2016 China Financial Research Conference Program
CONFERENCE PROGRAM
Friday, July 1, 2016, 6:00 pm-7:30 pm
Conference Reception - Shenyang Ballroom, 7/F, Liaoning International Hotel
Saturday, July 2, 2016, 8:30 am - 10:00 am
Chinese Credit Markets - Room 1-100, 1/F Building 1, PBC School of Finance
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Does Legal Enforcement Matter for Financial Risks? The Case of Strategic Default
Haoyu Gao, City University of Hong Kong and Chinese Academy of Science
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Xiaoguang Yang, Chinese Academy of Science
Lin Zhao, Chinese Academy of Sciences
Government Credit, a Double-Edged Sword: Evidence from the China Development Bank
Hong Ru, Nanyang Technological University
Political Investment Cycle of State Owned Enterprises
Qingyuan Li, Wuhan University
Chen Lin, The University of Hong Kong
Li Xu, College of Business, Washington State University
The Demand Effect of Yield-Chasing Retail Investors: Evidence from the Chinese Corporate Bond Market
Shujing Wang, The Hong Kong University of Science and Technology
K.C. John Wei, Shanghai Finance University
Ninghua Zhong, Tongji University
Discussants:
Meng Miao, Renmin University of China
Chen Lin, The University of Hong Kong
Laura Xiaolei Liu, Guanghua Management School, Peking University
Dragon Yongjun Tang, The University of Hong Kong
Real Estate in China- Room 1-200, 2/F Building 1, PBC School of Finance
Jianfeng Yu, The Chinese University of Hong Kong, Shenzhen and University of Minnesota
Housing Price and Fundamentals in A Transition Economy: The Case of Beijing Market
Bing Han, Rotman School of Management, University of Toronto
Lu Han, Rotman School of Management, University of Toronto
Guozhong Zhu, Alberta School of Business, University of Alberta
Ting Chen, The Hong Kong University of Science and Technology
Laura Xiaolei Liu, Guanghua Management School, Peking University
Wei Xiong, Princeton University and NBER
Li-an Zhou, Guanghua School of Management, Peking University
The Great Wall of Debt: Real Estate, Corruption, and Chinese Local Government Credit Spreads
Andrew Ang, Columbia Business School
Jennie Bai, McDonough School of Business, Georgetown University
Hao Zhou, PBC School of Finance, Tsinghua University
Discussants:
Bo Zhao, National School of Development, Peking University
Zhao Rong, Southwestern University of Finance and Economics
Yi Huang, Graduate Institute of International and Development Studies
公司金融- Room 1-306, 3/F Building 1,PBC School of Finance
王 浩，清华大学经济管理学院
家族企业的集权形式会影响技术创新吗？——基于中国信息技术企业及全球价值链环节比较研究
顾露露，中南财经政法大学
郭 三，中南财经政法大学
张学勇，中央财经大学
柳依依，中央财经大学
罗 丹，中央财经大学
CEO早年经历对公司财务决策的影响：从三年自然灾害研究得到的启示
彭晓鹏，清华大学经济管理学院
李旻文，清华大学经济管理学院
减征股利税能否鼓励公司分红：以差别化股利税政策为准自然实验的研究
贾凡胜，西南财经大学
张 彤，西南财经大学
张一林，西南财经大学
评论人：
刘碧波，清华大学五道口金融学院
沈 涛，清华大学经济管理学院
边江泽，对外经济贸易大学
陈 佳，北京大学光华管理学院
Saturday, July 2, 2016, 10:30 am - 12:00 pm
Plenary Session & Best Paper Awards - Room 3-300, 3/F Building 3, PBC School of Finance
Host: Hao Zhou, PBC School of Finance, Tsinghua University
10:30-11:00 Keynote Speech
Xiaohui Zhang, Assistant Governor, The People’s Bank of China
11:00-11:30 Keynote Speech
Tao Guan, Senior Fellow & Member of Academic Committee, China Finance 40 Forum
11:30-12:00 Best Paper Awards
Saturday, July 2, 2016, 12:00 pm - 1:30 pm
Conference Lunch - Cafeteria, B1/F Building 3, PBC School of Finance
Saturday, July 2, 2016, 1:30 pm - 3:00 pm
Equity Market - Room 1-100, 1/F Building 1, PBC School of Finance
Xiaoyan Zhang, Purdue University
Index Futures Trading and Spot Market Liquidity: Evidence from the Recent Chinese Stock Market Crash
Qian Han, Xiamen University
Jufang Liang, Xiamen University
Leverage Networks and Market Crashes
Jiangze Bian, University of International Business and Economics
Zhi Da, University of Notre Dame
Dong Lou, London School of Economics and CEPR
Hao Zhou, PBC School of Finance, Tsinghua University
Evidence about Bubble Mechanisms: Precipitating Event, Feedback Trading, and Social Contagion
Neil Pearson, University of Illinois at Urbana-Champaign
Zhishu Yang, School of Economics and Management, Tsinghua University
Qi Zhang, Durham University Business School
