 3F
Session Chair:Chongfeng Wu, Shanghai Jiaotong University 金融衍生品市场 主持人: 吴冲锋, 上海交通大学 背景风险下指数复制的混合规划算法 龚朴, 华中科技大学 郑金璐, 华中科技大学 什么导致了中国权证价格的偏离：是投机还是市场机制？ 马文杰, 上海财经大学 期权加油卡：能否一箭三雕？ 宋军，复旦大学 凌若冰,复旦大学 刘潇潇,复旦大学 吴冲锋,上海交通大学 Discussants: 马文杰，上海财经大学 宋军，复旦大学 龚朴，华中科技大学 July 5, 2011 12:15 - 1:30 PM
Conference Lunch - Café Wu- 1F
July 5, 2011 1:15 - 2:30 PM
Keynote Speech - Xiang Fan /En Shi, 3F
Keynote Speaker: Douglas W. Diamond, University of Chicago Tuesday, July 5, 2011 2:45-4:15 PM
Corporate Governance I - Xiao Gan, B1F
Session Chair: Min Zhu, University of Michigan Do Nonmonetary Benefits Matter for Corporate Executives? Evidence from the Pay Premium for Quality of Life Xin Deng, Nanyang Technological University Huasheng Gao, Nanyang Technological University When Does Competition Mitigate Agency Problems? Yuehua Tang, Georgia State University The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs Jay Cai, Drexel Univeristy Ralph A. Walkling, Drexel University Ke Yang, Lehigh Univerisity Corporate Governance, Active Shareholder and Ownership Structure Tao-Hsien Dolly King, University of North Carolina at Charlotte Weidong Tian, University of North Carolina at Charlotte Cinder Xinde Zhang, Shanghai University Discussants: Ke Yang, Lehigh University Feng Zhang, University of Utah Min Zhu, University of Michigan Yuehua Tang, Georgia State University Tuesday, July 5, 2011 2:45-4:15 PM
Corporate Finance II - Jing Men, B1F
Session Chair: Jerry Cao, Singapore Management University Venture Capital and Executive Incentives in China Jerry Cao, Singapore Management University Qigui Liu, North-eastern University Gary Gang Tian, University of Wollongong Disciplining Delegated Monitors: Evidence from Venture Capital Xuan Tian, Indiana University Gregory F. Udell, Indiana University Xiaoyun Yu, Indiana University Internal Capital Markets, Non-cash Divestitures and Managerial Incentives Mieszko Mazur, IESEG School of Management Discussants: Huasheng Gao, Nanyang Technological University Jerry Cao, Singapore Management University Henry Yu,Nanjing University Tuesday, July 5, 2011 2:45-4:15 PM
Asset Pricing Empirical II - Shi Yan, B1F
Session Chair: Phil Dybvig, Washington University at St. Louis Variance Risk Premium and Cross-Section of Stock Returns Bing Han, University of Texas, Austin Yi Zhou, University of Oklahoma All are Smart: Do Short Sellers Convey More Information than Option Investors? Kalok Chan, Hong Kong University of Science and Technology Hung Wan Kot, Hong Kong Baptist University Sophie X. Ni, Hong Kong University of Science and Technology Noise as Information for Illiquidity Xing Hu, Princeton University Jun Pan, Massachusetts Institute of Technology Jiang Wang, Massachusetts Institute of Technology Price Shocks, News Disclosures, and Asymmetric Drifts Hai Lu, University of Toronto Kevin Q. Wang, University of Toronto Xiaolu Wang, Iowa State University Discussants: Darwin Choi, Hong Kong University of Science and Technology Wenlan Qian, National University of Singapore Fangjian Fu, Singapore Management School Bin Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Tuesday, July 5, 2011 2:45-4:15 PM
Behavior Finance - Xian Tao/Xian Ning, 3F
Session Chair: Bing Han, University of Texas at Austin Investor Sentiment and Anomalies Robert F. Stambaugh, University of Pennsylvania and NBER Jianfeng Yu, University of Minnesota Yu Yuan, University of Iowa Investor Sentiment, Disagreement and Return Predictability of Ownership Breadth Ling Cen, University of Toronto Hai Lu, University of Toronto Liyan Yang, University of Toronto Re-assess the Analyst Forecast Dispersion Puzzle Yexiao Xu, The University of Texas at Dallas Yhua Zhao, The University of Texas at Dallas An Epidemiological Approach to Opinion and Price-Volume Dynamics Dong Hong, Singapore Management University Harrison Hong, Princeton University Andrei Ungureanu, Morgan Stanley Discussants: Zhi Da, University of Notre Dame Hongjun Yan, Yale University Jie Cao, University of Hong Kong Tao Shu, University of Georgia Tuesday, July 5, 2011 2:45-4:15 PM
Corporate Finance(in Chinese) - En Shi, 3F
Session Chair: Chengjian Su, Guizhou College of Finance and Economics 公司理财 主持人: 宿成建，贵州财经学院 对资本结构理论的排他性检验 王志强，厦门大学 洪艺珣，厦门大学 银根紧缩与企业短期债务的流动性成本 袁淳，中央财经大学 廖冠民，中央财经大学 现金持有动态调整的非对称特征研究 连玉君，中山大学 苏治，中央财经大学 为什么陷入财务困境的企业总是难以做出正确的决定？ 来自中国A股上市公司的经验证据 朱萌，清华大学经济管理学院 王正位，北京师范大学经济管理学院 朱武祥，清华大学经济管理学院 Discussants: 袁淳，中央财经大学 朱萌，清华大学 王志强，厦门大学 连玉君，中山大学 Tuesday, July 5, 2011 4:30-6:00 PM
Corporate Governance II - Xiao Gan, B1F
