IMPORTANT DATES
  • November 2, 2016 - February 15, 2017
  • Paper Submission
  • April 26, 2017
  • Notice of Acceptance

  • May 20 - June 20, 2017
  • Hotel Reservation

  • May 20 - July 2, 2017
  • Conference Registration

2017 CHINA FINANCIAL RESEARCH CONFERENCE PROGRAM

July 10-11, 2017
Beijing, China

 

Sunday, July 9, 2017, 6:00 pm- 7:30 pm

Conference ReceptionShenyang 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?

  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

  杰,杜伦大学

 

评论人:

黄瑜琴,中央财经大学

  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 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, Financing Structure and Growth

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

  静,复旦大学

  鹏,华东政法大学

  萌,中欧国际工商学院

 

企业集团、违规处罚与股价崩盘风险

  雪,中山大学

  飞,中山大学

  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

  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      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

  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?

  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 Kellogg 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

  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

  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 Valuation Premium

Geert Bekaert, Columbia University

Xiaoyan Zhang, PBC School of Finance, Tsinghua 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

Pengjie Gao, University of Notre Dame

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

    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  

  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   

  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

  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


IPOA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

  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

  平,电子科技大学

  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

  杰,杜伦大学

 

评论人:

  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