The 20Th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management
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Revised Version, September 6, 2012 The 20th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management September 8 and September 9, 2012 Rutgers University, USA The 20th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management Conference Organizers: Rutgers University, USA Foundation of Pacific Basin Financial Research and Development, Taiwan Sponsors: Dean's Office, Rutgers Business School Department of Accounting & Information Systems, Rutgers Business School Center for Governmental Accounting, Education, and Research (CGAER), Rutgers Business School Whitcomb Center for Research in Financial Services, Rutgers Business School Department of Supply Chain Management and Marketing Sciences, Rutgers Business School Fubon Financial Holding Co., Ltd, Taiwan Weissman Center for International Business, Baruch College Kainan University World Scientific Springer Program Co-Directors: Cheng-Few Lee, Rutgers University, USA Daniel Weaver, Rutgers University, USA Program Committee Members: Ivan Brick, Rutgers Business School, USA Stephen J. Brown, New York University, USA Chuang-Chang Chang, National Central University, Taiwan Hong-Chang Chang, Fubon Financial Holding Co., Ltd., Taiwan and Former Dean of College of Management of National Taiwan University, Taiwan Sheng-Syan Chen, National Taiwan University, Taiwan Michael Chng, Deakin University, Australia Huimin Chung, National Chiao Tung University, Taiwan Yasuo Hoshino, Aichi University and University of Tsukuba, Japan Bikki Jaggi, Rutgers University, USA Kose John, New York University, USA 1 Lei Lei, Rutgers University, USA Jianping Li, Chinese Academy of Sciences, China Shu-hsing Li, National Taiwan University, Taiwan Hsuan-Chu Lin, National Cheng Kung University, Taiwan Yaw Mensah, Rutgers University, USA Chien-chung Nieh, Tamkang University, Taiwan Dan Palmon, Rutgers University, USA Yong Shi, Executive Deputy Director, Research Center on Fictitious Economy and Data Science, Chinese Academy of Science, China/University of Nebraska at Omaha, USA John KC Wei, Hong Kong University of Science &Technology, Hong Kong Chau-Chen Yang, National Taiwan University, Taiwan Lee J. Yao, Loyola University New Orleans, USA Gillian Yeo, Nanyang Technological University, Singapore 2 History of the Conference: Year Venue/Country Host Organizer 1993 U.S.A. Rutgers University, New Jersey 1994 Hong Kong Hong Kong Chinese University, Hong Kong 1995 Taiwan Taiwan Institute of Economic Research, Taipei 1996 U.S.A. Rutgers University, New Jersey 1997 Singapore Nanyang Technological University, Singapore 1998 Hong Kong Hong Kong Polytechnic University, Hong Kong 1999 Taiwan National Taiwan University, Taipei 2000 Thailand Chulalongkorn University, Bangkok 2001 U.S.A. Rutgers University, New Jersey 2002 Singapore Nanyang Technological University, Singapore 2003 Taiwan National Chiao Tung University, Hsinchu 2004 Thailand The Consortium of Thai Universities, Bangkok 2005 U.S.A. Rutgers University, New Jersey 2006 Taiwan Foundation of Pacific Basin Financial Research and Development 2007 Vietnam Ho Chi Minh City University of Technology, Ho Chi Minh City, Vietnam 2008 Australia Queensland University of Technology, Brisbane, Queensland, Australia 2009 Thailand University of the Thai Chamber of Commerce, Bangkok, Thailand 2010 China Graduate University of Chinese Academy of Sciences Beijing, China 2011 Taiwan Foundation of Pacific Basin Financial Research and Development, Taiwan & National Chiao Tung University, Taiwan 3 Shuttle between Somerset Doubletree Hotel and Rutgers University Rutgers University Location: Livingston Student Center, Livingston Campus, Piscataway, NJ 08854 Parking: Lot 105 no permit is required 49 Joyce Kilmer Avenue