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ABOUT THE CONFERENCE
The China International Conference in Finance (CICF) provides an open platform to bring together scholars worldwide to present research and to stimulate discussions on the new developments in finance. 2009 is the seventh year of this annual conference. It will be held from July 7-10, 2009, at Guangzhou Shangri-La Hotel, Guangzhou, China.
Organizers:
China Center for Financial Research, Tsinghua University
Sloan School of Management, Massachusetts Institute of Technology
Co-organizers:
Cheung Kong Graduate School of Business
Lingnan (University) College, Sun Yat-Sen University
Sponsor:
Shantou University Business School
Corporate Sponsor:
The TCW Group Inc.
Conference Organization:
Conference Organizing Committee:
Henry Cao, Cheung Kong Graduate School of Business
Li Liao, Tsinghua University
Zhongfei Li, Lingnan (University) College, Sun Yat-Sen University
Jiang Wang, Massachusetts Institute of Technology
Conference Chair:
Jiang Wang, Massachusetts Institute of Technology
Conference Secretary General:
Li Liao, Tsinghua University
Program Chairs:
Chun Chang (Chair), China Europe International Business School
Kai Li (Co-Chair), University of British Columbia
Jun Qian (Co-Chair), Boston College
Harold H. Zhang (Co-Chair), University of Texas at Dallas
Guest Speaker:
Yingyi Qian, Tsinghua University
Keynote Speaker:
Hayne Leland, University of California at Berkeley
PROGRAM COMMITTEE
Charles Cao, Penn State University
Henry Cao, Cheung Kong Graduate School of Business
Kalok Chan, Hong Kong University of Science and Technology
Eric Chang, University of Hong Kong
Chun Chang, China Europe International Business School
Guojin Chen, Xiamen University
Andy Chui, Hong Kong Polytechnic University
Phil Dybvig, Washington University
Joseph Fan, Chinese University of Hong Kong
Fangyu Fei, Shanghai Jiao Tong University
Fangjian Fu, Singapore Management University
Jie Gan, Hong Kong University of Science and Technology
Eric Ghysels, University of North Carolina, Chapel Hill
Bing Han, University of Texas at Austin
Liyan Han, Beihang University
Harrison Hong, Princeton University
Kewei Hou, Ohio State University
Jennifer Huang, University of Texas at Austin
Chuan-yang Hwang, Nanyang Technological University
Dianchun Jiang, Nankai University
Wei Jiang, Columbia University
Charles Kahn, University of Illinois
Jun-koo Kang, Nanyang Technological University
Andrew Karolyi, Ohio State University
Aiguo Kong, Fudan University
Mike Lemmon, University of Utah
Kai Li, University of British Columbia
Zhongfei Li, Sun Yat-sen University
Bing Liang, University of Massachusetts at Amherst
Li Liao, Tsinghua University
Li Liu, Peking University
Mark Loewenstein, University of Maryland
Jialiu Lu, Sun Yat-sen University
Jun Lu, Sun Yat-sen University
Jianglin Lv, Jiangxi University of Finance and Economics
Peter Mackay, Hong Kong University of Science and Technology
Paul Malatesta, University of Washington
Jianping Mei, Cheung Kong Graduate School of Business
Jianjun Miao, Boston University
Neil Pearson, University of Illinois at Urbana-Champagne
Manju Puri, Duke University
Jun Qian, Boston College
Raghu Rau, Purdue University
Yongdong Shi, Dongbei University of Finance and Economics
Anil Shrivdsani, University of Chapel Hil
Wei-Ling Song, Louisiana State University
Qinghua Song, Zhongnan University of Economics and Law
Laura Starks, University of Texas at Austin
Chengjian Su, Shantou University
Qian Sun, Xiamen University
Ross Valkanov, University of California at San Diego
Cong Wang, Chinese University of Hong Kong
Jay Wang, University of Illinois at Urbana-Champagne
Jiang Wang, Massachusetts Institute of Technology
Xueping Wu, City University of Hong Kong
Chongfeng Wu, Shanghai Jiao Tong University
Yexiao Xu, University of Texas at Dallas
Jun Yang, Indiana University
Liu Yang, University of California, Los Angeles
Zhishu Yang, Tsinghua University
Xiaoyun Yu, Indiana University
Yong Zeng, University of Electronic Science and Technology of China
Chu Zhang, Hong Kong University of Science and Technology
Harold H. Zhang, University of Texas at Dallas
Longkai Zhao, Peking University
Guofu Zhou, Washington University
Xianming Zhou, University of Hong Kong
Yingzi Zhu, Tsinghua University
CONFERENCE SCHEDULE
| Time |
Topics |
Venues
Shangri-La Hotel, Guangzhou |
| Tuesday, July 7, 2009 |
| 10:00AM – 7:00PM |
Conference Registration
会议注册 |
Pre-function Area, 3F
三层宴会前厅 |
| 2:00– 5:00PM |
Industry Symposium Organized by TCW
业界论坛 |
Man Jiang Hong，3F
三层满江红厅 |
| 6:00 – 7:30PM |
Conference Reception
开幕酒会 |
Bubugao，3F
三层步步高厅 |
| Wednesday, July 8, 2009 |
| 8:30AM – 12:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
| 12:15 – 1:00PM |
Conference Lunch
会议午餐 |
Man Jiang Hong & Xiang Jian Huan, 3F
三层满江红和相见欢厅 |
| 1:15 – 2:15PM |
Keynote Speech: Hayne Leland
主题发言 |
Bu Bu Gao, 3F
三层步步高厅 |
| 2:30 – 6:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
| 7:00 – 9:00PM |
Conference Dinner & Best Paper Awards
会议晚餐及最佳论文颁奖 |
Bu Bu Gao，3F
三层步步高厅 |
| Thursday, July 9, 2009 |
| 8:30AM – 12:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
| 12:15 – 2:15PM |
Conference Lunch
会议午餐 |
Bu Bu Gao，3F
三层步步高厅 |
| 2:30 – 6:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
| Friday, July 10, 2009 |
| 8:30AM – 12:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
| 12:15 – 2:15PM |
Conference Lunch
会议午餐 |
Bu Bu Gao，3F
三层步步高厅 |
| 2:30– 6:00PM |
Academic Sessions
学术分会 |
Function Room, 3F
三层会议室 |
Organizing Committee: Pre-function Area, 3F