Session Chair: Fangjian Fu, Singapore Management University How Important are Risk-Taking Incentives in Executive Compensation? Ingolf Dittmann, Erasmus University Rotterdam Ko-Chia Yu, Shanghai University of Finance and Economics Ironing out the Wrinkles in Executive Compensation: Linking Incentive Pay to Average Stock Prices Yisong Tian, York University Board Connections and M&A Transactions Ye Cai, Santa Clara University Merih Sevilir, Indiana University Is Company Performance Dependent on Outside Director 'Skin in the Game'? Peter Swan, The University of New South Wales Serkan Honeine, The University of New South Wales Discussants: Yisong Tian, York University Suman Banerjee, Nanyang Technological University Huasheng Gao, Nanyang Technological University Vivian W. Fang, Rutgers University Tuesday, July 5, 2011 4:30-6:00 PM
Liquidity - Jing Men, B1F
Session Chair: Erica Xuenan Li, Cheung Kong Graduate School of Business, University of Michigan Anticipated and Repeated Shocks in Liquid Markets Dong Lou, London School of Economics Hongjun Yan, Yale University Jinfan Zhang, Yale University Does the Tail Wag the Dog? The Price Impact of CDS Trading Dragon Tang, University of Hong Kong Hong Yan, Shanghai Advanced Institute of Finance, University of South Carolina The Role of Foreign Blockholders in Stock Liquidity: A Cross-Country Analysis Lilian Ng, University of Wisconsin Fei Wu, Massey University Jing Yu, University of Western Australia Bohui Zhang, University of New South Wales Liquidity Premium and Consumption Wenjin Kang, National University of Singapore Nan Li, National University of Singapore Discussants: Xing Hu, Princeton University Sophie Ni, Hong Kong University of Science and Technology Margaret R. Zhu, University of Texas at Austin and City University of HongKong Zhongzhi Song, Cheung Kong Graduate School of Business, The University of British Columbia Tuesday, July 5, 2011 – 4:30-6:00 PM
Mergers and Acquisitions - Shi Yan, B1F
Session Chair: Meijun Qian, National University of Singapore Productivity, Restructuring, and the Gains from Takeovers Xiaoyang Li, Cheung Kong Graduate School of Business, University of Michigan Financial Constraints and the Process of Agglomeration Lei Zhang, Nanyang Technological University Massimo Massa, INSEAD Andriy Bodnaruk, University of Notre Dame Post-Merger Integration Duration and Leverage Dynamics of Mergers: Theory and Evidence Jing Huang, University of South Carolina Josh Pierce, University of South Carolina Sergey Tsyplakov, University of South Carolina Shareholder Coordination Costs and the Market for Corporate Control Jiekun Huang, National University of Singapore Discussants: Yang Liu, University of California Los Angeles Hae Jin Chung, Korea Advanced Institute of Science and Technology Laura Liu, Cheung Kong Graduate School of Business, Hong Kong University of Science and Technology Shu Tao, University of Georgia Tuesday, July 5, 2011 4:30-6:00 PM
Hedge Funds and Other Insitutional Investors - Xian Tao/Xian Ning, 3F
Session Chair: Bing Liang, University of Massachusetts at Amherst Asset Allocation Dynamics in the Hedge Fund Industry Li Cai, University of Massachusetts, Amherst Bing Liang, University of Massachusetts, Amherst Mutual Fund Performance and Embedded Currency Risk Massimo Massa, INSEAD Yanbo Wang, INSEAD Hong Zhang, Cheung Kong Graduate School of Business, INSEAD The Dynamics of Hedge Fund Fees Prachi Deuskar, University of Illinois at Urbana-Champaign Quoc H. Nguyen, University of Illinois at Urbana-Champaign Z. Jay Wang, University of Illinois at Urbana-Champaign Youchang Wu, University of Wisconsin-Madison Discussants: Jiekun Huang, National University of Singapore Youchang Wu, University of Wisconsin Hong Zhang, Cheung Kong Graduate School of Business, INSEAD Tuesday, July 5, 2011 4:30-6:00 PM
Behaviroal Finance(in Chinese) - En Shi, 3F
Session Chair: Yuzhen Liu, Peking University 行为金融 主持人: 刘玉珍，北京大学 证券分析师预测"变脸"行为研究基于分析师声誉的博弈模型与实证检验 游家兴，厦门大学 邱世远，厦门大学 刘淳，清华大学 市场群体的交易性条件反射及其量化方法 石磊磊，中国科学技术大学 王毅文，复旦大学 陈定，嘉实基金管理有限公司 韩立岩，北京航空航天大学 朴燕，北京航空航天大学 苟成玲，嘉实基金管理有限公司 中国上市公司投资，存在羊群效应吗？ 方军雄，复旦大学 芦苇，复旦大学 盈余管理、投资者情绪与中国上市公司投资 夏芳，广东金融学院 Discussants: 唐涯，北京大学 路磊，上海财经大学 张峥，北京大学 周铭山，西南财经大学 Wednesday, July 6, 2011 8:30-10:00AM
Corporate Finance III - Xiao Gan, B1F
