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2012 China International Conference in Finance
July 9-12, 2012 Sheraton Hotel, Chongqing, China 2012 中国金融国际年会 7 月 9 日 至 12 日 CONFERENCE PROGRAM July 9, 2012 2:00 - 5:00PM
Industry Symposium - Royal Ballroom 1, 6F
(Organized by TCW) Investment Strategies in the Aftermath of the US and European Balance Sheet Recession
Tad Rivelle, Chief Investment Officer - Fixed Income and Group Managing Director, TCW
The European Debt Crisis: Is the Worst Behind Us?
Philippe Ithurbide, Global Head of Research, Analysis and Strategy - Amundi
US-China Economic Relations, Moving Beyond [Deng's] 24 characters
David P. Loevinger, Managing Director, Emerging Markets Group, TCW
July 9, 2012 6:00 - 7:30PM
Conference Reception - Royal Ballroom 2, 6F
(Sponsored by TCW)
Academic Sessions
(42 sessions in English and 15 Sessions in Chinese)
Tuesday, July 10, 2012 8:30-10:00AM
Banking -
Venice, 7F
Session Chair: Florian Heider, European Central Bank
Penalty-free Prepayments and Credit Rationing
Xunhua Su, Norwegian School of Economics, University of Pennsylvania The Effect of State Owned Bank Lending on Investment and Employment:Evidence from Japan Yupeng Lin, National University of Singapore AnandSrinivasan, National University of Singapore Takeshi Yamada, National University of Singapore, University of Adelaide Noninterest Income and Systemic Risk:The Role of Concentration Robert Engle, New York University Fariborz Moshirian, University of New South Wales Sidharth Sahgal, University of New South Wales Bohui Zhang, University of New South Wales Financial Innovation: The Bright and the Dark Sides Thorsten Beck, Tilburg University Tao Chen, Chinese University of Hong Kong Chen Lin, Chinese University of Hong Kong Frank M.Song, University of Hong Kong Discussants: Re-Jin Guo, University of Illinois at Chicago Liping Lu, Tilburg University Yuliya Plyakha, Goethe University, Frankfurt Yupeng Lin, National University of Singapore
Tuesday, July 10, 2012 8:30-10:00AM
Asset Allocation and Risk Management (in Chinese) -
Provence,7F
Session Chair: Wei Zhang, Tianjin University; Pu Gong, Huazhong University of Science and Technology 资产配置和风险管理 主持人: 张维, 天津大学；龚朴，华中科技大学
运用半线性信度模型计量商业银行操作风险
陆静, 重庆大学 郭蕾, 重庆大学 面向国债动态积极投资策略的多阶段随机规划模型 尹力博, 北京航空航天大学 韩立岩, 北京航空航天大学 考虑机会成本的高频交易策略 燕汝贞, 电子科技大学 李平, 电子科技大学 曾勇, 电子科技大学 中外股市极端风险传染效应在不同波动状态下的变化规律 陈王, 西南交通大学 魏宇, 西南交通大学 林宇, 成都理工大学 Discussants: 曾勇, 电子科技大学 魏宇, 西南交通大学 韩立岩, 北京航空航天大学 龚朴, 华中科技大学
Tuesday, July 10, 2012 8:30-10:00AM
Derivatives I -
Florence I,7F
Session Chair: Zhaogang Song, Federal Reserve Board
A Tale of Two Option Markets: State-Price Densities Implied from S&P
500 and VIX Option Prices
Zhaogang Song, Federal Reserve Board Dacheng Xiu, University of Chicago Measuring Equity Risk with Option-Implied Correlations Adrian Buss, Goethe University Frankfurt Grigory Vilkov, Goethe University Frankfurt Interest Rate Swaps and Corporate Default Urban J. Jermann, University of Pennsylvania and NBER Vivian Z.Yue, Federal Reserve Board The Pricing of Market Risks in Equity Options: Evidence from Individual Variance Risk Premiums Jian Du, University of Massachusetts Amherst Discussants: Grigory Vilkov, Goethe University Frankfurt Tse-Chun Lin , University of Hong Kong Zhaogang Song, Federal Reserve Board Huiping Zhang, Shanghai University of Finance and Economics
Tuesday, July 10, 2012 8:30-10:00AM
Empirical Asset Pricing I -
Florence II,7F
Session Chair: Guofu Zhou, Washington University at St. Louis.
What do Short Sellers Know?
Ekkehart Boehmer, EDHEC Business School Charles M. Jones, Columbia University Xiaoyan Zhang, Purdue University What is the Maximum Predictability Permitted by Asset Pricing Models? Dashan Huang, Washington University in St. Louis Bayesian Learning of Impacts of Self-Exciting Jumps in Returns and Volatility Andras Fulop, ESSEC Business School Junye Li, ESSEC Business School Jun Yu, Singapore Management University Balance Sheet Information and Cross Sectional Determinants of Equity Market Returns Jun Cai, City University of Hong Kong Miao Luo, City University of Hong Kong Chu Zhang, Hong Kong University of Science and Technology Discussants: Jianfeng Yu, University of Minnesota Feng Gao, Tsinghua University Hao Zhou, Federal Reserve Board Jun Tu, Singapore Management University
Tuesday, July 10, 2012 8:30-10:00AM
Liquidity -
Vienna, 7F
Session Chair: Hongjun Yan, Yale University
Liquidity Flooding, Asset Prices and the Real Economy
Alexander Bleck, University of Chicago Xuewen Liu, Hong Kong University of Science and Technology Funding Liquidity and Its Risk Premiums Jaehoon Lee, University of Illinois at Urbana-Champaign Endogenous Asset Fire Sales and Bank Lending Incentives Zhongzhi Song, Cheung Kong Graduate School of Business A Theory of Demand Driven Liquidity Commonality Hong Liu, Washington University in St. Louis Yajun Wang, University of Maryland Discussants: Zhongzhi Song, Cheung Kong Graduate School of Business Zhigang Qiu, Renmin University Hongjun Yan, Yale University Bin Wei, Federal Reserve Board
Tuesday, July 10, 2012 10:30AM-12:00 PM
Information and Securities Prices -
Venice, 7F
Session Chair: Ning Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, University of California, Davis
Buy-Side Participation and Information Production in Earnings Conference
Calls
Ling Cen, University of Toronto Sudipto Dasgupta, Hong Kong University of Science and Technology Vanitha Ragunathan, University of Queensland Institutional Investors and the Information Production Theory of Stock Splits Thomas J. Chemmanur, Boston College Gang Hu, Babson College Jiekun Huang, National University of Singapore Out of the Limelight but In Play: Trading and Liquidity of Media and Off-media Stocks Lily Fang, INSEAD Jun Qian, Boston College Huiping Zhang, Shanghai University of Finance and Economics Do Local Investors Know More? A Direct Examination of Individual Investors' Information Set Robert Giannini, University of Georgia Tao Shu, University of Georgia Discussants: Han Xia, University of Texas in Dallas Mandy Tham, Nanyang Technological University Ning Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, University of California, Davis Fang Yu, China Europe International Business School
Tuesday, July 10, 2012 10:30AM-12:00 PM
Microstructure I -
Provence,7F
Session Chair: Hong Liu, Washington University
The Persistence of Long-Run Abnormal Stock Returns?
