2017 China Financial Research Conference Program
2017 CHINA FINANCIAL RESEARCH CONFERENCE PROGRAM
July 10-11, 2017
Beijing, China
Sunday, July 9, 2017, 6:00 pm- 7:30 pm
Conference Reception- Shenyang Ballroom, 7/F, Liaoning International Hotel
Monday, July 10, 2017, 8:30 am - 10:15 am
Chinese Debt Market - Room 1-100, 1/F Building 1, PBC School of Finance
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Tackling Corporate Debt and Achieving Productivity Gains-The Central Role of State-owned Enterprises
W. Raphael Lam, International Monetary Fund
Yuyan Tan, International Monetary Fund
Zhibo Tan, Fudan University
Alfred Schipke, International Monetary Fund
Implicit Government Guarantee and the Pricing of Chinese LGFV Debt
Laura Xiaolei Liu, Guanghua Management School, Peking University
Yuanzhen Lyu, Guanghua Management School, Peking University
Fan Yu, Claremont McKenna College
Are Chinese Credit Ratings Relevant? A Study of the Chinese Bond Market and Credit Rating Industry
Miles Livingston, University of Florida
Winnie P.H. Poon, Lingnan University
Lei Zhou, Northern Illinois University
Discussants:
Hong Ru, Nanyang Technological University
Zheng (Michael) Song, The Chinese University of Hong Kong
Haoyu Gao, Central University of Finance and Economics
Investor Behavior - Room 1-200, 2/F Building 1, PBC School of Finance
Liyan Yang, University of Toronto
Informed Trading Volume and Asset Prices: The Role for Aggressive Investors
Christian T. Lundblad, University of North Carolina at Chapel Hill
Zhishu Yang, School of Economics and Management, Tsinghua University
Qi (Jacky) Zhang, Durham University
Bubble-Creating Stock Market Attacks: Widespread Evidence from the Chinese Stock Market
Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Ziyang Geng, Shanghai Pudong Development Bank
Investments under Fast-Thinking: Evidence from Peer-to-Peer Lending
Li Liao, PBC School of Finance, Tsinghua University
Zhengwei Wang, PBC School of Finance, Tsinghua University
Jia Xiang, PBC School of Finance, Tsinghua University
Jun Yang, Indiana University
Discussants:
Hongjun Yan, DePaul University
Bing Han, University of Toronto
Lin Peng, The City University of New York
公司治理 - Room 1-306, 3/F Building 1,PBC School of Finance
林晨，香港大学
CEO的文革经历与公司盈余管理——来自老三届群体的证据
赵天悦，暨南大学
叶德珠，暨南大学
官员到访能助力企业债务融资？
洪 群，闽南师范大学
戴亦一，厦门大学
我国上市公司“小股民起义”现象的影响因素与经济后果
郑志刚，中国人民大学
石丽娜，中国人民大学
黄继承，中国人民大学
郭 杰，杜伦大学
评论人：
黄瑜琴，中央财经大学
李 波，清华大学五道口金融学院
孔东民，中南财经政法大学
Monday, July 10, 2017, 10:30 am - 12:15 pm
China Economy Focus - Room 1-100, 1/F Building 1, PBC School of Finance
Zheng (Michael) Song, The Chinese University of Hong Kong
Household Finance in China
Russell Cooper, The Pennsylvania State University and NBER
Guozhong Zhu, University of Alberta
Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program
Clark Liu, PBC School of Finance, Tsinghua University
Shujing Wang, Shanghai Finance University
K.C. John Wei, The Hong Kong Polytechnic University
Intranational and International Consumption Risk Sharing and Frictions in China
Meixin Guo, School of Economics and Management, Tsinghua University
Lin Lu, School of Economics and Management, Tsinghua University
Discussants:
Fudong Zhang, PBC School of Finance, Tsinghua University
Yi Huang, Graduate Institute of International and Development Studies