Zhuo Chen, PBC School of Finance, Tsinghua University
Pengfei Li, School of Economics and Management, Tsinghua University
Zhengwei Wang, PBC School of Finance, Tsinghua University
Bohui Zhang, The University of New South Wales
Discussants:
Grace Xing Hu, The University of Hong Kong
Zhiguo He, The University of Chicago Booth School of Business
Pengjie Gao, The Hong Kong University of Science and Technology
Jiaquan Yao, Xiamen University
消费金融- Room 1-200, 2/F Building 1, PBC School of Finance
李 焰，中国人民大学
李 焰，中国人民大学
张迎新，中国人民大学
王 琳，中国人民大学
许年行，中国人民大学
李 哲，中国人民大学
张龙耀，南京农业大学
马倩倩，南京农业大学
刘荣茂，南京农业大学
向虹宇，清华大学五道口金融学院
廖 理，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
评论人：
崔 鑫，对外经济贸易大学
祝继高，对外经济贸易大学
马九杰，中国人民大学
尹澄溪，中国人民大学
银行与融资- Room 1-306, 3/F Building 1, PBC School of Finance
杨之曙，清华大学经济管理学院
张学勇，中央财经大学
吴雨玲，中央财经大学
郑 轶，珠海华润银行
夏 雪，中山大学管理学院
徐莉萍，中山大学管理学院
滕 飞，中山大学管理学院
黄柏翔，中国光大集团、清华大学五道口金融学院
李詩政，台湾元智大学
何恭政，中南财经政法大学
刘京军，中山大学岭南学院
黎智滔，中山大学岭南学院
评论人：
王 雪，中国人民大学
王锦阳，清华大学经济管理学院
姜富伟，中央财经大学
曾诗鸿，北京工业大学
Saturday, July 2, 2016, 3:30 pm - 5:00 pm
Corporate Finance- Room 1-100, 1/F Building 1, PBC School of Finance
Xuan Tian, PBC School of Finance, Tsinghua University
The Real Effect of Privatization: Evidence from China’s Split Share Structure Reform
Yongxian Tan, Shanghai University of Finance and Economics
Xuan Tian, PBC School of Finance, Tsinghua University
Xinde Zhang, Shanghai University of Finance and Economics
Hailong Zhao, PBC School of Finance, Tsinghua University
Capital Structure Misallocation
Toni Whited, University of Michigan and NBER
Jake Zhao, Stony Brook University
Political Uncertainty and Cash Holdings: Evidence from China
Kam C. Chan, Western Kentucky University
Qinyuan Chen, Renmin University of China
Nianhang Xu, Renmin University of China
Deqiu Chen, University of International Business and Economics
Huasheng Gao, Nanyang Technological University
Jiang Luo, Nanyang Technological University
Discussants:
Chen Lin, The University of Hong Kong
Shaojun Zhang, The University of Hong Kong
Bo Li, PBC School of Finance, Tsinghua University
Hailong Zhao, PBC School of Finance, Tsinghua University
Shadow Banking- Room 1-200, 2/F Building 1, PBC School of Finance
Laura Xiaolei Liu, Guanghua Management School, Peking University
Subnational Debt of China: The Politics-Finance Nexus
Haoyu Gao, City University of Hong Kong and Chinese Academy of Science
Hong Ru, Nanyang Technological University
Dragon Yongjun Tang, The University of Hong Kong
Liquidity Regulation and Unintended Financial Transformation in China
Kinda Hachem, University of Chicago Booth School of Business and NBER
Zheng Michael Song, The Chinese University of Hong Kong
In The Shadow of Banks: Wealth Management Products and Issuing Banks’ Risk in China
Viral V. Acharya, Stern School of Business, New York University
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Zhishu Yang, School of Economics and Management, Tsinghua University
Shadow Banking: China's Dual-Track Interest Rate Liberalization
Hao Wang, School of Economics and Management, Tsinghua University
Honglin Wang, Hong Kong Institute for Monetary Research
Lisheng Wang, The Chinese University of Hong Kong
Hao Zhou, PBC School of Finance, Tsinghua University
Discussants:
Ruichang Lu, Guanghua School of Management, Peking University
Lu Zhang, Fisher College of Business, The Ohio State University
Hong Ru, Nanyang Technological University
Qi Liu, Guanghua School of Management, Peking University
投资者群体与A股市场- Room1-306, 3/F Building 1, PBC School of Finance
张学勇，中央财经大学
孙书娜，复旦大学
孙 谦，复旦大学
刘京军，中山大学
熊和平，武汉大学
门 垚，清华大学五道口金融学院
评论人：
黄瑜琴，中央财经大学
门 垚，清华大学五道口金融学院
孙书娜，复旦大学
Saturday, July 2, 2016, 5:30 pm - 8:00 pm
Conference Dinner - Cafeteria, B1/F Building 3, PBC School of Finance
Sunday, July 3, 2016, 8:30 am - 10:00 am
Corporate Finance-Anti-Corruption-Room1-100, 1/F Building 1, PBC School of Finance
Chen Lin, The University of Hong Kong
Contagion or Competitive Effects of Anti-corruption? Evidence from China
Bo Li, PBC School of Finance, Tsinghua University
Zhengwei Wang, PBC School of Finance, Tsinghua University
Jun Yang, Indiana University
Is the Chinese Anti-Corruption Campaign Effective?