Fangjian Fu, Singapore Management University Sheng Huang, Singapore Management University Hu Lin, Peking University Risk Sharing and Stock Price Informativeness: Evidence from stock-split Natural Experiment Eric C. Chang, University of Hong Kong Tse-Chun Lin, University of Hong Kong Xiaorong Ma, University of Hong Kong CEO Interviews on CNBC Young Han Kim, Nanyang Business School Felix Meschke, University of Kansas Discussants: Johan Sulaeman, Southern Methodist University Dashan Huang, Washington University in St. Louis Robert Savickas, George Washington University
Tuesday, July 10, 2012 10:30AM-12:00 PM
Macro Finance -
Florence I,7F
Session Chair: Erica Li, Cheung Kong Graduate School of Business
Short-Run Bond Risk Premia
Philippe Mueller, London School of Economics Andrea Vedolin, London School of Economics Hao Zhou, Federal Reserve Board Banking Bubbles and Financial Crisis Jianjun Miao, Boston University Pengfei Wang, Hong Kong University of Science and Technology Business Cycles and Regime-Shift Risk Wei Yang, University of Rochester Nominal Rigidities, Asset Returns and Monetary Policy Erica X. N. Li, University of Michigan Francisco Palomino, University of Michigan Discussants: Wei Yang, University of Rochester Zhongzhi Song, Cheung Kong Graduate School of Business Vivian Zhanwei Yue, Federal Reserve Board Tao Li, City University of Hong Kong
Tuesday, July 10, 2012 10:30AM-12:00 PM
Mutual Funds -
Florence II,7F
Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, University of South Carolina
Short-Sale Constraints and the Pricing of Managerial Skills: the Case
of Mutual Funds
Si Cheng, National University of Singapore Massimo Massa, INSEAD Hong Zhang, INSEAD, Cheung Kong Graduate School of Business Mutual Fund Competition and Profiting from the Post Earnings Announcement Drift Ashiq Ali, University of Texas at Dallas Xuanjuan Chen, Kansas State University Tong Yao, University of Iowa Tong Yu, University of Rhode Island Is Mutual Fund Promotion Bittersweet? Evidence from Chinese Mutual Funds Ping Jiang, University of International Business and Economics Xueming Luo, University of Texas at Arlington Shu Tian, Fudan University Catering to the Illusion of Nominal Share Prices: Evidence from the High Dividend Payout of Mutual Funds in China Zhongzhi He, Brock University & Shanghai University of Finance & Economics Ke Li, Shanghai Stock Exchange Rong Lu, Shanghai University of Finance and Economics Discussants: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and University of South Carolina Shu Lin, Nanjing University Meijun Qian, National University of Singapore Ning Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and University of California, Davis
Tuesday, July 10, 2012 10:30AM-12:00 PM
Empirical Asset Pricing II -
Vienna, 7F
Session Chair: Xiaoyan Zhang, Purdue University
Estimating and Testing Conditional Models in Finance: A New Approach
Yan Li, Temple University Liangjun Su, Singapore Management University Yuewu Xu, Fordham University Beta Is Still Useful! Yexiao Xu, University of Texas at Dallas Yihua Zhao, University of Texas at Dallas What Explains the Distress Risk Puzzle: Death or Glory? Jennifer Conrad, University of North Carolina at Chapel Hill Nishad Kapadia, Rice University Yuhang Xing, Rice University Risk, Uncertainty, and Expected Returns Turan G. Bali, Georgetown University Hao Zhou, Federal Reserve Board Discussants: Yu Ren, Xiamen University Yan Luo, Fudan University Baolian Wang, Hong Kong University of Science and Technology Zhiyao Chen, University of Reading Tuesday, July 10, 2012 12:15 - 1:30PM
Conference Lunch - Feast, 2F
Tuesday, July 10, 2012 1:30 - 2:30PM
Keynote Speech - Royal Ballroom 1, 6F
Keynote Speaker: Eduardo Schwartz, University of California at Los Angeles
Tuesday, July 10, 2012 2:45-4:15 PM
International Finance I -
Venice, 7F
Session Chair: John Wei, Hong Kong University of Science and Technology
Policy Uncertainty and Cross-Border Flows of Capital
Brandon Julio, London Business School Youngsuk Yook, Sungkyunkwan University Liquidity Biases and the Pricing of Cross-Sectional Idiosyncratic Volatility around the World Yufeng Han, University of Colorado Denver Ting Hu, Tulane University David A. Lesmond, Tulane University Competition Among Trading Venues: Evidence from the Trading Volume Distribution of Globally Cross-listed Shares Haigang Zhou, Cleveland State University Jing Wang, KeyBank, Cleveland State University Is the Uncertainty of Policy Stability Priced in International Equity Returns? Swee-Sum Lam, National University of Singapore Ziwei Pang, Citigroup. Inc. Weina Zhang, National University of Singapore Discussants: Ling Cen, University of Toronto Fangjian Fu, Singapore Management University Qinghao Mao, Erasmus University, Rotterdam F.Y. Eric C. Lam, City University of Hong Kong
Tuesday, July 10, 2012 2:45-4:15 PM
Theoretical Asset Pricing I -
Provence,7F
Session Chair: Jun Liu, University of California, San Diego
Speculative Betas
Harrison Hong, Princeton University, NBER David Sraer, Princeton University, CEPR Opaque Trading, Disclosure and Asset Prices: Implications for Hedge Fund Regulation David Easley, Cornell University Maureen O'Hara, Cornell University Liyan Yang, University of Toronto Overconfidence and the Rational Expectations Model of the Term Structure of Interest Rates George Bulkley, University of Bristol Richard D. F. Harris, University of Exeter Asset Pricing in Production Economies with Extrapolative Expectations David Hirshleifer, University of California, Irvine Jianfeng Yu, University of Minnesota Discussants: Jianfeng Yu, University of Minnesota Tan Wang, University of British Columbia and Shanghai Advanced Institute of Finance TBA TBA
Tuesday, July 10, 2012 2:45-4:15 PM
Fixed Income Markets -
Florence I,7F
Session Chair: Neil Pearson, University of Illinois at Urbana-Champaign
Affine Jump Term Structure Models: Statistical Tests, Expectation Puzzles,
and Conditional Volatility
Haitao Li, University of Michigan Zhaogang Song, Federal Reserve Board Forecasting Bond Risk Premia Using Technical Indicators Jeremy Goh, Singapore Management University Fuwei Jiang, Singapore Management University Jun Tu, Singapore Management University Guofu Zhou, Washington University in St.Louis Term Structure Modeling with Supply Factors and Applications to Federal Reserve's Large Scale Asset Purchase Programs Evaluation Canlin Li, Federal Reserve Board Min Wei, Federal Reserve Board Discussants: Robert Kimmel, EDHEC Business School Jaehoon LEE, University of Illinois at Urbana-Champaign Longzhen Fan, Fudan University
Tuesday, July 10, 2012 2:45-4:15 PM
Cash Holding and Financial Constraints -
Florence II,7F
Session Chair: Chuan-yang Hwang, Nanyang Technological University
The Effects of Government Quality on Corporate Cash Holdings
Deqiu Chen, University of International Business and Economics Sifei Li, Beijing Foreign Studies University Jason Xiao, Cardiff University Hong Zou, City University of Hong Kong Product Market Competition and the Value of Corporate Cash Azizjon Alimov, City University of Hong Kong Why Has the Value of Cash Increased over Time? Thomas W. Bates, Arizona State University Chinghung (Henry) Chang, Arizona State University Jianxin (Daniel) Chi, University of Nevada, Las Vegas Discussants: Bohui Zhang, University of New South Wales Sudipto Dasgupta, Hong Kong University of Science and Technology Azizjon Alimov, City University of Hong Kong
Tuesday, July 10, 2012 2:45-4:15 PM
Investment Management -
Vienna, 7F
Session Chair: Hao Zhou, Federal Reserve Board
Why Does an Equal-Weighted Portfolio Outperform Value- and Price-Weighted
Portfolios?
