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PAST CICF CO-ORGANIZERS AND SPONSORS 2002 2004 2005 2006 2007 2008 2009 2010 PAST KEYNOTE SPEAKERS
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. 2010 is the eighth year of this annual conference. It will be held from July 4th to 7th , 2010, at Beijing Shangri-La Hotel. Organizers: China Center for Financial Research, Tsinghua University Co-organizers: Cheung Kong Graduate School of Business Corporate Sponsors: TCW Group Conference Organization:
Conference Secretary General: Guest Speaker: Keynote Speaker: PROGRAM COMMITTEE
Michael Hertzel, Arizona State University CONFERENCE SCHEDULE
Organizing Committee Diamond Room 3, Valley Wing, 3F (July 5 to July 7, 2010) PROGRAM SUMMARY
Sunday, July 4, 2010
10:00AM – 7:00PM On-site Registration - Pre-function Area, Garden Wing - 1F 2:00 – 5:00PM Industry Symposium (Organized by TCW Group) - Ballroom I, Garden Wing - 1F 6:00 – 7:30PM Conference Reception (Sponsored by TCW Group) - Ballroom II, Garden Wing - 1F Monday, July 5, 2010 8:30 – 10:00AM Asset Pricing: Theory I - Pearl Room, 3F Banking - Emerald Room, 3F Derivatives - Jade Room 1-2, 3F Capital Structure I - Jade Room 3-4, 3F Market Microstructure and Liquidity (in Chinese) - Ruby Room, 3F 10:30 – 12:00AM Asset Pricing Empirical I - Emerald Room, 3F Fixed-Income Securities - Pearl Room, 3F Institutional Investors I - Jade Room 1-2, 3F IPO and SEO I - Jade Room 3-4, 3F RMB, Exchange Rates, and International Finance(in Chinese) - Ruby Room, 3F 12:15 – 1:00PM Conference Lunch - Grand Ballroom B, Valley Wing- 2F 1:15 – 1:30PM Dean's Speech - Grand Ballroom, Valley Wing, 2F Speaker: Yingyi Qian, Dean, Tsinghua University School of Economics and Management 1:30 – 2:30PM Keynote Speech - Grand Ballroom C, Valley Wing- 2F Keynote Speaker: John Y. Campbell, Harvard University 2:45 – 4:15PM Corporate Governance I - Ruby Room, 3F Corporate Finance I - Emerald Room, 3F Asset Pricing Empirical II - Jade Room 1-2,3F Behavioral Finance - Jade Room 3-4, 3F Commodities, Derivatives and Risk Management (in Chinese)- Pearl Room, 3F 4:30 – 6:00PM Information and Securities Prices - Emerald Room, 3F Capital Structure II - Ruby Room, 3F Mergers and Acquisitions I - Jade Room 1-2, 3F Mutual Funds and Hedge Funds I - Jade Room 3-4, 3F Asset Pricing: Models and Theories(in Chinese) - Pearl Room, 3F 7:00 – 9:00PM Conference Dinner & Best Paper Awards - Grand Ballroom C, Valley Wing- 2F Tuesday, July 6, 2010 8:30 – 10:00AM Corporate GovernanceII - Jade Room 1-2, 3F Corporate Investment and Innovation - Jade Room 3-4, 3F Liquidity and Credit Markets - eEmerald Room, 3F Market Microstructure - Ruby Room, 3F Asset Pricing: Empirical - Pearl Room, 3F 10:30AM – 12:00PM Asset Pricing Thoery II - Emerald Room, 3F Chinese Stock Markets - Ruby Room, 3F Executive Compensation - Jade Room 1-2, 3F Institutional Investors II - Jade Room 3-4, 3F Internal Corporate Governance: CEO Compensation, Board Structure and Accounting(in Chinese) - Pearl Room, 3F 12:15 – 2:15PM Conference Lunch - Grand Ballroom C, Valley Wing- 2F 2:30 – 4:00PM Asset Pricing Empirical III - Emerald Room, 3F Corporate Governance III - Ruby Room, 3F Venture Capital and Private Equity - Jade Room 1-2, 3F Mutual Funds and Hedge Funds II - Jade Room 3-4, 3F Institutional Investors, Firms, and Markets(in Chinese) - Pearl Room, 3F 4:30 – 6:00PM Investment Management - Emerald Room, 3F Markets Imperfections and Efficiency - Ruby Room, 3F Derivatives and Fixed Income Securities - Jade Room 3-4, 3F Corporate Finance II - Jade Room 1-2, 3F Ownership Structure and Corporate Governance(in Chinese) - Pearl Room, 3F Wednesday, July 7, 2010 8:30 – 10:00AM International Finance - Emerald Room, 3F Mergers and Acquisitions II - Ruby Room, 3F Asset Pricing I - Jade Room 1-2, 3F Banking (in Chinese) - Jade Room 3-4, 3F Behavioral Finance(in Chinese) - Pearl Room, 3F 10:30AM – 12:00PM IPO and SEO II - Emerald Room, 3F Real Estate Finance and Financial Policy - Ruby Room, 3F Corporate Finance III - Jade Room 1-2, 3F Markets Stability and Crises Management (in Chinese) - Jade Room 3-4, 3F Other Financial Sectors and Market Participants (in Chinese) - Pearl Room, 3F 12:15 – 2:15PM Conference Lunch - Grand Ballroom C, Valley Wing- 2F 2:30 – 4:00PM Corporate Governance IV - Pearl Room, 3F Asset Pricing II - Jade Room 1-2, 3F Monetary and Macroeconomic Policies (in Chinese) - Jade Room 3-4, 3F Corporate Investments and Financing Policies (in Chinese) - Ruby Room, 3F Information, Market Efficiencies and Irregularities(in Chinese) - Emerald Room, 3F
2010 China International Conference in Finance
July 4-7, 2010 Shangri-La Hotel, Beijing, China
2010 中国金融国际年会
7 月 4 日 至 7 日 July 4, 2010 2:00-5:00PM
Industry Symposium - Ballroom I, Garden Wing - 1F
Organized by TCW Group
July 4, 2010 6:30 – 7:30PM
Conference Reception - Ballroom II, Garden Wing - 2F
(Sponsored by TCW Group)
Academic Sessions
(40 sessions in English and 15 Sessions in Chinese) July 5, 2010 8:30 – 10:00AM
Asset Pricing Theory I - Pearl Room, 3F
Session Chair: Mark Loewenstein, University of Maryland Advance Information and Asset Prices Jianjun Miao, Boston University Rui Albuquerque, Boston University On the Relative Pricing of long Maturity S&P 500 Index Options and CDX Tranches Fan Yang, University of Minnesota Pierre Collin-Dufresne, Columbia University Robert Goldstein, University of Minnesota Intertemporal Strategic Trading, Risk-averse Passive Investors, and Liquidity Dynamics Ming Guo, Beijing University, HSBC School of Business Leverage Effect, Volatility Feedback, and Self-Exciting Market Disruptions Liuren Wu, City University of New York Peter Carr, Bloomberg L.P., New York University Discussants: Ming Guo, Peking University Liuren Wu, Baruch College Yajun Wang, Washington University in St. Louis Jingzhi Huang, Pennsylvania State University July 5, 2010 8:30 – 10:00AM
Banking - Emerald Room, 3F
Session Chair: Ning Zhu, University of California, Davis TARP Investments: Financials and Politics Denis Sosyura, University of Michigan Ran Duchin, University of Michigan Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand Effects Rocholl Jrg, ESMT European School of Management and Technology Manju Puri, Duke University/NBER Sascha Steffen, University of Mannheim Durable Lending Relationships and Corporate Restructuring: Monitoring or Conflict of Interest? Hyun Seung Na, City University of Hong Kong Jun-Koo Kang, Nanyang Technological University Discussants: Chenyang Wei, Federal Reserve Bank of New York Yi Jiang, California State Fullerton Jun Huang, Shanghai University of Finance and Economics July 5, 2010 8:30 – 10:00AM
