2018 中国金融学术年会会议议程

2018 CHINA FINANCIAL RESEARCH CONFERENCE

Beijing, China

July 7-8, 2018

CONFERENCE PROGRAM

Friday, July 6, 2018                                                                                                                     Liaoning International Hotel

14:00-20:00          Registration                                                                                                                                     Lobby, 1/F

18:00-19:30          Conference Reception                                                                                              Shenyang Ballroom, 7/F

Saturday, July 7, 2018                                                                                     PBC School of Finance, Tsinghua University

07:30-17:00          Registration                                                                                                                    Lobby, 1/F Building 1

08:30-10:15          Investor Behavior                                                                                                           1-100, 1/F Building 1

                             公司金融与公司治理                                                                                                       1-200, 2/F Building 1

10:15-10:30          Coffee Break (Sponsored by WRDS)                                                                            Lobby, 1/F Building 1

10:30-12:15          Corporate Finance                                                                                                         1-100, 1/F Building 1

                             资本市场与资产定价                                                                                                       1-200, 2/F Building 1

12:15-12:50          Conference Lunch                                                                                                  Cafeteria, B1/F Building 3

13:00-14:00          Keynote Speech & Best Paper Awards                                                                          3-300, 3/F Building 3

                                •  Welcome Speech by Conference Chair

Xiaoling Wu, Chairwoman and Dean, PBC School of Finance, Tsinghua University; Former Deputy Governor, the People’s Bank of China

•  Best Paper Awards

•  Keynote Speech

Deborah Lucas, Sloan Distinguished Professor of Finance, MIT

14:15-16:00          Trading in Chinese Equity Market                                                                                  1-100, 1/F Building 1

                             Monetary Policy                                                                                                              1-200, 2/F Building 1

16:00-16:15          Coffee Break (Sponsored by WRDS)                                                                            Lobby, 1/F Building 1

16:15-18:00          Chinese Corporations                                                                                                    1-100, 1/F Building 1

                              New Online Financing                                                                                                   1-200, 2/F Building 1

Saturday, July 7, 2018                                                                                                                                          Wenjin Hotel

19:00-20:00           Conference Dinner                                                                                                          Function Room, 4/F

Sunday, July 8, 2018                                                                                       PBC School of Finance, Tsinghua University

08:00-12:00           Registration                                                                                                                   Lobby, 1/F Building 1

08:30-10:15           Professionals in Chinese Financial Market                                                                   1-100, 1/F Building 1

                              中国金融热点                                                                                                                 1-200, 2/F Building 1

10:15-10:30           Coffee Break (Sponsored by WRDS)                                                                           Lobby, 1/F Building 1

10:30-12:15           Political Economy of Finance                                                                                        1-100, 1/F Building 1

                              Behavior Finance                                                                                                          1-200, 2/F Building 1

12:15-13:30           Conference Lunch                                                                                                 Cafeteria, B1/F Building 3

Sunday, July 8, 2018                                                                                       PBC School of Finance, Tsinghua University

14:00-18:00           The 3rd Sun Yefang Financial Innovation Award Ceremony                                         3-300, 3/F Building 3

PROGRAM DETAIL

Friday, July 06, 2018, 18:00 - 19:30

Conference Reception- Shenyang Ballroom, 7/F, Liaoning International Hotel

Saturday, July 07, 2018, 08:30 - 10:15

Investor Behavior - Room 1-100, 1/F Building 1

Jane Liu, Peking University

 

Individual Consumption Response to Credit Supply Shock: Evidence from an Online Cash Loan Platform

Emma Li, Deakin University

Li Liao, PBC School of Finance, Tsinghua University

Zhengwei Wang, PBC School of Finance, Tsinghua University

Hongyu Xiang, PBC School of Finance, Tsinghua University

 

Culture vs. Bias: Can Social Trust Mitigate the Disposition Effect?