Yuliya Plyakha, Goethe University Frankfurt Raman Uppal, EDHEC Business School and CEPR Grigory Vilkov, Goethe University Frankfurt Informed Trading in Corporate Bonds Prior to Earnings Announcements Jason Wei, University of Toronto Xing Zhou , Rutgers University On Mean Variance Portfolio Optimization: Improving Performance through Better Use of Hedging Relations Shingo Goto, University of South Carolina Yan Xu, University of Rhode Island Hedging and Firm Value: Evidence from the Integrated Oil and Gas Industry Zhen Wang, China University of Petroleum at Beijing Philip C. Chang, University of Calgary, Canada Xiangliang Fang, China National Petroleum Corporation Discussants: Baozhong Yang, Georgia State University Jun Cai, City University of Hong Kong Hao Wang, Tsinghua University Lilian Ng, University of Wisconsin, Milwaukee
Tuesday, July 10, 2012 4:30-6:00 PM
Derivatives II -
Venice, 7F
Session Chair: Charles Cao, Penn State University
Security Supply and Bubbles: A Natural Experiment from the Chinese Warrants
Market
Li Liao, Tsinghua University Zhisheng Li, Zhongnan University of Economics and Law Weiqiang Zhang, Tsinghua University Ning Zhu, Shanghai Advanced Institute of Finance and Shanghai Jiao Tong University and University of California, Davis Does the Tail Wag the Dog? The Effect of Credit Default Swaps on Credit Risk Marti Subrahmanyam, New York University Dragon Yougjun Tang, University of Hong Kong Sarah Qian Wang, University of Hong Kong Why Do Option Prices Predict Stock Returns? Joost Driessen, Tilburg University Tse-Chun Lin, University of Hong Kong Xiaolong Lu, University of Hong Kong New Evidence on the Financialization of Commodity Markets Brian J. Henderson, George Washington University Neil D. Pearson, University of Illinois at Urbana-Champaign Li Wang, University of Illinois at Urbana-Champaign Discussants: Li Gang, Hong Kong Baptist University Hao Wang, Tsinghua University Jun Tu, Singapore Management University Hong Zhang, INSEAD
Tuesday, July 10, 2012 4:30-6:00 PM
Microstructure II -
Provence,7F
Session Chair: Kalok Chan, Hong Kong University of Science and Technology
Pre-trade Transparency in Over-the-Counter Markets
Fan Chen, University of Oklahoma Zhuo Zhong, Cornell University Are Individual Investors Aware of the Risk Related to Limit Order Effect? Wei-Yu Kuo, National Chengchi University Tse-Chun Lin, University of Hong Kong Zhen Xie, Shanghai University of Finance and Economics Sniping to Manipulate Closing Prices in Call Auctions: Evidence from the Hong Kong Stock Exchange Wing Suen, University of Hong Kong Kam-Ming Wan, Hong Kong Polytechnic University Quality of PIN Estimates and the PIN-Return Relationship Yuxing Yan, Loyola University Maryland Shaojun Zhang, Hong Kong Polytechnic University Discussants: Jiangze Bian, University of International Business and Economics Yue-Cheong Chan, Hong Kong Polytechnic University Shaojun Zhang, Hong Kong Polytechnic University Bohui Zhang, University of New South Wales
Tuesday, July 10, 2012 4:30-6:00 PM
International Finance II -
Florence I,7F
Session Chair: Nengjiu Ju, Hong Kong University of Science and Technology
Do Fund Managers Learn from Firm Managers When Going Abroad?
Xinli Wang, Cornell University Characterizing Global Financial and Economic Integration through Analyst Forecasts Eliza Wu, University of Technology, Sydney Bohui Zhang, University of New South Wales Lilian Ng, University of Wisconsin, Milwaukee Is Country Market Portfolio Volatility Compensated for in a Global Setting? Samuel Xin Liang, Hong Kong University of Science and Technology K. C. John Wei, Hong Kong University of Science and Technology The International Valuation Dispersion Timothy K. Chue, Hong Kong Polytechnic University Discussants: Qinghao Mao, Erasmus University, Rotterdam Fan Yu, Claremont McKenna College and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Fangjian Fu, Singapore Management University John Wei, Hong Kong University of Science and Technology
Tuesday, July 10, 2012 4:30-6:00 PM
Theoretical Asset Pricing II -
Florence II,7F
Session Chair: Tan Wang, University of British Columbia
Social Networks, Information Acquisition, and Asset Prices
Bing Han, University of Texas at Austin Liyan Yang, University of Toronto Insider Trading with Uncertain Informed Trading Tao Li, City University of Hong Kong Informed Speculation about Trading Flows: Price Variability and Trading Volume Qiang Li, Shanghai University of Finance and Economics Hua Sun, California State University Communication, Excess Comovement and Factor Structures Baozhong Yang, Georgia State University Discussants: Yuhang Xing, Rice University Yajun Wang, University of Maryland Lihong Zhang, Tsinghua University Yi Xue, University of International Business and Economics
Tuesday, July 10, 2012 4:30-6:00 PM
Board Directors -
Vienna, 7F
Session Chair: Fei Xie, George Mason University
Are All Directorships Equal?