Derivatives - Jade Room 1-2, 3F
Session Chair: Charles Cao, Penn State University Convenience Yield and the Chinese Warrants Hong Yan, University of South Carolina Eric Powers, University of South Carolina Gang Xiao, University of South Carolina Does Option Trading Have a Pervasive Impact on Underlying Stock Prices? Neil Pearson, University of Illinois at Urbana-Champaign Allen Poteshman, University of Illinois at Urbana-Champaign Joshua White, University of Illinois at Urbana-Champaign The Impact of Liquidity Risk on Option Prices Yaw-Huei Wang, National Taiwan University Robin Chou, National Central University San-Lin Chung, National Taiwan University Yu-Jen Hsiao, National Central University Volatility Long Memory on Option Valuation Yintian Wang, Tsinghua University Discussants: Gang Li, Hong Kong Baptist university Mitchell Warachka, Singapore Management University Jin Zhang, University of Hong Kong Jun Tu, Singapore Management University July 5, 2010 8:30 – 10:00AM
Capital Structure I - Jade Room 3-4, 3F
Session Chair: Mike Lemmon, University of Utah Debt Structure and Debt Specialization Filippo Ippolito, Bocconi University Paolo Colla, Bocconi University Kai Li, University of British Columbia Corporate Debt Maturity and the Real Effects of the 2007 Credit Crisis Scott Weisbenner, University of Illinois, NBER Heitor Almeida, University of Illinois, NBER Murillo Campello, University of Illinois, NBER Bruno Laranjeira, University of Illinois Information Sharing, Creditor Rights, and Corporate Debt Maturity Chendi Zhang, University of Warwick Marco Sorge, World Bank Credit Rating Targets Armen Hovakimian, The City University of New York Ayla Kayhan, Securities and Exchange Commission, Louisiana State University Sheridan Titman, University of Texas at Austin, NBER Discussants: Michael Lemmon, University of Utah Weiling Song, Louisiana State University Mingming Qiu, University of Utah Laura Liu, Hong Kong University of Science and Technology July 5, 2010 8:30 – 10:00AM
Market Microstructure and Liquidity (in Chinese)- Ruby Room, 3F
Session Chair: Jun Lu, Sun Yat-sen University 市场微观结构和流动性 主持人： 陆军，中山大学 知情交易与中国股市博彩溢价 孔东民, 华中科技大学 代昀昊, 华中科技大学 李捷瑜, 中山大学 中国股市流动性溢价及系统流动性风险溢价的实证研究 佟孟华, 东北财经大学 郭多祚, 东北财经大学 银行关系、制度环境与银行贷款可得性 余明桂, 武汉大学 潘红波, 武汉大学 基于理性预期框架的停牌制度研究：理论与实证 廖静池, 电子科技大学 李平, 电子科技大学 曾勇, 电子科技大学 Discussants: 林海，厦门大学 周开国，中山大学 代军勋，武汉大学 陈蓉，厦门大学 July 5, 2010 10:30-12:00AM
Asset Pricing Empirical I -Emerald, 3F
Session Chair: John Griffin, University of Texas at Austin What Drives the Return Predictive Power of Institutional Ownership Information or Noise Trading? Buhui Qiu, Erasmus University Decomposing the short-term return reversal Qianqiu Liu, University of Hawaii Zhi Da, University of Notre Dame Ernst Schaumburg, Federal Reserve Bank of New York Business Connections and Informed Trading of Mutual Fund Managers Yue Tang, University of Florida Participation Constraints in the Stock Market: Evidence from Unexpected Inheritance due to Sudden Death Kasper Meisner Nielsen, Hong Kong University of Science and Technology, CEBR Steffen Andersen, Copenhagen Business School, CEBR Discussants: Albert Wang, The Chinese University of Hong Kong Kelsey Wei, University of Texas at Dallas Tao Shu, University of Georgia Johan Sulaeman, Southern Methodist University July 5, 2010 10:30-12:00AM
Fixed-Income Securities – Pearl Room, 3F
Session Chair: Neil Pearson, University of Illinois at Urbana-Champaign Illiquidity or Credit Deterioration: A Study of Liquidity in the US Corporate Bond Market during Financial Crises Marti Subrahmanyam, New York University Nils Friewald, Vienna University of Economics and Business Rainer Jankowitsch, Vienna University of Economics and Business Determinants of Bond Risk Premia Jingzhi Huang, Penn State University Zhan Shi, Penn State University Risk Premia and Wishart Term Structure Models Thuy Duong To, University of New South Wales Carl Chiarella, University of Technology, Sydney Chih-Ying Hsiao, University of Technology, Sydney Non-Convexities in the 10-Year Treasury Note Market George Theocharides, Sungkyunkwan University Christopher G. Lamoureux, University of Arizona Discussants: Georghios (George) Theocharides, Sungkyunkwan University Robert Kimmel, Ohio State University Hao Zhou, U.S. Federal Reserve Board Hong Yan, University of South Carolina July 5, 2010 10:30-12:00AM
Institutional Investors I - Jade Room 1-2, 3F
Session Chair: Laura Starks, University of Texas at Austin Hedge Fund Activism and Bank Loan Contracting Yinghua Li, Purdue University Jin Xu, Purdue University Hedge Funds in Chapter 11 Wei Jiang, Columbia University Kai Li, University of British Columbia Wei Wang, Queen’s University Does Governance Travel Around the World? Evidence from Institutional Investors Pedro Matos, University of Southern California Reena Aggarwal, Georgetown University Isil Erel, Ohio State University Miguel Ferreira, Universidade Nova de Lisboa CEO Incentives and Institutional Trader Monitoring are Substitutes: Theory and Evidence Peter Swan, University of New South Wales Brandon Chen, University of New South Wales Discussants: Garry Twite, Australian National University Yinghua Li, Purdue University Cong Wang, The Chinese University of Hong Kong Pedro Matos, University of Southern California July 5, 2010 10:30-12:00AM
IPO and SEO I - Jade Room 3-4, 3F
Session Chair: Xiaoyun Yu, Indiana University Investor Horizon Clientele and IPO Underpricing Lei Zhang, Nanyang Technological University Massimo Massa, European Institute of Business Administration Market Volatility and the Timing of IPO Filings Walid Busaba, University of Western Ontario Daisy Li, University of Western Ontario Guorong Yang, University of Western Ontario New equity issues in emerging economy: Do they lead to real investments? YoungKyung Ko, Korea University Hasung Jang, Korea University Woojin Kim, Korea University Causes or Consequences? Earnings Management Around Seasoned Equity Offerings Yi Tang, Fordham University Jie Chen, Carnegie Mellon University Zhaoyang Gu, University of Minnesota Discussants: Yiming Qian, University of Iowa Qianqian Du, Shanghai Jiao Tong University Huiyan Qiu,University of Hong Kong Guanmin Liao, Central University of Finance and Economics July 5, 2010 10:30-12:00AM