组委会办公：三层宴会前厅
PROGRAM SUMMARY
Tuesday, July 7, 2009
10:00AM – 7:00PM
On-site Registration - Pre-function Area, 3F
2:00 – 5:00PM
Industry Symposium (Organized by The TCW Group Inc.) - Man Jiang Hong, 3F
6:00 – 7:30PM
Conference Reception (Sponsored by The TCW Group Inc.)Bu Bu Gao, 3F
Wednesday, July 8, 2009
8:30 – 10:00AM
Asset Pricing: Theory I - Xi Qiao, 3F
Banking I - Gui Feng, 3F
Behavioral Finance - Lian Hua, 3F
Corporate Finance I - Ding Hu, 3F
Monetary Policies (in Chinese) - Tian Lu, 3F
10:30 – 12:00AM
Capital Structure - Xi Qiao, 3F
Chinese Stock Market I - Gui Feng, 3F
Corporate Governance I - Lian Hua, 3F
Credit Markets - Ding Hu, 3F
Exchange Rate and International Finance (in Chinese) - Tian Lu, 3F
12:15 – 1:00PM
Conference Lunch - Man Jiang Hong & Xiang Jian Huan, 3F
1:00 – 2:15PM
Keynote Speech - Bu Bu Gao, 3F
Keynote Speaker: Hayne Leland, Haas School of Business, University of California at Berkeley
2:30 – 4:00PM
Asset Pricing: Theory II - Xi Qiao, 3F
Executive Compensation - Gui Feng, 3F
Institutional Investors I - Lian Hua, 3F
Market Microstructure - Ding Hu, 3F
Corporate Governance I (in Chinese) - Tian Lu, 3F
4:30 – 6:00PM
Asset Pricing: Empirical I - Xi Qiao, 3F
Corporate Governance II - Gui Feng, 3F
IPO and SEO - Lian Hua, 3F
Mutual Funds and Hedge Funds - Ding Hu, 3F
Corporate Finance I (in Chinese) - Tian Lu, 3F
7:00 – 9:00PM
Conference Dinner & Best Paper Awards - Bu Bu Gao, 3F
Thursday, July 9, 2009
8:30 – 10:00AM
Asset Pricing: Empirical II - Xi Qiao, 3F
Boards - Gui Feng, 3F
Conglomerate - Lian Hua, 3F
Behavioral and Real Estate Finance - Ding Hu, 3F
Investment Management and Risk Management (in Chinese) - Tian Lu, 3F
10:30AM – 12:00PM
Liquidity - Xi Qiao, 3F
Corporate Investment and Payout - Gui Feng, 3F
Information and Securities Prices - Lian Hua, 3F
Venture Capital - Ding Hu, 3F
Capital Market (in Chinese) - Tian Lu, 3F
12:15 – 2:15PM
Conference Lunch - Bu Bu Gao, 3F
2:30 – 4:00PM
Corporate Finance II - Xi Qiao, 3F
Fixed-income Securities - Gui Feng, 3F
Institutional Investors II - Lian Hua, 3F
Chinese Stock Market II - Ding Hu, 3F
Corporate Governance II (in Chinese) - Tian Lu, 3F
4:30 – 6:00PM
Corporate Governance III - Xi Qiao, 3F
International Finance I - Gui Feng, 3F
Investment Management - Lian Hua, 3F
Mergers and Acquisitions - Ding Hu, 3F
Asset Pricing: Empirical (in Chinese) - Tian Lu, 3F
Friday, July 10, 2009
8:30 – 10:00AM
Banking II - Xi Qiao, 3F
International Finance II - Xi Qiao, 3F
Market Efficiency - Lian Hua, 3F
Behavioral Finance (in Chinese) - Ding Hu, 3F
10:30AM – 12:00PM
Asset Pricing: Theory III - Tian Lu, 3F
International Corporate Finance - Gui Feng, 3F
Banking and Financial Intermediation (in Chinese) - Lian Hua, 3F
Derivatives (in Chinese) - Ding Hu, 3F
Corporate Finance II (in Chinese) - Tian Lu, 3F
12:15 – 2:15PM
Conference Lunch - Bu Bu Gao, 3F
2:30 – 4:00PM
Asset Pricing: Empirical III - Xi Qiao, 3F
Financial Crisis and Stability (in Chinese) - Gui Feng, 3F
Information, Market Efficiency and Anomalies - Lian Hua, 3F
Corporate Governance IV - Ding Hu, 3F
4:30 – 6:00PM
Derivatives - Tian Lu, 3F
Asset Pricing (in Chinese) - Xi Qiao, 3F
Market Microstructure (in Chinese) - Gui Feng, 3F
Corporate Governance III (in Chinese) - Lian Hua, 3F
2009 China International Conference in Finance
July 7-10, 2009
Shangri-La Hotel, Guangzhou, China
2009中国金融国际年会
7月7日至10日
香格里拉大酒店，广州
July 7, 2009 2:00 – 5:00 PM
Industry Symposium - Man Jiang Hong, 3F
Organized by The TCW Group Inc.
Two Years into the Global Credit Crisis: Now What?
| 2:00 - 3:00PM |
Global Credit Crisis: Where Are We Headed & Who Will Be the Survivors?
Jeffrey Gundlach, Chief Investment Officer, The TCW Group Inc. |
| 3:00 - 3:30PM |
What’s next in the Global Credit Markets
Elissar Boujaoude, Senior Vice President, The TCW Group Inc. |
| 3:30 - 4:00PM |
US Mortgage Markets – Dynamics Going Forward
Eric Arentsen, Managing Director, The TCW Group Inc. |
| 4:00 - 4:30PM |
Regulatory Activity in Washington D.C.
Louis Lucido, Group Managing Director, The TCW Group Inc. |
| 4:30 - 5:00PM |
Close & Q & A
Jeffrey Gundlach, Chief Investment Officer, The TCW Group Inc. |
| Interpreter: |
Lifen Li, Vice President, The TCW Group Inc. |
July 7, 2009 6:00 – 7:30PM
Conference Reception - Bu Bu Gao, 3F
(Sponsored by The TCW Group Inc.)
Academic Sessions
(40 sessions in English and 17 sessions in Chinese)
July 8, 2009 8:30 – 10:00AM
Asset Pricing: Theory I - Xi Qiao, 3F
Session Chair: Mark Loewenstein, University of Maryland
Prospect Theory, the Disposition Effect and Asset Prices
Liyan Yang, Cornell University
Li Yan, Cornell University
The Dark Side of Financial Innovation
Neil Pearson, University of Illinois at Urbana-Champaign
Brian Henderson, George Washington University
Market Closure, Portfolio Selection, and Liquidity Premia
Hong Liu, Washington University in St. Louis
Min Dai, National University of Singapore
Peifan Li, National University of Singapore
Beauty Contests, Heterogeneous Beliefs and Bubbles in Stocks and Options
Huining Cao, Cheung Kong Graduate School of Business
Ou-Yang Hui, Nomura Securities
Discussants:
Phil Dybvig, Washington University in St. Louis
Gurdip Bakshi, University of Maryland
Liyan Yang, Cornell University/ University of Toronto
Hong Liu, Washington University in St. Louis
July 8, 2009 8:30 – 10:00AM
Banking I - Gui Feng, 3F
Session Chair: Liu Yang, University of California, Los Angeles
Bank Risk Management with Value-at-Risk and Stress Testing: An Alternative to Conditional Value-at-Risk?
