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PROGRAM DETAILS (Preliminary)
Saturday, June 25, 2016, 8:30 am- 8:45 am
Opening Ceremony N302 (Chair: Yinggang Zhou)
Welcome Speech by Yongmiao Hong
Saturday, June 25, 2016, 8:45 am- 10:15 am
Keynote Speech I N302 (Chair: Ye Guo)
Deposit Competition and Financial Fragility: Evidence from the US Banking Sector
Ali Hortacsu, The University of Chicago
Keynote Speech II N302 (Chair: Ying Fang)
Research Findings On Corporate Boards of Directors
Ron Masulis, The University of New South Wales
Saturday, June 25, 2016, 10:45 am – 12:15 pm
Asset Pricing N301
Guojin Chen, Xiamen University
Term Structure of Recession Probabilities and the Cross-Section of Asset Returns
Ti Zhou, Hong Kong University of Science and Technology
Informed Trading,Information Uncertainty and Stock Risk Premium
Runze Zhang, Xiamen University
Guojin Chen, Xiamen University
Peilin Hsieh, Xiamen University
Asset Pricing with Endogenous Entry
Xiaoquan Wang, Peking University
Portfolio Optimization and Asset Pricing with Heterogeneous and Constrained
Investors
Yajun Xiao, University of Technology, Sydney
Lei Shi, University of Technology, Sydney
Gini’s Mean Difference, Asset Pricing and Market Efficiency
Pingsheng Dai, Xiamen University
Discussant:
Peilin Hsieh, Xiamen University
Ti Zhou, Hong Kong University of Science and Technology
Yajun Xiao, University of Technology, Sydney
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Pingsheng Dai, Xiamen University
Xiaoquan Wang, Peking University
Corporate Finance N302
Ginger Wu, Federal Reserve Board
Corruption and Trust: Evidence from Stock Market
Chen Lin, University of Hong Kong
Micah Officer, Loyola Marymount University
Zengyuan Sun, Xiamen University
The Information Role of Advisors in Mergers and Acquisitions: Evidence from
Acquirers Hiring Targets’ Ex-advisors
Xin Chang, Nanyang Technological University
Chander Shekhar, University of Melbourne
Lewis H.K. Tam, University of Macau
Jiaquan Yao, Xiamen University
IPO Quantity Revisions
Wei Wang, Cleveland State University
Chris Yung, University of Virginia
Cross-holding in Cournot Duopoly with Asymmetric Information
Longhua Liu, Shandong University
Junshan Lin, Shandong University
Cheng-Zhong Qinz, University of California at Santa Barbara
Analyst Proximity and Earnings Management
Ginger Wu, Federal Reserve Board
Yue Tang, Federal Reserve Board
Discussant:
Jiaquan Yao, Xiamen University
Wei Wang, Cleveland State University
Longhua Liu, Shandong University
Juanjuan Huang, Xiamen University
Zengyuan Sun, Xiamen University
Systemic Risk N308
Ye Guo, Xiamen University
Trade Credit, Financing Structure and Growth - Theory and Evidence
Junjie Xia, University of Southern California
3
Systemic Bank Panics in Financial Networks
Zhen Zhou, New York University
Systemic Risk in Global Volatility Spillover Network
Zihui Yang, Sun Yat-Sen University
Yinggang Zhou, Xiamen University
The Assessment of Systemically Important Financial Institution of China: Based on
Multivariate Extreme Value Theory
Hongquan Li, Hunan Normal University
Yingying Huang, Hunan Normal University
Discussant:
Hongquan Li, Hunan Normal University
Ye Guo, Xiamen University
Zhen Zhou, New York University
Junjie Xia, University of Southern California
International Finance N401
Mengnan Zhu, Xiamen University
Impacts of Monetary Shocks and Endogenous Anti-dumping on FDI
Xiaoguang Wu, Central University of Finance and Economics
Wenli Sun, Beijing Foreign Studies University
