Note: The program is indicated in Beijing time, please carefully convert the time to your local time. For example:

Melbourne	Tokyo	Beijing	Moscow	Berlin	London	New York	Seattle
UCT+10	UTC + 9	UTC + 8	UTC + 3	UTC + 2	UTC + 1	UTC - 4	UTC - 7

PROGRAM SUMMARY

Friday, July 2, 2021		Wenjin Hotel
14:00-19:00	Registration
18:30-20:30	Conference Reception
Saturday, July 3, 2021		PBC School of Finance, Tsinghua University
07:30-17:00	Registration	Lobby, 1/F Building 1
08:30-10:15	Asset Pricing	1-100, 1/F Building 1
	Capital Market and Competition	1-200, 2/F Building 1
10:15-10:30	Coffee Break	Lobby, 1/F Building 1
10:30-12:15	Big Data and Digital Economy	1-100, 1/F Building 1
	Bond Market	1-200, 2/F Building 1
12:15-13:00	Conference Lunch	Cafeteria, B1/F Building 3
13:00-14:00	Keynote Speech & Best Paper Awards	3-300, 3/F Building 3
14:15-16:00	Corporate Innovation	1-100, 1/F Building 1
	资本市场	1-200, 2/F Building 1
16:00-16:15	Coffee Break	Lobby, 1/F Building 1
16:15-18:00	Household Behavior	1-100, 1/F Building 1
	Corporate Finance	1-200, 2/F Building 1
Saturday, July 3, 2021		Wenjin Hotel
18:30-20:30	Conference Dinner	Multi-Function Hall
Sunday, July 4, 2021		PBC School of Finance, Tsinghua University
08:00-12:00	Registration	Lobby, 1/F Building 1
08:30-10:15	Corporate Governance	1-100, 1/F Building 1
	Investor Behavior	1-200, 2/F Building 1
10:15-10:30	Coffee Break	Lobby, 1/F Building 1
10:30-12:15	Macroeconomics	1-100, 1/F Building 1
	中国金融热点问题	1-200, 2/F Building 1
12:15-13:00	Conference Lunch	Cafeteria, B1/F Building 3

PROGRAM DETAILS

Saturday, July 03, 2021, 08:30 - 10:15

Asset Pricing - Room 1-100, 1/F Building 1

Session Chair: Bing Han, University of Toronto

Finding Anomalies in China

Kewei Hou, The Ohio State University

Fang Qiao, University of International Business and Economics

Xiaoyan Zhang, Tsinghua University

Language and Domain Specificity - A Chinese Financial Sentiment Dictionary

Zijia Du, Shanghai Jiao Tong University

Alan Huang, University of Waterloo

Russell Wermers, University of Maryland

Wenfeng Wu, Antai College of Economics & Management

Do Overseas-Trained Hedge Fund Managers Perform Better in China?

Lu Li, Shanghai International Studies University

Yan Lu, University of Central Florida

Sugata Ray, University of Alabama

Hong Yan, Shanghai Jiao Tong University

Discussants:

Jinfei Sheng, University of California, Irvine

Baozhong Yang, Georgia State University

Johan Sulaeman, National University of Singapore

Saturday, July 03, 2021, 08:30 - 10:15

Capital Market and Competition - Room 1-200, 2/F Building 1

Session Chair: Haoxiang Zhu, Massachusetts Institute of Technology

Feedback and Contagion Through Distressed Competition

Hui Chen, Massachusetts Institute of Technology

Winston Wei Dou, University of Pennsylvania

Hongye Guo, University of Pennsylvania

Yan Ji, The Hong Kong University of Science and Technology

FinTech as a Financial Liberator

Greg Buchak, Stanford University  

Jiayin Hu, Peking University

Shang-Jin Wei, Columbia University

Open Banking: Credit Market Competition When Borrowers Own the Data

Zhiguo He, University of Chicago

Jing Huang, University of Chicago

Jidong Zhou, Yale University

Discussants:

Zhen Zhou, Tsinghua University

Xiaomeng Lu, Shanghai Jiao Tong University

Yan Xiong, The Hong Kong University of Science and Technology

Saturday, July 03, 2021, 10:30 - 12:15

Big Data and Digital Economy - Room 1-100, 1/F Building 1

Session Chair: Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Assessing and Addressing the Coronavirus-Induced Economic Crisis: Evidence from 1.5 Billion Sales Invoices

Zhuo Chen, Tsinghua University

Pengfei Li, Tsinghua University

Li Liao, Tsinghua University

Zhengwei Wang, Tsinghua University

Big Data Analyses with No Digital Footprints Available- Evidence from Cyber-Telecom Fraud

