Journal of Corporate Finance (JCF) Special Issue Conference December 18 – 19, 2017 Day 1 (December 18, 2017) 0900-0905 Opening Remarks 0905-1005 Keynote Speech ESG Risk and Emerging Markets Laura Starks, Charles E. and Sarah M. Seay Regents Chair in Finance McCombs School of Business, University of Texas at Austin

Session 1: Ownership structures and Corporate Governance Chair: J.C. Lin, School of and Finance, The Hong Kong Polytechnic University 1005-1045 Paper 1 The Impact of Family Ownership Structures on Corporate Policies and Performance: The Case of Family Trusts Authors Joseph P.H. Fan, Department of Finance, CUHK *Winnie S.C. Leung, Faculty of Business and Economics, The University of Hong Kong

Discussant Chitru S. Fernando, University of Oklahoma

1045-1105 Tea Break

1105-1145 Paper 2 Large Investors’ Portfolio Composition and Firm Value Authors S. Abraham (Avri) Ravid, , Finance Department, *Naciye Sekerci, Utrecht School of Economics, Utrecht University

Gang Hu, School of Accounting and Finance, Discussant The Hong Kong Polytechnic University

1145-1225 Paper 3 Private Placements of Public Equity in China Authors *G. Nathan Dong, Columbia University Ming Gu, School of Economics and WISE, Xiamen University Hua He, Cheung Kong Graduate School of Business

Discussant Dragon Tang, The University of Hong Kong

1225-1415 Lunch (Staff Chinese Restaurant 南北小廚, 4/F, Communal Building, PolyU campus)

Session 2: Corporate Governance and Corporate Control Chair: Stuart Gillan, Terry College of Business, University of Georgia 1415-1455 Paper 4 Corporate Governance Reform and Risk-Taking: Evidence form a Natural Experiment in an Emerging Market Authors Santosh Koirala, Department of Accounting and Finance, University of Strathclyde Andrew Marshall, Department of Accounting and Finance, University of Strathclyde Suman Neupane, Department of Accounting, Finance and Economics, Griffith Business School, Griffith University *Chandra Thapa, Department of Accounting and Finance, University of Strathclyde

Discussant Vidhan Goyal, Hong Kong University of Science and Technology 1455-1535 Paper 5 Do Investors Want Politically Connected Independent Directors? Evidence from Forced Resignations of Politically Connected Independent Directors in China

Authors Rui Hu, University of Massachusetts Lowell Khondkar Karim, University of Massachusetts Lowell *Karen Jingrong Lin, University of Massachusetts Lowell Jinsong Tan, Sun Yat-Sen University

Discussant Joseph Fan, The Chinese University of Hong Kong

1535-1555 Tea Break

1555-1635 Paper 6 Fund Occupancy via Financial Services Agreement: New Experience of Tunneling from China Authors Huan Dou, School, Jinan University *Yuanyuan Liu, School of Management, Xiamen University Zhengfei Lu, Guanghua School of Management, Peking University

Discussant Margaret Rui Zhu, City University of Hong Kong

1635-1715 Paper 7 Reputational Concerns in the Market for Corporate Control Authors Audra Boone, Neeley Business School, Texas Christian University *Vahap B. Uysal, Driehaus College of Business, DePaul University

Discussant Niclas Meyer, Hanken School of Economics

1715-1755 Paper 8 Do Firms Use Interim CEO Position as a Testing Ground for CEO Candidates?

Authors Xiaoxiao He, Southwestern University of Finance and Economics *Margaret Rui Zhu, City University of Hong Kong

Discussant Stuart Gillan, Terry College of Business, University of Georgia

Conference Dinner (King's Cuisine 景逸軒, 8/F, Harbour Plaza Metropolis Hotel, 1830-2030 7 Metropolis Drive, Hung Hom) Day 2 (December 19, 2017) Session 3: Corporate Social Responsibility Chair: Ling Cen, Rotman School of Management, University of Toronto & Department of Finance, The Chinese University of Hong Kong 0900-0940 Paper 9 Corporate Social Responsibility versus Corporate Shareholder Responsibility: A Family Firm Perspective Authors *Amal P. Abeysekera, Michael F. Price College of Business, University of Oklahoma Chitru S. Fernando, Michael F. Price College of Business, University of Oklahoma

Ling Cen, Rotman School of Management, University of Toronto & Discussant Department of Finance, The Chinese University of Hong Kong

0940-1020 Paper 10 The Materiality of Environmental and Social Shareholder Activism – Who cares?! Author Lisa Schopohl, University of Reading

Discussant G. Nathan Dong, Columbia University

1020-1040 Tea Break

1040-1120 Paper 11 How do independent directors view corporate social responsibility (CSR)? Evidence from a natural experiment Authors Pandej Chintrakarn, Mahidol University International College (MUIC) *Pornsit Jiraporn, Pennsylvania State University, School of Graduate Professional Studies Shenghui Tong, China Huarong Asset Management Ltd Napatsorn Jiraporn, State University of at Oswego

Discussant Rik Sen, UNSW Business School

1120-1200 Paper 12 Corporate Social Responsibility Controversies and Director Reputation Authors Kent A. Hickman, Gonzaga University Timo P. Korkeamäki, Hanken School of Economics *Niclas O. Meyer, Hanken School of Economics

Discussant Lisa Schopohl, University of Reading

1200-1345 Lunch (Staff Chinese Restaurant 南北小廚, 4/F, Communal Building, PolyU campus) Session 4: Environmental, Sustainability, and Accounting Chair: Jeff Ng, School of Accounting and Finance, The Hong Kong Polytechnic University 1345-1425 Paper 13 Do Shareholders Benefit from Green Bonds? Authors Dragon Yongjun Tang, The University of Hong Kong *Yupu Zhang, The University of Hong Kong

Discussant Jay Cao, The Chinese University of Hong Kong

1425-1505 Paper 14 Mandatory IFRS Adoption, Corporate Governance and Firm Value in Brazil Authors *Joelson Sampaio, Fundação Escola de Comércio Alvares Penteado Humberto Gallucci Netto, Universidade Federal de São Paulo Vinícius Augusto Brunassi Silva, Fundação Escola de Comércio Alvares Penteado Rafael Schiozer, Fundação Getulio Vargas - EAESP

Discussant Paul A. Griffin, Graduate School of Management, University of California at Davis

1505-1525 Tea Break

1525-1605 Paper 15 Voluntary disclosure of corporate political spending Authors Lisa Goh, School of Business, Hang Seng Management College Xuejiao Liu, School of Business, University of International Business and Economics *Albert Tsang, Schulich School of Business, York University

Discussant Vahap B. Uysal, Driehaus College of Business, DePaul University

1605-1645 Paper 16 Environmental Performance and Analyst Information Processing Costs *Paul A. Griffin, Graduate School of Management, Authors University of California at Davis Thaddeus Neururer, G.W. Daverio School of Accountancy, University of Akron Estelle Y. Sun, Questrom School of Business, Boston University

Chong Wang, School of Accounting and Finance, Discussant The Hong Kong Polytechnic University

1645-1650 Closing Remarks

Note: Each paper (40 minutes) will have 20 minutes for a presenter, 10 minutes for a discussant and 10 minutes for Q&A from the floor.

* Presenter