Kang Shi, The Chinese University of Hong Kong
International Trade - Room 1-200, 2/F Building 1, PBC School of Finance
Jiandong Ju, PBC School of Finance, Tsinghua University
Trade Reforms and Current Account Imbalances
Jiandong Ju, PBC School of Finance, Tsinghua University
Kang Shi, The Chinese University of Hong Kong
Shang-Jin Wei, Columbia University
Chinese Imports and U.S. Innovation: Evidence from the US-China Permanent Normal Trade Relation
Tao Chen, Nanyang Technological University
Huasheng Gao, Nanyang Technological University
Yuxi Wang, Nanyang Technological University
Trade Credit and its Amplification Effect
Junjie Xia, University of Southern California
Discussants:
Changhua Yu, National School of Development, Peking University
Faqin Lin, Central University of Finance and Economics
Wenlan Luo, School of Economics and Management, Tsinghua University
公司金融 - Room 1-306, 3/F Building 1, PBC School of Finance
高芃劼，圣母大学
高新企业“变形记”——基于减税激励的研发操纵行为研究
杨国超，中南财经政法大学
刘 静，复旦大学
廉 鹏，华东政法大学
芮 萌，中欧国际工商学院
企业集团、违规处罚与股价崩盘风险
夏 雪，中山大学
滕 飞，中山大学
辛 宇，中山大学
分析师研究报告负面信息披露与股价崩盘风险
伊志宏，中国人民大学
陈钦源，中国人民大学
朱 琳，中国人民大学
评论人：
杜茜茜，西南财经大学
张少君，俄亥俄州立大学
刘碧波，清华大学五道口金融学院
Monday, July 10, 2017, 12:15 pm – 12:50 pm
Conference Lunch - Cafeteria, B1/F Building 3, PBC School of Finance
Monday, July 10, 2017, 1:00 pm – 1:45 pm
Keynote Speech - Room 3-300, 3/F Building 3, PBC School of Finance
Justin Yifu Lin Director, Center for New Structural Economics, Peking University; Professor and Honorary Dean, National School of Development, Peking University
Monday, July 10, 2017, 1:45 pm – 1:50 pm
New Structural Financial Economics Best Paper Awards
Monday, July 10, 2017, 2:00 pm - 3:45 pm
Corruption and Politics - Room 1-100, 1/F Building 1, PBC School of Finance
Laura Xiaolei Liu, Guanghua School of Management, Peking University
China’s Anti-corruption Campaign and Credit Reallocation from SOEs to PEs
Bo Li, PBC School of Finance, Tsinghua University
Zhengwei Wang, PBC School of Finance, Tsinghua University
Hao Zhou, PBC School of Finance, Tsinghua University
How Do Strong Anti-Corruption Actions Affect Firms? - Evidence from the stock market
Haoyuan Ding, Shanghai University of Finance and Economics
Hanming Fang, University of Pennsylvania
Shu Lin, Fudan University
Kang Shi, The Chinese University of Hong Kong
Politically Motivated Corporate Decisions: Evidence from China
David Feldman, The University of New South Wales
Jiaming Li, The University of New South Wales
Konark Saxena, The University of New South Wales
Discussants:
Ping Jiang, University of International Business and Economics
Cong Wang, China Europe International Business School
Shujing Wang, Shanghai Finance University
Pollution- Room 1-200, 2/F Building 1, PBC School of Finance
Hong Zhang, PBC School of Finance, Tsinghua University
Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China
Jennifer (Jie) Li, INSEAD
Massimo Massa, INSEAD
Hong Zhang, PBC School of Finance, Tsinghua University
Jian Zhang, Hong Kong Baptist University
Pollution and Performance: Do Investors Make Worse Trades on Hazy Days?
Jiekun Huang, University of Illinois at Urbana-Champaign
Nianhang Xu, Renmin University of China
Honghai Yu, Nanjing University
Is Air-Quality a Risk Factor that Affects Stock Returns?