Xiaoyan Xu, San Jose State University Shijun Cheng, University of Maryland From Backroom to Boardroom: Role of Government Directors in Corporate Governance and Firm Performance Jun-Koo Kang, Nanyang Technological University Le Zhang, University of New South Wales The Limited Role of the Board of Directors Shinwoo Kang, University of Michigan E. Han Kim, University of Michigan Yao Lu, Tsinghua University Board Structure and Role of Outside Directors: Evidence from Private Firms Huasheng Gao, Nanyang Technological University Zhongda He, Nanyang Technological University Jun-Koo Kang, Nanyang Technological University Discussants: Huasheng Gao, Nanyang Technological University Shinwoo Kang, University of Michigan Le Zhang, University of New South Wales Lixiong Guo, University of New South Wales Tuesday, July 10, 2012 7:00 - 9:00PM
Conference Dinner & Best Paper Awards - Royal Ballroom 1, 6F
Wednesday, July 11, 2012 8:30-10:00AM
Empirical Asset Pricing III -
Venice, 7F
Session Chair: Yexiao Xu, University of Texas at Dallas
Investors’ Horizons and the Amplification of Market Shocks
Mariassunta Giannetti, Stockholm School of Economics, CEPR, ECGI Andrew Ellul, Indiana University Cristina Cella, Stockholm School of Economics Distribution Effect and Idiosyncratic Volatility Discount Robert Savickas, George Washington University Bo Zhao, George Washington University Do Exposure and Disclosure Affect Ownership Structure and Stock Returns? Gennaro Bernile, University of Miami Shimon Kogan , University of Texas at Austin Johan Sulaeman, Southern Methodist University How Does the Market Read Information Conveyed by Accruals? Qinghao Mao, Erasmus University K.C. John Wei, Hong Kong University of Science and Technology Discussants: Ya Tang, Peking University Yuhang Xing, Rice University Tony Ruan, Xiamen University Zhonglan Dai, University of Texas at Dallas
Wednesday, July 11, 2012 8:30-10:00AM
Political Economy of Finance -
Provence,7F
Session Chair: Utpal Bhattacharya, Indiana University
Political Uncertainty and Public Financing Costs: Evidence from U.S. Municipal
Bond Markets
Pengjie Gao, University of Notre Dame Yaxuan Qi, Concordia University Are Red or Blue Companies More Likely to Go Green? Politics and Corporate Social Responsibility Alberta Di Giuli, ESCP Europe Leonard Kostovetsky, University of Rochester Out of Sight, Out of Mind: The Value of Political Connections in Social Networks Quoc-Anh Do, Singapore Management University Bang Dang Nguyen, University of Cambridge Yen-Teik Lee, Singapore Management University Kieu-Trang Nguyen, Indiana University Political Capital vs. Constraint: Evidence of CEO Entrenchment in Chinese Private Firms Jerry Cao, Singapore Management University Michael Lemmon, University of Utah Xiaofei Pan, University of Wollongong Meijun Qian, National University of Singapore Gary Tian, University of Wollongong Discussants: Meijun Qian, National University of Singapore Pengjie Gao, University of Notre Dame Yehning Chen, National Taiwan University Mariassunta Giannetti, Stockholm School of Economics
Wednesday, July 11, 2012 8:30-10:00AM
Distress and Crisis -
Florence I,7F
Session Chair: Edith Hotchkiss, Boston College
Banks Non-Interest Income and Systemic Risk
Markus K. Brunnermeier, Princeton University, NBER and CEPR Gang Dong, Columbia University Darius Palia, Rutgers Business School Human Capital Loss in Corporate Bankruptcy John Graham, Duke University Hyunseob Kim, Duke University Si Li, Wilfrid Laurier University Jiaping Qiu, McMaster University Do Investors Understand ‘Operational Engineering’ Before Management Buyouts? Xi Li, Hong Kong University of Science and Technology Jun Qian, Boston College Julie Lei Zhu, Boston University Product Market Interactions and the Propensity to Restructure in Bankruptcy Nina Baranchuk, University of Texas at Dallas Michael Rebello, University of Texas at Dallas Discussants: Gang Hu, Babson College Yawen Jiao, Rensselaer Polytechnic Institute Donghang Zhang, University of South Carolina Ye Cai, Santa Clara University
Wednesday, July 11, 2012 8:30-10:00AM
Chinese Markets -
Florence II,7F
Session Chair: Long Chen, Cheung Kong Graduate School of Business
A Fire Sale without Fire: An Explanation of Labor-Intensive FDI in China
Yasheng Huang, Massachusetts Institute of Technology Yue Ma, Lingnan University Zhi Yang, Huazhong University of Science and Technology Yifan Zhang, Lingnan University Political Connections, Founder-manager and Their Impact on Tunneling in China’s Listed Firms Liangbo Ma, University of Wollongong Shiguang Ma, University of Wollongong Gary Tian, University of Wollongong China's Secondary Privatization: Perspectives from the Split-share Structure Reform Li Liao, Tsinghua University Hao Wang, Tsinghua University Bibo Liu, Tsinghua University Weekly Momentum by Return Interval Ranking Li Pan, National School of Development, China Center for Economic Research, Peking University Ya Tang, Peking University Jianguo Xu, Peking University Discussants: Jun Qian, Boston College Ning Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University and University of California, Davis Haitao Li , Cheung Kong Graduate School of Business, University of Michigan Laura Liu, Hong Kong University of Science and Technology
Wednesday, July 11, 2012 8:30-10:00AM
Human Capital and Labor Market -
Vienna, 7F
Session Chair: Vikram Nanda, Georgia Institute of Technology
Industry Competition, Firm Profits and CEO Turnover