Session Chair: Feng Zhang, University of Utah Financial Development, Government Ownership of Banks and Firm Innovation Sheng Xiao, University of Minnesota Shan Zhao, Shanghai University of Finance and Economics The Impact of Foreign Government Investments on Corporate Performance: Evidence from the U.S. Elvira Sojli, RSM, Erasmus University Wing Wah Tham, Erasmus University (Mis)Valuation and Investment Vojislav Maksimovic，University of Maryland Gordon Phillips，University of Maryland and NBER Liu Yang，University of California at Los Angeles Corporate Governance, Product Market Competition and Cost of Debt Financing Teodora Paligorova, Bank of Canada Jun Yang, Bank of Canada Discussants: Jun Yang, Bank of Canada Pei Shao, University of Northern British Columbia Lei Zhang, Nanyang Technological University Yuehua Tang, Georgia State University Wednesday, July 6, 2011 8:30-10:00AM
Chinese Markets - Jing Men, B1F
Session Chair: Chu Zhang, Hong Kong University of Science and Technology Investment Anomalies with Regional Development Imbalance：Evidence from China Mutual Fund Holdings Shu Lin, Nanjing University Shu Tian, Fudan University Qiao Yu, Tsinghua University Causes and Consequences of Corporate Assets Exchange by China's Listed Companies Jiwei Wang, Singapore Management University Hongqi Yuan, Fudan University Can US Economic Variables Predict Chinese Stock Market? Jeremy Goh, Singapore Management University Fuwei Jiang, Singapore Management University Jun Tu, Singapore Management University Guofu Zhou, Washington University in St. Louis The Effects of Policy Reversals: A Natural Experiment from Financial Market Liberalization in China Swee Sum Lam, National University of Singapore Weina Zhang, National University of Singapore Discussants: Yuan Huang, Hong Kong Polytechnic University Herbert Lam, Renmin University of China Bohui Zhang, University of New South Wales Qian Sun, Fudan University Wednesday, July 6, 2011 8:30-10:00AM
Information and Securities Prices - Shi Yan, B1F
Session Chair: John Griffin, University of Texas at Austin In Search of Earnings Predictability Zhi Da, University of Notre Dame Joseph Engelberg, University of North Carolina at Chapel Hill Pengjie Gao, University of Notre Dame Intangible Information and Analyst Behavior Lei Sun, Hong Kong University of Science and Technology K. C. John Wei, Hong Kong University of Science and Technology Equity Analysts' Response to Mutual Fund Flow-Driven Mispricing Johan Sulaeman, Southern Methodist University Kelsey D.Wei, University of Texas at Dallas Are Analysts Whose Forecast Revisions Correlate less with Prior Stock Price Changes better Information Producers and Monitors? Chuan-Yang Hwang, Nanyang Technological University Yuan Li, Deakin University Yen H. Tong, Nanyang Technological University Discussants: Chishen Wei, Nanyang Technological University and University of Texas at Austin Jianfeng Yu, University of Minnesota Mandy Tham Tze-Minn, Nanyang Technological University Ling Cen, University of Toronto Wednesday, July 6, 2011 8:30-10:00AM
Market Microstructure - Xian Tao/Xian Ning, 3F
Session Chair: Kalok Chan, Hong Kong University of Science and Technology Information Content of Earnings Announcements: Evidence from After Hours Trading Christine X. Jiang, The University of Memphis Tanakorn Likitapiwat, Chulalongkorn University Thomas H. McInish, The University of Memphis Is There Price Discovery in Equity Options? Dmitriy Muravyev, University of Illinois at Urbana-Champaign Neil Pearson, University of Illinois at Urbana-Champaign John Broussard, Rutgers University--Camdem How "Riskless" is Riskless Arbitrage? Roman Kozhan, Warwick Business School Wing Wah Tham, Erasmus University Can Liquidity Shifts Explain the Lockup Expiration Effect in Stock Returns? Chandrasekhar Krishnamurti, University of Southern Queensland Avanidhar Subrahmanyam, University of California at Los Angeles Tiong Yang Thong, Singapore Management University Discussants: Yiuman Tse, University of Texas at San Antonio Kalok Chan, Hong Kong University of Science and Technology Dong Hong, Singapore Management University Hung Wan Kot, Hong Kong Baptist University Wednesday, July 6, 2011 8:30-10:00AM
Banking and Lending(in Chinese) - Xiang Fan, 3F
Session Chair: Qinghua Song, Zhongnan University of Economics and Law 银行与信贷 主持人: 宋清华，中南财经政法大学 银行信用组合风险多成分重要性抽样研究 龚朴，华中科技大学 胡祖辉，华中科技大学 涉农贷款违约的实证研究 尹志超，西南财经大学 银行资本约束与小企业贷款歧视 马理，武汉大学 黄宪，武汉大学 代军勋，武汉大学 银行往来关系对中小企业授信利率加码数及额度之影响─以台湾某商业银行之某区域授信数据为例 陈升鸿，南华大学 蔡宗谚，南华大学 Discussants: 苗建军, 美国波士顿大学 刘云, 中南财经政法大学 郑岚，美国Suffolk大学 吴秋实, 湖北大学 Wednesday, July 6, 2011 10:30-12:00 AM
Asset Pricing Theory II - Xiao Gan, B1F