RMB, Exchange Rates, and International Finance(in Chinese) – Ruby Room, 3F
Session Chair: Jianglin Lv, Jiangxi University of Finance and Economics 人民币、汇率及国际金融 主持人： 吕江林，江西财经大学 人民币升值对A股理性估值的影响一个上限 张燃, 北京科技大学 徐爽, 北京大学 张磊, 北京科技大学 外汇市场压力、国际资本流动与国内货币市场均衡基于中国数据的实证研究 朱孟楠, 厦门大学 刘林, 厦门大学 国际货币体系演变与美元国际储备稳定性研究兼论规避“特里芬”难题的条件 陈建奇, 北京大学 从多本位的视角研究货币汇率指数的属性 丁剑平, 上海财经大学 周建芳, 上海财经大学 Discussants: 马丹，浙江工商大学 刘莉亚，上海财经大学 曹勇，中南财经政法大学 彭玉镏，江西财经大学 July 5, 2010 12:15 – 1:00 PM
Conference Lunch - Grand Ballroom B, Valley Wing- 2F
July 5, 2009 1:15 - 1:30 PM
Dean's Speech – Grand Ballroom, Valley Wing- 2F
Speaker: Yingyi Qian, Dean, Tsinghua University School of Economics and Management July 5, 2009 1:30 - 2:30 PM
Keynote Speech – Grand Ballroom C, Valley Wing- 2F
Keynote Speaker:John Y. Campbell, Harvard University July 5, 2010 2:45-4:15PM
Corporate Governance I – Ruby Room, 3F
Session Chair: Jun-koo Kang, Nanyang Technological University Operating Efficiency and Corporate Governance Mitch Warachka, Singapore Management University Philip Dybvig, Washington University in Saint Louis The Effect of a Regulatory Increase in Minority Shareholders’ Direct Control over Corporate Decisions on Shareholder Val Zhihong Chen, City University of Hong Kong Bin Ke, Penn State University Zhifeng Yang, City University of Hong Kong What Do Managers Do When Immune from Hostile Takeover Threats? Rujing Meng, University of Hong Kong Zheng Liu, University of Hong Kong Does It Pay to Go Global in the Boardroom? The Effect of Foreign Directors on Corporate Governance and Performance Cong Wang, Chinese University of Hong Kong Ronald Masulis, Vanderbilt University Fei Xie, George Mason University Discussants: Jiang Lou, Nanyang Technological University Zoran Ivković, Michigan State University Jay Wang, University of Illinois Hyun Seung NA, City University of Hong Kong July 5, 2010 2:45-4:15PM
Corporate Finance I - Emerald Room, 3F
Session Chair: Andrew Winton, University of Minnesota Risk Homeostasis and Mergers and Acquisitions Feng Zhang, University of British Columbia Maurice Levi, University of British Columbia Kai Li, University of British Columbia Business Aggression, Institutional Loans, and Credit Crisis: Evidence from Lending Practices in Leveraged Buyouts Jerry Cao, Singapore Management University Joe Mason, Louisiana State University Weiling Song, Louisiana State University Does Research Follow the Money? Evidence from the Global Settlement Xiaoyun Yu, Indiana University Irina Stefanescu, Indiana University Stacey Jacobsen, Indiana University Divergence of Opinion, Overallotment, and IPO Long-Run Performance Ming Dong, York University Jean-Sébastien Michel, York University Discussants: Zhang Lei, Nanyang Technological University Anand Srinivasan, National University of Singapore Yihui Pan, University of Minnesota Gao Huasheng, Nanyang Technological University July 5, 2010 2:45-4:15PM
Asset Pricing Empirical II - Jade Room 1-2,3F
Session Chair: Guofu Zhou, Washington University in St. Louis Capital Gains Taxes and the Reward-to-Risk Ratio Harold Zhang, University of Texas at Dallas Zhonglan Dai, University of Texas at Dallas Douglas Shackelford, University of North Carolina, NBER Do Anomalies Exist Ex Ante? Jin (Ginger) Wu, University of Georgia Lu Zhang, University of Michigan On the Hansen-Jagannathan distance with a no-arbitrage constraint Raymond Kan, University of Toronto Nikolay Gospodinov, Concordia University Cesare Robotti, Federal Reserve Bank of Atlanta Unexpected Investment, Overinvestment and Stock Returns John Wei, Hong Kong University of Science and Technology Sheridan Titman, University of Texas at Austin Feixue Xie, University of Texas at El Paso Discussants: Bo Sun, Federal Reserve Board John Wei, Hong Kong University of Science and Technology Jun Tu, Singapore Management University Hong Zhang, European Institute of Business Administration July 5, 2010 2:45-4:15PM
Behavioral Finance - Jade Room 3-4, 3F
Session Chair: Bing Han, University of Texas at Austin The Return Predictability of Trends Mitch Warachka, Singapore Management University Roger Loh, Singapore Management University What's in a China name? A test of investor sentiment hypothesis Wei Wang, Queen’s University Kee-Hong Bae, York University Nature or Nurture: What Determines Investor Behavior? Amir Barnea, Claremont McKenna College Henrik Cronqvist, Claremont McKenna College Stephan Siegel, University of Washington Global, Local, and Contagious Investor Sentiment Yu Yuan, The University of Iowa, NBER Malcolm Baker, Harvard University, NBER Jeff Wurgler, New York University Discussants: Paul Gao, University of Notre Dam Liyan Yang, University of Toronto Zhijian Huang, University of Wisconsin-Milwaukee Mujtaba Mian, Hong Kong Polytechnic University July 5, 2010 2:45-4:15PM
Commodities, Derivatives and Risk Management (in Chinese) - Pearl Room, 3F
Session Chair: Wei Zhang, Tianjin University 初级产品，衍生品和风险管理 主持人： 张维，天津大学 投资者行为与期货市场波动：基于世代交叠模型和高频数据的理论与实证 王郧, 华中科技大学 华仁海, 南京财经大学 张宗成, 华中科技大学 基差与成交量、波动率的不对称关系基于中国期铜和期豆市场的实证研究 宋军, 复旦大学 赵鹰妍, 复旦大学 吴冲锋, 上海交通大学 信用衍生产品隐含相关性结构研究 龚朴, 华中科技大学 胡祖辉, 华中科技大学 模型风险及其对衍生品定价的影响 郑振龙, 厦门大学 刘杨树, 厦门大学 Discussants: 郑振龙, 厦门大学 张永杰，天津大学 马明, 北京理工大学 吴冲锋，上海科技大学 July 5, 2010 4:45-6:15PM
Information and Securities Prices - Emerald Room, 3F
Session Chair: Raymond Kan, University of Toronto Unusual News Events and the Cross-Section of Stock Returns Yi Tang, Fordham University Turan Bali, City University of New York Anna Scherbina, University of California at Davis Examining the Dark Side of Financial Markets: Who Trades ahead of Major Announcements? Tao Shu, University of Georgia John Griffin, University of Texas at Austin Selim Topaloglu, Queen’s University Decoding Inside Information Lukasz Pomorski, University of Toronto Lauren Cohen, Harvard University, NBER Malloy Christopher, Harvard University How Important is the Financial Press in Emerging Markets? John Griffin, University of Texas at Austin Nicholas Hirschey, University of Texas at Austin Patrick Kelly, University of South Florida Discussants: Hai Lu, University of Toronto Yue Tang, University of Florida Tao Shu, University of Georgia Ling Cen, University of Toronto July 5, 2010 4:45-6:15PM