A Research of the Strategic Asset Allocation of China Sovereign Wealth Fund:From the
Perspective of Hedging the Dollar Exchange Risk
Chengxiang Hao, Xiamen University
Haiyan Yu, Xiamen University
融资约束、高管网络与企业跨国并购:来自中国的证据
Ping Wei, Central South University
Xiaodan Mao, Central South University
An Empirical Analysis of Chinese Financial Market Liberalisation Process
Ye Bai, University of Nottingham
Yan Pang Chow, University of Nottingham
Scale of Foreign Reserve, Exchange Rate and Currency Internationalization—The
Empirical Study of Yen
Mengnan Zhu, Xiamen University
Shuai Yan, Xiamen University
Discussant:
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Xiaoguang Wu, Central University of Finance and Economics
Haiyan Yu, Xiamen University
Ping Wei, Central South University
Shuai Yan, Xiamen University
Ye Bai, University of Nottingham
China Financial Reform N406
Wenbin Xu, Xiamen University
The Real Effect of Financial Reforms: Evidence from Corporate Debt in China
Xian Gu, Central University of Finance and Economics
The Real Effect of Privatization: Evidence from China’s Split Share Structure Reform
Yongxian Tan, Shanghai University of Finance and Economics
Xuan Tian, Indiana University;Tsinghua University
Xinde Zhang, Shanghai University of Finance and Economics
Hailong Zhao, Shanghai University of Finance and Economics
融资融券交易提升了股市流动性吗?--来自 A 股市场的经验证据
Qian Liu, Guangdong Baiyun University
Margin Trading, Interest Rates and Stock Volatility: Evidence from China
Lihua Wu, Xiamen University
Qian Lin, Xiamen University
Discussant:
Yongxian Tan, Shanghai University of Finance and Economics
Qian Liu, Guangdong Baiyun University
Qian Lin, Xiamen University
Xian Gu, Central University of Finance and Economics
Saturday, June 25, 2016, 13:15 pm – 14:00 pm
Keynote Speech III N302 (Chair: Helen Zhang)
Reflections on China: Lessons in Economics and Finance
Philip Dybvig, Washington University at St Louis and
Southwestern University of Finance and Economics
Saturday, June 25, 2016, 14:00 pm – 15:30 pm
Corporate Governance N301
Haiwei Jing, Xiamen University
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Does Distance Matter for Debtholder-Shareholder Conflicts?
Xiaoran Huang, Nanyang Technological University
Jun-Koo Kang, Nanyang Technological University
Lei Zhang, Nanyang Technological University
Equity Incentives and Corporate Cash Holdings:Empirical Evidence from Public
Firms in China
Zhan Ye, Xiamen University
Incremental Improvement in Minority Shareholder Protection: Regulatory Reform of
Cumulative Voting
Yinghui Chen, Zhongnan University of Economics and Law
Julan Du, The Chinese University of Hong Kong
On the Role of Foreign Directors: New Insights from Cross-Listed Firms
Chinmoy Ghosh, University of Connecticut
Fan He, Central Connecticut State University
Haoyong Zhou, Keele University
Can Local Accent Reduce Agency Cost?A Study Based on Dailects
Yue Pan, Xiamen University
Jinli Xiao, Xiamen University
Yiyi Dai, Xiamen University
Discussant:
Zhan Ye, Xiamen University
Yinghui Chen, Zhongnan University of Economics and Law
Haoyong Zhou, Keele University
Yue Pan, Xiamen University
Xiaoran Huang, Nanyang Technological University
Insurance and Actuarial Science N308
Yuantao Xie, University of International Business and Economics
Reinsurance, Tax Incentives, and Efficiency
Dongmei Chen, Fudan University
我国基本养老金制度破产边界及延迟退休的影响
Chen Pengjun, Huaqiao University
我国寿险业、银行业与证券业企业所得税制比较研究
Ning Wei, Beijing Technology and Business University
Which is China’s Public Pension System Option:Nominal Combination or Separation?