Session Chair: Jianjun Miao, Boston University Testing Q Theory with Credit Market Tao Shen, University of Minnesota Government Investment and the Stock Market Frederico Belo, University of Minnesota Jianfeng Yu, University of Minnesota Intangible Assets and Cross-Sectional Stock Returns:Evidence from Structural Estimation Erica Xuenan Li, Cheung Kong Graduate School of Business, University of Michigan Laura Liu, Cheung Kong Graduate School of Business, Hong Kong University of Science and Technology The Pricing and Timing of the Option to Invest for Cash Flows with Partial Information Zhaojun Yang, Hunan University Dandan Song, Hunan University Jingqiang Yang, Hunan University Discussants: Erica Xuenan Li, University of Michigan Du Du, Hong Kong University of Science and Technology Keqiang Hou, Shanghai University of Economics and Finance Zhiyao Chen, University of Washington at Seattle Wednesday, July 6, 2011 10:30-12:00 AM
Corporate Finance IV - Jing Men, B1F
Session Chair: Zhi Da, University of Notre Dame Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat Ling Cen, University of Toronto Sudipto Dasgupta, Hong Kong University of Science and Technology Rik Sen, Hong Kong University of Science and Technology The Value of (Stock) Liquidity in the Market for M&A Moqi Xu, INSEAD Massimo Massa, INSEAD Do Wealth Creating Mergers and Acquisitions Really Hurt Acquirer Shareholders? Ron Masulis, The University of New South Wales Peter Swan, The University of New South Wales Brett Tobiansky, The University of New South Wales Value Creation of Mergers and Acquisitions in the Supply Chain and Rivals during the Financial Crisis Fang Chen, University of Rhode Island Bingxuan Lin, University of Rhode Island Henry Oppenheimer, University of Rhode Island Discussants: Jjiaren Pang, Tulane University David Hunter, University of Hawaii Moqi Xu, INSEAD Feng Zhang, University of Utah Wednesday, July 6, 2011 10:30-12:00 AM
Corporate Governance III - Shi Yan, B1F
Session Chair: Huasheng Gao, Nanyang Technological University The Strategic Use of CEO Compensation in Labor Contract Negotiations Feng Jiang, University of Iowa Erik Lie, University of Iowa Tingting Que, University of Iowa When does Corporate Governance Matter? Evidence from Anti-Takeover Legislation Kose John, New York University Yuanzhi Li, Temple University Jiaren Pang, Tulane University Enforceability and the Effectiveness of Laws and Regulations Ke Li, Shanghai Stock Exchange Lei Lu, Shanghai University of Finance & Economics Jun Qian, Boston College CEO Incentive Dynamics and their Effect on Firm Value Zhonglan Dai, University of Texas at Dallas Li Jin, Harvard Business School Weining Zhang, National University of Singapore Discussants: Ye Cai, Santa Clara University Feng Zhang, University of Utah Ping Jiang, University of International Business and Economy Buhui Qiu, Erasmus University Wednesday, July 6, 2011 10:30-12:00 AM
Derivatives II - Xian Tao/Xian Ning, 3F
Session Chair: Feng Zhao, University of Texas at Dallas Term Structure of Credit Default Swap Spreads and Cross-Section of Stock Returns Bing Han, University of Texas, Austin Yi Zhou, University of Oklahoma Trading Puts and CDS on Stocks with Short Sale Ban Sophie Ni, Hong Kong University of Science and Technology Jun Pan, Massachusetts Institute of Technology Anchoring Corporate Credit Spreads to Firm Fundamentals -- Fundamental still Matters, Even in the Crisis! Jennie Bai, Federal Reserve Bank of New York Liuren Wu, Baruch College Explaining Credit Spreads and Volatility Smirk: A Unified Framework Du Du, Hong Kong University of Science and Technology Discussants: Zhongyan Zhu, Chinese University of Hong Kong Dragon Tang, Hong Kong University Hao Wang, Tsinghua University Canlin Li, Federal Reserve Board Wednesday, July 6, 2011 10:30-12:00 AM
Corporate Governance I(in Chinese) - Xiang Fan, 3F
Session Chair: Guanmin Liao, Central University of Finance and Economics 公司治理 I 主持人: 廖冠民，中央财经大学 高管政治升迁与公司过度投资行为 许年行, 中国人民大学 罗炜，北京大学 民营化、政治联系与国有股权退出 李广子，中国社会科学院 刘力，北京大学 媒体治理与中小投资者保护 徐莉萍，中山大学 辛宇,中山大学 政府质量、投资与资本配置效率 陈德球，对外经济贸易大学 李思飞，香港中文大学 雷光勇，对外经济贸易大学 Discussants: 孙艳梅，对外经济贸易大学 方军雄，复旦大学 许年行，中国人民大学 李广子，中国社会科学院 July 6, 2011 12:15 - 2:15 PM
Conference Lunch - Café Wu- 1F
Wednesday, July 6, 2011 2:30-4:00 PM
Asset Pricing Empirical III: Econometrics - Xiao Gan, B1F
Session Chair: Guofu Zhou, Washington University in Saint Louis Forward-Looking Market Risk Premium Jin-Chuan Duan, National University of Singapore Weiqi Zhang, National University of Singapore Long-Horizon Regression Test of Mean Reversion: A Finite Sample Analysis Zhi Chen, Mellon Capital Management Raymond Kan, University of Toronto Determining the Rank of Beta Matrix in Linear Asset Pricing Models Seung C. Ahn, Arizona State University, Sogang University Alex R. Horensteinb, Tecnológico Autónomo de México Na Wang, Arizona State University Predicting Stock Returns with Variance Risk Premia: Statistical Inference and International Evidence Tim Bollerslev, Duke University James Marrone, Federal Reserve Board Lai Xu, Duke University Hao Zhou, Federal Reserve Board Discussants: Liuren Wu, Baruch College Jun Tu, Singapore Management University Chu Zhang, Hong Kong University of Science and Technology Qianqiu Liu, University of Hawaii Wednesday, July 6, 2011 2:30-4:00 PM