Jennifer Li, INSEAD

Massimo Massa, INSEAD

Hong Zhang, PBC School of Finance, Tsinghua University

 

The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment

Cary Frydman, University of Southern California

Baolian Wang, Fordham University

 

Discussants:

Xing Li, Peking University

Jane Liu, Peking University

Bing Han, University of Toronto

 

Saturday, July 07, 2018, 08:30 - 10:15

公司金融与公司治理 - Room 1-200, 2/F Building 1

王浩，清华大学经济管理学院

 

信任被定价了吗？——来自债券市场的证据

杨国超，中南财经政法大学

盘宇章，复旦大学

孙林红，中国人民大学

 

政治联系与政府补助：来自中国民营上市公司的证据

区嘉和，清华大学五道口金融学院

朱  宁，清华大学五道口金融学院

 

关联关系、融资约束缓解与投资动态调整

张小茜，浙江大学

刘晓蕾，北京大学

 

评论人：

骆兴国，浙江大学

屈源育，清华大学经济管理学院

庞家任，清华大学经济管理学院

 

Saturday, July 07, 2018, 10:30 - 12:15

Corporate Finance - Room 1-100, 1/F Building 1

Xuan Tian, PBC School of Finance, Tsinghua University

 

Panda Games: Corporate Disclosure in the Eclipse of Search

Kemin Wang, Fudan University

Xiaoyun Yu, Indiana University

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

 

Does Local Fiscal Pressure Affect Corporate Tax Avoidance?

Tao Chen, Nanyang Technological University

Youchao Tan, Jinan University

Jinghua Wang, Nanjing University

Cheng Zeng, University of Manchester

 

Does Tax Enforcement Influence the Financial Reporting Quality of Private Firms? Evidence from a Natural Experiment in China

Fansheng Jia, Sun Yat-sen University

Jeong-Bon Kim, The City University of Hong Kong and University of Waterloo

Guangzhong Li, Sun Yat-sen University

 

Discussants:

Laura Xiaolei Liu, Peking University

Bo Li, PBC School of Finance, Tsinghua University

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Saturday, July 07, 2018, 10:30 - 12:15

资本市场与资产定价 - Room 1-200, 2/F Building 1

黄春燕，长江商学院

 

新三板股票流动性、估值水平与分层制度

黄鑫铭，北京大学

刘玉珍，北京大学

刘    琦，北京大学

 

新型流动性指标与流动性溢价

杨兴哲，西安交通大学

周翔翼，西安交通大学

 

极端市场条件下指令不平衡与收益之间的关系——来自我国股市2014-2015年极端波动期间的经验研究

张传海，中南财经政法大学

金鹰翔，中南财经政法大学

彭  哲，劳里埃大学

 

评论人：

陈  卓, 清华大学五道口金融学院

吴  轲, 中国人民大学

姜  磊, 清华大学经济管理学院

Saturday, July 07, 2018, 13:00- 14:00

Keynote Speech and Best Paper Awards -Room 3-300, 3/F Building 3

Moderator: Xiaoyan Zhang, Assistant Dean and XIN Chair Professor of Finance, PBC School of Finance, Tsinghua University;  Vice Chair, National Institute of Financial Research, Tsinghua University; Vice Chair, Institute for Fintech Research, Tsinghua University

13:00-13:10 Welcome Speech by Conference Chair

                       Xiaoling Wu, Chairwoman and Dean, PBC School of Finance, Tsinghua University;

Former Deputy Governor, the People’s Bank of China

13:00-13:10 Best Paper Awards

13:15-14:00 Keynote Speech：Putting the Finance into Public Finance Theory, Examples, and Future Directions

                    Deborah Lucas, Sloan Distinguished Professor of Finance, Sloan School of Management, Massachusetts                     Institute of Technology

Saturday, July 07, 2018, 14:15- 16:00

Trading in Chinese Equity Market - Room 1-100, 1/F Building 1

Christian Lundblad, The University of North Carolina at Chapel Hill

 

Non-Marketability and One-Day Selling Lockup

Jiangze Bian, University of International Business and Economics

Tie Su, University of Miami

Jun Wang, City University of New York

       Is There Information Production in Auctioned IPOs with Uniform Price?

