2015年中国国际金融年会将于2015年7月9日至12日在深圳召开。中国国际金融年会旨在为全球的金融学者提供一个高水平的开放平台，以促进相互之间的交流，探讨金融领域最新的研究动态。

中国国际金融年会由麻省理工学院斯隆管理学院和清华大学中国金融研究中心创建，自2002年第一次举办以来，已成为世界上影响深远的金融学术盛会。

（2015中国金融国际年会）

中国国际金融年会的论文选题涉及金融学术的各个领域，特别诚邀涉及中国及亚太地区金融市场的学术论文。年会采用国际会议惯例，交流语言为英语，年会专门设置中文分会场，以便于中文论文的宣讲和讨论。

创办主办单位: 

麻省理工学院斯隆管理学院（MIT Sloan School of Management）

清华大学中国金融研究中心

共同主办单位: 

上海交通大学上海高级金融学院

参会费：

费用1（包括午餐和晚餐）     400美元
费用2（只参会）           100美元

Thursday, July 9, 2015  
2:00 pm – 5:00 pm 
TCW Forum, China's Financial Dream Rouses Global Markets 
6:00 pm – 7:30 pm 
Conference Reception  

Friday, July 10, 2015, 8:30 am-10:00 am 
 
Social Network and Asset Pricing 
Henry Cao, Cheung Kong Graduate School of Business 
 
Learning about the Neighborhood: Supply Elasticity and Housing Cycles 
Zhenyu Gao, Chinese University of Hong Kong 
Michael Sockin, Princeton University 
Wei Xiong, Princeton University 
 
Guru Dreams vs. Competition: An Anatomy of the Economics of Blogs 
Yi Dong, University of International Business and Economics 
Massimo Massa, INSEAD 
Hong Zhang, PBC School of Finance, Tsinghua University 
 
Overlapping Information Production about Asset-Backed Securitizations 
Artem Neklyudov, University of Lausanne and SFI 
 
A Theory of Conversations in Financial Market 
Zhanhui Chen, Nanyang Technological University 
Jiang Luo, Nanyang Technological University 
Chongwu Xia, Nanyang Technological University 
 
Discussants: 
Xuewen Liu, Hong Kong University of Science and Technology 
Zhi Da, University of Notre Dame 
Zhigang Qiu, Renmin University of China 
Dongyan Ye, Cheung Kong Graduate School of Business 2 
 
Innovation 
Xuan Tian, Indiana University and PBC School of Finance, Tsinghua University 
 
Does Workplace Discrimination Impede Innovation? 
Huasheng Gao, Nanyang Technological University 
Wei Zhang, Shanghai University of Finance and Economics 
 
The New Lyrics of the Old Folks: The Role of Family Ownership in 
Corporate Innovation 
Po-Hsuan Hsu, University of Hong Kong 
Sterling Huang, Singapore Management University 
Massimo Massa, INSEAD 
Hong Zhang, INSEAD 
 
Does Market Overvaluation Promote Corporate Innovation? 
Ming Dong, York University 
David Hirshleifer, University of California, Irvine 
Siew Hong Teoh, University of California, Irvine 
 
The Dark Side of News Coverage: Evidence from Corporate Innovation 
Lili Dai, Australian National University 
Rui Shen, Nanyang Technological University 
Bohui Zhang, University of New South Wales 
 
Discussants: 
Tao Shu, University of Georgia and Hong Kong University of Science and 
Technology 
Chaopeng Wu, Xiamen University 
Tao Chen, Nanyang Technological University 
Laura Xiaolei Liu, Guanghua School of Management, Peking University 
 
Lending Markets 
Sumit Agarwal, National University of Singapore 
 
Unintended Effects of the TARP Program: Evidence from Relationship 
Borrowers of the TARP Recipient Banks 
Yupeng Lin, City University of Hong Kong 
Xin Liu, Australian National University 
Anand Srinivasan, National University of Singapore 

Entrusted Loans: A Close Look at China’s Shadow Banking System 
Franklin Allen, University of Pennsylvania 
Yiming Qian, University of Iowa 
Guoqian Tu, Chongqing University 
Frank Yu, China Europe International Business School 
 
Small Firm Lending Relationships and Liquidity Insurance: The Role of 
Small and Large Banks and How They Change 
Allen Berger, University of South Carolina 
Christa Bouwman, Texas A&M University 
Dasol Kim, Case Western Reserve University 
 
A Peek into the Shadow: A Loan-Level Investigation of Chinese Shadow 
Banks 
Waiming Fong, Chinese University of Hong Kong 
Ming Liu, Chinese University of Hong Kong 
Xiaojian Yu, South China University of Technology 
 
Discussants: 
Sheng Huang, Singapore Management University 
Yunqi Zhang, National University of Singapore 
Jia He, Nankai University 
Ruichang Lu, Guanghua School of Management, Peking University 
 
Return Predictability 
Yuhang Xing, Rice University 
 
Industry Interdependencies and Cross-Industry Return Predictability 
David Rapach, Saint Louis University 
Jack Strauss, University of Denver 
Jun Tu, Singapore Management University 
Guofu Zhou, Washington University in St. Louis 
 
The Term Structure of Equity Returns: Risk or Mispricing? 
Michael Weber, University of Chicago 
 
Growth Expectations, Dividend Yields, and Future Stock Returns 
Zhi Da, University of Notre Dame 
Ravi Jagannathan, Northwestern University 
Jianfeng Shen, University of New South Wales 4  
 
Discussants: 
George Aragon, Arizona State University 
Justin Birru, Ohio State University 
Jianfeng Hu, Singapore Management University 
 
Asset Pricing: Derivatives 
Guofu Zhou, Washington University in St. Louis 
 
Dispersion in Option Traders’ Expectations and Stock Return 
Predictability 
Panayiotis Andreou, Cyprus University of Technology and Durham University 
Anastasios Kagkadis, Lancaster University 
Paulo Maio, Hanken School of Economics 
Dennis Philip, Durham University 
 
Informed Options Trading Prior to Bankruptcy Filings 
Li Ge, Monash University 
Jianfeng Hu, Singapore Management University 
Mark Humphery-Jenner, University of New South Wales 
Tse-Chun Lin, University of Hong Kong 
 
Trading and Information in Futures Markets 
Guillermo Llorente-Alvarez, Universidad Autonoma de Madrid 
Jiang Wang, Massachusetts Institute of Technology 
 
Option Trading Costs Are Lower Than You Think 
Dmitriy Muravyev, Boston College 
Neil Pearson, University of Illinois at Urbana-Champaign 
 
Discussants: 
Fuwei Jiang, Central University of Finance and Economics 
Hai Lin, Victoria University of Wellington 
Yingzi Zhu, School of Economics and Management, Tsinghua University 
Chayawat Ornthanalai, Rotman School of Management