Capital Structure II - Ruby Room, 3F
Session Chair: Longkai Zhao, Peking University Trade Credit, Product Market Power, and Relationship-specitic Investment Nishant Dass, Georgia Institute of Technology Jayant Kale, Georgia State University Vikram Nanda, Georgia Institute of Technology Optimal Capital Structure, Capacity Choice and Product Market Competition Yongqiang Chu, University of South Carolina External Financing, Access to Debt Markets, and Stock Returns F.Y. Eric C. Lam, City University of Hong Kong John Wei, Hong Kong University of Science and Technology Determinants and Real Impact of Debt Rollover: Evidence from Debt Reclassifications Xin Chang, Nanyang Technological University Yunling Chen, Hong Kong University of Science and Technology, Tsinghua University Sudipto Dasgupta, Hong Kong University of Science and Technology Discussants: Yongqiang Chu, University of South Carolina Hefei Wang, University of Illinois at Chicago Garry Twite, Australian National University F.Y. Eric C. Lam, City University of Hong Kong July 5, 2010 4:45-6:15PM
Mergers and Acquisitions I - Jade Room 1-2, 3F
Session Chair: Kai Li, University of British Columbia Private and Pbulic Merger Waves Liu Yang, University of California at Los Angeles Gordon Phillips, University of Maryland, NBER Vojislav Maksimovic, University of Maryland Acquisitions Driven by Stock Overvaluation Fangjian Fu, Singapore Management University Leming Lin, University of Florida Micah Officer, Loyola Marymount University Horizontal Acquisitions and Buying Power: A Product Market Analysis Sugato Bhattacharyya, University of Michigan Amrita Nain, McGill University Prior Target Valuations and Acquirer Returns: Risk or Perception? Thomas Moeller, Texas Christian University Discussants: Fangjian Fu, Singapore Management University Ping Jiang, University of International Business and Economics Liu Yang, UCLA Qianqian Du, Shanghai Advanced Institute of Finance July 5, 2010 4:45-6:15PM
Mutual Funds and Hedge Funds I - Jade Room 3-4, 3F
Session Chair: Bing Liang, University of Massachusetts at Amherst Having Faith in Your Trade: Mutual Fund Risk-Taking and Local Religious Beliefs Johan Sulaeman, Southern Methodist University Tao Shu, University of Georgia Eric Yeung, University of Georgia Mutual Fund Risk and Market Share Adjusted Fund Flows Hong Zhang, European Institute of Business Administration Matthew Spiegel, Yale University Advertising and Mutual Funds: From Families to Individual Funds Laura Starks, University of Texas at Austin Ron Kaniel, Duke University Steven Gallaher, Southern New Hampshire University Should Investors Invest in Hedge Fund-Like Mutual Funds? Evidence from the 2007 Financial Crisis Ying Wang, SUNY - Albany Jingzhi Huang, Penn State University Discussants: Nelson Laecy, UMass-Amherst Tong Yu, University of Rhode Island Joe Zhe Zhang, Singapore Management University Li Cai, UMass-Amherst July 5, 2010 4:45-6:15PM
Asset Pricing: Models and Theories(in Chinese) - Pearl Room, 3F
Session Chair: Yingzi Zhu，Tsinghua University 资产定价：模型理论 主持人： 朱英姿，清华大学 我国存款准备金率变动对股票市场影响基于干预分析模型的实证研究 刘德红, 北京交通大学 李弢, 北京交通大学 史明明, 北京交通大学 交易前透明度与价格发现效率关系的研究-基于开盘集合竞价透明度的研究 张肖飞, 中国人民大学 李焰, 中国人民大学 限售股份交易制度与公司股票价格波动性研究 王克敏, 复旦大学 廉鹏, 复旦大学 张其羽, 复旦大学 中国耐用品消费与股票横截面收益 袁华涛, 西南财经大学 Discussants: 金洪飞，上海财经大学 马文杰，上海财经大学 刘淳，清华大学 高峰，清华大学 July 5, 2010 7:00 – 9:00 PM
Conference Dinner & Best Paper Awards - Grand Ballroom C, Valley Wing- 2F
July 6, 2010 8:30 – 10:00AM
Corporate GovernanceII - Jade Room 1-2, 3F
Session Chair: Weiling Song, Louisiana State University The Limitations of Stock Market Efficiency: Price Informativeness and CEO Turnover Qiang Kang, University of Miami Gary Gorton, Yale University, NBER Lixin Huang, Georgia State University Democracy or Disruption: An empirical analysis of majority elections for directors Jay Cai, Drexel University Jacqueline Garner, Drexel University Ralph Walkling, Drexel University Family Business Groups around the World: Costs and Benefits of Pyramids Jason Zein, University of New South Wales Ronald Masulis, Vanderbilt University Peter Pham, University of Sydney Do Controlling Shareholders’ Expropriation Incentives Imply a Link Between Corporate Governance and Firm Value? Theory and Evidence Wei-Lin Liu, Nanyang Technological University Kee-Hong Bae, York University Jae-Seung Baek, Hankuk University of Foreign Studies Jun-Koo Kang, Nanyang Technological University Discussants: Michael Lemmon, University of Utah Teodora Paligorova, Bank of Canada Meijun Qian, National University of Singapore Yinghua Li, Purdue University July 6, 2010 8:30 – 10:00AM
Corporate Investment and Innovation - Jade Room 3-4, 3F
Session Chair: Liu Yang, University of California at Los Angeles Capital Budgeting and Innovation in a Firm Jiang Luo, Nanyang Technological University V. Ravi Anshuman, Indian Institute of Management Discount or Premium? Diverification, Firm Value, and Capital Budgeting Efficiency Fei Ding, Hong Kong University of Science and Technology Hyoung Goo Kang, Duke University Market Valuation of Decreases in R&D Expenditures Konan Chan, University of Hong Kong Yueh-hsiang Lin, National Taipei College of Business Yanzhi Wang, Yuan Ze University Financial Report Manipulation and the Efficiency of Capital-raising and Investment Decisions Jonathan Cohn, University of Texas at Austin Discussants: Yongqiang Chu, University of South Carolina Jiaren Pang, Tulane University Rujing Meng, University of Hong Kong Minwen Li, Tsinghua University July 6, 2010 8:30 – 10:00AM
Liquidity and Credit Markets - Emerald Room, 3F
Session Chair: Jennifer Huang, University of Texas at Austin Social Value of Information in a Levered Economy Vito Gala, London Business School Paolo Volpin, London Business School Cross-Market Liquidity Shocks: Evidence from the CDS, Corporate Bond, and Equity Markets George Theocharides, Sungkyunkwan University George J. Jiang, University of Arizona Gady Jacoby, Seton Hall University Did Subjectivity Play a Role in CDO Credit Ratings? Dragon Tang, University of Hong Kong John Griffin, University of Texas at Austin The Liquidity of the Market Portfolio Prachi Deuskar, University of Illinois at Urbana-Champaign Timothy C Johnson, University of Illinois at Urbana-Champaign Discussants: Yingzi Zhu, Tsinghua University Zheng Sun, University of California, Irvine Anna Obizhaeva, University of Maryland Allaudeen Hameed, National University of Singapore July 6, 2010 8:30 – 10:00AM