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Li Qingxia, Xiamen University
农业保险费率厘定系统研究---以生猪养殖业为例
Xie Yuantao, University of International Business and Economics
Discussant:
Ning Wei, Beijing Technology and Business University
Xie Yuantao, University of International Business and Economics
Li Qingxia, Xiamen University
Dongmei Chen, Fudan University
Chen Pengjun, Huaqiao University
Predictability N401
Yu Ren, Xiamen University
A Clustered Three-Pass-Regression Filter Model: An Optimal Model in Out-Of-Sample
Forecasting
Zhennan Ye, Xiamen University
Yangshu Liu, Xiamen University
Wenzhou Qu, Xiamen University
Does Options Trading Convey Information on Futures Prices?
William T. Lin, Tamkang University
Shih-Chuan Tsai, Taiwan Normal University
Zhenlong Zheng, Xiamen University
Shuai Qiao, Xiamen University
Lotto, How to Win? Skew Timing Based on the Predictability
Jian Chen, Xiamen University
Yangshu Liu, Xiamen University
Jun Tu, Singapore Management University
Solving Asset Pricing Models Using Instrumental Variable 2-Stage Regressions?
Liyuan Cui, Cornell University
Yongmiao Hong, Xiamen University and Cornell University
Balanced Predictive Regressions
Yu Ren, Xiamen University
Yundong Tu, Peking University
Yanping Yi, Shanghai University of Finance and Economics
Discussant:
Shuai Qiao, Xiamen University
Zhennan Ye, Xiamen University
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Yu Ren, Xiamen University
Zhonghao Fu, Cornell University
Jian Chen, Xiamen University
Behavioral Finance N406
Fuwei Jiang, Central University of Finance and Economics
Do Behavioral Biases Affect Order Aggressiveness?
Jiangze Bian, University of International Business and Economic
Kalok Chan, CUHK Business School
Donghui Shi, Shanghai Stock Exchange
Hao Zhou, Tsinghua University
股票期权投资者交易行为异于国际成熟市场吗? 基于台湾分笔交易数据的研究
Zhiying Chen, Southwest University of Political Science and Law
Cangxiang Lin, Tamkang University
Zhenlong Zheng, Xiamen University
Income Disparity, Material Aspirations and Household Investment on Risky Financial
Assets
Guangsu Zhou, Nankai University
Gang Fan, Peking University
Lixing Li, Peking University
Career Concerns of Banking Analysts
Joanne Horton, University of Exeter
George Serafeim, Harvard Business School
Shan Wu, University of Exeter
Manager Sentiment and Stock Returns
Fuwei Jiang, Central University of Finance and Economics
Joshua Lee, Florida State University-Tallahassee
Xiumin Martin, Washington University
Guofu Zhou, Washington University
Discussant:
Zhiying Chen, Southwest University of Political Science and Law
Jiangze Bian, University of International Business and Economics
Fuwei Jiang, Central University of Finance and Economics
Guangsu Zhou, Nankai University
Shan Wu, University of Exeter
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Saturday, June 25, 2016, 16:00 pm – 17:30 pm
Political Connection and Uncertainty N301
Lihui Tian, Nankai University
Charitable Donation, Political Connection and Financing Constraint--Empirical
Analysis on Chinese Private Enterprises
Yiming Wang, Xiamen University
Yiming Liu, Xiamen University
Political Uncertainty and Firm's Information Environment: Evidence from China
Yunsen Chen, Central University of Finance and Economics
Deqiu Chen, University of International Business and Economics
Weiming Wang, Saint Louis University
Dengjin Zheng, Tsinghua University
Home Bias in IPO Underwriters: Evidence from Personel Connections
Qingfeng Cai, Xiamen University
Lin Tian, Xiamen University
Hong Liu, Xiamen University
Can Political Connections Improve Corporate Performance of China’s Listed
Companies with Different Controlling Shareholders?
