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
PAST CICF CO-ORGANIZERS AND SPONSORS
2002
Corporate Sponsors:
Bank of China International
China International Capital Corporation Limited
China Securities Corporation
Green Group
Ningxia Master Cashmere Products Co., Ltd
2004
Co-organizer:
China Europe International Business School
Corporate Sponsor:
China International Capital Corporation Limited
2005
Corporate Sponsor:
Kunming Municipal Urban Construction Investment & Development Co., Ltd
2006
Corporate Sponsors:
Reuters
Trust Company of the West
2007
Co-organizers:
Southwestern University of Finance and Economics
University of Electronic Science and Technology of China
Sponsor:
Sichuan University, China Journal of Finance
Corporate Sponsors:
Reuters
Trust Company of the West
2008
Co-organizer:
Cheng Kong Graduate School of Business
Sponsor:
Dongbei University of Finance & Economics
Corporate Sponsor:
Trust Company of the West
Internet Media Partner:
jrj.com
2009
Co-organizers:
Cheng Kong Graduate School of Business
Lingnan (University) College, Sun Yat-sen University
Sponsor:
Shantou University Business School
Corporate Sponsors:
TCW Group
Citi Foundation
Internet Media Partner:
jrj.com
2010
Co-organizers:
Cheung Kong Graduate School of Business
School of Business, Renmin University of China
Corporate Sponsors:
TCW Group
Citi Foundation
Internet Media Partner:
jrj.com
| Year |
Location |
Speaker |
| |
|
|
| 2002 |
Beijing |
Franklin Allen |
University of Pennsylvania |
| |
|
|
|
| 2004 |
Shanghai |
Stewart C.Myers |
Massachusetts Institute of Technology |
| Jinglian Wu |
Development Research Center of the State Council of P. R. China |
| |
|
|
|
| 2005 |
Kunming |
Martin J. Gruber |
New York University |
| |
|
|
|
| 2006 |
Xi’an |
Stephen A. Ross |
Massachusetts Institute of Technology |
| |
|
|
|
| 2007 |
Chengdu |
Andrew W. Lo |
Massachusetts Institute of Technology |
| |
|
|
|
| 2008 |
Dalian |
Michael Brennan |
University of California |
| Gifford Fong |
Gifford Fong Associates |
| |
|
|
|
| 2009 |
Guangzhou |
Hayne Leland |
University of California at Berkeley |
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
Sloan School of Management, Massachusetts Institute of Technology
Co-organizers:
Cheung Kong Graduate School of Business
School of Business, Renmin University of China
Corporate Sponsors:
TCW Group
Citi Foundation
Conference Organization:
Conference Organizing Committee (Alphabetical)
Henry Cao, Cheung Kong Graduate School of Business
Li Liao, Tsinghua University
Jiang Wang, Massachusetts Institute of Technology
Zhihong Yi, School of Business, Renmin University of China
Conference Chair:
Jiang Wang, Massachusetts Institute of Technology
Conference Secretary General:
Li Liao, Tsinghua University
Program Chairs:
Chun Chang (Chair), Shanghai Jiao Tong University and CEIBS
Kai Li (Co-chair), University of British Columbia
Jun Qian (Co-chair), Boston College
Harold H. Zhang (Co-chair), University of Texas at Dallas
Guest Speaker:
Yingyi Qian, Tsinghua University
Keynote Speaker:
John Y. Campbell, Harvard University
Michael Hertzel, Arizona State University
Charles Cao, Penn State University
Xin Chen, Shanghai Jiao Tong University
Ming Dong, York University
Phil Dybvig, Washington University in Saint Louis
Joseph Fan, The Chinese University of Hong Kong
Fangjian Fu, Singapore Management University
Huasheng Gao, University of British Columbia
John Griffin, University of Texas at Austin
Allaudeen Hameed, National University of Singapore
Bing Han, University of Texas at Austin
Harrison Hong, Princeton University
Jennifer Huang, University of Texas at Austin
Dianchun Jiang, Nankai University
Raymond Kan, University of Toronto
Jun-koo Kang, Nanyang Technological University
Mike Lemmon, University of Utah
Kai Li, University of British Columbia
Yan Li, Renmin University of China
Yao Li, Shanghai University of Finance and Economics
Bing Liang, University of Massachusetts at Amherst
Li Liao, Tsinghua University
Hong Liu, Washington University in Saint Louis
Mark Loewenstein, University of Maryland