Corporate Finance VI - Jing Men, B1F
Session Chair: Xiaoyun Yu, Indiana University Investing in Chapter 11 Stocks: Trading, Value, and Performance Yuanzhi Li, Temple University Zhaodong (Ken) Zhong, The State University of New Jersey Corporate Investment Under Uncertain Business Cycles Thomas Dangl, Vienna University of Technology Youchang Wu, University of Wisconsin - Madison The Spillover Effects of Hurricane Katrina on Corporate Bonds and the Choice between Bank and Bond Financing Massimo Massa, INSEAD Lei Zhang, Nanyang Technological University Real Assets, Liquidation Value and Choice of Financing Crocker Liu, Cornell University Peng Liu, Cornell University Zhingpeng Zhang, Boston University Discussants: Qianqian Du, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Bin Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Jie Gan, Cheung Kong Graduate School of Business, Hong Kong University of Science and Technology Yao-Min Chiang，National Chengchi University Wednesday, July 6, 2011 2:30-4:00 PM
Corporate Governance IV - Shi Yan, B1F
Session Chair: Kasper Meisner Nielsen, Hong Kong University of Science and Technology A Comparison of CEO Pay in Public and Private US Firms Huasheng Gao, Nanyang Technological University Michael Lemmon, University of Utah Kai Li, University of British Columbia Selection of Star CEOs and Firm Performance Minwen Li, Tsinghua University Vojislav Maksmovic, University of Maryland What Death can Tell: Are Executives Paid for their Contribution to Firm Value? Bang Dang Nguyen, University of Cambridge Kasper Meisner Nielsen, Hong Kong University of Science and Technology Discussants: Bingxuan Lin, University of Rhode Island Kasper Meisner Nielsen, Hong Kong University of Science and Technology Jie Cai, Drexel University Wednesday, July 6, 2011 2:30-4:00 PM
International Finance I - Xian Tao/Xian Ning, 3F
Session Chair: Chuan-yang Hwang, Nanyang Technological University Access to Equity Markets, Corporate Investments and Stock Returns: International Evidence Sheridan Titman, University of Texas at Austin K.C. John Wei, Hong Kong University of Science and Technology Feixue Xie, University of Texas at El Paso Financial Development and Innovation: Cross Country Evidence Po-Hsuan Hsu, University of Connecticut Xuan Tian, Indiana University Yan Xu, University of Rhode Island Does Auditor Quality Matter to Foreign Investors? Evidence from Mutual Fund Holdings Worldwide Julia Chou, Florida International University Lilian Ng, University of Wisconsin-Milwaukee Nataliya Zaiats, Simmons College Bohui Zhang, The University of New South Wales Foreign Investment vs. State Ownership: Is There a Political Pressure? The Illustrative Case of Qualified Foreign Institutional Investors in China Wei Huang, University of Hawaii-Manoa Tao Zhu, Jinan University Discussants: Hai Lu, University of Toronto Jerry Cao, Singapore Management University Chishen Wei, Nanyang Technological Universit, University of Texas Bohui Zhang, The University of New SouthWales Wednesday, July 6, 2011 2:30-4:00 PM
Capital Market(in Chinese) - Xiang Fan, 3F
Session Chair:Zhongzhi He, Shanghai University of Finance and Economics 资本市场 主持人: 何众志，上海财经大学 产业资本向金融资本渗透的路径和影响研究 何婧，上海财经大学 徐龙炳，上海财经大学 中美股市泡沫区制转换特征识别：基于状态空间马尔科夫区制转换模型 陈国进，厦门大学 颜诚，厦门大学 短期国际资本流动对中国市场变化的反应分析 赵文胜，吉林大学 股票流动性与资产流动性的相关性─理论与实证分析 潘宁宁，西南交通大学 Discussants: 朱宏泉，西南交通大学 朱杰, 上海财经大学 陈国进，厦门大学 徐龙炳，上海财经大学 Wednesday, July 6, 2011 4:30-6:00 PM
Corporate Finance V - Xiao Gan, B1F
Session Chair: TBA Debt Covenants, Bankruptcy Risk, and Issuance Costs Sattar Mansi, Virginia Tech Yaxuan Qi, Concordia University John Wald, University of Texas at San Anotonio The Impact of External Financing on a Firm's Project Selection Decision Jiang Luo, Nanyang Technological University A Test of the Free Cash Flow Hypothesis: The Impact of Increased Institutional Holdings on Firm Characteristics Sigitas Karpavicius, Flinders University Fan Yu, University of Washington Acquisition Finance, Capital Structure and Market Timing Theo Vermaelen, INSEAD Moqi Xu, INSEAD Discussants: Moqi Xu, INSEAD Xuewen Liu, Hong Kong University of Science and Technology Ling Cen, University of Toronto Kasper Nielsen, Hong Kong University of Science and Technology Wednesday, July 6, 2011 4:30-6:00 PM
Banking II - Jing Men, B1F