Shu Yan, University of South Carolina
Gordon Alexander, University of Minnesota
Alexandre Baptista, George Washington University
Bank Fund Reallocation and Economic Growth: Evidence from China
Philip C. Chang, University of Calgary
Chunxin Jia, Peking University
Zhicheng Wang, Peking University
Analysis of Bank's Behavior on Capital Adequacy Supervision and Capital Idiosyncrasy
Dai Junxun, Wuhan University
Huang Xian, Wuhan University
Ma Li, Wuhan University
Discussants:
Tong Yu, University of Rhode Island
Julan Du, The Chinese University of Hong Kong
Yuanchen Chang, National Chengchi University
July 8, 2009 8:30 – 10:00AM
Behavioral Finance - Lian Hua, 3F
Session Chair: Agnes Cheng, Louisiana State University
Born Leaders: The Relative-Age Effect and Managerial Success
Huasheng Gao, Singapore Nanyang Technological University
Qianqian Du, University of British Columbia
Maurice Levi, University of British Columbia
Using Earnings Management and Prospect Theory to Explain the Setting of the Expected Rate of Return on Pension Plans
Yao-Min Chiang, National Chengchi University
Pei-Hua Shu, National Chengchi University
Deal or No Deal: Hormones and Completion of Mergers and Acquisitions
Maurice Levi, University of British Columbia
Kai Li, University of British Columbia
Feng Zhang, University of British Columbia
The Effect of Social Pressures on CEO Compensation
Jun Yang, Indiana University
James Ang, Florida State University
Gregory Nagel, Mississippi State University
Discussants:
Lei Zhang, Nanyang Technological University
Jie Gan, Hong Kong University of Science and Technology
Xiaoyun Yu, Indiana University
Julie Zhu, Columbia Business School
July 8, 2009 8:30 – 10:00AM
Corporate Finance I - Ding Hu, 3F
Session Chair: Longkai Zhao, Peking University
Market Timing and the Cost of Equity
Xin Chang, Nanyang Technological University
Zhihong Chen, City University of Hong Kong
Gilles Hilary, HEC Paris
Incentive Realignment or Cost Saving: the Decision to Go Private
Qing He, Chinese University of Hong Kong
Terence Tai-Leung Chong, Chinese University of Hong Kong
Preparing the Equity Market for Corporate Events: Theory and Evidence from Firms Cutting Dividends
Xuan Tian, Indiana University
Thomas Chemmanur, Boston College
Determinants of the First Cash Payout Decision of Listed Firms: The Role of Industry Factors
Sheng-Syan Chen, National Taiwan University
Kim Wai Ho, Nanyang Technological University
Yang-pin Shen, Yuan Ze University
Chia-Yuan Jiang, Yuan Ze University
Discussants:
Zhangkai Huang, Tsinghua University
Yang-pin Shen, Yuan Ze University
Ping He, Tsinghua University
Qing He, Chinese University of Hong Kong
July 8, 2009 8:30 – 10:00AM
Monetary Policies (in Chinese) - Tian Lu, 3F
Session Chair: Aiguo Kong, Fudan University
货币政策
主持人：孔爱国，复旦大学
July 8, 2009 10:30 – 12:00AM
Capital Structure - Xi Qiao, 3F
Session Chair: Mike Lemmon, University of Utah
Optimal Holding Company Organization and Capital Structure
Sankarshan Acharya, University of Illinois at Chicago
Bank Loans and Trade Credit under China's Financial Repression
Julan Du, Chinese University of Hong Kong
Yi Lu, University of Hong Kong
Zhigang Tao, University of Hong Kong
Stocks, Bonds and Debt Imbalance: The Role of Relative Availability of Bond and Bank Financing
Lei Zhang, Nanyang Technological University
Massimo Massa, INSEAD
Complex Ownership and Capital Structure
Teodora Paligorova, Bank of Canada
Zhaoxia Xu, Bank of Canada
Discussants:
Florian Heider, European Central Bank
Cen Ling, Hong Kong University of Science and Technology and University of Toronto
Wei-Ling Song, Louisiana State University
Qinghao Mao, Hong Kong University of Science and Technology
July 8, 2009 10:30 – 12:00AM
Chinese Stock Market I - Gui Feng, 3F
Session Chair: Qian Sun, Xiamen University
Price Manipulation and Industry Momentum: Evidence from the Chinese Stock Market
Zhongzhi He, Brock University
Dongwei Su, Jinan University
Chinese Block Transactions and the Market Reaction
Jiangze Bian, University of International Business and Economics
Jun Wang, Baruch College
Ge Zhang, Long Island University
On the Predictability of Chinese Stock Returns
Xuanjuan Chen, Kansas State University
Kenneth A. Kim, State University of New York
Tong Yao, University of Iowa
Tong Yu, University of Rhode Island
Call Auction Transparency and Market Liquidity: The Shanghai Experience
Dionigi Gerace, University of Wollongong
Gary Gang Tian, University of Wollongong
Willa Zheng, University of Wollongong
Discussants:
Tong Yu, University of Rhode Island
Zhongzhi He, Brock University
Steven Wei, Hong Kong Polytechnic University
Yongxiang Wang, Columbia Business School
July 8, 2009 10:30 – 12:00AM
Corporate Governance I - Lian Hua, 3F
Session Chair: Jun-koo Kang，Nanyang Technological University
Corporate Governance and Internal Capital Markets
Zacharias Sautner, University of Amsterdam
Belén Villalonga，Harvard Business School
Corporate Lobbying and Fraud Detection
Xiaoyun Yu, Indiana University
Frank Yu, Barclays Global Investors
Timing of Effort and Reward: Three-sided Moral Hazard in a Continuous-Time Model
Jun Yang, Indiana University
Ownership Structure, Supervisory Regulation and the Diversification Effects on Bank Performance
Yuanchen Chang, National Chengchi University
Kuanyu Lai, National Chengchi University
Hsiangping Tsai, Yuan Ze University
Discussants:
Hyun-Seung Na, City University of Hong Kong
Zacharias Sautner, University of Amsterdam
Jiang Luo, Nanyang Technological University
Cong Wang, Chinese University of Hong Kong
July 8, 2009 10:30 – 12:00AM
Credit Markets - Ding Hu, 3F
Session Chair: Eric Ghysels，University of North Carolina, Chapel Hill
The Information Content of Option-Implied Volatility
Charles Cao, Pennsylvania State University
Zhaodong (Ken) Zhong, Pennsylvania State University
Fan Yu, Michigan State University
Household Borrowing after Personal Bankrupty
Geng Li, Federal Reserve Board
Song Han, Federal Reserve Board
Limited Arbitrage between Equity and Credit Markets
Nikunj Kapadia, University of Massachusetts Amherst
Xiaoling Pu, Kent State University
Discussants:
Jun Yu, Singapore Management University
Qin Lei, Southern Methodist University
Jennie Bai, New York Federal Reserve
July 8, 2009 10:30 – 12:00AM
Exchange Rate and International Finance (in Chinese) - Tian Lu, 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
July 8, 2009 12:15 – 1:00 PM
Conference Lunch - Man Jiang Hong & Xiang Jian Huan, 3F
July 8, 2009 1:00 - 2:15 PM