Laura Xiaolei Liu, Peking University

Yufei Liu, Peking University

Xinghua Ruan, Du Xiaoman Financial

Qirong Yang, Du Xiaoman Financial

Yu Zhang, Peking University

Digital Footprints as Collateral for Debt Collection

Lili Dai, The University of New South Wales

Jianlei Han, Macquarie University

Jing Shi, Macquarie University

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Discussants:

Yu Zhang, Peking University

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Li An, Tsinghua University

Saturday, July 03, 2021, 10:30 - 12:15

Bond Market - Room 1-200, 2/F Building 1

Session Chair: Hui Chen, Massachusetts Institute of Technology

Not All Bonds Are Created Equal -- as Benchmarks for Corporate Bonds

Keqi Chen, Tsinghua University 

Yi Huang, The Graduate Institute of Geneva and CEPR

Kathy Yuan, The London School of Economics and Political Science

Hao Zhou, Tsinghua University 

Overpricing in China's Corporate Bond Market

Yi Ding, The Chinese University of Hong Kong, Shenzhen

Wei Xiong, Princeton University and NBER

Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen

The SOE Premium and Government Support in China's Credit Market

Zhe Geng, Shanghai Jiao Tong University

Jun Pan, Shanghai Jiao Tong University& CAFR

Discussants:

Mai Li, Peking University

Claire Yurong Hong, Shanghai Jiao Tong University

Zheng (Michael) Song, The Chinese University of Hong Kong

Saturday, July 03, 2021, 13:00 - 14:00

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

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

Xiaoyan Zhang, Associate Dean and Xinyuan Professor of Finance, PBC School of Finance, Tsinghua University; Deputy Director, National Institute of Financial Research, Tsinghua University; Deputy Director, Fintech Research Institute, Tsinghua University

13:10 - 13:15  Best Paper Awards

Moderator: Xiaoyan Zhang

13:15 - 14:00  Keynote Speech(Virtual)

Wei Xiong, Hugh Leander and Mary Trumbull Adams Professor in Finance and Professor of Economics, Princeton University; Academic Dean, The Chinese University of Hong Kong, Shenzhen; Co-Editor, Journal of Finance; Research Associate, National Bureau of Economic Research

Saturday, July 03, 2021, 14:15 - 16:00

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

Session Chair: Xuan Tian, Tsinghua University

Climate Vulnerability and Corporate Innovation: International Evidence

Fengfei Li, Deakin University

Chen Lin, The University of Hong Kong

Tse-Chun Lin, The University of Hong Kong

Technology Transfer and Early Industrial Development: Evidence from the Sino-Soviet Alliance

Michela Giorcelli, University of California, Los Angeles, & NBER

Bo Li, Tsinghua University

Does Trading Spur Specialization? Evidence from Patenting

Pengfei Han, Peking University

Chunrui Liu, Tsinghua University

Xuan Tian, Tsinghua University

Discussants:

Pengfei Han, Peking University

Ping Jiang, University of International Business and Economics

Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Saturday, July 03, 2021, 14:15 - 16:00

资本市场 - Room 1-200, 2/F Building

分会议主席：刘玉珍，北京大学

公募基金管理是否有效？——基于多因素的基金管理能力评价

林   兟，清华大学

余剑峰，清华大学

何   为，对外经济贸易大学

监管逆转与价值剥削——风险投资最终减持收益及影响研究

成   程，湖南大学

田   轩，清华大学

丁   娜，中央财经大学

杨胜刚，湖南大学

资本市场开放与企业内部人减持—— 来自陆港通交易制度的经验证据

代昀昊，华中科技大学

刘晓军，华中科技大学

王   砾，中南财经政法大学

评论人：

张   峥，北京大学

何基报

Saturday, July 03, 2021, 16:15 - 18:00

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

Session Chair: Dong Lou, The London School of Economics and Political Science

Priming and Stock Preferences: Evidence from IPO Lotteries

Conghui Hu, Beijing Normal University

Yu-Jane Liu, Peking University

Xin Xu, Guangdong University of Finance and Economics

Jianfeng Yu, Tsinghua University

FinTech Adoption and Household Risk-Taking

Claire Yurong Hong, Shanghai Jiao Tong University

Xiaomeng Lu, Shanghai Jiao Tong University

Jun Pan, Shanghai Jiao Tong University& CAFR

Do Pensions Reduce Debt? Evidence from China's New Rural Pension Scheme

Wei Chen, Fordham University

Discussants:

Cameron Peng, The London School of Economics and Political Science

Wenlan Qian, National University of Singapore

Yu Zhang, Peking University

Saturday, July 03, 2021, 16:15 - 18:00

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

Session Chair: Erica Xuenan Li, Cheung Kong Graduate School of Business

Growing Up Under Mao and Deng: On the Ideological Determinants of Corporate Policies

Hao Liang, Singapore Management University

Rong Wang, Singapore Management University

Haikun Zhu, Erasmus University Rotterdam

Ownership Networks and Firm Growth: What Do Forty Million Companies Tell Us About the Chinese Economy?