宏观与国际金融 
汤珂, 清华大学社会科学学院 
 
支持还是干预？—“四万亿投资”政策对企业投资效率的影响 
黄海杰, 复旦大学 
吕长江, 复旦大学 
 
中国高储蓄率的测度与动态影响机制研究 
刘尧成, 苏州大学 
顾淳, 苏州大学 
 
资本账户自由化、实际资本控制与汇率制度选择 
刘晓辉, 西南财经大学 
张璟, 西南财经大学 
甘顺利, 湖南师范大学 
 
影子银行、货币乘数与货币调控政策 
何平, 清华大学经济管理学院 
刘泽豪, 清华大学经济管理学院 
方志玮, 清华大学学五道口金融学院 
 
评论人： 
吴卫星, 对外经济贸易大学 
萧育仁, 国立东华大学 
王立升, 香港中文大学 
张龙耀, 南京农业大学 
 
Friday, July 10, 2015, 10:30 am – 12:00 noon 
 
Politics and Uncertainties 
Brandon Julio, University of Oregon 
 
Political Connections and Corporate Investments: Evidence from the 
Recent Anti-Corruption Campaign in China 
Xiaofei Pan, University of Wollongong 
Gary Tian, University of Wollongong 
 
Political Uncertainty and Cross-Border Acquisitions 
Chunfang Cao, Southwestern University of Finance and Economics 
Xiaoyang Li, Cheung Kong Graduate School of Business 
Guilin Liu, University of Hong Kong 
 
Institutions and Incentives to Innovate: Economic Growth and Optimal 
Regulation 
Kose John, New York University 
Vinay Nair, Ada Investment Management 
Lemma Senbet, University of Maryland

Lobbying in Mergers and Acquisitions 
Peter Roosenboom, Erasmus University 
Eden Zhang, Erasmus University 
 
Discussants: 
Pat Akey, University of Toronto 
Tiecheng Leng, Singapore Management University 
Zhong Zhang, City University of Hong Kong 
Alminas Zaldokas, Hong Kong University of Science and Technology 
 
Mutual Funds 
Bing Han, University of Toronto 
 
Which Risk Factors Matter to Investors? Evidence from Mutual Fund 
Flows 
Brad Barber, University of California, Davis 
Xing Huang, Michigan State University 
Terrance Odean, University of California, Berkeley 
 
On the Flow-Performance Relations among Delegated Institutional 
Portfolios 
Xi Li, Hong Kong University of Science and Technology 
Tong Yao, University of Iowa 
Zhe Zhang, Singapore Management University 
 
Is It Who You Know or What You Know? Evidence from IPO 
Allocations and Mutual Fund Performance 
Chuan Yang Hwang, Nanyang Business School 
Sheridan Titman, University of Texas at Austin 
Yuxi Wang, Nanyang Technological University 
 
Mutual Fund Investment Horizon and Performance 
Chunhua Lan, University of New South Wales 
Fabio Moneta, Queen’s University 
Russ Wermers, University of Maryland 
 
Discussants: 
Kelsey Wei, University of Texas at Dallas 
Yang Sun, University of Hong Kong 
Lu Zheng, University of California, Irvine 
Chishen Wei, Nanyang Technological University

Credit Risk 
Neng Wang, Columbia University 
 
Forecasting Corporate Bond Returns: A Regressed Combination 
Approach 
Hai Lin, Victoria University of Wellington 
Chunchi Wu, University at Buffalo 
Guofu Zhou, Washington University in St. Louis 
 
Do Distributional Characteristics of Corporate Bonds Predict Their 
Future Returns? 
Jennie Bai, Georgetown University 
Turan Bali, Georgetown University 
Quan Wen, Georgetown University 
 
Option-Based Credit Spreads 
Christopher Culp, University of Chicago 
Yoshio Nozawa, Federal Reserve Board 
Pietro Veronesi, University of Chicago 
 
Exploring the Sources of Default Clustering 
Shahriar Azizpour, Apollo Global Management 
Kay Giesecke, Stanford University 
Gustavo Schwenkler, Boston University 
 
Discussants: 
Fan Yang, University of Hong Kong 
Yuhang Xing, Rice University 
Erica Li, Cheung Kong Graduate School of Business 
Fan Yu, Claremont McKenna College 
 
Corporate Financing 
Murray Frank, University of Minnesota 
 
Mispricing, Costly External Finance, and the Use of Cash Flow 
Xin Chang, Nanyang Business School 
Sudipto Dasgupta, Hong Kong University of Science and Technology 
George Wong, Hong Kong Polytechnic University 
Jiaquan Yao, Xiamen University 
 
How Collateral Laws Shape Lending and Sectoral Activity 
Charles Calomiris, Columbia University 
Mauricio Larrain, Columbia University 
Jose Liberti, DePaul University 
Jason Sturgess, DePaul University 
 
Acquiring Access to Finance 
Jess Cornaggia, Georgetown University 
Jay Li, City University of Hong Kong 
 
The Leverage Externalities of Credit Default Swaps 
Jay Li, City University of Hong Kong 
Dragon Tang, University of Hong Kong 
 
Discussants: 
Zhongyan Zhu, Chinese University of Hong Kong 
Qianqian Du, Hong Kong Polytechnic University 
Florian Heider, European Central Bank 
Andras Danis, Georgia Institute of Technology 
 
Frontier of Rational Asset Pricing 
Jianjun Miao, Boston University 

Information Quality, Heterogeneous Beliefs and Asset Pricing 
Zhenjiang Qin, Southwestern University of Finance and Economics 
Jie Zhu, Shanghai University of Finance and Economics 
Xiaoneng Zhu, Shanghai University of Finance and Economics 
 
The Value and Profitability Premiums 
Liang Ma, University of South Carolina 
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
 
Dynamic Noisy Rational Expectations Equilibria with Anticipative 
Information 
Jerome Detemple, Boston University 
Marcel Rindisbacher, Boston University 
Thu Truong, Boston University 

Optimal Lifecycle Consumption and Investment with Long Term 
Disability Risk and Consumption Ratcheting 
Hong Liu, Washington University in St. Louis 
Yufeng Liu, Washington University in St. Louis 
 
Discussants: 
Shiyang Huang, London School of Economics and Political Science 
Kai Li, Hong Kong University of Science and Technology 
Ming Guo, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Tao Li, City University of Hong Kong 
 
跨市场的金融风险 
张处, 香港科技大学 
 
异质性预期、信念演化与房价波动：一个投资模型分析 
张浩, 中山大学 
李仲飞, 中山大学 
黄宇元, 中山大学 
 
中美股市跳跃自兴奋与波动率集聚特征 
朱福敏, 深圳大学 
吴恒煜, 西南财经大学 
魏相育, 西南财经大学 
 
银行间市场与资本市场流动性的相依性分析 
陈守东，吉林大学 
章秀，吉林大学 
 
不确定性下个股风险特征的政策敏感性分析 
陈国进，厦门大学 
赵向琴，厦门大学 
张润泽，厦门大学 
 
评论人: 
王红林，香港金融管理局 
周倜，香港科技大学 
李刚，香港理工大学 
刘晓蕾，北京大学光华管理学院 
 
Friday, July 10, 2015, 1:00 pm – 2:30 pm 
 
Keynote Speech 
Professor Robert Stambaugh, Wharton School, University of Pennsylvania 
 
Friday, July 10, 2015, 2:45 pm – 4:15 pm 
 
China Focus 
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University 
 
Disguised Corruption: Evidence from Consumer Credit in China 
Sumit Agarwal, National University of Singapore 
Wenlan Qian, National University of Singapore 
Amit Seru, University of Chicago 
Jian Zhang, National University of Singapore 
 