Keynote Speech - Bu Bu Gao, 3F
July 8, 2009 2:30 – 4:00PM
Asset Pricing: Theory II - Xi Qiao, 3F
Session Chair: Harrison Hong, Princeton University
Dividend Volatility and Asset Pricing: A Narrow-Framing Approach
Liyan Yang, Cornell University
Yan Li, Cornell University
Dynamic Asset Allocation with Ambiguous Return Predictability
Nengjiu Ju, Hong Kong University of Science and Technology
Hui Chen, MIT
Jianjun Miao, Boston University
Evaluating Asset Pricing Models Using the Second Hansen-Jagannathan Distance
Yuewu Xu, Fordham University
Haitao Li, University of Michigan
Xiaoyan Zhang, Cornell University
Equilibrium Implications of Delegated Asset Management under Benchmarking
Philippe Rohner, University of Zurich Swiss Banking Institute
Markus Leippold, Imperial College London
Discussants:
Ming Huang, Cheung Kong Graduate School of Business
Harold Zhang, University of Texas at Dallas
Long Chen, Washington University at St. Louis
Hui Ouyang , Cheung Kong Graduate School of Business
July 8, 2009 2:30 – 4:00PM
Executive Compensation - Gui Feng, 3F
Session Chair: Fangjian Fu, Singapore Management University
Inside the Black Box: The Role and Composition of Compensation Peer Groups
Jun Yang, Indiana University
Michael Faulkender, University of Maryland
Incentive Effects of Extreme CEO Pay Cuts
Huasheng Gao, Singapore Nanyang Technological University
Harford Jarrad, University of Washington
Kai Li, University of British Columbia
Litigation Risk and Executive Compensation
Zhonglan Dai, University of Texas-Dallas
Li Jin, Harvard Business School
Weining Zhang, University of Texas-Dallas
Pay for Performance? CEO Compensation and Acquirer Returns in BHCS
Liu Yang, University of California, Los Angeles
Kristina Minnick, Bentley College
Haluk Unal, University of Maryland and Center for Financial Research
Discussants:
Li Jin, Harvard Business School
Jun Yang, Indiana University
Huasheng Gao, University of British Columbia
Yong Zhang, Hong Kong University of Science and Technology
July 8, 2009 2:30 – 4:00PM
Institutional Investors I - Lian Hua, 3F
Session Chair: Laura Starks，University of Texas at Austin
When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Institutional Investors
Wei Jiang, Columbia University
Kai Li, University of British Columbia
Pei Shao, University of British Columbia
Blockholder Intervention Versus Threat Of Exit
Peter Swan, University of New South Wales
Peter Gardner, University of New South Wales
David Gallagher, University of Texas at Austin
A Neoclassical Model of Managed Distribution Programs: Theory and Evidence
Jay Wang, University of Illinois at Urbana-Champaign
Martin Cherkes, Columbia University
Jacob Sagi, Vanderbilt University
Discussants:
Wei-Ling Song, Louisiana State University
John Wei, Hong Kong University of Science and Technology
Jun Yang,Indiana University
July 8, 2009 2:30 – 4:00PM
Market Microstructure - Ding Hu, 3F
Session Chair: Jianping Mei, Cheung Kong Graduate School of Business
Anything Wrong with Breaking a Buck? An Empirical Evaluation of NASDAQ $1 Minimum Price Maintenance Criterion
Feng Wu，University of Hawaii at Manoa
Preferenced Trading, Quote Competition, and Market Quality: Evidence from Decimalization on the NYSE
Wei Huang, University of Hawaii at Manoa
S. Ghon Rhee, SKKU Business School (Korea), University of Hawaii at Manoa
Ning Tang, Wilfrid Laurier University
How Better Informed are the Institutional Investors?
Jia He, the Chinese University of Hong Kong
Jinghan Cai and Jibao He, Shenzhen Stock Exchange
Speed, Distance, and Electronic Trading: New Evidence on Why Location Matters
Ryan Garvey, Duquesne University
Fei Wu, Massey University
Discussants:
Jinghan Cai, Shenzhen Stock Exchange
Feng Wu, Shilder College of Business, University of Hawaii at Manoa
Fei Wu, Massey University
Christine Jiang, The University of Memphis
July 8, 2009 2:30 – 4:00PM
Corporate Governance I (in Chinese) - Tian Lu, 3F
Session Chair: Li Liu, Peking University
公司治理 I
主持人：刘力，北京大学
July 8, 2009 4:30 – 6:00PM
Asset Pricing: Empirical I - Xi Qiao, 3F
Session Chair: Yexiao Xu, University of Texas, Dallas
Analysts' Incentives and the Dispersion Effect
Chuan-Yang Hwang, Nanyang Technological University
Yuan Li, Nanyang Technological University
Ex Ante Skewness and Expected Stock Returns
Eric Ghysels, University of North Carolina at Chapel Hill
Jennifer Conrad, University of North Carolina at Chapel Hill
Robert Dittmar, University of Michigan
Costly External Equity: Implications for Asset Pricing Anomalies
Dongmei Li, University of California at San Diego
Erica Li, University of Michigan
Lu Zhang, University of Michigan
Discussants:
Kalok Chan, Hong Kong University of Science and Technology
Chu Zhang, Hong Kong University of Science and Technology
Hui Guo, University of Cincinnati
July 8, 2009 4:30 – 6:00PM
Corporate Governance II - Gui Feng, 3F
Session Chair: Wei-Ling Song，Louisiana State University
Political Connection, Institutional Environment and Corporate Philanthropy
Ming Jia, Xi'an Jiaotong University
Difang Wan, Xi'an Jiaotong University
Zhe Zhang, Xi'an Jiaotong University
Corporate Pyramid, Capital Investment and Firm Performance in China
Chao Chen, Fudan University
Donglin Xia, Tsinghua University
Song Zhu, Beijing Normal University
No. 2 Persons, Pay Gap and Firm Performance
Zhichuan Li, Arizona State University
Private Benefits, Power index and Pricing: Evidence from Taiwanese Private Placements
Tai Ma, National Sun Yat-sen University
Ching-Yi Yeh, Hsiuping Institute of Technology
Discussants:
Meijun Qian, National University of Singapore
Fangjian Fu, Singapore Management University
Mike Lemmon, University of Utah
Xueping Wu, City University of Hong Kong
July 8, 2009 4:30 – 6:00PM
IPO and SEO - Lian Hua, 3F
Session Chair: Xiaoyun Yu, Indiana University
July 8, 2009 4:30 – 6:00PM
Mutual Funds and Hedge Funds - Ding Hu, 3F
Session Chair: Bing Liang, University of Massachusetts at Amherst
Risk Shifting and Mutual Fund Performance
Jennifer Huang, University of Texas at Austin
Clemens Sialm, University of Texas at Austin
Hanjiang Zhang, University of Texas at Austin
Mutual Fund Tax Clienteles
Clemens Sialm, University of Texas at Austin
Laura Starks, University of Texas at Austin
Strength of Performance Based Compensation: Evidence from Hedge Fund Closing and Reopening Events
Bing Liang University of Massachusetts at Amherst
Chris Schwarz, University of California, Irvine
The Good, the Bad or the Expensive? Which Mutual Fund Managers Join Hedge Funds?