Bo Liu, University of Electronic Science and Technology of China

Xinru Ma, University of Electronic Science and Technology of China

Hong Zou, The University of Hong Kong

 

Do Demand Curves for Stocks Slope Down in the Long Run?

Clark Liu, PBC School of Finance, Tsinghua University

Baolian Wang, Fordham University

 

Discussants:

Qi Zhang, University of Durham

Adam Yan, The Hong Kong Polytechnic University

Meijun Qian, Australian National University

  

Saturday, July 07, 2018, 14:15- 16:00

Monetary Policy - Room 1-200, 2/F Building 1

Erica X.N. Li, Cheung Kong Graduate School of Business

 

Monetary vs. Non-monetary Macro News: Announcement Equity Premium in China

Rui Guo, Renmin University of China

Dun Jia, Renmin University of China

Xi Sun, Renmin University of China

 

Economic Policy Uncertainty, State Ownership, and Credit Allocation

Yiping Huang, Peking University

Yang Ji, Xiamen University

Xiaoran Ni, Xiamen University

Yuyan Tan, State Administration of Exchange Control

Xu Wang, China Industrial Bank (CIB) Research

 

Cyclical Dynamics of Trade Credit with Production Networks

Wukuang Cun, University of Southern California

Vincenzo Quadrini, University of Southern California and CEPR

Junjie Xia, Peking University

 

Discussants:

Rong Li, Renmin University of China

Bibo Liu, PBC School of Finance, Tsinghua University

Bo Li, PBC School of Finance, Tsinghua University

  

Saturday, July 07, 2018, 16:15 - 18:00

Chinese Corporations - Room 1-100, 1/F Building 1

Hong Zhang, PBC School of Finance, Tsinghua University

 

The Value and Real Effects of Implicit Guarantees

Shuang Jin, The Hong Kong University of Science and Technology

Wei Wang, Queen’s University

Zilong Zhang, The City University of Hong Kong

 

Political Connections, Government Subsidies, and Capital Misallocation: Evidence from China

Shuang Jin, The Hong Kong University of Science and Technology

Zilong Zhang, The City University of Hong Kong

 

The Political and Financial Economics of Withdrawn Privatizations

Gabriele Lattanzio, University of Oklahoma

William Megginson, University of Oklahoma

 

Discussants:

Bo Li, PBC School of Finance, Tsinghua University

Ruichang Lu, Peking University

Bibo Liu, PBC School of Finance, Tsinghua University

Saturday, July 07, 2018, 16:15 - 18:00

New Online Financing - Room 1-200, 2/F Building 1

Haoxiang Zhu, Massachusetts Institute of Technology

 

Government Affiliation and Fintech Industry: The Peer-to-Peer Lending Platforms in China

Jinglin Jiang, PBC School of Finance, Tsinghua University

Li Liao, PBC School of Finance, Tsinghua University

Zhengwei Wang, PBC School of Finance, Tsinghua University

Xiaoyan Zhang, PBC School of Finance, Tsinghua University

 

Seeking Excess Return and Moderation Effect of Voluntary Information Disclosures in Peer-to-Peer Lending Market

Wei Zhang, Tianjin University

Jing Zhang, Tianjin University

Yuelei Li, Tianjin University

Xiong Xiong, Tianjin University

 

Leverage-Induced Fire Sales and Stock Market Crashes

Jiangze Bian, University of International Business and Economics

Zhiguo He, University of Chicago and NBER

Kelly Shue, Yale University and NBER

Hao Zhou, PBC School of Finance, Tsinghua University

 

Discussants:

Yi Huang, Graduate Institute of International and Development Studies

Shiyang Huang, The University of Hong Kong

Liyan Yang, University of Toronto

 