Session Chair: Florian Heider, European Central Bank Corporate Ownership Structure and Bank Loan Syndicate Structure Chen Lin, Chinese University of Hong Kong Yue Ma, Lingnan University Paul Malatesta, University of Washington Yuhai Xuan, Harvard Business School Does Banking Competition Alleviate or Worsen Credit Constraints Faced by Small and Medium Enterprises? Evidence from China Terrence Tai-Leung Chong, The Chinese University of Hong Kong Liping Lu, Tilburg University Steven Ongena, Tilburg University Bank Loan Search Murray Frank, University of Minnesota The Impact of Incentives and Communication Costs on Information Production: Evidence from Bank Lending Jun Qian, Boston College and CAFR Philip Strahan, Boston College and NBER Zhishu Yang, Tsinghua University Discussants: Liping Lu, Tilburg University Murray Frank, University of Minnesota Florian Heider, European Central Bank Chen Lin, Chinese University of Hong Kong Wednesday, July 6, 2011 4:30-6:00 PM
Corporate Governance V - Shi Yan, B1F
Session Chair: Jun Yang, Bank of Canada Managerial Incentives and Stock Price Manipulation Lin Peng, City University of New York Ailsa Röell, Columbia University Political Connection and Firm Value James Ang, Florida State University David Ding, Massey University Tiong-Yang Thong, Singapore Management University Executive Pay Disparity and the Cost of Equity Capital Zhihong Chen, City University of Hong Kong Yuan Huang, Hong Kong Polytechnic University John Wei, Hong Kong University of Science and Technology How Product Market Competition Interact with Internal Corporate Goverence?:Evidence from the Korean Economy Hee Sub Byun, Korea University Business School Ji Hye Lee, Korea University Business School Kyung Suh Park, Korea University Business School Discussants: Luo Jiang, Nanyang Technological University Mark Walker, North Carolina State University Peter Swan, The University of New South Wales Jie Cay, Drexel University Wednesday, July 6, 2011 4:30-6:00 PM
Real Estate Finance - Xian Tao/Xian Ning, 3F
Session Chair: Hong Liu, Washington University in Saint Louis Mortgage Delivery to the Secondary Market When Interest Rates are Falling Andrea Heuson, University of Miami Tie Su, University of Miami The Effect of Monetary Policy on Real Estate Price Growth in China Xiaoqing Eleanor Xu, Seton Hall University Tao Chen, University of International Business and Economics Evidence on the Endogenous Entry of Bidders in Land Auctions Yao-Min Chiang, National Chengchi University Information Diffusion, Momentum Speculation and Price Reversal: Evidence from a Residential Presale Market Yuming Fu, National University of Singapore Wenlan Qian, National University of Singapore Discussants: Yao-Min Chiang, National Chengchi University Peng Liu, Cornell University Wenlan Qian, National University of Singapore Tie Su, University of Miami Wednesday, July 6, 2011 4:30-6:00 PM
Ownership Structure and Corporate Control (in Chinese) - Xiang Fan, 3F
Session Chair:Qian Sun, Fudan University 公司股权与控股 主持人: 孙谦, 复旦大学 风险投资背景与公司IPO：现象与解释 张学勇，中央财经大学 终极控制权、法制环境与上市公司现金持有 李心丹，南京大学 徐龙炳，南京大学 俞红海,南京大学 股权结构、公司治理和公司现金持有行为研究 孙艳梅, 对外经济贸易大学 汪昌云，中国人民大学 私募股权、天使投资与创业板市场IPO抑价 张子炜，上海财经大学 李曜，上海财经大学 Discussants: 李曜，上海财经大学 孙艳梅，对外经贸大学 俞红海，南京大学 张学勇，中央财经大学 Thursday, July 7, 2011 8:30-10:00AM
Asset Pricing Theory III - Xiao Gan, B1F
Session Chair: Henry Cao, Cheung Kong Graduate School of Business Optimal Consumption and Investment with Differential Long-term/Short-term Capital Gain Tax Rates Min Dai, National University of Singapore Hong Liu, Washington University in St. Louis Yifei Zhong, Oxford University Rumors in Financial Markets Lawrence A. Berger, New School for Social Research Fan (Harry) Chen, University of Oklahoma Scott C. Linn, University of Oklahoma Differential Access to Price Information in Financial Markets David Easley, Cornell University Maureen O'Hara, Cornell University Liyan Yang, University of Toronto Risk-sharing or Risk-taking? Hedging, Margins and Incentives Florian Heider, European Central Bank Discussants: Harold Zhang, University of Texas at Dallas Henry Cao, Cheung Kong Graduate School of Business Xing Hu, Princeton University Murray Frank, University of Minnesota Thursday, July 7, 2011 8:30-10:00AM
Fixed Income Markets - Jing Men, B1F