Jay Wang, University of Illinois at Urbana-Champaign
Prachi Deuskar, University of Illinois at Urbana-Champaign
Joshua Pollet, Emory University
Lu Zheng, University of California Irvine
Discussants:
Yu Yuan, The University of Iowa
Song Han, Federal Reserve Board
Johan Sulaeman, Southern Methodist University
Fang Liu, Leuven University
July 8, 2009 4:30 – 6:00PM
Corporate Finance I (in Chinese) - Tian Lu, 3F
Session Chair: Yong Zeng, University of Electronic Science and Technology of China
公司金融 I
主持人：曾勇, 成都电子科技大学
July 8, 2009 7:00 – 9:00 PM
Conference Dinner & Best Paper Awards - Bu Bu Gao, 3F
July 9, 2009 8:30 – 10:00AM
Asset Pricing: Empirical II - Xi Qiao, 3F
Session Chair: Kewei Hou, Ohio State University
Is Information Risk Priced? Evidence from the Price Discovery of Large Trades
Chuan-Yang Hwang, Nanyang Business School, Nanyang Technological University
Xiaolin Qian, Nanyang Business School, Nanyang Technological University
Market Confidence and Momentum
Jianguo Xu, McGill University
Kevin Wang, University of Toronto
Government Spending and the Cross Section of Stock Returns
Frederico Belo, University of Minnesota
Jun Li, University of Minnesota
Liquidity Risk and the Cross-Section of Expected Corporate Bond Returns
Junbo Wang, University of Arkansas—Fayetteville/City University of Hong Kong
Hai Lin, Xiamen University
Chunchi Wu, University of Missouri-Columbia
Discussants:
Bob Kimmel, Ohio State University
Roger Loh, Singapore Management University
Yinglei Zhang, Chinese University of Hong Kong
Bob Kimmel, Ohio State University
July 9, 2009 8:30 – 10:00AM
Boards - Gui Feng, 3F
Session Chair: Cong Wang, Chinese University of Hong Kong
The Market for Corporate Directors
Changmin Lee, Indiana University - Bloomington
The Value of Independent Directors: Evidence from Sudden Deaths
Bang Nguyen Dang, Chinese University of Hong Kong
Kasper Nielsen, Chinese University of Hong Kong
Option Backdating and Board Oversight: Evidence from Firms Interlocked with Backdating Investigation Targets
Cong Wang, Chinese University of Hong Kong
Veronika Krepely Pool, Indiana University
Fei Xie, George Mason University
Is Board Structure One-Size-Fits-All? The Unintended Informational Consequence of the Sarbanes-Oxley Acts
Huijing Fu, Texas Christian University
Xiaoyun Yu, Indiana University
Discussants:
Hao Wang, Tsinghua University
Xiaohui Gao, University of Hong Kong
Huasheng Gao, Nanyang Technological University
Kasper Meisner Nielsen, Chinese University of Hong Kong
July 9, 2009 8:30 – 10:00AM
Conglomerate - Lian Hua, 3F
Session Chair: Joseph Fan, Chinese University of Hong Kong
Internal Capital Allocation and Stock Returns
Jennifer Huang, University of Texas at Austin
Ilan Guedj, University of Texas at Austin
Johan Sulaeman, Cox School of Business
Looking Inside a Conglomerate: Efficiency of Internal Capital Allocation and Managerial Power Within a Firm
Markus Glaser, University of Mannheim
Florencio Lopez-de-Silanes, EDHEC Business School
Zacharias Sautner, University of Amsterdam
Internal Capital Markets: The Bright Side of Corporate Politics
Martijn Cremers, Yale School of Management
Rocco Huang, Federal Reserve Bank of Philadelphia
Zacharias Sautner, University of Amsterdam
Testing Financial Constraint against Expropriation Explanation: the Use of Intra-Group Financing in China
Joseph Fan, Chinese University of Hong Kong
Li Jin, Harvard Business School
Guojian Zheng, Sun Yat-sen University
Discussants:
Ning Zhu, University of California, Davis
Li Jin, Harvard Business School
Peter Mackay, Hong Kong University of Science and Technology
Fei Xie, George Mason University
July 9, 2009 8:30 – 10:00AM
Behavioral and Real Estate Finance - Ding Hu, 3F
Session Chair: Bing Han, University of Texas at Austin
Investor Sentiment and the Mean-Variance Relation
Yu Yuan, University of Iowa
Jianfeng Yu, University of Minnesota
Ordering and Revenue in Sequential Auctions: A Natural
Experiment from the Market for Art
Harrison Hong, Princeton University
Ilan Kremer, Stanford University
Jeffrey Kubik, Syracuse University
Jianping Mei, New York University
Michael Moses, New York University
Individualism and Momentum around the World
K.C. John Wei, Hong Kong University of Science & Technology
Andy C.W. Hong Chui, Kong Polytechnic University
Sheridan Titman, University of Texas at Austin
Do Local Investors Know More? Evidence from Mutual Fund Location and Investments
Johan Sulaeman, Southern Methodist University
Discussants:
Weina Zhang, National Univ of Singapore
Johan Sulaeman, Southern Methodist University
Dongmei Li, University of California, San Diego
Ning Zhu, University of California, Davis
July 9, 2009 8:30 – 10:00AM
Investment Management and Risk Management (in Chinese) - Tian Lu, 3F
Session Chair: Jialiu Lu, Sun Yat-sen University
投资管理及风险管理
主持人：陆家骝, 中山大学
July 9, 2009 10:30AM – 12:00PM
Liquidity - Xi Qiao, 3F
Session Chair: Jennifer Huang, University of Texas at Austin
Timing Ability of Government Bond Fund Managers: Evidence from Portfolio Holdings