Lihui Tian, Nankai University
Wei Cheunga, Nankai University
Discussant:
Lihui Tian, Nankai University
Qingfeng Cai, Xiamen University
Yunsen Chen, Central University of Finance and Economics
Yiming Wang, Xiamen University
Market Microstructure N308
Peilin Hsieh, Xiamen University
A New Effective Spread Estimator based on Price Range
Yang Gao, Beijing University of Technology
Mingjin Wang, Peking University
Contagion Behavior of High-frequency Trading in Future and Option Markets
Peilin Hsieh, Xiamen University
Yuqiang Guo, Xiamen University
Hongbiao Zhao, Xiamen University
9
Effects of the Limit Order Book on Price Dynamics
Xiaozhou Zhou, Université du Québec à Montréal
Georges Dionne, Université du Québec à Montréal
Retrieving Aggregate Information from Option Volume
William T. Lin, Tamkang University
Shih-Chuan Tsai,l Taiwan Normal University
Zhenlong Zheng, Xiamen University
Shuai Qiao, Xiamen University
Discussant:
Yuqiang Guo, Xiamen University
Xiaozhou Zhou, Université du Québec à Montréal
Shuai Qiao, Xiamen University
Yang Gao, Beijing University of Technology
Corporate Information Disclosure N401
Juanjuan Huang, Xiamen University
Debt Refinancing Risk and Corporate Misreporting
Bo Li, Tsinghua University
Si Li, Wilfrid Laurier University
Bohui Zhang, University of New South Wales
Corporate Environmental Disclosure and Bond Investment Risk
Hongjun Wu, Xiamen University
Lingrong Zheng, Xiamen University
Do Firms’ Credit Ratings Benefit from Corporate Transparency?
Jun Cai, City University of Hong Kong
Tao Chen, Open University of Hong Kong
Miao Luo, Sun Yat-Sen University
Is the Disclosure Strategy for Pollution Control Effective in China?
Ying Fang, Xiamen University
Junjie Guo, Xiamen University
Discussant:
Hongjun Wu, Xiamen University
Miao Luo, Sun Yat-Sen University
Junjie Guo, Xiamen University
Bo Li, Tsinghua University
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Volatility N406
Haiqiang Chen, Xiamen University
Variance and Skew Risk Premiums for the Volatility Market: The VIX Evidence
Yahua Xu, Auckland University of Technology
Jose Da Fonseca, Auckland University of Technology
Does Macroeconomy Matter to Market Volatility? Evidence from Industries and Twist
Effects of Quantitative Easing
Terence Tai-Leung CHONG, The Chinese University of Hong Kong
Zhang Wu, The Chinese University of Hong Kong
Improving Volatility Prediction with Machine Learning
Seth Huang, Ewha School of Business
A new estimator for integrated volatility with microstructure noise and jumps
Haiqiang Chen, Xiamen University
Chuanhai Zhang, Xiamen University
Discussant:
Zhang Wu, The Chinese University of Hong Kong
Yahua Xu, Auckland University of Technology
Haiqiang Chen, Xiamen University
Seth Huang, Ewha School of Business
Sunday, June 26, 2016, 8:30 am – 10:00 am
Keynote Speech IV N302 (Chair: Haiqing Chen)
Who Matters the Most in Asia: A New Global VAR Approach
Kuan, Chung-Ming, Taiwan University
Keynote Speech V N302 (Chair: Jian Chen)
Anti-Corruption Reforms and Shareholder Valuations: Evidence from China
Bernard Yeung, National University of Singapore
Sunday, June 26, 2016, 10:30 am – 12:00 noon
Bond Market N301
Canlin Li, Federal Reserve Board
Soft Budget Constraint and the Default Risk of Chinese Local Government Debts:
Evidence from the Financial Markets
Yongqin Wang, Fudan University
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Yinghui Chen, Zhongnan University of Economics and Law
Julan Du, The Chinese University of Hong Kong
The Joint Dynamics and Risk Transmission between Chengtou Bond Spreads and
Treasury Yields in China
Zhiwu Hong, WISE, Xiamen University
Linlin Niu, WISE, Xiamen University
Intraday Jumps in China’s Treasury Bond Market
Hua Zhao, Xiamen Univeristy
Jing Cui, China Nature Asset Management Co.,Ltd.