Bo Liu, Zhejiang University
Yexiao Xu, The University of Texas at Dallas
Discussants:
Tao Chen, Nanyang Technological University
Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Nianhang Xu, Renmin University of China
银行与新结构经济学 - Room 1-306, 3/F Building 1, PBC School of Finance
王勇，北京大学新结构经济学研究中心
企业规模、银行规模与最优银行业结构——基于新结构经济学的视角
林毅夫，北京大学国家发展研究院
张一林，西南财经大学
龚 强，中南财经政法大学
金融结构——技术水平匹配度与经济发展
曾繁清，暨南大学
叶德珠，暨南大学
我国传统银行开展中小微金融活动：社会责任还是商业驱动？
李 焰，中国人民大学
施佳宏，中国人民大学
评论人：
任晓猛，浙江大学、北京大学
孙希芳，华南理工大学
华秀萍，宁波诺丁汉大学
Monday, July 10, 2017, 4:00 pm - 5:45 pm
Banks and Credits - Room 1-100, 1/F Building 1, PBC School of Finance
Zhiguo He, The University of Chicago Booth School of Business
Rise of Bank Competition: Evidence from Banking Deregulation in China
Haoyu Gao, Central University of Finance and Economics
Hong Ru, Nanyang Technological University
Robert M. Townsend, Massachusetts Institute of Technology
Xiaoguang Yang, Chinese Academy of Sciences
Credit Allocation under Economic Stimulus: Evidence from China
Lin William Cong, The University of Chicago Booth School of Business
Jacopo Ponticelli, Northwestern University and CEPR
The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
Zhuo Chen, PBC School of Finance, Tsinghua University
Zhiguo He, The University of Chicago Booth School of Business
Chun Liu, School of Economics and Management, Tsinghua University
Discussants:
Zhiguo He, The University of Chicago Booth School of Business
Hao Wang, School of Economics and Management, Tsinghua University
Hong Ru, Nanyang Technological University
IPOs and Chinese Stocks - Room 1-200, 2/F Building 1, PBC School of Finance
Dong Lou, The London School of Economics and Political Science
Why Don’t Share Issue Privatizations Improve Profitability in China?
Bo Li, Shantou University
William L. Megginson, University of Oklahoma
Zhe Shen, Xiamen University
Qian Sun, Fudan University
Rent Seeking, Brokerage Commissions, and Pricing and Share Allocation in Initial Public Offerings
Thomas J. Chemmanur, Boston College
Bibo Liu, PBC School of Finance, Tsinghua University
Xuan Tian, PBC School of Finance, Tsinghua University
De-Leverage and Illiquidity Contagion
Conghui Hu, University of International Business and Economics
Yu-Jane Liu, Guanghua School of Management, Peking University
Ning Zhu, PBC School of Finance, Tsinghua University
Discussants:
Chengxi Yin, Renmin University of China
Yongxiang Wang, The University of Southern California
Wenxi Jiang, The Chinese University of Hong Kong
汇率和贸易 - Room 1-306, 3/F Building 1, PBC School of Finance
林曙，复旦大学
央行行为、人民币汇率与波动性特征——基于高频数据证据
杨 璐，中南财经政法大学
陈梦龙，中南财经政法大学
汇率制度选择与经济发展水平——基于新凯恩斯模型的分析
崔红宇，南开大学
陈镜宇，南开大学
中国的贸易顺差、出口缺口与人民币套息
张定胜，中央财经大学
赵文霞，中央财经大学
评论人：
丁剑平，上海财经大学
苟 琴，中央财经大学
郭美新，清华大学经济管理学院
Monday, July 10, 2017, 6:00 pm – 6:45 pm
Keynote Speech - Room 3-300, 3/F Building 3, PBC School of Finance
Jiang Wang Mizuho Financial Group Professor, MIT Sloan School of Management; Research Associate, NBER; Chair of Academic Advisory Council, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Monday, July 10, 2017, 6:45 pm – 7:00 pm
CFRC Best Paper Awards
Monday, July 10, 2017, 7:00 pm – 8:30 pm
Conference Dinner- Cafeteria, B1/F Building 3, PBC School of Finance
Tuesday, July 11, 2017, 8:30 am - 10:15 am
Chinese Stocks in Cross Section - Room 1-100, 1/F Building 1, PBC School of Finance
Christian T. Lundblad, The University of North Carolina at Chapel Hill
The Profitability and Investment Factors in Chinese Stock Market
Fangfang Hou, The Hong Kong Polytechnic University
Shaojun Zhang, The Hong Kong Polytechnic University
The Role of Analysts: An Examination of the Idiosyncratic Volatility Anomaly in the Chinese Stock Market
Ming Gu, Xiamen University
George J. Jiang, Washington State University
Bu Xu, Beijing University of Chemical Technology
The China Equity Valuation Premium
Geert Bekaert, Columbia University