Franklin Allen, Imperial College London

Junhui Cai, University of Pennsylvania

Xian Gu, Durham University

Jun Qian, Fudan University

Linda Zhao, University of Pennsylvania

Wu Zhu, University of Pennsylvania

Mapping US-China Technology Decoupling, Innovation, and Firm Performance

Pengfei Han, Peking University

Wei Jiang, Columbia University

Danqing Mei, Cheung Kong Graduate School of Business

Discussants:

Xiaohuan Lan, FuDan University

Danqing Mei, Cheung Kong Graduate School of Business

Xiang Zheng, Boston College

Sunday, July 04, 2021, 08:30 - 10:15

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

Session Chair: Jun Yang, Indiana University

How Does Private Firm Innovation Affect Anti-Takeover Provisions in Corporate Charters? Evidence from Firms Going Public

Thomas Chemmanur, Boston College

Manish Gupta, University of Nottingham

Karen Simonyan, Suffolk University

Xiang Zheng, Boston College

Are Executives More Socially Responsible when Raised with Siblings? Evidence from Chinese Family Firms

Sumit Agarwal, National University of Singapore

Kam Chan, Western Kentucky University

Rongrong Xie, Renmin University of China

Nianhang Xu, Renmin University of China

Market Feedback: Evidence from the Horse's Mouth

Itay Goldstein, University of Pennsylvania

Bibo Liu, Tsinghua University

Liyan Yang, University of Toronto

Discussants:

Po-Hsuan Hsu, National Tsing Hua University

William L. Megginson, University of Oklahoma

Yupeng Wang, Massachusetts Institute of Technology

Sunday, July 04, 2021, 08:30 - 10:15

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

Session Chair: Lauren H. Cohen, Harvard University

Heterogeneity in Retail Investors: Evidence from Comprehensive Account-Level Trading and Holdings Data

Charles Jones, Columbia University

Donghui Shi, Fudan University

Xiaoyan Zhang, Tsinghua University

Xinran Zhang, Tsinghua University

Can Stock Trading Suspension Calm Down Investors During Market Crises?

Weihua Chen, Shanghai Stock Exchange

Jennifer Huang, Cheung Kong Graduate School of Business

Donghui Shi, Fudan University

Zhongzhi Song, Cheung Kong Graduate School of Business

Taming the Bias Zoo

Hongqi Liu, The Chinese University of Hong Kong, Shenzhen

Cameron Peng, The London School of Economics and Political Science

Wei Xiong, Princeton University

Wei Xiong, Shenzhen Stock Exchange

Discussants:

Shiyang Huang, The University of Hong Kong

Zhenyu Gao, The Chinese University of Hong Kong

Jiangmin Xu, Peking University

Sunday, July 04, 2021, 10:30 - 12:15

Macroeconomics - Room 1-100, 1/F Building 1

Session Chair: Liyan Yang, University of Toronto

Monetary Policy Transmission with Heterogeneous Banks and Firms: The Case of China

Guofeng Sun, The People's Bank Of China

Ji Zhang, Tsinghua University

Xiaodong Zhu, University of Toronto

Household Wealth, Borrowing Capacity and Stock Market: a DSGE-VAR Approach

Tao Jin,Tsinghua University

Simon Kwok, The University of Sydney

Xin Zheng, Tsinghua University

FDI and firm productivity in host countries: The role of financial constraints

Wontae Han, The Chinese University of Hong Kong, Shenzhen

Jian Wang, The Chinese University of Hong Kong, Shenzhen, & SFI

Xiao Wang, University of Science and Technology of China

Discussants:

Yan Ji, The Hong Kong University of Science and Technology

Xi Wang, Peking University

Danxia Xie, Tsinghua University

Sunday, July 04, 2021, 10:30 - 12:15

中国金融热点问题 - Room 1-200, 2/F Building 1

分会议主席：陆瑶，清华大学

货币政策与分布式居民消费价格指数：从微观数据到宏观分析

沈一帆，同济大学

人工智能、企业生产率与劳动力技能匹配

姚加权，暨南大学

张锟澎，暨南大学

郭李鹏，晋城市财政局

冯   绪，天津大学

董事会特征如何影响公司绩效?：来自机器学习的证据

陆   瑶，清华大学

彭   章，清华大学

余思凝，清华大学

评论人：

郭豫媚，中央财经大学

彭   章，清华大学

祝   武，宾夕法尼亚大学