What Factors Move Government Bond Interest Rates in China?
Canlin Li, Federal Reserve Board
Longzhen Fan, Fudan University
Discussant:
Linlin Niu, WISE, Xiamen University
Yinghui Chen, Zhongnan University of Economics and Law
Canlin Li, Federal Reserve Board
Hua Zhao, Xiamen Univeristy
Bubble and Crash N308
Qian Han, Xiamen University
Short-sale Constraints,Heterogeneous Beliefs and Financial Asset Bubbles -An
Empirical Study on Chinese Stock Market
Jianyong Wang, Xiamen university
Tax Avoidance, External Monitoring and Stock Crash: Evidence from China
Wentai Kong, Zhongnan University of Economics and Law
Chuntao Li, Zhongnan University of Economics and Law
The Pathogen, Scapegoat, or a Miracle Drug? Short Selling and Stock Price Crash Risk
Lei Gao, Iowa State University
Xiaohu Deng, The University of Memphis
Jeong-Bon Kim, University of Waterloo
Tails, Fears and Persisent Deep Backwardation on Chinese Index Futures Prices
Jufang Liang, Xiamen University
Qian Han, Xiamen University
Discussant:
Wentai Kong, Zhongnan University of Economics and Law
12
Jufang Liang, Xiamen University
Jianyong Wang, Xiamen university
Lei Gao, Iowa State University
Monetary Policy N401
Yan Liu, Wuhan University
Time-Varying Coefficient Taylor Rule and Chinese Monetary Policy--Evidence from the
Time-Varying Cointegration
Wei Ma, Hunan University
Haiqi Li, Hunan University
Yu Guo, Hunan University
On the Policy Mechanism of Loan to Value Ratio Restrictions
Feiming Huang, Jiangxi University of Finance and Economics
Stephen M. Miller, University of Nevada
Research on Reserve Requirement Ratio During the Transition of Monetary Policy
Framework
Huiping Yuan, Xiamen University
Mingzhou Wu, Xiamen University
Jianlong Zhang, Xiamen University
State Ownership and Bank Lending Channel of Monetary Policy: Theory and Evidence
from China
Yan Liu, Wuhan University
Haotian Sun, Wuhan University
Discussant:
Feiming Huang, Jiangxi University of Finance and Economics
Huiping Yuan, Xiamen University
Yan Liu, Wuhan University
Wei Ma, Hunan University
Innovation and Investment N406
Xiaoran Huang, Nanyang Technological University
Board Independence and Corporate Innovation
Jun Lu, Central University of Finance and Economics
Wei Wang, Cleveland State University
The Real Effects of Tournament Incentives: The Case of Firm Innovation
Ning Jia, Tsinghua University
Xuan Tian, Indiana University
13
Weining Zhang, Cheung Kong Graduate School of Business
The Value of Innovation and the Spillover Effect on Alliance Partners
James Qiancheng Zheng, Emporia State 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
Dynamics of Financial Leverage across Firm Life Cycle in Chinese Firms: Theory and
Evidence Using Dynamic Panel Data Model.