Bogus Joint Liability Groups in Microfinance 
Alexander Karaivanov, Simon Fraser University 
Xiaochuan Xing, School of Economics and Management, Tsinghua University 
Yi Xue, University of International Business and Economics 
 
Shadow Banking: China’s Dual-Track Interest Rate Liberalization 
Hao Wang, School of Economics and Management, Tsinghua University 
Honglin Wang, Hong Kong Monetary Authority 
Lisheng Wang, Chinese University of Hong Kong 
Hao Zhou, PBC School of Finance, Tsinghua University 
 
Fama-French in China: Size and Value Factors in Chinese Stock Returns 
Can Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Yuan Shao, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Grace Xing Hu, University of Hong Kong 
Jiang Wang, Massachusetts Institute of Technology 
 
Discussants: 
Zhangkai Huang, School of Economics and Management, Tsinghua University 
Xian Gu, Central University of Finance and Economics 
Jun Liu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Fangzhou Lu, Massachusetts Institute of Technology

Corporate Governance: Labor and Human Capital 
Dalida Kadyrzhanova, Georgia State University 
 
Director Network and CEO Turnover 
Jeffrey Coles, University of Utah 
Albert Wang, University of Alabama 
Chenqi Zhu, New York University 
 
Executive Market Segmentation: How Local Density Affects Incentive 
and Performance 
Hong Zhao, Arizona State University 
 
Labor Unemployment Risk and CEO Incentive Compensation 
Andrew Ellul, Indiana University 
Cong Wang, Chinese University of Hong Kong 
Kuo Zhang, Chinese University of Hong Kong 20 
  
The Changing Nature of Corporate Board Activity 
Renee Adams, University of New South Wales 
Vanitha Ragunathan, University of Queensland 
Robert Tumarkin, University of New South Wales 
 
Discussants: 
Jun Yang, Indiana University 
Rong Wang, Singapore Management University 
Alminas Zaldokas, Hong Kong University of Science and Technology 
Pedro Matos, University of Virginia 
 
Liquidity 
Jennifer Huang, Cheung Kong Graduate School of Business 
 
Shades of Darkness: A Pecking Order of Trading Venues 
Albert Menkveld, VU University Amsterdam 
Bart Yueshen, INSEAD 
Haoxiang Zhu, Massachusetts Institute of Technology 
 
Trading Fragmentation and Stock Price Performance during the Flash 
Crash 
James Ang, Florida State University 
Kalok Chan, Chinese University of Hong Kong 
Kenneth Hunsader, University of South Alabama 
Shaojun Zhang, Hong Kong Polytechnic University 
 
Fire Sales and Liquidity Provision in the Corporate Bond Market 
Jay Wang, University of Oregon 
Hanjiang Zhang, Nanyang Technological University 
Xinde Zhang, Shanghai University of Finance and Economics 
 
Liquidity Risk and Mutual Fund Performance 
Xi Dong, University of New York 
Shu Feng, Clark University 
Ronnie Sadka, Boston College 
 
Discussants: 
Hongjun Yan, Yale University 
Jiangmin Xu, Guanghua School of Management, Peking University 
Zhuo Chen, PBC School of Finance, Tsinghua University 
Yuehua Tang, Singapore Management University 

Theoretical Asset Pricing 
Mark Loewenstein, University of Maryland 
 
Fluctuating Attention and Contagion: Theory and Evidence from the U.S. 
Equity Market 
Michael Hasler, University of Toronto 
Chayawat Ornthanalai, University of Toronto 
 
A Model of Anomaly Discovery 
Qi Liu, Guanghua School of Management, Peking University 
Lei Lu, Guanghua School of Management, Peking University 
Bo Sun, Federal Reserve Board 
Hongjun Yan, Yale University 
 
Time-Inconsistent Preferences and the Term Structure of Dividend Strips 
Rui Guo, INSEAD 
 
Collateral-Based Asset Pricing 
Roberto Steri, University of Lausanne 
 
Discussants: 
Kai Li, Hong Kong University of Science and Technology 
Zhenjiang Qin, Southwestern University of Finance and Economics 
Shujing Wang, Hong Kong University of Science and Technology and Shanghai 
Finance University 
Shiyang Huang, London School of Economics and Political Science 
 
Micro Theory of Financial Institutions and Money 
Ping He, School of Economics and Management, Tsinghua University 
 
Are Direct Investments by the Federal Reserve a Good Idea? A 
Corporate Finance Perspective 
Hong Chen, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Murray Frank, University of Minnesota 
 
Shadow Banking and Asset Pricing 
Jinji Hao, Washington University in St. Louis 
 
Bank Capital and Credit Cycles 
Nataliya Klimenko, University of Zurich 
Sebastian Pfeil, Goethe University Frankfurt 
Jean-Charles Rochet, University of Zurich  
 
Bank Capital Requirements: A Quantitative Analysis 
Thien Nguyen, The Ohio State University 
 
Discussants: 
Bo Li, PBC School of Finance, Tsinghua University 
Lixin Huang, Georgia State University 
Erica Li, Cheung Kong Graduate School of Business 
Tao Jin, PBC School of Finance, Tsinghua University 
 
资本市场 1
曾勇, 电子科技大学 
 
ST 公司主动戴帽和市场操纵行为研究 
金永红, 华东理工大学 
韩立岩, 北京航天航空大学 
陆星忠, 华东理工大学 
 
流动性不足与极端风险事件：基于有限流动性视角的新解释 
李平, 电子科技大学 
曾勇, 电子科技大学 
燕汝贞, 成都理工大学 
廖静池, 深圳证券交易所 
 
台湾期货保证金改革与新兴市场的比较 
林苍祥, 台湾淡江大学 & 厦门大学 
乔帅, 厦门大学 
郑振龙, 厦门大学 
邱紫华, 厦门大学 
 
股利公告日和除息日的卖空行为研究：基于卖空交易持续期的视角 
刘波, 电子科技大学 
马馨薷，电子科技大学 
曾献瑞, 电子科技大学 
 
评论人： 
孔东民，华中科技大学 
李志生，中南财经政法大学 
朱小能，上海财经大学 
应千伟，四川大学 

Saturday, July 11, 2015, 10:30 am – 12:00 noon 
 
Information and Asset Prices II 
Lin Peng, City University of New York 
 
Can Information be Locked-up? Informed Trading Ahead of Macro-news 
Announcements 
Gennaro Bernile, Singapore Management University 
Jianfeng Hu, Singapore Management University 
Yuehua Tang, Singapore Management University 
 
Communication and Comovement: Evidence from Online Stock Forums 
Lei Jiang, School of Economics and Management, Tsinghua University 
Jinyu Liu, School of Economics and Management, Tsinghua University 
Baozhong Yang, Georgia State University 
 
Are Shorts Equally Informed? A Global Perspective 
Ekkehart Boehmer, Singapore Management University 
Zsuzsa Huszár, National University of Singapore 
Yanchu Wang, Purdue University 
Xiaoyan Zhang, Purdue University 
 