Session Chair: Neil pearson, University of Illinois at Urbana-Champaign Treasury Bill Yields: Overlooked information Jaehoon Lee, University of Illinois at Urbana-Champaign Institutional Herding in the Corporate Bond Market Fang Cai, Federal Reserve Board Song Han, Federal Reserve Board Dan Li, Federal Reserve Board Pricing and Integration of the CDX Tranches in the Financial Market Andrew Carverhill, University of Hong Kong Dan Luo, University of Hong Kong Why Ratings Matter Zhihua Chen, Shanghai University of Finance and Economics Aziz A. Lookman, Moody's Investors'Service Norman Schuerhoff, University of Lausane Duane J. Seppi, Carnegie Mellon University Discussants: Rober Kimmel, EDHEC Business School Weina Zhang, National University of Singapore Business School Hao Wang, Tsinghua University Dragon Tang, The University of Hong Kong Thursday, July 7, 2011 8:30-10:00AM
Corporate Finance VII - Shi Yan, B1F
Session Chair: Xueping Wu, City University of Hong Kong Cash versus Stock Dividends: Signalling or Catering Xi He, The Australian National University Mingsheng Li, Bowling Green State University Jing Shi, The Australian National University Garry Twite, The Australian National University Payout Policy and Shareholder Rights: The Lifecycle Theory versus Cash Flow Uncertainty Hong Feng Zhang, Deakin University Does Equity-Based Compensation Really Have a 'Dark Side'? The Influence of Regulatory Discretion Michael Ferguson, University of Cincinnati Buhui Qiu, Erasmus University Weihong Song, University of Cincinnati Determinants of Corporate Cash Policy: A Comparison of Private and Public Firms Huasheng Gao, Nanyang Technological University Jarrad Harford, University of Washington Kai Li, University of British Columbia Discussants: Hongbing OuYang, Huazhong University of Science and Technology Chau Kin Au Yeung, City University of Hong Kong Huasheng Gao, Nanyang Technological University Xueping Wu, City University of Hong Kong Thursday, July 7, 2011 8:30-10:00AM
Asset Pricing(in Chinese) - Xian Tao/Xian Ning, 3F
Session Chair: Dongmin Kong, Huazhong University of Science and Technology 资产定价 主持人: 孔东民, 华中科技大学 政策调控、杠杆率与区域房地产价格 郭晔，厦门大学 周鑫，厦门大学 发行量、消耗、题材与新中国邮票发行后长期回报率 陈欣,上海交通大学 陈娴,上海东海职业技术学院 异质信念、通货幻觉和我国房地产价格泡沫 陈国进，厦门大学 刘金娥，厦门大学 货币资本资产定价模型及基于中国股市的检验 马长峰,浙江工商大学 陈志娟,浙江工商大学 陈国进，厦门大学 Discussants: 刘金娥,厦门大学 刘莎莎, 北京大学 郭晔, 厦门大学 陆婷, 中国人民银行金融研究所 Thursday, July 7, 2011 8:30-10:00AM
Information Asymmetry and Capital Market Efficiency(in Chinese)
- Xiang Fan, 3F
Session Chair:Guojin Chen, Xiamen University 信息与市场效率 主持人: 陈国进, 厦门大学 系统性定价偏误与盈余公告后漂移 陆婷，中国人民银行金融研究所 投资者异质信念下可转换债券赎回策略研究 龚朴，华中科技大学管理学院 陈睿，华中科技大学管理学院 我国A股市场中的波动性之谜与市场情绪 周洪荣，中国人民大学 吴卫星，对外经济贸易大学 周业安，中国人民大学 我国A股市场与美股、港股的互动关系研究：基于信息溢出视角 李红权，湖南师范大学，康奈尔大学 洪永淼，美国康奈尔大学 Discussants: 吴卫星,对外经济贸易大学 李红权,湖南师范大学 龚朴,华中科技大学 陆婷,中国人民银行金融研究所 Thursday, July 7, 2011 10:30-12:00 AM
Corporate Finance VIII - Xiao Gan, B1F
Session Chair:John William Petty, Baylor University Regulatory Arbitrage: Evidence from Bank Cross-border M&As Hui Dong, Shanghai University of Finance and Economics Frank Song, The University of Hong Kong Libin Tao, University of International Business and Economics The Impact of Financial Constraints on the Relation Between Shareholder Taxes and the Cost of Equity Capital Chongyang Chen, University of Texas at Dallas Zhonglan Dai, University of Texas at Dallas Douglas A. Shackelford, University of North Carolina Harold H. Zhang, University of Texas at Dallas Information Precision and IPO Pricing Feng Zhang, University of Utah Private Placements, Regulatory Restrictions and Firm Value: Theory and Evidence from the Indian Market Ravi Anshuman, Indian Institute of Management Bangalore Vijaya B. Marisetty, Monash University Marti G. Subrahmanyam, New York University Discussants: Xiaoyang Li, Cheung Kong Graduate School of Business, University of Michigan Jing Huang, University of South Carolina Jens Martin, University of Amsterdam David Ding, Massey University Thursday, July 7, 2011 10:30-12:00 AM
Investment Management and Risk Management - Jing Men, B1F
Session Chair: Long Chen, Cheung Kong Graduate School of Business, Washington University in Saint Louis Can Traders Beat the Market? Evidence from Insider Trades Qin Lei, Southern Methodist University Murli Rajan, University of Scranton Xuewu Wang, University of Scranton Forecasting the Equity Risk Premium: The Role of Technical Indicators Christopher J. Neely, Federal Reserve Bank of St. Louis David E. Rapach, Saint Louis University Jun Tu, Singapore Management University Guofu Zhou, Washington University in St. Louis, CAFR An Investment Model via Regime Switching Economic Indicators John Mulvey, Princeton University Yonggan Zhao, Dalhousie University Buy High and Sell Low Kevin Wang, Rotman School, University of Toronto Discussants: Ya Tang, Peking University Raymond Kan, University of Toronto Guofu Zhou, Washington University in St. Louis Chuan Yang Hwang, Nanyang Technological University Thursday, July 7, 2011 10:30-12:00 AM