Xiaoyan Zhang, PBC School of Finance, Tsinghua University
Zhaojin Chen, Purdue University
Discussants:
Erica X.N. Li, Cheung Kong Graduate School of Business
Jinghan Meng, The University of Hong Kong
Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Circuit Breakers and Market Meltdown- Room 1-200, 2/F Building 1, PBC School of Finance
Hui Chen, Massachusetts Institute of Technology and NBER
Saving China’s Stock Market
Yi Huang, Graduate Institute of International and Development Studies
Jianjun Miao, Boston University
Pengfei Wang, The Hong Kong University of Science and Technology
The Magnet Effect of Circuit Breakers: A Role of Price Jumps and Market Liquidity
Zhihong Jian, Huazhong University of Science and Technology
Shuai Wu, Huazhong University of Science and Technology
Jie Zhou, Bank of Canada
A Dynamic Model of Circuit Breakers
Hui Chen, Massachusetts Institute of Technology and NBER
Anton Petukhov, Massachusetts Institute of Technology
Jiang Wang, Massachusetts Institute of Technology and NBER
Discussants:
Zheng (Michael) Song, The Chinese University of Hong Kong
Zhenyu Gao, The Chinese University of Hong Kong
Liyan Yang, University of Toronto
宏观调控- Room 1-306, 3/F Building 1, PBC School of Finance
施康，香港中文大学
再平衡：去杠杆与稳增长——基于存量-流量一致模型的分析
陈达飞，复旦大学
邵 宇，东方证券
杨小海，复旦大学
外部冲击对我国通货膨胀的非对称传导效应——基于非线性ARDL模型的分析
刘 玲，湖南大学
陈乐一，湖南大学
李玉双，嘉兴学院
宏观调控中的预期管理机制——基于央行沟通与企业投资的微观证据
陈 瑶，北京大学汇丰商学院
林建浩，中山大学
评论人：
李玉双，嘉兴学院
陈 瑶，北京大学汇丰商学院
陈达飞，复旦大学
Tuesday, July 11, 2017, 10:30 am - 12:15 pm
Macro and Currency - Room 1-100, 1/F Building 1, PBC School of Finance
Erica X.N. Li, Cheung Kong Graduate School of Business
China’s Financial System in Equilibrium
Jie Luo, School of Economics and Management, Tsinghua University
Cheng Wang, Fudan University
Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy
Steven Wei Ho, Columbia University
Ji Zhang, PBC School of Finance, Tsinghua University
Hao Zhou, PBC School of Finance, Tsinghua University
Structural Change and the Dynamics of China-US Real Exchange Rate
Yong Wang, The Hong Kong University of Science and Technology
Juanyi Xu, The Hong Kong University of Science and Technology
Xiaodong Zhu, University of Toronto
Discussants:
Xuewen Liu, The Hong Kong University of Science and Technology
Yufan Huang, Capital University of Economics and Business
Changhua Yu, National School of Development, Peking University
Political Connections - Room 1-200, 2/F Building 1, PBC School of Finance
Bohui Zhang, The University of New South Wales
Involuntary Political Connections and Firm Outcomes
Ran Duchin, University of Washington
Zhenyu Gao, The Chinese University of Hong Kong
Haibing Shu, Antai College of Economics and Management, Shanghai Jiao Tong University
The Dark Side of Political Connections in Financing: Evidence from the Use of Trade Credit in China
Nan Xu, Southwestern University of Finance and Economics
Jing Cai, Southwestern University of Finance and Economics
Nan Gao, Zhongnan University of Economics and Law
Gary Gang Tian, Macquarie University
The Political Cycle of Corporate Investments: New Evidence from Chinese Manufacturing Firms
Laura Xiaolei Liu, Guanghua School of Management, Peking University
Haibing Shu, Antai College of Economics and Management, Shanghai Jiao Tong University
Shujing Wang, Shanghai Finance University
K.C. John Wei, The Hong Kong Polytechnic University
Discussants:
Ronald W. Masulis, The University of New South Wales
Jongsub Lee, University of Florida
Fei Xie, University of Delaware
IPO与A股市场- Room 1-306, 3/F Building 1, PBC School of Finance
刘玉珍，北京大学光华管理学院
IPO管制溢价与资源配置效率
屈源育，清华大学经济管理学院
沈 涛，清华大学经济管理学院
吴卫星，对外经济贸易大学
杠杆交易、市场流动性与股价涨停——基于2015年中国股市“暴涨”的实证研究
汤怀林，电子科技大学
李 平，电子科技大学
曾 勇，电子科技大学
廖静池，深圳证券交易所综合研究所
参考点选择与攀比行为：基于IPO的投资者卖出行为研究
武佳薇，中证金融研究院
汪昌云，中国人民大学
郭 杰，杜伦大学
评论人：
刘 琦，北京大学光华管理学院
胡聪慧，对外经济贸易大学
许年行，中国人民大学
Tuesday, July 11, 2017, 12:15 pm – 1:00 pm
Conference Lunch - Cafeteria, B1/F Building 3, PBC School of Finance