What Does the PIN Model Identify as Private Information? 
Jefferson Duarte, Rice University 
Edwin Hu, Rice University 
Lance Young, University of Washington 
 
Discussants: 
Vivian Yue, Emory University 
Baolian Wang, Fordham University 
Dexin Zhou, Emory University 
Zhi Da, University of Notre Dame 
 
Debt and Taxes 
Kose John, New York University 
 
Customer Risk and Corporate Financial Policy: Evidence from 
Receivables Securitization 
Laura Xiaolei Liu, Guanghua School of Management, Peking University 
Mike Qinghao Mao, Erasmus University 
Greg Nini, Drexel University 
 
Employee Inside Debt and Firm Risk-Taking: Evidence from Employee 
Deposit Programs in Japan. 
Sudipto Dasgupta, Hong Kong University of Science and Technology 
Yupeng Lin, City University of Hong Kong 
Takeshi Yamada, University of Adelaide 
Zilong Zhang, Hong Kong University of Science and Technology 
 
Corporate Tax Havens and Shareholder Value: Evidence from Tax 
Information Exchange Agreements 
Morten Bennedsen, INSEAD 
Stefan Zeume, University of Michigan 
 
Does Information Asymmetry Affect Corporate Tax Aggressiveness? 
Tao Chen, Nanyang Technological University 
Lin Chen, University of Hong Kong 
 
Discussants: 
Edie Hotchkiss, Boston College 
Qiping Xu, University of Chicago 
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, 
Shanghai Jiao Tong University 
Naqiong Tong, HSBC Business School, Peking University 
 
Analyst 
Feng Li, University of Michigan and Shanghai Advanced Institute of Finance, 
Shanghai Jiao Tong University 
 
Does the 52-week High Affect Analyst Recommendation Revisions? 
Lin Chen, University of Hong Kong 
Tse-Chun Lin, University of Hong Kong 
Fengfei Li, University of Hong Kong 
 
On the Performance of Financial Analysts 
Byoung-Hyoun Hwang, Cornell University 
Jose Liberti, Northwestern University 
Jason Sturgess, DePaul University 
 
Do Analysts Read the News? 
Alan Huang, University of Waterloo 
Kaleab Mamo, University of Waterloo 
 
Are All Analysts Created Equal? Industry Expertise and Monitoring 
Effectiveness of Financial Analysts 
Daniel Bradley, University of South Florida 
Sinan Gokkaya, Ohio University 
Xi Liu, Ohio University 
Fei Xie, Clemson University 
 
Discussants: 
Hai Lu, University of Toronto 
Nan Li, University of Toronto 
Qianqian Du, Hong Kong Polytechnic University 
Frank Zhang, Yale University 
 
Commodity Markets 
Wei Xiong, Princeton University 
 
Commodity Financialization: Risk Sharing and Price Discovery in 
Commodity Futures Markets 
Itay Goldstein, University of Pennsylvania 
Liyan Yang, University of Toronto 
 
The Role of Hedgers and Speculators in Liquidity Provision to 
Commodity Futures Markets 
Wenjin Kang, Renmin University of China 
K. Geert Rouwenhorst, Yale University 
Ke Tang, School of Social Science, Tsinghua University 
 
Uncertainty and Capital Investment: Real Options or Financial 
Frictions? 
Hitesh Doshi, University of Houston 
Praveen Kumar, University of Houston 
Vijay Yerramilli, University of Houston 
 
Investor Beliefs and State Price Densities in the Crude Oil Market 
Xuhui (Nick) Pan, Tulane University 

Discussants: 
Hong Liu, Washington University in St. Louis 
Neil Pearson, University of Illinois at Urbana-Champaign 
Jia Chen, Guanghua School of Management, Peking University 
Stephen Figlewski, New York University  
 
Fixed Income Markets 
Haitao Li, Cheung Kong Graduate School of Business 
 
Risk and Return Trade-off in the U.S. Treasury Market 
Eric Ghysels, University of North Carolina at Chapel Hill 
Anh Le, University of North Carolina at Chapel Hill 
Sunjin Park, University of North Carolina at Chapel Hill 
Haoxiang Zhu, Massachusetts Institute of Technology 
 
Tri-Party Repo Pricing 
Grace Xing Hu, University of Hong Kong 
Jun Pan, Massachusetts Institute of Technology 
Jiang Wang, Massachusetts Institute of Technology 
 
Hiding behind Writing: Communication in Offering Process and MBS 
Performance 
Harold Zhang, University of Texas at Dallas 
Feng Zhao, University of Texas at Dallas 
Xiaofei Zhao, University of Texas at Dallas 
 
Hot Money and Quantitative Easing: The Spillover Effects of U.S. 
Monetary Policy on the Chinese Economy 
Steven Ho, Tulane University 
Ji Zhang, PBC School of Finance, Tsinghua University 
Hao Zhou, PBC School of Finance, Tsinghua University 
 
Discussants: 
Xiaoxia Ye, Stockholm University 
Fan Yu, Claremont McKenna College 
Dragon Tang, University of Hong Kong 
Canlin Li, Federal Reserve Board 
 
资本市场 2 
刘玉珍, 北京大学光华管理学院 
 
做空约束导致我国股市被高估了吗？ 
李锐，上海交通大学安泰经济与管理学院 
吴冲锋，上海交通大学安泰经济与管理学院 

增长期权与资产定价：基于生命周期视角 
刘浩，电子科技大学 
曾勇，电子科技大学 
李强，电子科技大学 
 
官员变更与资本市场发展 
佘国满，复旦大学 
罗党论，中山大学 
 
明星分析师参与了更多的市场操纵吗？-- 来自 A 股市场融券卖空的证据 
孟庆斌，中国人民大学 
李颖，中国人民大学 
江轩宇，中央财经大学 
伊志宏，中国人民大学 
 
评论人： 
吴偎立，北京大学光华管理学院 
刘琦，北京大学光华管理学院 
陈德球，对外经济贸易大学 
胡聪慧，对外经济贸易大学 
 
Saturday, July 11, 2015, 1:30 pm – 3:00 pm 
 
Executive Incentives and Risk Taking 
Fenghua Song, Pennsylvania State University 
 
Executive Compensation and Strategic Trading 
Hui Ou-Yang, Cheung Kong Graduate School of Business 
Weili Wu, Guanghua School of Management, Peking University 
 
Shareholder Wealth Consequence of Insider Pledging of Company Stock 
as Collateral for Personal Loans 
Ying Dou, University of New South Wales 
Ronald Masulis, University of New South Wales 
Jason Zein, University of New South Wales 
 
Bonus Caps, Deferrals and Banks’ Risk-Taking 
Esa Jokivuolle, Bank of Finland and Aalto University 
Jussi Keppo, National University of Singapore 
Xuchuan Yuan, National University of Singapore 28 
 
Unleashing Innovation 
Yifei Mao, School of Hotel Administration, Cornell University 
Xuan Tian, Indiana University and PBC School of Finance, Tsinghua 
University 
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, 
Shanghai Jiao Tong University 
 
Discussants: 
Qi Liu, Guanghua School of Management, Peking University 
Huasheng Gao, Nanyang Technological University 
Bin Wei, Federal Reserve Board 
Wenrui Zhang, Chinese University of Hong Kong 
 