Market Microstructure - Ruby Room, 3F
Session Chair: Allaudeen Hameed, National University of Singapore Why Designate Market Makers? Affirmative Obligations and Market Quality Jia Hao, Wayne State University Hendrik Bessembinder, University of Utah Michael Lemmon, University of Utah Option Trading: Information or Differences of Opinion? Siu Kai Choy, University of Toronto Jason Wei, University of Toronto Asymmetry in the Impact of Institutional Trades Christine Jiang, University of Memphis Chiraphol N. Chiyachantana, Singapore Management University Pankaj Jain, University of Memphis Robert A. Wood, University of Memphis Market Microstructure Invariants Anna Obizhaeva, University of Maryland Albert Kyle, University of Maryland Discussants: Wenjin Kang, National University of Singapore Hong Yan, University of South Carolina Jennifer Huang, University of Texas at Austin Buhui Qiu, Rotterdam School of Management July 6, 2010 8:30 – 10:00AM
Asset Pricing: Empirical (in Chinese) - Pearl, 3F
Session Chair: Yongdong Shi, Dongbei University of Finance and Economics 资产定价: 实证 主持人： 史永东，东北财经大学 询价制下我国IPO首日二级市场收益率的研究 付雷鸣, 西安交通大学 万迪昉, 西安交通大学 张雅慧, 西安交通大学 行业、地区和市场信息，谁主导中国证券市场价格的变化？ 朱宏泉, 西南交通大学 陈林, 西南交通大学 潘宁宁, 西南交通大学 最优利率规则与房价的财富效应：一个基于流动性约束的模型 邓瑛, 中南财经政法大学 赵雪, Carleton University 特异性波动率之谜在我国股市存在吗？基于异质信念及卖空限制的解释 左浩苗, 厦门大学 张翼, 厦门大学 Discussants: 左浩苗，厦门大学 万迪，西安交通大学 朱宏泉，西南交通大学 龚朴，华中科技大学 July 6, 2010 10:30AM-12:00PM
Asset Pricing Theory II - Emerald, 3F
Session Chair: Harrison Hong, Princeton University Intangible Returns, Momentum, and Investor Psychology Yen-Cheng Chang, Shanghai Jiao Tong University Technology Adoption, Vintage Capital and Asset Prices Xiaoji Lin, London School of Economics and Political Science Event Risks, Illiquidity, and Portfolio Selection Hong Liu, Washington University in Saint Louis Mark Loewenstein, University of Maryland Heterogeneous Beliefs, Rare Disasters, and Asset Pricing Hui Chen, Massachusetts Institute of Technology Scott Joslin, Massachusetts Institute of Technology Ngoc-Khanh Tran, Massachusetts Institute of Technology Discussants: Tu Jun, Singapore Management University Yen-cheng Chang, Shanghai Jiao Tong University Wenxi Jiang, Yale University Dragon Tang, University of Hong Kong July 6, 2010 10:30AM-12:00PM
Chinese Stock Markets - Ruby Room, 3F
Session Chair: Chu Zhang, Hongkong University of Science and Technology Who gains from financial reforms? Evidence from the Chinese stock market Marianna Caccavaio, Bocconi University, FEEM Andrea Beltratti, Bocconi University, FEEM Bernardo Bortolotti, University of Torino, FEEM Does Ownership Breadth Predict Stock Returns? New Evidence from Market Wide Holdings Data Li Jin, Harvard University James Choi, Yale University, NBER Hongjun Yan, Yale University How Predictable Is the Chinese Stock Market? Jun Tu, Singapore Management University Fuwei Jiang, Singapore Management University David E. Rapach, Saint Louis University Jack K. Strauss, Saint Louis University Guofu Zhou, Washington University in St. Louis Non-Marketability and One-Day Selling Lock-Up Jun Wang, City University of New York Jiangze Bian, University of International Business and Economics, Tie Su, Miami University Discussants: Qian Sun, Fudan University Christine Jiang, Memphis University Jun Wang, CUNY-Baruch Gang Li, Hong Kong Baptist University July 6, 2010 10:30AM-12:00PM
Executive Compensation - Jade Room 1-2, 3F
Session Chair: Huasheng Gao, University of British Columbia The Determinants and Impact of Executive-Firm Matches Yihui Pan, University of Minnesota Political Promotion, CEO Compensation, and Their Effect on Firm Performance Xiaofei Pan, University of Wollongong Jerry Cao, Singapore Management University Michael Lemmon, University of Utah Gary Tian, University of Wollongong The Temporal Structure of Equity Compensation Jonathan Cohn, University of Texas at Austin Sugato Bhattacharyya, University of Michigan Discussants: Sheng Huang, Singapore Management University Wei Wang, Queen's University Jiang Luo, Nanyang Technological University July 6, 2010 10:30AM-12:00PM
Institutional Investors II - Jade Room 3-4, 3F
Session Chair: Fangjian Fu, Singapore Management University Diversification or Specialization? An Analysis of Distance and Collaboration in Loan Syndication Networks Jian Cai, Federal Reserve Bank of Cleveland Anthony Saunders, New York University Sascha Steffen, University of Mannheim Laying off Credit Risk: Loan Sales versus Credit Default Swaps Andrew Winton, University of Minnesota Christine Parlour, University of California at Berkeley Trust and Delegation Bing Liang, University of Massachusetts at Amherst Stephen Brown, New York University Will Goetzmann, Yale University Christopher Schwarz, University of California, Irvine Institutional Demand Pressure and the Cost of Leveraged Loans Zheng Sun, University of California, Irvine Victoria Ivashina, Havard University Discussants: Jerry Xiaping Cao, Singapore Management University Fei Ding, Hongkong University of Science and Technology Nianhang Xu, Renmin University of China Pedro Matos, University of Southern California July 6, 2010 10:30AM-12:00PM
Internal Corporate Governance: CEO Compensation, Board Structure and Accounting (in Chinese) - Pearl Room, 3F
Session Chair: Yao Li, Shanghai University of Finance and Economics 内部公司治理：高管薪酬，董事会结构及会计制度 主持人： 李曜，上海财经大学 战略咨询还是薪酬监控？我国上市公司董事会基本作用探寻：理论与实证 杨青, 复旦大学 薛宇宁, 复旦大学 Besim Burcin Yurtoglu, University of Vienna 股权激励有效吗？来自PSM的新证据 连玉君, 中山大学 苏治, 中央财经大学 谷月东, 西安交通大学 异质机构投资者的治理效应：基于高管薪酬视角 李艳丽, 中国人民大学 伊志宏, 中国人民大学 产品市场竞争、董事会结构与信息披露质量 滕明慧, 厦门大学 李常青, 厦门大学 Discussants: 连玉君，中山大学 杨青，复旦大学 滕明慧，厦门大学 伊志宏，中国人民大学 July 6, 2010 12:15 – 2:15 PM
Conference Lunch - Grand Ballroom C, Valley Wing- 2F
July 6, 2010 2:30-4:00PM
Asset Pricing Empirical III - Emerald Room, 3F
Session Chair: Yexiao Xu, University of Texas at Dallas Investor Diversification and the Pricing of Idiosyncratic Risk Fangjian Fu, Singapore Management University Maria Schutte, Michigan Technology University Why Are the Returns on Small Growth Stocks So Low and Are These Low Returns Expected? Chu Zhang, Hong Kong University of Science and Technology The Stock Market and Aggregate Employment Lu Zhang, University of Michigan,NBER Long Chen, Washington University in St. Louis Executive Stock Options and the Manipulated Stock-Price Performance: Evidence from Retiring CEOs Xianming Zhou, University of Hong Kong Liu Zheng, University of Hong Kong Discussants: Sahn-Wook Huh, State University of New York at Buffalo Ya Tang, McGill University and Peking University Oleg Rytchkov, Temple University Qiang Kang, University of Miami July 6, 2010 2:30-4:00PM