Lixiong Guo, University of New South Wales Employee Stock Options and Corporate Innovation Xin Chang, Nanyang Business School Kangkang Fu, Nanyang Business School Angie Low, Nanyang Business School Wenrui Zhang, Nanyang Business School Fit, Style, and the Portability of Managerial Talent Candie Chang, Massey University, New Zealand Sudipto Dasgupta, Hong Kong University of Science and Technology Jie Gan, Cheung Kong Graduate School of Business Executive and Director Networks and IPO Underpricing Ye Cai, Santa Clara University Haidan Li, Santa Clara University Carrie Pan, Santa Clara University Discussants: Xi Li, Hong Kong University of Science and Technology William Petty, Baylor University Peggy Huang, Tulane University Lixiong Guo, University of New South Wales
Wednesday, July 11, 2012 10:30AM-12:00 PM
Real Estate Finance -
Venice, 7F
Session Chair: Mark Loewenstein, University of Maryland
Financial Transaction Tax: The Double-edged Sword Effects on Price Stability
Wenlan Qian, National University of Singapore Mortgage Securitization: The Good, the Bad, or the Irrelevant? Gang (Nathan) Dong, Columbia University Short Sale versus Foreclosure for the Mortgage Lender Yong Chen, Hunan University Michael Connolly, Miami University Does (and What) Illiquidity Matter for Real Estate Prices? Measure and Evidence Peng Liu, Cornell University Wenlan Qian, National University of Singapore Discussants: TBA TBA TBA TBA
Wednesday, July 11, 2012 10:30AM-12:00 PM
Behavioral Finance I -
Provence,7F
Session Chair: Bing Han, University of Texas at Austin
Rules and Regression Discontinuities in Asset Markets
Yen-Cheng Chang, Shanghai Advanced Institute of Finance Harrison Hong, Princeton University Asset Growth Reversals and Investment Anomalies F.Y. Eric C. Lam, City University of Hong Kong K.C. John Wei, Hong Kong University of Science and Technology The Cost of False Bravado: Management Overconfidence and Its Impact on Analysts' Views Lisa A.Kramer, University of Toronto Chi M.Liao, University of Toronto Equilibrium and Welfare in Insurance Markets with Unobservable Consumer Naivete Jing Ai, University of Hawaii at Manoa Lin Zhao, Tsinghua University Wei Zhu, University of International Business and Economics Discussants: Johan Sulaeman, Southern Methodist University Erica Li, Cheung Kong Graduate School of Business Rik Sen, Hong Kong University of science and Technology Hongjun Yan, Yale University
Wednesday, July 11, 2012 10:30AM-12:00 PM
Corporate Governance -
Florence I,7F
Session Chair: Mariassunta Giannetti, Stockholm School of Economics
Shareholder Rights and Tunneling: Evidence from a Quasi-Natural Experiment
Jun Qian, Boston College Shan Zhao, Shanghai University of Finance and Economics Board Structure and Monitoring: New Evidence from CEO Turnover Lixiong Guo, University of New South Wales Ronald Masulis, University of New South Wales Identifying Missing Information of the Conventional Corporate Governance Index Zaifeng Fan, University of Wisconsin Whitewater Linda Yu, University of Wisconsin Whitewater Hard or Soft Regulation of Corporate Governance? Marc Steffen Rapp, Philipps-Universität Marburg and Leipzig Graduate School of Management (HHL) Thomas Schmid, Technische Universität München Michael Wolff, Georg-August-Universität Göttingen and Leipzig Graduate School of Management (HHL) Discussants: Xiaoyun Yu, Indiana University Meijun Qian, National University of Singapore Bohui Zhang, University of New South Wales Utpal Bhattacharya, Indiana University
Wednesday, July 11, 2012 10:30AM-12:00 PM
Analyst Coverage and Financial Reporting -
Florence II,7F
Session Chair: Jason Wei, Federal Reserve Bank of Philadelphia
Incentives or Irrationality? International Evidence from the Impact of
Individualism on Analyst Forecast Bias
Hongping Tan, University of Waterloo Mike Welker, Queens University Ran Zhang, Peking University Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading Andrew Ellul, Indiana University, Bloomington Chotibhak Jotikasthira, University of North Carolina at Chapel Hill Christian Lundblad, University of North Carolina at Chapel Hill Yihui Wang, Chinese University of Hong Kong The Dark Side of Analyst Coverage: The Case of Innovation Jie He, University of Georgia Xuan Tian, Indiana University Discussants: Bin Zhao, Shanghai Advanced Institute of Finance Alan Huang, University of Waterloo Chotibhak Jotikasthira, University of North Carolina at Chapel Hill
Wednesday, July 11, 2012 10:30AM-12:00 PM
Ownership Structure and Corporate Control -
Vienna, 7F
Session Chair: Henrik Cronqvist, Claremont McKenna College
Are Family Firms Better Performers during Financial Crisis?
Haoyong Zhou, Copenhagen Business School Customer Firms as Blockholders and Corporate Control Jun-Koo Kang, Nanyang Technological University Wei-lin Liu, Nanyang Technological University Sangho Yi, Sogang University Le Zhang, University of New South Wales The Disciplinary Effects of Proxy Contests Vyacheslav Fos, University of Illinois at Urbana-Champaign Discussants: Guoqian Tu, Chongqing University Zhan Jiang, Shanghai Advanced Institute of Finance Carrie Pan, Santa Clara University Wednesday, July 11, 2012 12:15 - 1:30 PM
Conference Lunch - Feast, 2F
Wednesday, July 11, 2012 1:30 - 2:30 PM
Special Workshop - Royal Ballroom 1, 6F
How to Develop a Successful Research Agenda
Utpal Bhattacharya, Indiana University
Wednesday, July 11, 2012 2:30-4:00 PM
Theoretical Asset Pricing III -
Provence,7F
Session Chair: Jerome Detemple, Boston University
Asset Prices in General Equilibrium with Transactions Costs and Recursive
Utility
Adrian Buss, Goethe University Frankfurt Raman Uppal, EDHEC Business School Grigory Vilkov, Goethe University Frankfurt Delegated Portfolio Management under Adverse Selection in a Continuous-Time Model Nengjiu Ju, Hong Kong University of Science and Technology and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Xuhu Wan, Hong Kong University of Science and Technology Robust Hedging in Incomplete Markets Sally Shen, Maastricht University Antoon Pelsser, Maastricht University Peter Schotman, Maastricht University Generational Asset Pricing, Equity Puzzles, and Cyclicality Alan Guoming Huang, University of Waterloo Eric N.Hughson, Claremont McKenna Graduate School J.Chris Leach, University of Colorado at Boulder Discussants: Mark Loewenstein, University of Maryland Sally Shen, Maastricht University Marcel Rindisbacher, Boston University Rodolfo Prieto, Boston University