Hedge Funds and Other Institutions 
Bing Liang, University of Massachusetts at Amherst 
 
Liquidity Spillovers in Hedge Funds: Evidence from the Holdings of 
Funds of Hedge Funds 
Vikas Agarwal, Georgia State University 
George Aragon, Arizona State University 
Zhen Shi, Georgia State University 
 
Hedge Fund Flows and Performance Streaks: How Investors Weigh 
Information 
Guillermo Baquero, ESMT European School of Management and Technology 
Marno Verbeek, Erasmus University 
 
Do Hedge Funds Possess Private Information in IPO Stocks? Evidence 
from Post-IPO Holdings 
Hong Qian, Oakland University 
Zhaodong (Ken) Zhong, Rutgers University 
 
Do Short-Term Institutions and Short Sellers Exploit the Net Share 
Issuance Effect? 
Yinfei Chen, Washington State University 
Wei Huang, Washington State University 
George Jiang, Washington State University 

Discussants: 
Jennifer Carpenter, New York University 
Yong Chen, Texas A&M University 
Darwin Choi, Hong Kong University of Science and Technology 
Yuehua Tang, Singapore Management University 
 
International Corporate Finance 
Pedro Matos, University of Virginia 
 
Political Turnover, Ownership, and Corporate Investment 
Jerry Cao, Singapore Management University 
Brandon Julio, University of Oregon 
Tiecheng Leng, Singapore Management University 
Alex Zhou, Singapore Management University 
 
Cross-Border Acquisitions and Labor Regulations 
Ross Levine, University of California, Berkeley 
Lin Chen, University of Hong Kong 
Beibei Shen, Chinese University of Hong Kong 
 
Institutional Distance and the Monitoring Effect of Foreign Investors 
Jeong-Bon Kim, City University of Hong Kong 
Xiaoxi Li, Fudan University 
Yan Luo, Fudan University 
Kemin Wang, Fudan University 
 
Shareholder Engagement at European General Meetings 
Luc Renneboog, Tilburg University 
Peter Szilagyi, Central European University 
 
Discussants: 
Yongxiang Wang, University of Southern California 
Fei Xie, Clemson University 
Bohui Zhang, University of New South Wales 
Stefan Zeume, University of Michigan 
 
Debt Financing 
Edie Hotchkiss, Boston College 
 
Does Credit Protection Lower the Value of Creditor Control Rights? 
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao 
Tong University 
Dragon Tang, University of Hong Kong 
Andrew Winton, University of Minnesota 30  
 
Covenants, Creditors’ Simultaneous Equity Holdings, and Firm 
Investment Policies 
Sudheer Chava, Georgia Institute of Technology 
Hong Zou, University of Hong Kong 
Rui Wang, Chinese University of Hong Kong, Shenzhen 
 
Cross-Border Leveraged Buyouts 
Isaac Holloway, School of Economics and Management, Tsinghua University 
Hoan Soo Lee, School of Economics and Management, Tsinghua University 
Tao Shen, School of Economics and Management, Tsinghua University 
 
Bond Liquidity and Investment 
Laura Field, Pennsylvania State University 
Anahit Mkrtchyan, Northeastern University 
Yuan Wang, Concordia University 
 
Discussants: 
Kai Li, University of British Columbia 
Rik Sen, Hong Kong University of Science and Technology 
Meijun Qian, National University of Singapore 
Frank Packer, Bank for International Settlements 
 
Asset Pricing: Methods and Empirical Application 
Raymond Kan, University of Toronto 
 
Index Option Returns and Generalized Entropy Bounds 
Yan Liu, Texas A&M University 
 
Inferring Volatility Dynamics and Variance Risk Premia: An Efficient 
Bayesian Approach 
Andras Fulop, ESSEC Business School 
Junye Li, ESSEC Business School 
 
Asymmetry in Stock Returns: An Entropy Measure 
Lei Jiang, School of Economics and Management, Tsinghua University 
Ke Wu, Renmin University of China 
Guofu Zhou, Washington University in St. Louis 
 
Density Forecast Evaluation for Dependent Financial Data: Theory and 
Applications 
Aurobindo Ghosh, Singapore Management University 
Anil Bera, University of Illinois at Urbana-Champaign 

Discussants: 
Xiaolu Wang, Iowa State University 
Xiaoxia Ye, Stockholm University 
Jun Tu, Singapore Management University 
Yong Bao, Purdue University 
 
公司金融 2 
江萍, 对外经济贸易大学 
 
谁来守护“舌尖上的安全”？— 媒体、资本市场与政府 
周开国, 中山大学 
李涛, 中央财经大学 
杨海生, 中山大学 
伍颖华, 中山大学 
 
情绪是否影响信贷审批效率？— 基于互联网 P2P 信用借贷审批 
李焰, 中国人民大学 
盛思思, 中国人民大学 
 
IPO 资源争夺、政府补助与公司业绩研究 
王克敏, 复旦大学 
杨国超, 复旦大学 
 
企业慈善捐赠：诉讼风险下的自我救赎？ 
戴亦一, 厦门大学 
彭镇, 厦门大学 
潘越, 厦门大学 
 
评论人: 
辛宇, 中山大学 
薛熠, 对外经济贸易大学 
田澍, 复旦大学 
陆海天, 香港理工大学  
 
Saturday, July 11, 2015, 3:30 pm – 5:00 pm 
 
Creditors and Credit Markets 
Efraim Benmelech, Northwestern University 
 
Does Bond Liquidity Affect Financial Contracts? 
Zhiguo He, University of Chicago 
Yaxuan Qi, City University of Hong Kong 
Yuan Wang, Concordia University 
 
Debt Covenant Violations and Trade Credit 
Zilong Zhang, Hong Kong University of Science and Technology 
 
The Real Effects of Credit Default Swaps 
Andras Danis, Georgia Institute of Technology 
Andrea Gamba, University of Warwick 
 
The Value of Creditor Control in Corporate Bonds 
Peter Feldhutter, London Business School 
Edie Hotchkiss, Boston College 
Oguzhan Karakas, Boston College 
 
Discussants: 
Gennaro Bernile, Singapore Management University 
 Yupeng Lin, City University of Hong Kong 
Hui Chen, Massachusetts Institute of Technology 
 Qiping Xu, University of Chicago 
 
Corporate Governance and Control 
Yiming Qian, University of Iowa 
 
Socially Responsible Firms 
Allen Ferrell, Harvard University 
Hao Liang, Tilburg University 
Luc Renneboog, Tilburg University 
 
Stocking Up: Executive Optimism, Option Exercise, and Share Retention 
Rik Sen, Hong Kong University of Science and Technology 
Robert Tumarkin, University of New South Wales 
 
Pay Me Now (and Later): Bonus Boosts before Pension Freezes and 
Executive Departures 
Irina Stefanescu, Federal Reserve System 
Kangzhen Xie, University of Arkansas 
Jun Yang, Indiana University 
 
Can Online Annual General Meeting Increase Shareholders’ 
Participation in Corporate Governance? Evidence from China 
Huasheng Gao, Nanyang Technological University 
Jun Huang, Shanghai University of Finance and Economics 
 