John Griffin, McCombs School of Business, University of Texas, Austin
Clark Liu, PBC School of Finance, Tsinghua University
Tao Shu, Terry College of Business, University of Georgia
Corruption and Corporate Financial Policy: Evidence from Politician Downfalls in China
Haohan Ren, The Chinese University of Hong Kong
Xiaofeng Zhao, The Chinese University of Hong Kong
The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China
Zhe Li, Renmin University of China
Massimo Massa, INSEAD
Nianhang Xu, Renmin University of China
Hong Zhang, PBC School of Finance, Tsinghua University
Discussants:
Bohui Zhang, The University of New South Wales
Hong Ru, Nanyang Technological University
Hong Zhang, PBC School of Finance, Tsinghua University
Huasheng Gao, Nanyang Technological University
汇率与资本流动- Room 1-200, 2/F Building 1, PBC School of Finance
王 健，香港中文大学（深圳）
杨小海，复旦大学
刘红忠，复旦大学
王弟海，复旦大学
肖 潇，西南财经大学
张 璟，西南财经大学
刘晓辉，西南财经大学
王雅琦，中央财经大学
卢 冰，中央财经大学
鞠建东，上海财经大学
魏尚进，亚洲发展银行
林 曙，复旦大学
黎 丽，上海财经大学
聂光宇，上海财经大学
评论人：
邹静娴，北京大学国家发展研究院
林 曙，复旦大学
李 杰，中央财经大学
王 健，香港中文大学（深圳）
市场有效性- Room 1-306, 3/F Building 1, PBC School of Finance
刘玉珍，北京大学光华管理学院
韩 乾，厦门大学
梁巨方，厦门大学
黄柏翔，中国光大集团、清华大学五道口金融学院
万丽梅，中国证监会中证金融研究院
周书仪，中央财经大学
2015中国股市激荡中是否存在信息泄露——基于降息降准的自然实验
叶彦艺，中国科学院
王 云，中国科学院
万 谍，浙江工商大学
杨晓光，中国科学院
姚东旻，中央财经大学
张日升，中央财经大学
李嘉晟，中央财经大学
评论人：
边江泽，对外经济贸易大学
吴偎立，中央财经大学
胡聪慧，对外经济贸易大学
汪小圈，北京大学光华管理学院
Sunday, July 3, 2016, 10:30 am - 12:00 pm
Sun Yefang Financial Innovation Awards Ceremony- Room 3-300, 3/F Building 3, PBC School of Finance
Sunday, July 3, 2016, 12:00 pm - 1:30 pm
Conference Lunch- Cafeteria, B1/F Building 3, PBC School of Finance
2016 SUN YEFANG FINANCIAL INNOVATION AWARDS CEREMONY
2016年度孙冶方金融创新奖颁奖典礼议程
7月3日上午10:30-12:00
主办单位：孙冶方经济科学基金会
学术支持：清华大学五道口金融学院
支持单位：中国金融期货交易所
主持人：周 皓 清华大学五道口金融学院副院长、紫光讲席教授，清华大学国家金融研究院副院长
10:30-10:35 主持人介绍到场嘉宾并介绍评奖过程
10:35-10:40 致辞
李剑阁 孙冶方经济科学基金会理事长，清华大学国家金融研究院联席院长，中央汇金投资有限责任公司副董事长，广东以色列理工学院校长
10:40-10:45 致辞
鲁东升 中国金融期货交易所副总经理
10:45-11:20 颁奖
颁奖嘉宾：
李剑阁 孙冶方经济科学基金会理事长，清华大学国家金融研究院联席院长，中央汇金投资有限责任公司副董事长，广东以色列理工学院校长
吴晓灵 清华大学五道口金融学院理事长兼院长，清华大学国家金融研究院联席院长
11:20-11:35 著作奖获奖代表演讲
刘锡良 西南财经大学校长助理
11:35-11:45 中文论文奖获奖代表演讲
甘 犁 美国德克萨斯农工大学经济系终身教授、西南财经大学与管理研究院院长
11:45-11:55 英文论文奖获奖代表演讲
刘 铮 上海高级金融学院特聘教授
12:00 宣布颁奖典礼结束