Wednesday, July 11, 2012 2:30-4:00 PM
Government Intervention, Reform and Emerging Market -
Florence I,7F
Session Chair: Jun Qian, Boston College
Asset Substitution, Capital Injection and Optimal Prudential Regulation
Ajay Subramanian, Georgia State University Baozhong Yang, Georgia State University The Effect of Financial Constraint on Shareholder Taxes and Firm Investments Zhonglan Dai, University of Texas at Dallas Yue Ying, University of Texas at Dallas Harold H. Zhang, University of Texas at Dallas Regulation and the Anatomy of Ownership Structures in European Listed Firms Marc Steffen Rapp, Philipps-Universität Marburg Olivers Trinchera, Technische Universität München Information Asymmetry and Capital Structure around the World Wenlian Gao, Dominican University Lilian Ng, University of Wisconsin, Milwaukee Bohui Gao, University of New South Wales Feifei Zhu, Hawaii Pacific University Discussants: Chunyang Wang, Peking University Tong Yu, University of Rhode Island Shan Zhao, Shanghai University of Finance and Economics Yawen Jiao, Rensselaer Polytechnic Institute
Wednesday, July 11, 2012 2:30-4:00 PM
Capital Market and Risk -
Florence II,7F
Session Chair: Chotibhak Jotikasthira, University of North Carolina at Chapel Hill
Estimation of Employee Stock Option Exercise Rates and Firm Cost
Jennifer N. Carpenter, New York University Richard Stanton, University of California Berkeley Nancy Wallace, University of California Berkeley Asset Fire Sales, the Threat of Bank Runs, and Contagion Yehning Chen, National Taiwan University Iftekhar Hasan, Fordham University and Bank of Finland Can Competition Improve the Information Quality of Credit Ratings? Han Xia, University of Texas at Dallas Debt Maturity and the Term Structure of Credit Spreads Hui Chen, Massachusetts Institute of Technology Yu Xu, Massachusetts Institute of Technology Jun Yang, Bank of Canada Discussants: Jun Yang, Bank of Canada Vyacheslav Fos, University of Illinois at Urbana-Champaign Peggy Huang, Tulane University Jennifer N. Carpenter, New York University
Wednesday, July 11, 2012 2:30-4:00 PM
M&A and Internal Capital Market -
Vienna, 7F
Session Chair: Merih Sevilir, Indiana University
Winner Curse: New Evidence from Bank Cross-border M&As
Hui Dong, Shanghai University of Finance and Economics Frank Song, University of Hong Kong The Efficiency of Internal Capital Markets: Evidence from Conglomerate Firms around Financial Crises Yao Huang, University of Hong Kong Jia Tang, University of Hong Kong Xianming Zhou, University of Hong Kong Bidder Gains in Terminated Deals Tilan Tang, Clemson University Discussants: Han Xia, University of Texas at Dallas Carrie Pan, Santa Clara University Ye Cai, Santa Clara University
Wednesday, July 11, 2012 4:30-6:00 PM
Corporate Financing -
Venice, 7F
Session Chair: Jennifer Carpenter, New York University
Formal, Informal or Co-Funding? Evidence on the Financing of Chinese Firms
Hans Degryse, Tilburg University and CEPR Liping Lu, Tilburg University Steven Ongena, Tilburg University and CEPR Retained Earnings in Bank-Based and Market-Based Financial Systems Yue Zhao, Peking University Zhibo Tan, Peking University Yang Yao, Peking University Institutional Investor Horizons, Information Environment, and Financing Xin Chang, Nanyang Technological University Yangyang Chen, Monash University Sudipto Dasgupta, Hong Kong University of Science and Technology Guaranteed by the Uninformed: Understanding the Financing of Chinese SMEs Philip H. Dybvig, Washington University in St. Louis Susan Chenyu Shan, University of Hong Kong Dragon Yongjun Tang, University of Hong Kong Discussants: Edie Hotchkiss, Boston College Baozhong Yang, Georgia State University Mark Liu, University of Kentucky Meijun Qian, National University of Singapore
Wednesday, July 11, 2012 4:30-6:00 PM
Incentives and Compensation -
Provence,7F
Session Chair: Phil Dybvig, Washington University
Optimal Long-term Contracting with Learning
Zhiguo He, University of Chicago Bin Wei, Federal Reserve Board Jianfeng Yu, University of Minnesota Marital Prenups? A Look at CEO Severance Agreements Peggy Huang, Tulane University Executive Compensation and Horizon Incentives: an Empirical Investigation of Corporate Cash Payout Sheng Huang, Singapore Management University Incentive Contracts are not Rigged by Powerful CEOs Kam-Ming Wan, Hong Kong Polytechnic University Discussants: Mark Loewenstein, University of Maryland Chenyu Shan, University of Hong Kong Yue Ying, University of Texas at Dallas Nina Baranchuk, University of Texas at Dallas
Wednesday, July 11, 2012 4:30-6:00 PM
Capital Structure -
Florence I,7F
Session Chair: Sudipto Dasgupta, Hong Kong University of Science and Technology
Collateral, Leverage, and Corporate Investment
Michael Firth, Lingnan University Paul H. Malatesta, University of Washington Qingquan Xin, Chongqing University Liping Xu, Sun Yat-Sen University Granularity of Corporate Debt: Theory and Tests Jaewon Choi, University of Illinois Dirk Hackbarth, University of Illinois Josef Zechner, Vienna University of Economics and Business Securitization and Capital Structure in Nonfinancial Firms: An Empirical Investigation Michael Lemmon, University of Utah and Hong Kong University of Science and Technology Xiaolei Liu, Hong Kong University of Science and Technology and Cheung Kong Graduate School of Business Qinghao Mao, Erasmus University Rotterdam Greg Nini, Wharton School of Business Discussants: Yangyang Chen, Nanyang Technological University Chuan Yang Hwang, Nanyang Technological University Pengjie Gao, University of Nore Dame