Discussants: 
Feng Jiang, University at Buffalo 
Ming Guo, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Rik Sen, Hong Kong University of Science and Technology 
Hong Zou, University of Hong Kong 
 
Portfolio Choice and Asset Prices 
Hong Liu, Washington University in St. Louis 
 
Liquidation Shocks and Transaction Costs 
Bong-Gyu Jang, Pohang University of Science and Technology 
Hyeng Keun Koo, Ajou University 
Seungkyu Lee, Pohang University of Science and Technology 
 
How to Squander Your Endowment: Pitfalls and Remedies 
Zhenjiang Qin, Southwestern University of Finance and Economics 
Philip Dybvig, Washington University in St. Louis 
 
Does Speculative Activity Have Real Effects? 
Tao Li, City University of Hong Kong 
Mark Loewenstein, University of Maryland 
 
Measuring Ambiguity Aversion 
A. Ronald Gallant, Pennsylvania State University 
Mohammad Jahan-Parvar, Federal Reserve Board 
Hening Liu, University of Manchester

Discussants: 
Min Dai, National University of Singapore 
Xudong Zeng, Shanghai University of Finance and Economics 
Jerome Detemple, Boston University 
Hagen Kim, Texas A&M University 
 
Options 
Neil Pearson, University of Illinois at Urbana-Champaign 
 
Option Listing and Information Asymmetry 
Jianfeng Hu, Singapore Management University 
 
Volatility and Expected Option Returns 
Guanglian Hu, University of Houston 
Kris Jacobs, University of Houston 
 
The Supply and Demand of S&P 500 Put Options 
George Constantinides, University of Chicago 
Lei Lian, University of Massachusetts Amherst 
 
The Peso Problem Hypothesis: The Evidence from the S&P 500 Options 
Market 
Chu Zhang, Hong Kong University of Science and Technology 
Ti Zhou, Hong Kong University of Science and Technology 
 
Discussants: 
Artem Neklyudov, University of Lausanne and SFI 
Chu Zhang, Hong Kong University of Science and Technology 
Sophie Ni, Hong Kong University of Science and Technology 
Dashan Huang, Singapore Management University 
 
Risk and Investment 
Pab Jotikasthira, University of North Carolina at Chapel Hill 
 
Evaluating Investor-Paid Credit Ratings: An Investor Perspective 
Utpal Bhattacharya, Hong Kong University of Science and Technology 
Kelsey Wei, University of Texas at Dallas 
Han Xia, University of Texas at Dallas 
 
Investment and the Weighted Average Cost of Capital 
Murray Frank, University of Minnesota 
Tao Shen, School of Economics and Management, Tsinghua University  
 
Saving Long-term Investment from Short-Termism: the Surprising Role 
of Short Selling 
Massimo Massa, INSEAD 
Fei Wu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Bohui Zhang, University of New South Wales 
Hong Zhang, PBC School of Finance, Tsinghua University 
 
Why Do U.S. Firms Invest Less Over Time? 
Fangjian Fu, Singapore Management University 
Sheng Huang, Singapore Management University 
Rong Wang, Singapore Management University 
 
Discussants: 
Di Li, Georgia State University 
Baolian Wang, Fordham University 
Yong Chen, Texas A&M University 
Ambrus Kecskes, York University 
 
公司金融 3 
刘俏, 北京大学光华管理学院 
 
官员腐败与企业藏富 
刘春, 中山大学 
李善民, 中山大学 
孙亮, 中山大学 
 
CEO 早年经历 1959-1961 三年困难时期对于公司财务决策的影响 
彭晓鹏, 清华大学 
李旻文, 清华大学 
 
基于组织复杂性的金融集团内部资本市场效率研究 
危平, 中南大学 
杨明艳, 中南大学 
 
评论人: 
杜巨澜，香港中文大学 
汤勇军，香港大学 
陕晨煜，上海交通大学上海高级金融学院  
  
Sunday, July 12, 2015, 8:30 am – 10:00 am 
 
Behavioral Finance: Pricing Effects 
K.C. John Wei, Hong Kong University of Science and Technology 
 
Probability Weighting and Asset Prices: Evidence from Mergers and 
Acquisitions 
Baolian Wang, Fordham University 
 
Trust and Local Bias 
Chishen Wei, Nanyang Technological University 
Lei Zhang, Nanyang Business School 
 
Investor Optimism, Sales Fixation and Firm Life Cycle 
Zhi Da, University of Notre Dame 
Ravi Jagannathan, Northwestern University 
Jianfeng Shen, University of New South Wales 
 
When Everyone Misses on the Same Side: Debiased Earnings Surprises 
and Stock Returns 
Chin-Han Chiang, Singapore Management University 
Wei Dai, Princeton University 
Jianqing Fan, Princeton University 
Harrison Hong, Princeton University 
Jun Tu, Singapore Management University 
 
Discussants: 
Mike Qinghao Mao, Erasmus University 
Wenxi Jiang, Yale University 
Tse-Chun Lin, University of Hong Kong 
Tao Shu, University of Georgia and Hong Kong University of Science and 
Technology 
 
Corporate Governance and M&As 
Fei Xie, Clemson University 
 
Target CEO Career Incentives and Takeover Bids 
Thomas Bates, Arizona State University 
Robert Parrino, University of Texas at Austin 
Qingqing Wu, North Carolina State University

Does Job Security Concern Acquiring Managers? 
Di Li, Georgia State University 
Haibei Zhao, Georgia State University 
 
Technological Competition and Strategic Alliances 
Kai Li, University of British Columbia 
Jiaping Qiu, McMaster University 
Jin Wang, Wilfrid Laurier University 
 
CEO Power and Mergers and Acquisitions 
Ning Gong, University of Melbourne 
Lixiong Guo, University of New South Wales 
 
Discussants: 
Rong Wang, Singapore Management University 
Feng Jiang, University at Buffalo 
Andriy Bodnaruk, University of Notre Dame 
Qianqian Huang, City University of Hong Kong 
 
The Real Effects of Institutional Investors 
Bohui Zhang, University of New South Wales 
 
Do Long-Term Investors Improve Corporate Decision Making? 
Jarrad Harford, University of Washington 
Ambrus Kecskes, York University 
Sattar Mansi, Virginia Polytechnic Institute and State University 
 
Governance under the Gun: Spillover Effects of Hedge Fund Activism 
Nickolay Gantchev, University of North Carolina at Chapel Hill 
Oleg Gredil, University of North Carolina at Chapel Hill 
Pab Jotikasthira, University of North Carolina at Chapel Hill 
 
The Real Effects of Short Selling Activities 
Mahdi Nezafat, Michigan State University 
Tao Shen, School of Economics and Management, Tsinghua University 
Qinghai Wang, University of Wisconsin-Milwaukee 
 
Does Short Selling Discipline Overinvestment? 
Eric Chang, University of Hong Kong 
Tse-Chun Lin, University of Hong Kong 
Xiaorong Ma, University of Hong Kong 
 
Discussants: 
Gennaro Bernile, Singapore Management University 
Stefan Zeume, University of Michigan 
Rui Shen, Nanyang Technological University 
Wenlan Qian, National University of Singapore 
 