Ajid ur Rehman, Dongbei University of Finance and Economics
Man Wang, Dongbei University of Finance and Economics
Sajal Kabiraj, Dongbei University of Finance and Economics
Discussant:
Ning Jia, Tsinghua University
James Qiancheng Zheng, Emporia State University
Jun Lu, Central University of Finance and Economics
Ajid ur Rehman, Dongbei University of Finance and Economics
Sheng Huang, Singapore Management University
Sunday, June 26, 2016, 13:15 pm – 14:00 pm
Keynote Speech VI N302 (Chair: Juanjuan Huang)
Innovation, M&A, and Value Creation
Chen Lin, The University of Hong Kong
Sunday, June 26, 2016, 14:00 pm – 15:30 pm
Fund Market N301
Sheng Huang, Singapore Management University
Hedge Fund and Private Investor Activism: Evidence from Hong Kong
Frank Wong, University College Dublin
Secondary Buyouts and the Strategies of PE Investors
Jens Martin, University of Amsterdam
Hanimario Stefanus, SPF Beheer
How Do Open-End Equity Mutual Funds Perform and Manage Portfolio Risk under
Different Market States? Evidence from China
14
Hai Lin, Jiangxi University of Finance and Economics
Ping-Wen Sun, Jiangxi University of Finance and Economics
The Information in Fire Sales
Sheng Huang, Singapore Management University
Matthew Ringgenberg, Washington University
Joe Zhe Zhang, Singapore Management University
Discussant:
Jens Martin, University of Amsterdam
Frank Wong, University College Dublin
Sheng Huang, Singapore Management University
Ping-Wen Sun, Jiangxi University of Finance and Economics
Executive and Employee Compensation N302
Si Li, Wilfrid Laurier University
Big Fish in a Small Pond: CEO Turnover, Compensation, and Equilibrium Matching
Zhan Li, University of Winnipeg
Improving the Wages of Employees can create value for enterprises?
Ruoyu Weng, Xiamen University
Yue Pan, Xiamen University
Is Director Reputation Rewarded? New Evidence on Internal and External Labor
Markets
Qinxi Wu, Georgia State University
Mark A. Chen, Georgia State University
Evgenia Zhivotova, University of Mannheim Business School
Executive Compensation and the Market Valuation of Managerial Attributes
Si Li, Wilfrid Laurier University
Discussant:
Ruoyu Weng, Xiamen University
Zhan Li, University of Winnipeg
Si Li, Wilfrid Laurier University
Qinxi Wu, Georgia State University
Exchange Rate N308
Lihua Wu, Xiamen University
Did the Shocks of RMB Exchange Rate Reforms Have Spillover Effect into US Yields?
Linlin Niu, Xiamen University
15
Mucai Lin, Xiamen University
Zhiwu Hong, Xiamen University
The Influence of Central Bank Communication on RMB Exchange Rate Volatility:
Based on Heterogeneous expectation Assumption
Ning Zhu, Central South University
Yixuan Xu, Central South University
Aojie Xu, Central South University
Empirical Modelling of Foreign Exchange Rate under a Stochastic Discount Factor
Framework
Yun Li, Massey University
Xiyun Weng, Guotai Juan (Asia) Ltd
Chenchen Zhang, Columbia University
CNY Spillover Effect on Domestic and Foreign Stock Markets
Lihua Wu, Xiamen University
Lianbin Zeng, Xiamen University
How Does Smooth Structural Change Affect Asymmetric Dependence in Foreign
Exchange Market
Xingtong Zhang, Cornell University
Discussant:
Ning Zhu, Central South University
Mucai Lin, Xiamen University
Lianbin Zeng, Xiamen University
Yun Li, Massey University
Juan Lin, Xiamen University
Banking N401
Huiping Yuan, Xiamen University
利益冲突 or 声誉机制?——基于中国商业银行评级数据
Zhonghua Shen, Taiwan University and Hunan University
Chao Guan, Xiamen University
Does Bank Competition Improve Productivity? Evidence from Chinese Industrial
Enterprises
Weixing Cai, University of Science and Technology Beijing
资本质量与存款结构会影响银行贷款行为吗?
Zhonglu Liu, Xiamen University
16
What Really Matters for Default Risk in P2P Lending? Evidence from China
Wenbin Xu, Xiamen University
Kunyue Xue, Huaxia Bank
Jiefeng Zhou, Xiamen University
Discussant:
Weixing Cai, University of Science and Technology Beijing
Zhonglu Liu, Xiamen University
Jiefeng Zhou, Xiamen University
Chao Guan, Xiamen University