Ying Wang, University at Albany—SUNY
Jingzhi Huang, Penn State University
Liquidity Crisis, Runs and Security Design
Song Han, Federal Reserve Board
Dan Li, Federal Reserve Board
Uncommon Value: The Investment Performance of Contrarian Funds
Tong Yao, University of Iowa
Kelsey Wei, University of Texas at Dallas
Russ Wermers, University of Maryland
A Model of Portfolio Delegation and Strategic Trading
Bin Wei, Baruch College, the City University of New York
Albert Kyle, University of Maryland
Ou-Yang Hui, Nomura Securities
Discussants:
Hong Zhang, Insead Singapore
Jennie Bai, Federal Reserve Bank of New York
Clemens Sialm, University of Texas at Austin
Keith K.P. Wong, University of Hong Kong
July 9, 2009 10:30AM – 12:00PM
Corporate Investment and Payout - Gui Feng, 3F
Session Chair: Peter Mackay, Hong Kong University of Science and Technology
Does Enforcement of Intellectual Property Rights Matter? Evidence from Financing and Investment Choices in the High Tech Industry
Chaopeng Wu, Xiamen University
James Ang, Florida State University
Yingmei Cheng, Florida State University
A Growth Type Explanation for Persistence in Retained Earnings and Propensity to Pay
Xueping Wu, City University of Hong Kong
Chau Kin Au Yeung, City University of Hong Kong
Investor Sentiment, Executive Compensation, and Corporate Investment
Hui (Michael) Li, La Trobe University
Discussants:
Fei Ding, Hong Kong University of Science and Technology
Chaopeng Wu, Xiamen University
Yuri Tserlukevich, Hong Kong University of Science and Technology
July 9, 2009 10:30AM – 12:00PM
Information and Securities Prices - Lian Hua, 3F
Session Chair: Phil Dybvig, Washington University
The Quality of Financial Reporting in China
Min Wu, University of Hong Kong
Xia Wang, East China Normal University
Price Discovery and Information in an Emerging Market: Evidence from China
Jingyun Ma, Tsinghua University
Peter L. Swan, University of New South Wales
Fengming Song, Tsinghua University
Momentum and Informed Trading
Allaudeen Hameed, National University of Singapore
Dong Hong, Singapore Management University
Mitch Warachka, Singapore Management University
Default Risk of Life Annuity and the Annuity Puzzle
Bong-Gyu Jang, Pohang University of Science and Technology
Hyeng Keun Koo, Ajou University
Ho-Seok Lee, Korea Advanced Institute of Science and Technology
Discussants:
Li Yuan, Nanyang Technological University
Raymond Kan, University of Toronto
Vivian Wang, Pennsylvania State University
Mark Loewenstein, University of Maryland
July 9, 2009 10:30AM – 12:00PM
Venture Capital - Ding Hu, 3F
Session Chair: Jie Gan, Hong Kong University of Science and Technology
July 9, 2009 10:30AM – 12:00PM
Capital Market (in Chinese) - Tian Lu, 3F
Session Chair: Yongdong Shi, Dongbei University of Finance and Economics
资本市场
主持人：史永东, 东北财经大学
July 9, 2009 12:15 – 2:15PM
Conference Lunch - Bu Bu Gao, 3F
July 9, 2009 2:30 – 4:00PM
Corporate Finance II - Xi Qiao, 3F
Session Chair: Xueping Wu, City University of Hong Kong
Conglomerate Structure and Capital Market Timing
Xin Chang, Nanyang Technological University
Gilles Hilary, HEC Paris
Lewis H.K. Tam, University of Macau
Which Spinoffs Generate Value and Performance Improvements?
Dmitri Boreiko, Free University of Bolzano-Bozen
Maurizio Murgia, Free University of Bolzano-Bozen
Tax Asymmetry Deteriorates Capital Structure and Credit Spread
Ho Yin Yick, University of Hong Kong
Kit Pong Wong, University of Hong Kong
Discussants:
Xueping Wu, City University of Hong Kong
Nancy Huyghebaert, Katholieke Universiteit Leuven
Tom Vinaimont, City University of Hong Kong
July 9, 2009 2:30 – 4:00PM
Fixed-income Securities - Gui Feng, 3F
Session Chair: Neil Pearson, University of Illinois at Urbana-Champagne
Liquidity Premia in the Credit Default Swap and Corporate Bond Markets
Hai Lin, Xiamen University
Sheen Liu, Washington State University-Vancouver
Chunchi Wu, University of Missouri-Columbia/Singapore Management University
Bond Risk Premia and Realized Jump Risk
Jonathan Wright Johns Hopkins University
Hao Zhou, Federal Reserve Board
Inflation Risk Premium: Evidence from the TIPS Market
Jingzhi Huang, Penn State University
Olesya Grishchenko, Penn State University
What Drove the Mismatch between Initial CDO Credit Ratings and Subsequent Performance?
Dragon Tang, University of Hong Kong
John Griffin, University of Texas at Austin
Discussants:
Song Han, Federal Reserve Board
Jingzhi Huang, Pennsylvania State University
Douglas Rolph, City University of Hong Kong
Prachi Deuskar, University of Illinois at Urbana-Champaign
July 9, 2009 2:30 – 4:00PM
Institutional Investors II - Lian Hua, 3F
Session Chair: Jay Wang，University of Illinois at Urbana-Champagne
Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
Joseph A. McCahery, University of Amsterdam
Zacharias Sautner, University of Amsterdam
Laura T. Starks, University of Texas
Shareholder Activism through the Proxy Process
Peter Szilagyi, Cambridge University
Luc Renneboog, Tilburg University
Do Shareholder Preferences Affect Corporate Policies?