International Finance II - Shi Yan, B1F
Session Chair: Allaudeen Hameed, National University of Singapore The Pricing of Exchange Rate Risk in the Stock Market: A Nonparametric Approach Peter Chung, University of California, Riverside Zhong-guo Zhou, California State University, Northridge Long Run Risk and Value Premium: The International Evidence Jiyoun An, Korea Institute for International Economics David Ng, Cornell University Financial Development and Corporate Payout Policy - A Multi-Country Analysis Carrie Pan, Santa Clara University The Relationship between Currency Carry Trades and U.S. Stocks Yiuman Tse, University of Texas at San Antonio, USA Lin Zhao, University of Texas at San Antonio, USA Discussants: Dong Hong, Singapore Management University Nan Li, National University of Singapore Wei Yang, University of Rochester Bohui Zhang, The University of New South Wales Thursday, July 7, 2011 10:30-12:00 AM
Fund and Performance(in Chinese) - Xian Tao/Xian Ning, 3F
Session Chair:Yao Li, Shanghai University of Finance and Economics 基金 主持人: 李曜, 上海财经大学 基金大比例分红之谜 何众志,上海财经大学 李科,上海证券交易所 陆蓉,上海财经大学 金融市场不完全的理论分解与测度研究基于中国封闭式基金折价的动态考察 李庆峰,华南师范大学 基于贝叶斯推断的证券投资基金绩效分析 石韵青,南京大学 朱洪亮,南京大学 刘匡民,南京大学 排名压力下的基金风格漂移实证研究 胡奕明,上海交通大学 龙振海,上海交通大学 Discussants: 李庆峰,华南师范大学 石韵青,南京大学 何众志,上海财经大学 何众志,上海财经大学 Thursday, July 7, 2011 10:30-12:00 AM
Corporate Governance II(in Chinese) - Xiang Fan, 3F
Session Chair: Kemin Wang, Fudan University 公司治理 II 主持人 :王克敏, 复旦大学 网络位置、独立董事治理与投资效率 陈运森，中央财经大学 谢德仁，清华大学经济 女性董事与企业投资行为：基于金融危机的视角 祝继高，对外经济贸易大学 叶康涛，中国人民大学 严冬，香港科技大学 经理人市场、薪酬契约有效性与管理层侵占 万华林，上海立信会计学院 陈信元，上海财经大学 高管股票股权行权定价基准日前后公司信息披露行为研究来自中国上市公司的证据 王克敏，复旦大学 戴思聪，复旦大学 戴杏云，复旦大学 Discussants: 祝继高，对外经济贸易大学 陈运森，中央财经大学 廉鹏，复旦大学 李青原，武汉大学 July 7, 2011 12:15 - 2:15 PM
Coprorate Governance VI - Xiao Gan, B1F
Session Chair: Zhonglan Dai, University of Texas at Dallas The Effect of Market Development on Controlling Shareholders' Participation in Rights Offerings Qi Chen, Duke University Katherine Schipper, Duke University Kun Wang, Tsinghua University Xing Xiao, Tsinghua University Expropriation of minority shareholders in politically connected firms Meijun Qian, National University of Singapore Hongbo Pan, National University of Singapore Bernard Yeung, National University of Singapore Antitakeover Provisions, Managerial Incentives and Firm Value Feng Zhang, University of Utah CEO Contract Type, Ease Of Dismissal and Post-Acquisition Performance Moqi Xu, INSEAD Discussants: Feng Zhang, University of Utah Moqi Xu, INSEAD Zhongda He, Nanyang Technological University Hong Feng Zhang, Deakin University Thursday, July 7, 2011 2:30-4:00 PM
Raising Capital - Jing Men, B1F
Session Chair: Laura Liu, Hongkong University of Science and Technology Political Participation and Entrepreneurial Initial Public Offerings in China Xunan Feng, City University of Hong Kong Anders Johansson, Harvard University Stockholm School of Economics Tianyu Zhang, City University of Hong Kong Thr Pre-IPO Dividend Puzzle Jens Martin, University of Amsterdam Richard Zeckhauser, Harvard University Financial Misstatements and Contracting in the Equity Market: Evidence from Seasoned Equity Offerings Cong Wang, Chinese University of Hong Kong Fei Xie, George Mason University Min Zhu, University of Michigan Discussants: Min Zhu, University of Michigan Bin Zhao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Zhen Wang, Shang Hai University of Finance and Economics Thursday, July 7, 2011 2:30-4:00 PM
Monetary Policy(in Chinese) - Shi Yan, B1F
Session Chair:Wenjin Tang, Zhongnan University of Economics and Law 货币政策 主持人: 唐文进, 中南财经政法大学 中国货币政策的宏观效应与规则设计：实证与理论 王君斌，西南财经大学 郭新强，上海财经大学 中央银行沟通能够引导金融市场预期吗？ 冀志斌,中南财经政法大学 货币政策非对称目标、通胀预期与我国通货膨胀风险研究 徐亚平,安徽大学 房地产价格波动与中央银行货币政策调控来自货币供应量、汇率和利率的证据 王擎,西南财经大学 韩鑫韬,中国人民银行 Discussants: 徐亚平,安徽大学 张学功,华中科技大学 王君斌,上海财经大学 王曦,中山大学
Thursday, July 7, 2011 2:30-4:00 PM
Currency and International Finance(in Chinese) - Xian Tao/Xian Ning, 3F
Session Chair:Jianglin Lv, Jiangxi University of Finance and Economics 汇率及国际金融 主持人: 吕江林, 江西财经大学 最优外汇储备规模的动态模拟研究 周光友，复旦大学 罗素梅，同济大学 货币稳定与国际资产跨期效用优化配置模型 韩立岩，北京航空航天大学 魏晓云，北京航空航天大学 人民币汇率预期特征研究基于金融机构汇率预期数据的实证分析 李晓峰，厦门大学 钱利珍，厦门大学 黎琦嘉，上海海通期货有限公司 外汇储备币种结构的多因素分析-基于风险收益最优化模型 何青，中国人民大学 成为，中国人民大学 Discussants: 金洪飞，上海财经大学 成为，中国人民大学 彭玉镏，江西财经大学 李晓峰，厦门大学 Thursday, July 7, 2011 2:30-4:00 PM
Development Economics(in Chinese) - Xiang Fan, 3F
Session Chair:Jun Lu, Sun Yat-sen University 发展经济学 主持人: 陆军, 中山大学 "价格粘性"条件下我国金融加速器效应研究 张柱鲜，吉林大学 张良贵，吉林大学 日本地域间收入差距和金融，借鉴与启示 金能斗，日本生活经济学会会员 政府收支、内生增长与资本收入份额：理论与中国经验研究 方文全，上海理工大学 金融发展与收入不平等：倒U与线性假说的实证检验 田卫民，河北金融学院 Discussants: 杨青，复旦大学 李华民，广东金融学院 应千伟，中山大学 易行建，广东外语外贸大学 |