Corporate Governance III - Ruby Room, 3F
Session Chair: Joseph Fan, The Chinese University of Hong Kong Corporate Governance and Managerial Reputational Concerns Jonathan Cohn, University of Texas at Austin Uday Rajan, University of Michigan Corporate Risk Taking and Ownership Structure Teodora Paligorova, Bank of Canada Shareholder Activism through Proxy Proposals: The European Perspective Peter Szilagyi, University of Cambridge Peter Cziraki, Stanford University Luc Renneboog, Tilburg University, ECGI Doing Good with or without Being Known? The Impact of Media Coverage of Corporate Social Performance on Corporate Financial Performance Hsiang-Hsuan Chih, National Dong Hwa University Hsiang-Lin Chih, National Taipei University Yu-Ting Huang, National Dong Hwa University Discussants: Tingjun Liu, Arizona State University Jason Zein, University of New South Wales Kasper Meisner Nielsen, Hong Kong University of Science and Technology Jie Cai, Drexel University July 6, 2010 2:30-4:00PM
Venture Capital and Private Equity - Jade Room 1-2, 3F
Session Chair: Michael Hertzel, Arizona State University Tolerance for Failure and Corporate Innovation Tracy Wang, University of Minnesota Xuan Tian, Indiana University Birds of Feather or Celebrating Differences? The Formation and Impact of Venture Capital Syndication Qianqian Du, Shanghai Jiao Tong University Contracting frictions and cross-border capital flows: Evidence from venture capital Michael Hertzel, Arizona State University Ana Balcarcel, CRA International Laura Lindsey, Arizona State University Discussants: Nishant Dass, Georgia Institute of Technology Zheng Sun, University of California, Irvine Yan Xu, University of Rhode Island July 6, 2010 2:30-4:00PM
Mutual Funds and Hedge Funds II - Jade Room 3-4, 3F
Session Chair: Johan Sulaeman, Southern Methodist University Can Hedge Funds Time Market Liquidity? Charles Cao, Penn State University Yong Chen, Virginia Tech Bing Liang, University of Massachusetts at Amherst Andrew Lo, Massachusetts Institute of Technology Mutual Fund Flows, Performance Persistence, and Board Quality Zhe Zhang, Singapore Management University Sandy Lai, Singapore Management University Ashish Tiwari, The University of Iowa Do Institutional Investors Have Market Timing Skills? Evidence from ETFs Xuemin (Sterling) Yan, University of Missouri Biljana Nikolic, University of Missouri Andy Puckett, University of Tennessee Asset Fire Sales, Liquidity Provision, and Mutual Fund Performance Hanjiang Zhang, University of Texas at Austin Discussants: Clemens Sialm, University of Texas at Austin Yong Chen, Virginia Tech Tao Shu, University of Georgia Johan Sulaeman, Southern Methodist University July 6, 2010 2:30-4:00PM
Institutional Investors, Firms, and Markets(in Chinese) - Pearl Room, 3F
Session Chair: , Qinghua Song, Zhongnan University of Economics and Law 机构投资及公司市场 主持人： 宋清华，中南财经政法大学 公开增发市场反应与市场环境 王旭芳, 中国人民大学 童盼, 北京工商大学 机构投资者异质性与中国上市公司股利政策 魏志华, 厦门大学 李常青, 厦门大学 基于内部成熟度的民营企业上市时机选择 赵昌文, 四川大学 王军, 四川大学 机构投资者选股能力与上市公司的信息透明度-来自深交所的经验数据 唐松莲, 华东理工大学 胡奕明, 上海交通大学 Discussants: 李悦，北京大学 宿铁，美国迈阿密大学 龚朴，华中科技大学 李志生，中南财经政法大学 July 6, 2010 4:30-6:00PM
Investment Management - Emerald Room, 3F
Session Chair: Ross Valkanov, University of California at San Diego Asymmetric Correlation and Volatility Dynamics among Stock, Bond, and Securitized Real Estate Markets Yinggang Zhou, Chinese Unviersity of Hong Kong Jian Yang, University of Colorado Denver Intraday Dynamics of Volatility and Duration: Evidence from the Chinese Stock Market Chun Liu, Tsinghua University John Maheu, University of Toronto, RCEA Do Institutional Investors Trade Differently at Home and Abroad? Evidence from Mutual Fund Trading Worldwide Sandy Lai, Singapore Management University Lilian Ng, University of Wisconsin, Milwaukee Bohui Zhang, University of New South Wales Zhe Zhang, Singapore Management University Modern Portfolio Management with Conditioning Information I-Hsuan Ethan Chiang, University of North Carolina at Charlotte Discussants: Qiao Liu, University of Hong Kong Li Gan, Texas A&M University Sahn-Wook Huh, State University of New York at Buffalo Yuzhao Zhang, Temple University July 6, 2010 4:30-6:00PM
Markets Imperfections and Efficiency - Ruby Room, 3F
Session Chair: Clemens Sialm, University of Texas at Austin Insider Trading and Option Grant Timing in Response to Fire Sales (and Purchases) of Stocks by Mutual Funds Kelsey Wei, University of Texas at Dallas Ashiq Ali, University of Texas at Dallas Yibin Zhou, University of Texas at Dallas Industries and Stock Return Reversals Allaudeen Hameed, National University of Singapore Joshua Huang, SBI Ven Capital Pte Ltd. Mujtaba Mian, Hong Kong Polytechnic University Price and earnings momentum: an explanation using return decomposition Qinghao Mao, Hong Kong University of Science and Technology John Wei, Hong Kong University of Science and Technology The Asset Growth Effect and Market Efficiency: Insights from International Stock Markets Yan Xu, University of Rhode Island Tong Yu, University of Rhode Island Akiko Watanabe, University of Alberta Tong Yao, University of Iowa Discussants: Hanjiang Zhang, Nanyang Technological University Chuan Yang Hwang, Nanyang Technological University Long Chen, Washington University in St. Louis Laura Xiaolei Liu, Hong Kong University of Science and Technology July 6, 2010 4:30-6:00PM
Derivatives and Fixed Income Securities - Jade Room 3-4, 3F
Session Chair: Feng Zhao, University of Texas at Dallas Credit Default Swap Spreads and Variance Risk Premia Hao Zhou, Federal Reserve Board Hao Wang, Tsinghua University Yi Zhou, The University of Oklahoma Liquidity and the Pricing of Municipal Bonds Hai Lin, Xiamen University Sheen Liu, Washington State University Junbo Wang, University of Arkansas, City University of Hong Kong Chunchi Wu, University of Missouri-Columbia The CDS/Bond Basis and the Cross Section of Corporate Bond Returns Weina Zhang, National University of Singapore Haitao Li, University of Michigan Gi Hyun Kim, University of Michigan State Price Density Estimated from Commodity Derivatives and Its Relevant Economic Implications Xuhui Pan, McGill University Discussants: Liuren Wu, The City University of New York Mitchell Craig Warachka, Singapore Management University Neil Pearson, University of Illinois at Urbana-Champaign Feng Zhao, University of Texas at Dallas July 6, 2010 4:30-6:00PM