Sunday, July 08, 2018, 08:30 - 10:15

Professionals in Chinese Financial Market - Room 1-100, 1/F Building 1

Huafeng Chen, PBC School of Finance, Tsinghua University

 

Globalization vs. Managerial Skills: Lessons from the Global Mutual Fund Industry

Si Cheng, The Chinese University of Hong Kong

Massimo Massa, INSEAD

Hong Zhang, PBC School of Finance, Tsinghua University

 

The Value of Financial Advisors in Private Acquisitions: New Evidence from Chinese M&As

Xiaogang Bi, University of Nottingham Ningbo China

Shujing Wang, Shanghai Linxin University of Accounting and Finance

K.C. John Wei, Hong Kong Polytechnic University

 

The Impact of Air pollution on Analyst Earnings Forecasts: Evidence from Analysts’ Corporate Site Visits in China

Rui Dong, Renmin University of China

Yongxiang Wang, University of Southern California

Nianhang Xu, Renmin University of China

 

Discussants:

Christian Lundblad, University of North Carolina at Chapel Hill

Ruichang Lu, Peking University

Dongmin Kong, Zhongnan University of Economics and Law

 

Sunday, July 08, 2018, 08:30 - 10:15

中国金融热点 - Room 1-200, 2/F Building 1

孙谦，复旦大学

 

“馅饼”还是“陷阱”：网贷平台的利率究竟代表了什么？

向虹宇，清华大学五道口金融学院

王正位，清华大学五道口金融学院

江静琳，清华大学五道口金融学院

廖    理，清华大学五道口金融学院

 

金融素养、借贷意愿与渠道选择

初    众，清华大学五道口金融学院

张伟强，清华大学五道口金融学院

廖    理，清华大学五道口金融学院

 

 “投资人付费”vs.“发行人付费”，谁的信用评级质量更高？

吴育辉，厦门大学

翟玲玲，厦门大学

张润楠，厦门大学

魏志华，厦门大学

 

评论人:

吴育辉, 厦门大学

顾露露, 中南财经政法大学

张小茜, 浙江大学

 

Sunday, July 08, 2018, 10:30  - 12:15

Political Economy of Finance - Room 1-100, 1/F Building 1

Laura Xiaolei Liu, Peking University

 

Housing Booms and Shirking

Quanlin Gu, Peking University

Jia He, Nankai University

Wenlan Qian, National University of Singapore

 

CEOs’ Great Chinese Famine Experience and Accounting Conservatism: Evidence from China

Gary Tian, Macquarie University

Troy Yao, Queensland University of Technology

 

Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished

Francesco D'Acunto, University of Maryland

Michael Weber, NBER and University of Chicago

Jin Xie, The Chinese University of Hong Kong

 

Discussants:

Yu Zhang, Peking University

Jin Xie, The Chinese University of Hong Kong

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Sunday, July 08, 2018, 10:30 - 12:15

Behavior Finance - Room 1-200, 2/F Building 1

Liyan Yang, University of Toronto

 

Attention Spillover Effects in Asset Pricing

Xin Chen, PBC School of Finance, Tsinghua University

 

Real Life Experience and Financial Risk Taking: Natural Experiment Evidence from Automobile Traffic Accidents

Yinglu Deng, School of Economics and Management, Tsinghua University

An Hu, Department of Industrial Engineering, Tsinghua University

Ning Zhu, PBC School of Finance, Tsinghua University

 

Sharing Borrower Default Information via Central Depository - Evidence from Two Randomized Field Experiments

Li Liao, PBC School of Finance, Tsinghua University

Xiumin Martin, Washington University in St. Louis

Ni Wang, Quant Group

Zhengwei Wang, PBC School of Finance, Tsinghua University

Jun Yang, Indiana University

 

Discussants:

Zhi Da, University of Notre Dame

Jiangmin Xu, Peking University

Yi Huang, Graduate Institute of International and Development Studies