Hedge Funds and Volatility 
Charles Cao, Pennsylvania State University 
 
Tail Risk Hedging and Regime Switching 
Markus Huggenberger, University of Mannheim 
Peter Albrecht, University of Mannheim 
Alexandr Pekelis, University of Mannheim 
 
What does the Volatility Risk Premium Say about Liquidity Provision 
and Demand for Hedging Tail Risk? 
Jianqing Fan, Princeton University 
Michael Imerman, Lehigh University 
Wei Dai, Princeton University 
 
Options on Leveraged ETFs: A Window on Investor Heterogeneity 
Stephen Figlewski, New York University 
Muhammad Fahd Malik, Alliance Bernstein 
 
How Many Good and Bad Fund Managers Are there, Really? 
Yong Chen, Texas A&M University 
Wayne Ferson, University of Southern California 
 
Discussants: 
Zhuo Chen, PBC School of Finance, Tsinghua University 
Hong Zhang, PBC School of Finance, Tsinghua University 
Mark Loewenstein, University of Maryland 
Zhaodong (Ken) Zhong, Rutgers University 
 
Markets and Corporate Finance 
Jun Liu, University of California, San Diego and Shanghai Advanced Institute of 
Finance, Shanghai Jiao Tong University 
 
Social Network, Herding and Competition 
Henry Cao, Cheung Kong Graduate School of Business 
Dongyan Ye, Cheung Kong Graduate School of Business 
 
A Dynamic Model of Optimal Creditor Dispersion 
Hongda Zhong, London School of Economics and Political Science 
 
Corruption Culture and Corporate Misconduct 
Xiaoding Liu, University of Oregon 
 
The Causal Effects of Margin Trading and Short Selling on Earnings 
Management: A Natural Experiment from China 
Zhaojing Chen, Renmin University of China 
Nathan Dong, Columbia University 
Ming Gu, Renmin University of China 
 
Discussants: 
Bart Yueshen, INSEAD 
Lixin Huang, Georgia State University 
Lin Peng, City University of New York 
Zhuo Chen, PBC School of Finance, Tsinghua University 
 
公司治理 
孙谦, 复旦大学 
 
实际控制人所有权与公司股价崩溃 — 基于公司治理视角的理论与模型
分析 
顾小龙, 中山大学 
辛宇, 中山大学 
 
高管股权激励契约配置与公司现金持有研究 
刘井建, 大连理工大学 
王健, 大连理工大学 
 
媒体在上市公司股权激励中的作用 
汪昌云, 中国人民大学 
武佳薇, 中国人民大学 
刘天宇, 中国人民大学 
 
政治关联、融资约束与企业投资 — 基于中国民营上市公司的证据 
王征，北京大学 
唐涯，北京大学 
 
评论人: 
王灏，复旦大学管理学院财务系 
毕晓刚，诺丁汉大学商学院（中国） 
顾露露，中南财经政法大学 
沈哲，厦门大学 
 
Sunday, July 12, 2015, 10:30 am – 12:00 noon 
 
Investors and Stock Markets 
Lu Zheng, University of California, Irvine 
 
Loss Averse Preferences, Performance, and Career Success of 
Institutional Investors 
Andriy Bodnaruk, University of Notre Dame 
Andrei Simonov, Michigan State University 
 
Price Pressure from Coordinated Noise Trading: Evidence from Pension 
Fund Reallocations 
Zhi Da, University of Notre Dame 
Borja Larrain, Pontificia Universidad Catolica de Chile 
Clemens Sialm, University of Texas at Austin 
Jose Tessada, Pontificia Universidad Católica de Chile 
 
Foreign Fund Flows and Stock Returns: Evidence from India 
Viral Acharya, New York University 
V. Ravi Anshuman, Indian Institute of Management 
K. Kiran Kumar, Indian Institute of Management 
 
Hedge Fund Returns: Believe It or Not 
Bing Liang, University of Massachusetts at Amherst 
Liping Qiu, University of Connecticut 
 
Discussants: 
Henrik Cronqvist, China Europe International Business School 
Jay Wang, University of Oregon 
K.C. John Wei, Hong University of Science and Technology 
Geroge Aragon, Arizona State University

Risk Management and Bank Risk 
Vijay Yerramilli, University of Houston 
 
Social Networks in the Global Banking Sector 
Joel Houston, University of Florida 
Jongsub Lee, University of Florida 
Felix Suntheim, Financial Conduct Authority, UK 
 
Risk Management Failures 
Matthieu Bouvard, McGill University 
Samuel Lee, New York University 
 
Risk Management and MBS Risk-Taking of Financial Institutions 
Xuanjuan Chen, Shanghai University of Finance and Economics 
Eric Higgins, Kansas State University 
Han Xia, University of Texas at Dallas 
Hong Zou, University of Hong Kong 
 
Do Institutional Investors Know Banks Better? Evidence from 
Institutional Trading Surrounding the 2008 Financial Crisis 
Wei-Ling Song, Louisiana State University 
Hui Wang, Louisiana State University 
 
Discussants: 
Pedro Matos, University of Virginia 
Liyan Yang, University of Toronto 
Pab Jotikasthira, University of North Carolina Chapel Hill 
Fenghua Song, Pennsylvania State University 
 
Cash and Financial Constraints 
Lin Chen, University of Hong Kong 
 
Foreign Cash: Taxes, Internal Capital Markets and Agency Problems 
Jarrad Harford, University of Washington 
Cong Wang, Chinese University of Hong Kong 
Kuo Zhang, Chinese University of Hong Kong 
 
Credit Default Swaps and Corporate Cash Holdings 
Marti Subrahmanyam, New York University 
Dragon Tang, University of Hong Kong 
Sarah Qian Wang, Warwick University 42 
 
Asset Volatility and Financial Policy: Evidence from Corporate Mergers 
Oliver Levine, University of Wisconsin-Madison 
Youchang Wu, University of Wisconsin-Madison 
 
Managing Innovation: The Role of Collateral 
Yifei Mao, School of Hotel Administration, Cornell University 
 
Discussants: 
Dragon Tang, University of Hong Kong 
Lei Yu, Securities and Exchange Commission 
Cong Wang, Chinese University of Hong Kong 
Tao Chen, Nanyang Technological University 
 
Players in Financial Markets 
Jun Yang, Indiana University 
 
House Prices, Bank Balance Sheets, and Bank Credit Supply 
Mark Flannery, University of Florida 
Leming Lin, University of Pittsburgh 
 
The Dark Side of Shareholder Litigations: Evidence from Corporate 
Takeovers 
Yongqiang Chu, University of South Carolina 
Yijia Zhao, Wheaton College 
 
Executive Gatekeepers: the Paradox of Lawyers in the Firm 
Adair Morse, University of California, Berkeley 
Wei Wang, Queen’s University 
Serena Wu, Queen’s University 
 
Bank Entry Mode, Labor Market Flexibility and Economic Activity 
Teng Wang, Erasmus University 
 
Discussants: 
Mike Qinghao Mao, Erasmus University 
Qianqian Huang, City University of Hong Kong 
Nan Li, University of Toronto 
Daniel Kim, HSBC Business School, Peking University 
 