Corporate Finance II - Jade Room 1-2, 3F
Session Chair: Xueping Wu, City University of Hong Kong Industry Recommendations: Characteristics, Investment Value, and Relation to Firm Recommendations Rong Wang, Singapore Management University Ohad Kadan, Washington University in St. Louis Leonardo Madureira, Case Western Reserve University Tzachi Zach, Ohio State University Innovate to Survive: The Effect of Technology Competition on Corporate Bankruptcy Assaf Eisdorfer, University of Connecticut Po-Hsuan Hsu, University of Connecticut Unraveling the Corporate "Black Box": How Do CEOs Create Value for Their Firms? Tat-kei Lai, University of Toronto Varouj Aivazian, University of Toronto Mohammad Rahaman, Saint Mary University Investor Heterogeneity, Investor-Management Disagreement and Open Market Share Repurchases Sheng Huang, Singapore Management University Anjan Thakor, Washington University in St. Louis Discussants: Shaoxuen Yang, Kellogg, Northwestern University William Petty, Baylor University Xianming Zhou, University of Hong Kong Xueping Wu, City University of Hong Kong July 6, 2010 4:30-6:00PM
Ownership Structure and Corporate Governance(in Chinese) - Pearl Room, 3F
Session Chair: Kemin Wang,Fudan University 投资者结构与公司治理 主持人： 王克敏，复旦大学 股权分置改革中的对价和投票 陈建东, 西南财经大学 侯文轩, 英国杜伦大学 终极所有权、制度环境与上市公司债务融资基于控股股东决策视角的研究 俞红海, 上海财经大学 徐龙炳, 上海财经大学 陈百助, 美国南加州大学 市场化环境、所有权性质与企业集团内部资本配置效率 - 基于集团成员企业的实证检验 邵军, 上海立信会计学院 刘志远, 南开大学 政府干预、政治关联与权益资本成本 肖浩, 华中科技大学 夏新平, 华中科技大学 Discussants: TBA July 7, 2010 8:30 – 10:00AM
International Finance - Emerald Room, 3F
Session Chair: Chuanyang Hwang, Nanyang Technological University Informed Trading around the World Bohui Zhang, University of New South Wales Sandy Lai, Singapore Management University Lilian Ng, University of Wisconsin, Milwaukee How Important is Foreign Ownership for International Stock Co-Movement? John Griffin, University of Texas at Austin Sohnke Bartram, Lancaster University, SSgA David Ng, University of Pennsylvania Social Capital, Cultural Biases, and Foreign Investment in High Tech Firms: Evidence from China Chaopeng Wu, Xiamen University James Ang, Florida State University Yingmei Cheng, Florida State University Does Limited Participation Make Sovereign CDS Markets Less Informative About Country-Specific Risks? Feng Zhao, University of Texas at Dallas Horacio Sapriza, Rutgers University Xing Zhou, Rutgers University Discussants: Wenjin Kang, National University of Singapore Chu Zhang, Hongkong University of Science and Technology Bohui Zhang, University of New South Wales Dragon Tang, University of Hong Kong July 7, 2010 8:30 – 10:00AM
Mergers and Acquisitions II - Ruby Room, 3F
Session Chair: Cong Wang, Chinese Univ. of Hong Kong Insider Trading and Affiliated Dealers: Evidence from Corporate Bonds Xing Zhou, Rutgers University Simi Kedia, Rutgers University The Impact of Corporate Pension Funding Status on M&A: Do Employees Discipline Managers in the Corporate Control Market? Jun-koo Kang, Nanyang Technological University Xin Chang, Nanyang Technological University Wenrui Zhang, Nanyang Technological University Did Structured Credit Fuel the LBO Boom? Yihui Wang, Chinese University of Hong Kong Anil Shivdasani, University of North Carolina Do Efficient Firms Make Better Acquisitions? Yiming Qian, University of Iowa J. Tyler Leverty, University of Iowa Discussants: Kasper Meisner Nielsen, Hong Kong University of Science and Technology Yihui Wang, Chinese University of Hong Kong Jerry Cao, Singapore Management University Lei Zhang, Nanyang Technological University July 7, 2010 8:30 – 10:00AM
Asset Pricing I - Jade Room 1-2, 3F
Session Chair: Hong Liu, Washington University in Saint Louis Optimal Portfolio Rules under Predictable Returns and Transaction Ming Guo, Peking University Hui Ou-Yang, Nomura International Limited A Long-run Risks Model with Long- and Short-run Volatilities: Explaining Predictability and Volatility Risk Premium Yingzi Zhu, Tsinghua University Guofu Zhou, Washington University in St. Louis Relation Between Physical and Risk-neutral Cumulants Huimin Zhao, The University of Hong Kong Eric C. Chang, The University of Hong Kong Jin E. Zhang, The University of Hong Kong Asymmetric Information, Endogenous Illiquidity, and Asset Pricing with Imperfect Competition Hong Liu, Washington University in Saint Louis Yajun Wang, Washington University Discussants: Yingzi Zhu, Tsinghua University Raymond Kan, University of Toronto Long Chen, Olin Business School, Washington University in St. Louis Anna Obizhaeva, University of Maryland July 7, 2010 8:30 – 10:00AM
Banking (in Chinese) - Jade Room 3-4, 3F
Session Chair: Yan Li, Renmin University of China 银行 主持人：李焰，人民大学 股东控制权、现金流权与商业银行的冒险行为研究 孔爱国, 复旦大学 张湄, 复旦大学 金融法治环境、股权制衡与银行关联贷款风险 朱红军, 上海财经大学 李路, 上海财经大学 曹胜, 上海财经大学 钱友文, 上海财经大学 外资银行与中资银行的战略合作决策研究 邓光军, 电子科技大学 曾勇, 电子科技大学 李强, 电子科技大学 银行贷款中的信息不对称与抵押 尹志超, 西南财经大学 Discussants: 刘洪生, 中国人民大学 张敏, 中国人民大学 孟庆斌, 中国人民大学 秦义虎, 中国人民大学 July 7, 2010 8:30 – 10:00AM
Behavioral Finance(in Chinese) - Pearl Room, 3F
Session Chair: Dianchun Jiang, Nankai University 行为金融 主持人： 蒋殿春，南开大学 天气会影响指令驱动股票市场的收益和交易行为吗 陆静, 重庆大学 Discussants: 李科，上海财经大学 投资者情绪、异质性与市场非理性反应 游家兴, 厦门大学 Discussants: 赵山，上海财经大学 宏观经济因素、企业家信心与公司融资选择 苏冬蔚, 暨南大学 曾海舰, 暨南大学 Discussants: 陈欣，上海交通大学 过度自信抑或代理问题？基于管理者视角的并购动因研究 毛雅娟, 中山大学，华南农业大学 李善民, 中山大学 Discussants: 张芃, 上海交通大学安泰经管学院 July 7, 2010 10:30-12:00AM
IPO and SEO II - Emerald Room, 3F
Session Chair: Ming Dong, York University Why Do Chinese Companies Dual-List Their Stocks? Zhenzhen Sun, University of Rhode Island Guo Lin, Suffolk University Tong Yu, University of Rhode Island Investor Characteristics, Relationships, and IPO Allocations Lewis H.K. Tam, University of Macau Vidhan K. Goyal, Hong Kong University of Science and Technology Public Market Staging: The Timing of Capital Infusions in Newly Public Firms Michael Hertzel, Arizona State University Mark Huson, University of Alberta Robert Parrino, The University of Texas at Austin Discussants: Wei Wang, Queen's University John Griffin, University of Texas Huiyan Qiu, University of Hong Kong July 7, 2010 10:30-12:00AM
