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 DETAILS
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
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
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
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
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
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
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
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
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
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
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 am - 12:15 pm
Political Economy of Finance - Room 1-100, 1/F Building 1
Laura Xiaolei Liu, Peking University
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
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
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