Stakeholders and Corporate Risk-Taking 
Kai Li, University of British Columbia 
 
Corporate Environmental Risk and the Customer-Supplier Relationship 
Shantanu Banerjee, Lancaster University 
Xin Chang, Nanyang Business School 
Kangkang Fu, Nanyang Technological University 
Tao Li, Central University of Finance and Economics 
George Wong, Hong Kong Polytechnic University 
 
Product Market Threats and Stock Crash Risk 
Si Li, Wilfrid Laurier University 
Xintong Zhan, Chinese University of Hong Kong 
 
Effects of “Large” Customers on Firm Value: The Case of Earnings 
Surprises 
Lixin Huang, Georgia State University 
Jayant Kale, Northeastern University 
Simi Kedia, Rutgers Business School 
 
Learning from Customers: Corporate Innovation along the Supply Chain 
Yongqiang Chu, University of South Carolina 
Xuan Tian, Indiana University and PBC School of Finance, Tsinghua 
University 
Wenyu Wang, Indiana University 
 
Discussants: 
Ping Jiang, University of International Business and Economics 
Yaxuan Qi, City University of Hong Kong 
Po-Hsuan Hsu, University of Hong Kong 
Huasheng Gao, Nanyang Technological University 
 
金融中介与机构投资 
李焰, 中国人民大学 
 
信息透明度与机构投资者的周期性交易 
徐浩峰，中山大学 
 
政治关联与銀行放款资金成本 
萧育仁, 国立东华大学 
陈柏硕, 国立东华大学 
 
地方政府财政压力与银行信贷资源配置效率 
祝继高, 对外经济贸易大学 
岳衡, 北京大学 
饶品贵, 暨南大学 
 
基金经理职业忧虑与其投资风格 
吴卫星, 对外经济贸易大学 
于上尧, 北京工商大学 
孟庆斌, 中国人民大学 
 
评论人: 
胡剑锋, 新加坡管理大学 
刘悦，清华大学五道口金融学院 
郝晋级, 圣路易斯华盛顿大学 
陈超，复旦大学 
 
Sunday, July 12, 2015, 1:30 pm – 3:00 pm 
 
Behavioral Finance: Investor Behavior and Performance 
Chuan Yang Hwang, Nanyang Business School 
 
Do Superstitious Traders Lose Money? 
Utpal Bhattacharya, Hong Kong University of Science and Technology 
Wei-Yu Kuo, National Chengchi University 
Tse-Chun Lin, University of Hong Kong 
Jing Zhao, University of Hong Kong 
 
The Convergence and Divergence of Investors’ Opinions around 
Earnings News: Evidence from a Social Network 
Robert Giannini, BlueCrest Capital Management 
Paul Irvine, Texas Christian University 
Tao Shu, University of Georgia and Hong Kong University of Science and 
Technology 
 
What Doesn’t Kill You Will Only Make You More Risk-Loving: 
Early-Life Disasters and CEO Behavior 
Gennaro Bernile, Singapore Management University 
Raghavendra Rau, University of Cambridge 
Vineet Bhagwat, University of Oregon 
 
Dividends and Market Reactions in China 
Chenjun Fang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University 
Grace Xing Hu, University of Hong Kong 
Jiang Wang, Massachusetts Institute of Technology 
 
Discussants: 
Qing Tong, Singapore Management University 
Hong Zhang, PBC School of Finance, Tsinghua University 
Bohui Zhang, University of New South Wales 
Chishen Wei, Nanyang Technological University 
 
Financial Crisis and Monetary Policy 
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University 
 
Does Lack of Financial Stability Impair the Transmission of Monetary 
Policy? 
Viral Acharya, New York University 
Björn Imbierowicz, Goethe University Frankfurt 
Sascha Steffen, ESMT European School of Management 
Daniel Teichmann, Goethe University Frankfurt 
 
The Real Effects of Liquidity during the Financial Crisis: Evidence from 
Automobiles 
Efraim Benmelech, Northwestern University 
Ralf R. Meisenzahl, Federal Reserve Board 
Rodney Ramcharan, Federal Reserve Board 
 
Optimal Monetary Policy when Treasuries and Asset-Backed Securities 
are Money 
Gary Gorton, Yale University 
Ping He, School of Economics and Management, Tsinghua University 
 
Financial Institutions, Aggregate Liquidity Provision, and the Contagion 
Process 
Christian Lundblad, University of North Carolina 
Zhongyan Zhu, Chinese University of Hong Kong 

Discussants: 
Tao Jin, PBC School of Finance, Tsinghua University 
Seungjoon Oh, HSBC School of Business, Peking University 
Xuewen Liu, Hong Kong University of Science and Technology 
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiao 
Tong University 
 
Competitions and Firms 
Hui Chen, Massachusetts Institute of Technology 
 
Import Competition and the Cost of Capital 
Jean-Noel Barrot, Massachusetts Institute of Technology 
Erik Loualiche, Massachusetts Institute of Technology 
Julien Sauvagnat, ENSAE-CREST 
 
Product Market Competition Shocks, Firm Performance, and CEO 
Turnover 
Sudipto Dasgupta, Hong Kong University of Science and Technology 
Xi Li, Hong Kong University of Science and Technology 
Albert Wang, University of Alabama 
 
CEOs and the Product Market: When are Powerful CEOs Beneficial? 
Minwen Li, School of Economics and Management, Tsinghua University 
Yao Lu, School of Economics and Management, Tsinghua University 
Gordon Phillips, University of Southern California 
 
Investment Efficiency and Product Market Competition 
Neal Stoughton, Vienna University of Economics and Business 
Kit Pong Wong, University of Hong Kong 
Long Yi, Hong Kong Baptist University 
 
Discussants: 
Michael Weber, University of Chicago 
Po-Hsuan Hsu, University of Hong Kong 
Lin Chen, University of Hong Kong 
Dalida Kadyrzhanova, Georgia State University 47 
 
Human Behavior and Corporate Finance 
Tan Wang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University 
 
National Culture, Corporate Governance Practices, and Firm 
Performance 
Dale Griffin, University of British Columbia 
Omrane Guedhami, University of South Carolina 
Chuck Kwok, University of South Carolina 
Kai Li, University of British Columbia 
Liang Shao, Hong Kong Baptist University 
 
Language and Corporate Decision-Making 
Shimin Chen, China Europe International Business School 
Henrik Cronqvist, China Europe International Business School 
Serene Ni, China Europe International Business School 
Frank Zhang, Murdoch University 
 
Knightian Uncertainty and Capital Structure: Theory and Evidence 
Seokwoo Lee, George Mason University 
 
Standing out from the Crowd: the Outlier’s Effect on Corporate 
Governance 
Qianqian Du, Hong Kong Polytechnic University 
Frank Yu, China Europe International Business School 
Xiaoyun Yu, Indiana University and Shanghai Advanced Institute of Finance, 
Shanghai Jiao Tong University 
 
Discussants: 
Feng Li, University of Michigan and Shanghai Advanced Institute of Finance, 
Shanghai Jiao Tong University 
Timothy (Jun) Lu, HSBC Business School, Peking University 
Jieshuang He, Indiana University 
Zhen Xu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong 
University