Wednesday, July 11, 2012 4:30-6:00 PM
Dividend and Repurchases -
Florence II,7F
Session Chair: Zacharias Sautner, University of Amsterdam
Do Dividends Signal Earnings Manipulation?
Wen He, University of New South Wales Bohui Zhang, University of New South Wales Lilian Ng, University of Wisconsin, Milwaukee Nataliya Zaiats, Simmons College Share Repurchases, Catering, and Dividend Substitution Zhan Jiang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University Kenneth Kim, Renmin University of China Erik Lie, University of Iowa Sean Yang, State University of New York at Buffalo The Value of Financial Flexibility and Payout Policy Marc Steffen Rapp, Philipps-Universität Marburg Thomas Schmid, Technische Universität München Daniel Ludwig Urban, Technische Universität München The Impact of Globalization on Financial Policy: the Case of Disappearing Dividends Laurence Booth, University of Toronto Bin Chang, University of Ontario Institute of Technology Jun Zhou, Dalhousie University Discussants: Marc Steffen Rapp, Philipps-Universität Marburg Chotibhak Jotikasthira, University of North Carolina Lixiong Guo, University of New South Wales Liping Lu, Tilburg University
Wednesday, July 11, 2012 4:30-6:00 PM
Financial Institutions -
Vienna, 7F
Session Chair: Walid Busaba, University of Western Ontario
Firm Mortality and Natal Financial Care
Utpal Bhattacharya, Indiana University Alexander Borisov, Indiana University Xiaoyun Yu, Indiana University Buyout Groups’ Reputational Concerns and Costs of Debt Financing: Evidence from Bond Offerings by IPO Firms Rongbing Huang, Kennesaw State University Jay R. Ritter, University of Florida Donghang Zhang, University of South Carolina Bank Monitoring and Corporate Loan Securitization Yihui Wang, Chinese University of Hong Kong Han Xia, University of Texas at Dallas Private Equity and the Resolution of Financial Distress Edie Hotchkiss, Boston College David C. Smith, University of Virginia Per Stromberg, Swedish Institute for Financial Research Discussants: Nina Baranchuk, University of Texas - Dallas Hongping Tan, University of Waterloo Hong Zou, City University of Hong Kong Donghang Zhang, University of South Carolina
Thursday, July 12, 2012 8:30-10:00AM
Behavioral Finance II -
Venice, 7F
Session Chair: Harrison Hong, Princeton University
Trading for Status
Harrison Hong, Princeton University Wenxi Jiang, Yale University Bin Zhao, Shanghai Advanced Institute of Finance Why Do Individuals Exhibit Investment Biases? Henrik Cronqvist, Claremont McKenna College Stephan Siegel, University of Washington and Arizona State University Does Cognitive Limitation Affect Investor Behavior and Performance? Evidence from Limit Order Clustering Wei-Yu Kuo, National Chengchi University Tse-Chun Lin, University of Hong Kong Jing Zhao, University of Hong Kong Local Bias of Investor Attention: Evidence from China’s Internet Stock Message Boards Zhiguo Wu, University of Hong Kong Huiyan Qiu, University of Hong Kong Discussants: Wenlan Qian, National University of Singapore Lisa Kramer, University of Toronto Mandy Tham, Nanyang Technological University Paul Gao, University of Notre Dame
Thursday, July 12, 2012 8:30-10:00AM
Raising Capital -
Provence,7F
Session Chair: Yiming Qian, University of Iowa
Cross-listing and Dressing Up for Premium
Zhenzhen Sun, Siena College Lin Guo, Suffolk University Walid Busaba, University of Western Ontario Tong Yu, University of Rhode Island Where Have All the IPOs Gone? Xiaohui Gao, University of Hong Kong Jay R. Ritter, University of Florida Zhongyan Zhu, Chinese University of Hong Kong A Theory of Security Issuance and Price Impact under Heterogeneous Beliefs Onur Bayar, University of Texas at San Antonio Thomas Chemmanur, Boston College Mark Liu, University of Kentucky Discussants: Zhan Jiang, Shanghai Advanced Institute of Finance Mark Liu, University of Kentucky Walid Busaba, University of Western Ontario
Thursday, July 12, 2012 8:30-10:00AM
Derivative Market (in Chinese) -
Florence I,7F
Session Chair: Chongfeng Wu, Shanghai Jiao Tong University 金融衍生品市场 主持人: 吴冲锋，上海交通大学
异质信念：信用价差之谜、对冲失效的导火索——信用衍生品实证研究
龚朴, 华中科技大学 王晨, 华中科技大学 高原, 华中科技大学 基于ARMA-GARCH调和稳态Levy过程的期权定价—以恒生指数期权为例 吴恒煜, 华南理工大学 朱福敏, 西南财经大学 温金明, 加拿大麦吉尔大学 基于异质投资者过度自信的黄金期货价格研究 姜伟, 青岛大学 股指期货波动率的半参数预测模型以及MCS检验 杨科, 华南农业大学 田凤平, 中山大学 Discussants: 冯芸，上海交通大学 姜伟，青岛大学 吴恒煜，华南理工大学 龚朴，华中科技大学
Thursday, July 12, 2012 8:30-10:00AM
Institutional Investors and Funds (in Chinese) -
Florence II,7F
Session Chair: Guohua Cao, Chongqing University 机构投资者与基金 主持人: 曹国华，重庆大学
机构投资者、流动性与信息效率
孔东民, 华中科技大学 杨洋, 华中科技大学 刘莎莎, 北京大学 机构投资者非自愿性交易行为、系统流动性变动与股价脆弱性 陈国进, 厦门大学 胥爱欢, 厦门大学 绿地投资还是跨国并购？基于实物期权视角的分析 李善民, 中山大学 李昶, 中山大学 管理者动机，代理成本与基金的季末窗饰行为 陈欣, 上海交通大学 陈娴, 奥胡斯大学 焦玲慧, 上海交通大学 Discussants: 陈国进, 厦门大学 陆静, 重庆大学 刘莎莎, 北京大学 路磊, 北京大学
Thursday, July 12, 2012 8:30-10:00AM
Information and Market Efficiency (in Chinese) -
Vienna, 7F
Session Chair: Guojin Chen, Xiamen University 信息和市场效率 主持人: 陈国进，厦门大学
我国推出融资融券交易促进了标的股票的定价效率吗？——基于双重差分模型的实证研究
许红伟, 上海交通大学 陈欣, 上海交通大学 策略转换与资产价格不对称波动 张维, 天津大学 张旭东, 天津财经大学 熊熊, 天津财经大学 签约方身份、信息不对称与会计信息的契约作用 刘璇, 复旦大学 吕长江, 复旦大学 信息披露与资本市场效率：基于新会计准则实施的研究视角 罗荣华, 西南财经大学 兰伟, 北京大学 杨云红, 北京大学 徐信忠, 北京大学 Discussants: 张旭东, 天津财经大学 陈欣, 上海交通大学 罗荣华, 西南财经大学 吕长江, 复旦大学
Thursday, July 12, 2012 10:30AM-12:00 PM
Monetary Policy (in Chinese) -
Venice, 7F
Session Chair: Guoqiang Dai, Shanghai University of Finance and Economic 货币政策 主持人: 戴国强，上海财经大学
信贷规模控制制度与治理通货膨胀的货币政策选择
王曦, 中山大学 邹文理, 广州大学 叶茂, 中山大学 中国通货膨胀的成本决定及其成因分解 周光友, 复旦大学 罗素梅, 同济大学 中央银行的沟通效应 冀志斌, 中南财经政法大学 Discussants: 罗荣华，西南财经大学 常鑫鑫，武汉大学 陆蓉，上海财经大学
Thursday, July 12, 2012 10:30AM-12:00 PM
Exchange Rate and International Finance (in Chinese) -
Provence,7F
Session Chair: Jun Liu; Jingmei Zhao, Southwestern University of Finance and Economics 汇率及国际金融 主持人: 刘俊，西南财经大学；赵静梅，西南财经大学