Johan Sulaeman, Southern Methodist University
Understanding the Motives of Block Institutional Holding
Xiaoyan Xu, University of Michigan at Ann Arbor
Discussants:
Xiaoyan Xu, San Jose State University
Tom Nohel, Loyola University at Chicago
Scott Weisbenner, University of Illinois at Urbana-Champaign
Fangjian Fu, Singapore Management University
July 9, 2009 2:30 – 4:00PM
Chinese Stock Market II - Ding Hu, 3F
Session Chair: Chu Zhang, Hong Kong University of Science and Technology
Restriction Tightness, Bargaining Power, and the Valuation of Restricted Shares by Conflicting Shareholders in the Split Share Structure Reform
Wenxuan Hou, Durham University
Sydney Howell, University of Manchester
Understanding the Variation of Foreign Share Price Discounts ?A Study of Dual-listed Chinese Firms
Jeffrey L. Callen, University of Toronto
Karen Lai, Hong Kong Polytechnic University
Steven X. Wei, Hong Kong Polytechnic University
Why Investors Do not Buy Cheaper Securities? An Analysis of Trading by Individual Investors in Chinese Stock Market
Kalok Chan, Hong Kong University of Science and Technology
Baolian Wang, Tsinghua University
Zhishu Yang, Tsinghua University
Discussants:
Qian Sun, Xiamen University
Charlie X. Cai, Leeds University Business School
Tong Yao, University of Iowa
July 9, 2009 2:30 – 4:00PM
Corporate Governance II (in Chinese) - Tian Lu, 3F
Session Chair: Qinghua Song, Zhongnan University of Economics and Law
公司治理II
主持人：宋清华，中南财经政法大学
July 9, 2009 4:30 – 6:00PM
Corporate Governance III - Xi Qiao, 3F
Session Chair: Xianming Zhou，Hong Kong University
Institutions, Ownership Structure and Financing Decisions: Evidence from Chinese Listed Firms
Lihong Wang, Catholic University of Leuven
Nancy Huyghebaert, Catholic University of Leuven
The Value of Shareholder Activism: New Evidence from the Split-Share Structure Reform in China
Li Liao, Tsinghua University
Meijuan Shi, Tsinghua University
Hao Wang, Tsinghua University
How Do Agency Costs Affect Firm Performance? Evidence from China
Sheng Xiao, Furman University
Discussants:
Shu Yan, University of South Carolina
Qiao Liu, University of Hong Kong
Bang Dang Nguyen, Chinese University of Hong Kong
July 9, 2009 4:30 – 6:00PM
International Finance I - Gui Feng, 3F
Session Chair: Kalok Chan，Hong Kong University of Science and Technology
Do Different Interpretations of the Same Information Help Explain the Distinct Stock Holdings of Foreign Investors?
Dong Wook Lee, Korea University Business School
Kyung Suh Park, Korea University Business School
Hyung Cheol Kang, University of Seoul
Cross-listing and Pricing Efficiency: The Informational and Anchoring Role Played by the Reference Price
Eric Chang, University of Hong Kong
Jinjuan Ren, University of Hong Kong
Does Money Follow the Flag?
Nandini Gupta, Indiana University
Xiaoyun Yu, Indiana University
A Quantitative Assessment of Real and Financial Integration in China- Markov Switching Approach
Lau Chi-Keung, Hong Kong Polytechnic University
Hung Hum, Hang Seng School of Commerce
Discussants:
Johan Sulaeman, Southern Methodist University
Hung Wan Kot, Hong Kong Baptist University
Dragon Tang, University of Hong Kong
Shaojun Zhang, Hong Kong Polytechnic University
July 9, 2009 4:30 – 6:00PM
Investment Management - Lian Hua, 3F
Session Chair: Ross Valkanov, University of California at San Diego
The Long Memory in Stock Price Shocks
Kevin Wang, University of Toronto
Hai Lu, University of Toronto
Xiaolu Wang, University of Toronto
Leverage Management
Hefei Wang, University of Illinois –Chicago
Darrell Duffie, Stanford University
Chenyang Wang, Stanford University
What kind of Trading Drives Return Autocorrelation?
Chun-Kuei Hsieh, National Taiwan University
Shing-yang Hu, National Taiwan University
Discussants:
Dongmei Li, Rady School, University of California, San Diego
Bing Han, University of Texas, Austin
Kevin Wang, University of Toronto
July 9, 2009 4:30AM – 6:00PM
Mergers and Acquisitions - Ding Hu, 3F
Session Chair: Kai Li, University of British Columbia
July 9, 2009 4:30AM – 6:00PM
Asset Pricing: Empirical (in Chinese) - Tian Lu, 3F
Session Chair: Yingzi Zhu, Tsinghua University
资产定价: 实证
主持人：朱英姿，清华大学
July 10, 2009 8:30 – 10:00AM
Banking II - Xi Qiao, 3F
Session Chair: Charles Kahn, University of Illinois
July 10, 2009 8:30 – 10:00AM
International Finance II - Gui Feng, 3F
Session Chair: Chuan-yang Hwang, Nanyang Technological University
The Determinants of Corporate Cash Management Policy: Evidence from around the World
Yuanto Kusnadi, City University of Hong Kong
K.C. John Wei, Hong Kong University of Science and Technology
The Forward Volatility Bias: A New Puzzle in Foreign Exchange
Pasquale Della Corte, University of Warwick
Lucio Sarno, University of Warwick
Ilias Tsiakas, University of Warwick
The 52-Week High Momentum Strategy in International Stock Markets
Qianqiu Liu, University of Hawaii
Ming Liu, Binghamton University
Tongshu Ma, Binghamton University
Discussants:
Huasheng Gao, University of British Columbia
Shaojun Zhang, Hong Kong Polygtechnic University
Dong Hong, Sigapore Management University
July 10, 2009 8:30 – 10:00AM
Market Efficiency - Lian Hua, 3F
Session Chair: Eric Chang, University of Hong Kong
IPO First-Day Return and Ex Ante Equity Premium
Hui Guo, University of Cincinnati
Understanding the Information Content of Short Interests
Yexiao Xu, University of Texas at Dallas
Harold Zhang, University of Texas at Dallas
Xin Zhou, Fudan University
Pension Underfunding, Analyst Experience, and Analyst Underreaction
Xuanjuan Chen, Kansas State University
Tong Yao, University of Iowa
Tong Yu, University of Rhode Island
Ting Zhang, University of Rhode Island
Limits to Arbitrage and the Asset Growth Anomaly
K.C. John Wei, Hong Kong University of Science and Technology
Eric F.Y.C.Lam, Hong Kong University of Science and Technology