Jialiu Lu, Sun Yat-Sen University
Jun Lu, Sun Yat-Sen University
Jianglin Lv, Jiangxi University of Finance and Economics
Peter Mackay, Hong Kong University of Science and Technology
Bill Megginson, University of Oklahoma
Neil Pearson, University of Illinois at Urbana-Champaign
Yongdong Shi, Dongbei University of Finance and Economics
Clemens Sialm, University of Texas at Austin
Qinghua Song, Zhongnan University of Economics and Law
Weiling Song, Louisiana State University
Johan Sulaeman, Southern Methodist University
Laura Starks, University of Texas
Chengjian Su, Guizhou University
Qian Sun, Xiamen University
Ross Valkanov, University of California at San Diego
Cong Wang, The Chinese University of Hong Kong
Kemin Wang, Fudan University
Chenyang Wei, Federal Reserve Bank of New York
John Wei, Hong Kong University of Science and Technology
Andrew Winton, University of Minnesota
Xueping Wu, City University of Hong Kong
Zuoping Xiao, Southwest Jiaotong University
Yexiao Xu, University of Texas at Dallas
Chuan yang Nanyang Technological University
Liu Yang, University of California at Los Angeles
Zhishu Yang, Tsinghua University
Xiaoyun Yu, Indiana University
Chu Zhang, Hong Kong University of Science and Technology
Harold Zhang, University of Texas at Dallas
Wei Zhang, Tianjin University
Feng Zhao, University of Texas at Dallas
Longkai Zhao, Peking University
Guofu Zhou, Washington University in St. Louis
Ning Zhu, University of California
Yingzi Zhu, Tsinghua University
CONFERENCE SCHEDULE
| Time |
Topics |
Venues
Shangri-La Hotel, Beijing |
| Sunday, July 4, 2010 |
| 10:00AM –7:00PM |
Conference Registration
会议注册 |
Pre-function Area, Garden Wing, 1F
景阁宴会前厅，一层 |
| 2:00– 5:00PM |
Industry Symposium Organized by TCW Group
业界论坛 |
Ballroom, Garden Wing, 1F
景阁宴会厅，一层 |
| 6:00 –7:30PM |
Conference Reception
开幕酒会 |
Ballroom, Garden Wing, 1F
景阁宴会厅，一层 |
| Monday, July 5, 2010 |
| 8:30AM –12:00PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
| 12:15 – 1:00PM |
Conference Lunch
会议午餐 |
Grand Ballroom, Valley Wing, 2F
新阁大宴会厅，二层 |
| 1:15 – 1:30PM |
Dean's Speech: Yingyi Qian
清华经管学院院长致辞 |
Grand Ballroom, Valley Wing, 2F
新阁大宴会厅，二层 |
| 1:30 – 2:30PM |
Keynote Speech: John Y. Campbell
主题发言 |
Grand Ballroom, Valley Wing, 2F
新阁大宴会厅，二层 |
| 2:45 – 6:15PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
| 7:00 – 9:00PM |
Conference Dinner & Best Paper Awards
会议晚餐及最佳论文颁奖 |
Grand Ballroom, Valley Wing, 2F
新阁大宴会厅，二层 |
| Tuesday, July 6, 2010 |
| 8:30AM –12:00PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
| 12:15 – 2:15PM |
Conference Lunch
会议午餐 |
Grand Ballroom, Valley Wing, 2F
新阁大宴会厅，二层 |
| 2:30 – 5:00PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
| Wednesday, July 7, 2010 |
| 8:30AM –12:00PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
| 12:15 – 2:15PM |
Conference Lunch
会议午餐 |
Grand Ballroom , Valley Wing, 2F
新阁大宴会厅，二层 |
| 2:30– 4:00PM |
Academic Sessions
学术分会 |
Function Rooms, Valley Wing, 3F
新阁会议室，三层 |
Organizing Committee Diamond Room 3, Valley Wing, 3F (July 5 to July 7, 2010)
组委会办公：新阁三层 钻石厅3
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
Introduction
Clifford Mak, Managing Director, TCW Group |
Latin America (1980's) and Southern Europe (Now)
Komal Sri-Kumar
Group Managing Director, Chief Global Strategist, TCW Group |
Asset Bubbles
Tad Rivelle, Group Managing Director, Chief Investment Officer - High-Grade Fixed Income, TCW Group |
The Impact of Real Estate Valuation and Loan Repayment
Eric Arentsen, Managing Director, U.S. Fixed Income, TCW Group |
Importance of Corporate Governance
Diane Jaffee, Group Managing Director, U.S. Equities, TCW Group |
| Interpreter: Lifen Li, Senior Vice President, 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
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
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
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
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
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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