Real Estate Finance and Financial Policy - Ruby Room, 3F
Session Chair: John Wei, Hong Kong University of Science and Technology Credit Ratings and the Evolution of the Mortagage-Backed Securities Market Jie He, Boston College Jun Qian, Boston College Philip Strahan, Boston College , NBER Optimal Securitization with Moral Hazard Tomasz Piskorski, Columbia University Barney Hartman-Glaser, University of California at Berkeley Alexei Tchistyi, University of California at Berkeley Collaterality and the Housing Wealth Effect Sheng Guo, Florida International University Structuring Global Property Portfolios: A Conintegration Approach John Gallo, University of Iowa Ying Zhang, Monmouth University Larry J. Lockwood, Texas Christian University Discussants: Dragon Tang, University of Hong Kong Lei Sun, Hong Kong University of Science and Technology Kiichi Kubota, Chuo University Qinghao Mao, Hong Kong University of Science and Technology July 7, 2010 10:30-12:00AM
Corporate Finance III - Jade Room 1-2, 3F
Session Chair: Peter Mackay, Hongkong University of Science and Technology What Moves Investment? Long Chen, Washington University in St. Louis Zhi Da, University of Notre Dame Borja Larrian, Pontificia Universidad Catolica de Chile Idiosyncratic Risk of New Ventures: An Option-Based Theory and Evidence Susan Feng, Boston University Xi Dong, Boston College Cash Flows, Firm Valuation, and Corporate Policies George Wong, The Hong Kong Polytechnic University Xin Chang, Nanyang Technological University Sudipto Dasgupta, Hong Kong University of Science and Technology Diversification and Internal Information Sharing: Evidence from Financial Conglomerates Jiaren Pang, Tulane University Sheri Tice, Tulane University Spindt Paul, Tulane University Discussants: Yuling Chen, Tsinghua University, Hongkong University of Science and Technology Phil O'Connor, University of Auckland Jiaren Pang, Tulane University Xie Jin, Hongkong University of Science and Technology July 7, 2010 10:30-12:00AM
Markets Stability and Crises Management(in Chinese) - Jade Room 3-4, 3F
Session Chair: Qian Sun, Xiamen University 市场稳定与危机管理 主持人： 孙谦，厦门大学 CVaR-EVT和BMM在极端金融风险管理中的应用研究 杨青, 复旦大学 曹明, 复旦大学 蔡天晔, 复旦大学 魏立新, 复旦大学 我国股市的系统流动性与机构投资者的市场稳定性研究 陈国进, 厦门大学 宁小波, 厦门大学 公允价值会计、市场波动与金融危机 胡奕明, 上海交通大学 刘奕均, 上海交通大学 卖空约束、市场质量与资产价格 刘波, 电子科技大学 曾勇, 电子科技大学 Discussants: 刘波, 电子科技大学 杨青, 复旦大学 陈国进, 厦门大学 胡奕明, 上海交通大学 July 7, 2010 10:30-12:00AM
Other Financial Sectors and Market Participants (in Chinese) - Pearl Room, 3F
Session Chair: Xin Chen, Shanghai Jiao Tong University 其他金融市场板块及参与者 主持人： 陈欣，上海交通大学 外商直接投资敏感性分析：来自中国城市的经验证据 刘华, 中国人民银行广州分行 李广众, 美国纽约城市大学 张珂, 国家外汇管理局广东省分局 农户、正规金融与非正规金融决策行为的理论分析和实证研究 刘莉亚, 上海财经大学 胡乃红, 上海财经大学 柳永明, 上海财经大学 骆玉鼎, 上海财经大学 民间金融和中小企业的发展 赵山, 上海财经大学 潘孝挺, 上海财经大学 住房投资与家庭金融资产选择：基于中国居民家庭调查的实证分析 吴卫星, 对外经济贸易大学 钱锦晔, 对外经济贸易大学 Discussants: 张芃, 上海交通大学 赵山, 上海财经大学 路磊, 上海财经大学 路磊, 上海财经大学 July 7, 2010 12:15 – 2:15 PM
Conference Lunch - Grand Ballroom C, Valley Wing- 2F
July 7, 2010 2:30-4:00PM
Corporate Governance IV - Pearl Room, 3F
Session Chair: Chenyang Wei, Federal Reserve Bank of New York Hold-up Versus Benefits in Relationship Banking: A Natural Experiment Using REIT Organizational Form Rong Hu, National University of Singapore Anand Srinivasan, National University of Singapore Bank Ownership and Executive Perquisites: New Evidence from an Emerging Market Yi Zhang, Peking University Wei Luo, Peking University Ning Zhu, University of California, Davis Bonus-driven Repurchases Yingmei Cheng, Florida State University Jarrad Harford, University of Washington Tianming Zhang, Florida State University Deferred Compensation, Risk, and Company Value:Investor Reactions to CEO Incentives Chenyang Wei, Federal Reserve Bank of New York David Yermack, New York University Discussants: Yi Zhang, Peking Univ. Fei Xie, George Mason Univ. Cong Wang, The Chinese University of Hong Kong Ning Zhu, University of California, Davis July 7, 2010 2:30-4:00PM
Asset Pricing II - Jade Room 1-2, 3F
Session Chair: Phil Dybvig, Washington University at St. Louis When Does Idiosyncratic Risk Really Matter? Tony Ruan, Xiamen University Qian Sun, Fudan University Yexiao Xu, University of Texas at Dallas How Predictable are Components of the Aggregate Market Portfolio? Jun Tu, Singapore Management University Guofu Zhou, Washington University in St. Louis David Rapac, Saint Louis University Aiguo Kong, Fudan University Jack K. Strauss, Saint Louis University Are ETFs Replacing Index Mutual Funds? Jennifer Huang, University of Texas at Austin Guedj Ilan, University of Texas at Austin Probability weighting functions implied by options prices Feng Zhao, University of Texas at Dallas Valery Polkovnichenko, University of Texas at Dallas Discussants: Chu Zhang, Hong Kong University of Science and Technology Min Wei, Federal Reserve Board Hong Zhang, European Institute of Business Administration Liyan Yang, University of Toronto July 7, 2010 2:30-4:00PM
Monetary and Macroeconomic Policies(in Chinese) - Jade Room 3-4, 3F
Session Chair: Chengjian Su, Guizhou University 货币金融及宏观经济 主持人： 宿成建，贵州大学 弗里德曼规则、托宾效应与经济增长 胡凯, 中南财经政法大学 宋琴, 厦门国际银行 人民币远期汇率差价之谜？ ——基于NDF 与境内结售汇市场参与主体的微观分析 王曦，中山大学岭南学院 陈伟泽，中山大学岭南学院 姜领华，中国银行广东分行 投资者异质性、股市泡沫与货币政策效应 李晓峰, 厦门大学 陈华, 厦门大学 金融市场波动率测度模型的评价新方法：拟合优度和平滑性 吴武清, 中国人民大学 李会民, 齐鲁证券 齐全跃, 齐鲁证券研究所 陈 敏, 中科院数学与系统科学研究院 Discussants: 王 曦, 中山大学岭南学院 宋 琴, 厦门国际银行 吴武清, 中国人民大学 李晓峰, 厦门大学 July 7, 2010 2:30-4:00PM
Corporate Investments and Financing Policies(in Chinese) - Ruby Room, 3F
Session Chair: Zuoping Xiao, Southwest Jiaotong University 公司治理及融资 主持人： 肖作平，西南交通大学 融资约束、债务能力与公司业绩：自然实验的证据 李科, 上海财经大学 徐龙炳, 上海财经大学 融资约束、宏观冲击与资本结构动态调整 于蔚, 浙江大学 金祥荣, 浙江大学 钱彦敏, 浙江大学 政府质量、代理冲突与公司投资协同性 陈德球, 对外经济贸易大学 叶陈刚, 对外经济贸易大学 目标资本结构、资金缺口与资本结构的不对称性调整 王志强, 厦门大学 洪艺珣, 厦门大学 Discussants: 王志强, 厦门大学 陈德球，对外经济贸易大学 许年行，中国人民大学 于蔚，浙江大学 July 7, 2010 2:30-4:00PM
Information, Market Efficiencies and Irregularities(in Chinese) - Emerald Room, 3F
Session Chair: Jialiu Lu，Sun Yat-sen University 信息传递，市场有效性及异常现象 主持人： 陆家骝，中山大学 询价制的信息揭示功能研究：来自中国的证据 贺炎林, 对外经济贸易大学 郭敏, 对外经济贸易大学 中国股市有规律吗？ 朱钧钧, 复旦大学 谢识予, 复旦大学 股市泡沫的平稳随机终结超指数膨胀模型中国股市泡沫的检验与识别 林黎, 北京航空航天大学 任若恩, 北京航空航天大学 信息竞争性披露、投资者注意力与信息传播效率 于李胜, 厦门大学 王艳艳, 厦门大学 沈哲, 厦门大学 Discussants: 王茂斌, 对外经贸大学 陆婷, 中山大学 陈莹, 深圳大学 曹振兴, 中山大学 |
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