Discussants:
John Wei, Hong Kong University of Science and Technology
Dragon Tang, The University of Hong Kong
Hui Guo, University of Cincinnati
Chun Xia, The University of Hong Kong
July 10, 2009 8:30 – 10:00AM
Behavioral Finance (in Chinese) - Ding Hu, 3F
Session Chair: Guojin Chen, Xiamen University
行为金融
主持人：陈国进，厦门大学
July 10, 2009 10:30AM – 12:00PM
Asset Pricing: Theory III - Tian Lu, 3F
Session Chair: Jianjun Miao, Boston University
Heterogeneous Beliefs and the Vulnerability of Financial Innovation
Hong Yan, University of South Carolina
Weidong Tian, University of North Carolina at Charlotte
Speculative financial innovation
Huining Cao, Cheung Kong Graduate School of Business
The Long and the Short of Asset Prices: Using Long Run Consumption-Return Correlations to Test Asset Pricing Models
Jianfeng Yu, University of Minnesota
Volatility Trading and the Elasticity of Intertemporal Substitution
Guofu Zhou, Washington University
Yingzi Zhu, Tsinghua University
Discussants:
Lei Lu, Shanghai University of Finance and Economics
Hong Yan, University of South Carolina
Yan Li, Cornell University
Jianfeng Yu, University of Minnesota
July 10, 2009 10:30AM – 12:00PM
International Corporate Finance - Xi Qiao, 3F
Session Chair: Andy Chui, Hong Kong Polytechnic University
Cultural Values and Corporate Risk-Taking
Dale Griffin, University of British Columbia
Kai Li, University of British Columbia
Heng Yue, Peking University
Longkai Zhao, Peking University
Financing Constraints, Ownership Control, and Cross-border M&As: the Evidence of Nine East Asian Economies
Yenn-Ru Chen, National Cheng Kung University
Yu-Ling Huang, National Cheng Kung University
Discussants:
Andy Chui, Hong Kong Polytechnic University
Eric Lam, Hong Kong University of Science and Technology
July 10, 2009 10:30AM – 12:00PM
Banking and Financial Intermediation (in Chinese) - Gui Feng, 3F
Session Chair: Jun Lu, Sun Yat-sen University
银行与金融机构
主持人：陆军，中山大学
July 10, 2009 10:30AM – 12:00PM
Derivatives (in Chinese) - Lian Hua, 3F
Session Chair: Liyang Han, Bei Hang University
金融衍生品
主持人：韩立岩，北京航空航天大学
July 10, 2009 10:30AM – 12:00PM
Corporate Finance II (in Chinese) - Ding Hu, 3F
Session Chair: Jun Qian, Boston College
公司金融II
Session Chair: 钱军，波斯顿学院
July 10, 2008 12:15 – 2:15PM
Conference Lunch - Bu Bu Gao, 3F
July 10, 2009 2:30 – 4:00PM
Asset Pricing: Empirical III - Xi Qiao, 3F
Session Chair: Guofu Zhou, Washington University
The Normal Inverse Gaussian Distribution and the Pricing of Derivatives
Fangfang Wang, University of North Carolina at Chapel Hill
Eric Ghysels, University of North Carolina at Chapel Hill
Anders Eriksson, Diwan Capital Ltd
Pricing Model Performance and the Two-Pass Cross-Sectional Regression Methodology
Raymond Kan, University of Toronto
Jay Shanken, Emory University
Cesare Robotti, Federal Reserve Bank of Atlanta
Capital Structure Effects on Prices of Firm Stock Options: Tests Using Implied Market Values of Debt
Robert Geske, University of California
Yi Zhou, University of Oklahoma
Why Do Firms with High Idiosyncratic Volatility and High Trading Volume Volatility Have Low Returns?
Chuan Yang Hwang, Nanyang Technological University
Tom George, University of Houston
Discussants:
Yingzi Zhu, Tsinghua University
Jun Tu, Singapore Management University
Chu Zhang, Hong Kong University of Science and Technology
Joe Zhang, Singapore Management University
July 10, 2009 2:30 – 4:00PM
Financial Crisis and Stability (in Chinese) - Gui Feng, 3F
Session Chair: Chengjian Su, Shantou University
金融危机及稳定性
主持人：宿成建，汕头大学
July 10, 2009 2:30 – 4:00PM
Information, Market Efficiency and Anomalies - Lian Hua, 3F
Session Chair: Dianchun Jiang, Nankai University
信息，市场效率及异常现象
主持人：蒋殿春， 南开大学
July 10, 2009 2:30 – 4:00PM
Corporate Governance IV - Ding Hu, 3F
Session Chair: Jun Yang, Indiana University
Property Rights Protection and Firm Diversification: Evidence from China
Julan Du, Chinese University of Hong Kong
Yi Lu, University of Hong Kong
Zhigang Tao, University of Hong Kong
Legal System, Financial Development, and Industry Clusters
Xiaoqiang Cheng, University of Leuven
Short-sale Constraints and A-H Share Premiums
Kalok Chan, Hong Kong University of Science & Technology
Hung Wan Kot, Hong Kong Baptist University
Zhishu Yang, Tsinghua University
Discussants:
Xuan Tian, Indiana University
Rujing Meng, University of Hong Kong
Fei Xie, George Mason University
July 10, 2009 2:30 – 4:00PM
Derivatives - Tian Lu, 3F
Session Chair: Charles Cao, Penn State University
Valuation of Housing Index Derivatives
Melanie Cao, York University
Jason Wei, University of Toronto
On the Number and Dynamic Features of State Variables in Options Pricing
Chu Zhang, Hong Kong University of Science and Technology
Gang Li, University of Macao
Is Warrant Really a Derivative? Evidence from the Chinese Warrant Market
Lei Shi, Eric Chang
Jin Zhang, University of Hong Kong
Model Specification, Data History, and CDO Mispricing
Dan Luo, University of Hong Kong
Yongjun Tang, University of Hong Kong
Qian Wang, University of Hong Kong
Discussants:
Shu Yan, University of South Carolina
Tao Li, City University of Hong Kong
Hao Wang, Tsinghua University
Ken Zhong, Rutgers University
July 10, 2009 4:30 – 6:00PM
Asset Pricing (in Chinese) - Xi Qiao, 3F
Session Chair: Chongfeng Wu, Shanghai Jiao Tong University
资产定价
主持人：吴冲锋，上海交通大学
July 10, 2009 4:30 – 6:00PM
Market Microstructure (in Chinese) - Gui Feng, 3F
Session Chair: Zhishu Yang, Tsinghua University
市场微观机构
主持人：杨之曙，清华大学
Copyrights of papers accepted for the presentation at the China International Conference in Finance are held by their authors. Any form of publication of these papers needs explicit permission from the authors, and violators will be subject to legal actions.
中国金融国际年会上宣读和接收的论文版权归作者所有，任何刊物刊登和发表须经作者本人同意。否则，一切后果自负。
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