本币升值抑制国内物价上涨的有效性研究
罗忠洲, 复旦大学 美元本位与中国宏观经济的稳定性 何国华, 武汉大学 常鑫鑫, 武汉大学 全球外汇储备中凸显的债务结构决定因素 丁剑平, 上海财经大学 方鹏飞, 上海财经大学 余泉生, 上海财经大学 境外和境内人民币即期汇率：究竟谁发现了价格？ 朱钧钧, 上海交通大学 刘文财, 中国金融期货交易所 Discussants: 周光友，复旦大学 姜凌，西南财经大学 王宏林，香港金融管理局 罗荣华，西南财经大学
Thursday, July 12, 2012 10:30AM-12:00 PM
Development Finance (in Chinese) -
Florence I,7F
Session Chair: Jun Lu, Sun Yat-sen University 发展金融 主持人: 陆军，中山大学
地方治理、利益侵占与债务成本
傅代国, 西南财经大学 刘永冠, 西南财经大学 金智, 西南财经大学 中国居民财富差异扩大的动态微观机制 蔡明超, 上海交通大学 “国进民退”：好消息还是坏消息？ 罗进辉, 厦门大学 中国城市房价的“坚硬泡沫”：基于垄断性土地市场的研究 邵新建, 对外经济贸易大学 巫和懋, 北京大学 江萍, 对外经贸大学 王勇, 对外经贸大学 Discussants: 蔡明超, 上海交通大学 罗进辉, 厦门大学 徐莉萍, 中山大学 应千伟, 中山大学
Thursday, July 12, 2012 10:30AM-12:00 PM
Behavioral Finance (in Chinese) -
Florence II,7F
Session Chair: Li Liu, Peking University 行为金融 主持人: 刘力，北京大学
赔了夫人又折兵？共同基金经理人强化承诺对基金绩效之影响
池祥萱, 国立东华大学 林煜恩, 国立东华大学 上市公司“高送转”与管理层迎合 李心丹, 南京大学 俞红海, 南京大学 陆蓉, 上海财经大学 徐龙炳, 上海财经大学 基于投资者关注的媒体报道影响投资行为的实验研究 张雅慧, 西安交通大学 万迪昉, 西安交通大学 付雷鸣, 西安交通大学 生命周期下家庭股票市场参与研究 吴卫星, 对外经济贸易大学 徐芊, 对外经济贸易大学 齐天翔, 对外经济贸易大学 Discussants: 孙博, 北京大学 许年行, 中国人民大学 唐涯, 北京大学 张峥, 北京大学
Thursday, July 12, 2012 10:30AM-12:00 PM
Asset Pricing (in Chinese) -
Vienna, 7F
Session Chair: Liyan Han, Beihang University 资产定价 主持人: 韩立岩，北京航天航空大学
股价关联变动：理论及中国证据
周铭山, 西南财经大学 基于流动性风险的资本资产定价模型 周芳, 天津大学 张维, 天津大学 周兵, 华闻（北京）管理顾问有限公司 风险与回报：基于中国A股市场的实证研究 艾春荣, 上海财经大学 张奕, 上海财经大学 非预期股票收益理论与实证研究__基于中国股票市场的检验 宿成建, 贵州财经学院 Discussants: 吴卫星，对外经济贸易大学 查晓磊，博时基金 宿成建, 贵州财经学院 尹力博，北京航空航天大学 Thursday, July 12, 2012 12:15 - 2:15PM
Conference Lunch - Feast, 2F
Thursday, July 12, 2012 2:30-4:00 PM
Firm Ownership and Stock Holding (in Chinese) -
Venice, 7F
Session Chair: Qian Sun, Fudan University; Zhongzhi He, Brock University and Shanghai University of Finance and Economics 公司股权与控股 主持人: 孙谦，复旦大学；何众志，布鲁克大学,上海财经大学
制度发展、金融深化与家族控制权结构
陈德球, 对外经济贸易大学 肖泽忠, 英国卡迪夫大学 最终控制人、负债融资与价值侵占 宋小保, 汕头大学 企业并购对股东价值的影响 - 一项比较中国和英国并购市场的实证研究 毕晓刚, 诺丁汉大学 制度环境、控制权协议转让与中小投资者保护 李善民, 中山大学 陈文婷, 中山大学 Discussants: 宋小保, 汕头大学 陈德球, 对外经贸大学 李善民, 中山大学 毕晓刚, 诺丁汉大学
Thursday, July 12, 2012 2:30-4:00 PM
Corporate Governance (in Chinese) -
Provence, 7F
Session Chair: Qiao Liu, Peking University 公司治理 主持人: 刘俏，北京大学
治理溢价、市场预期与投资者学习效应
赵玉洁, 江西财经大学 周冬华, 江西财经大学 刘红忠, 复旦大学 管理代理行为、公司过度投资与公司治理——基于企业生命周期的实证研究 李云鹤, 华东师范大学 李湛, 上海交通大学 产品市场竞争、Q 理论与公司增长/清算期权的价值* 靳庆鲁, 上海财经大学 肖土盛, 上海财经大学 陈信元, 上海财经大学 股权性质与企业避税行为 张玉龙, 北京大学 曹森, 北京大学 Discussants: 江萍, 对外经贸大学 许年行, 中国人民大学 刘俏，北京大学 周贤明，香港大学
Thursday, July 12, 2012 2:30-4:00 PM
Banks and Credit Risk (in Chinese) -
Florence I,7F
Session Chair: Qinghua Song, Zhongnan University of Economics and Law 银行与信贷 主持人: 宋清华，中南财经政法大学
基于规模视角的商业银行系统重要性研究
陆静, 重庆大学 胡晓红, 重庆大学 上市公司财务困境与银行贷款动态调整 沈红波, 复旦大学 政治关系与银行授信额度 应千伟, 中山大学 罗党论, 中山大学 宏观经济波动下银行资本缓冲行为研究—基于我国45家商业银行的经验证据 黄宪, 武汉大学 熊启跃, 武汉大学 Discussants: 舒涛，美国乔治亚大学 尹志超, 西南财经大学 李春涛, 中南财经政法大学 陈欣, 上海交通大学
Thursday, July 12, 2012 2:30-4:00 PM
The Company Executive Pay and Incentive Mechanism (in Chinese) -
Florence II,7F
Session Chair: Shanmin Li, Sun Yat-sen University 公司高管薪酬与激励机制 主持人: 李善民，中山大学
制度环境与中国民营企业家的幸福感
辛宇, 中山大学 徐莉萍, 中山大学 李新春, 中山大学 不同薪酬契约对创新行为的影响分析：实验的证据 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 陈相如, 西安交通大学 业绩下滑、公允价值计量与高管薪酬激励 王俊秋, 华东理工大学 政治关联影响投资者法律保护的执法效率吗？ 许年行, 中国人民大学 江轩宇, 中国人民大学 伊志宏, 中国人民大学 袁清波, 墨尔本大学 Discussants: 辛宇, 中山大学 付雷鸣, 西安交通大学 王俊秋, 华东理工大学 孙博, 北京大学
Thursday, July 12, 2012 2:30-4:00 PM
Hedge Fund and Other Institutional Investors -
Vienna, 7F
Session Chair: Bing Liang, University of Massachusetts at Amherst
The Servant of Two Masters: A Common Agency-Based Explanation for Side-by-Side
Management
Dashan Huang, Washington University in St. Louis Stock Market Fragility and the Quality of Governance of the Country Chunmei Lin, National University of Singapore Massimo Massa , INSEAD Hong Zhang, INSEAD and Cheung Kong Graduate School of Business Leveling the Playing Field: Financial Regulation and Disappearing Local Bias of Institutional Investors Gennaro Bernile, University of Miami Alok Kumar, University of Miami Johan Sulaeman, Southern Methodise University Discussants: Hong Zhang, INSEAD Gong Zhan, Fudan University Jin-ray Lu, National Dong Hwa University
Thursday, July 12, 2012 4:30-6:00 PM
Corporate Finance (in Chinese) -
Venice, 7F
Session Chair: Xindan Li, Nanjing University; Donghua Chen, Nanjing University 公司财务 主持人: 李心丹，南京大学； 陈冬华，南京大学
中国工业企业投资的资本成本弹性分析
徐明东, 复旦大学 陈学彬, 复旦大学 上市公司财务灵活性、再融资期权与股利迎合策略研究 王志强, 厦门大学 张玮婷, 厦门大学 上市公司为何隐瞒利好的业绩？——基于市值管理的业绩不预告动机研究 陆蓉, 上海财经大学 潘宏, 上海财经大学 上市公司定向增发方式选择：基于投资者异质信念视角 邓路, 北京航空航天大学 廖明情, 上海财经大学 Discussants: 吴卫星, 对外经贸大学 辛宇, 中山大学 吴飞, 江西财经大学 孔东民, 华中科技大学
Thursday, July 12, 2012 4:30-6:00 PM
Capital Market (in Chinese) -
Provence, 7F
Session Chair: Zhishu Yang, Tsinghua University 资本市场 主持人: 杨之曙，清华大学
混合撤单模式的设计在开放式集合竞价中的作用：来自中国股票市场的证据
李平, 电子科技大学 曾勇, 电子科技大学 中国货币市场基准利率选择的实证研究 王志栋, 清华大学 投资者能从极端风险中获利么？——基于中国A股市场的实证研究 刘杨树, 厦门大学 郑振龙, 厦门大学 中国股市的系统流动性 张玉龙, 北京大学 李怡宗, 北京大学 杨云红, 北京大学 Discussants: 王宝链，香港科技大学 吴卫星，对外经济贸易大学 宿成建，贵州财经大学 王春阳，北京大学
Thursday, July 12, 2012 4:30-6:00 PM
The Effects of Misaligned Incentives and Corporate Fraud -
Florence I,7F
Session Chair: Lin Peng, Baruch College, The City University of New York
Information Environment, Earnings Management, and Dual-Class Firms: A
Cross-Country Analysis
Ting Li, University of Wisconsin-Milwaukee Lilian Ng, University of Wisconsin, Milwaukee Nataliya Zaiats, Simmons College Bohui Zhang, University of New South Wales Management Team Incentive Alignment and Firm Value Robert Bushman , University of North Carolina at Chapel Hill Zhonglan Dai, University of Texas at Dallas Weining Zhang, National University of Singapore The Financial Implications of Corporate Fraud Chen Lin, Chinese University of Hong Kong Frank M. Song, University of Hong Kong Zengyuan Sun, University of Hong Kong Discussants: Peggy Huang, Tulane University Bin Wei, Federal Reserve Board Si Li, Wilfrid Laurier University
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