Piscataway, NJ, 08854-8047. The transportation is a shuttle bus and it will be on a loop in the morning: Starting on Sep 08 at 6:45 am, the shuttle will leave from the hotel to go to the Livingston Student Center (as long as it has 5 people on board). It will return to the hotel and make this loop until the last stop is at the Livingston Student Center at 11am. Sept 08 at 21:30pm, the shuttle will make one pick up at the Livingston Student center and will drop off at the hotel. Sept 09 starting at 7am, the shuttle will leave from the hotel to go to the Livingston Student Center (as long as it has 5 people on board). It will return to the hotel and make this loop until the last stop is at the Livingston Student Center at 11am. All transportation arrangements and costs from the Livingston Student Center back to the hotel or to the airport on Sunday, Sept 08 will need to be made by the attendees. Attendees can call to schedule the Cab themselves (one recommendation is Metuchen Taxi 732-548-1176) or can contact Ms. Cyndi GeBorde 848-445-3907 for assist. 4 Conference Agenda Saturday, September 8, 2012 8:30a.m. – 9:00 a.m. Registration (Livingston Hall, Livingston Student Center) 8:30a.m. – 10:45 a.m. Continental Breakfast (Livingston Hall, Livingston Student Center) 9:00a.m. – 9:10a.m. Welcoming Remarks Cheng Few Lee, Co-Director of the conference and (Livingston Hall, Distinguished Professor of Finance and Economics, Livingston Student Center) Rutgers University, USA 9:10a.m. – 9:30a.m. Open Remarks Dean Glenn Shafer, Rutgers Business School (Livingston Hall, Livingston Student Center) 9:30a.m. – 10:30a.m. Keynote Speech I Chairperson: Cheng Few Lee, Rutgers University, USA (Livingston Hall, Speaker: Wayne Ferson, University of Southern Livingston Student Center) California, USA Title: Ruminations on Investment Performance Measurement 10:30a.m. – 10:45a.m. Coffee Break (Livingston Hall, Livingston Student Center) 10:45a.m. – Panel Section I Systematically Important Financial Institutions 12:30p.m. (Livingston Hall, Chairperson: Terrence Martell, Baruch College, USA Livingston Student Center) 12:30p.m. – Lunch (Faculty Dining Room, , Livingston Student Center) 14:00p.m. 14:00p.m. – Concurrent Sessions 15:45p.m. Academic Session I. Transfer Pricing, Financial Accounting and Economic (Levin 103) Policy Chairperson: Winston Chang Academic Session II. Trading Strategy, Microstructure and Risk Management (Levin 106) Chairperson: Hsuan-Chu Lin Academic Session III. Financial Econometrics and Statistics (A) (Levin 107c) Chairperson: Ken Hung Academic Session IV. Auditing (Levin 003) Chairperson: Bharat Sarath Academic Session V. Corporate Finance (Levin 005) Chairperson: Darius Palia Academic Session VI. Supply Chain Finance and Accounting (Levin 006) Chairperson: Benjamin Melamed 15:45p.m. – Coffee Break (Janice H. Levin Building) 16:00p.m. 16:00p.m. – Concurrent Sessions 17:45p.m. Academic Session VII. Mutual Fund and Portfolio Management (Levin 103) Chairperson: Carl R. Chen Academic Session VIII. Corporate Finance and Financial Accounting (Levin 106) Chairperson: Ren-Raw Chen Academic Session IX. Governmental & Not-for-Profit Accounting (Levin 107c) Chairperson: Michael P. Schoderbek 5 Academic Session X. Risk Management (A) (Levin 003) Chairperson: Wan-Jiun P. Chiou Academic Session XI. Merger, Acquisition and International Finance (Levin 005) Chairperson: Yangru Wu Academic Session XII. Banking Management, Mortgage and Regional (Levin 006) Development Chairperson: Ben J. Sopranzetti 18:30p.m. – Dinner Keynote Speech II 21:00p.m. (Faculty Dining Room, Chairperson: Daniel Weaver, Rutgers University, USA Livingston Student Center) Speaker: Kose John, New York University, USA Title: Governance, Risk and Expected Returns: Research Frontiers in Corporate Finance Sunday, September 9, 2012 8:30a.m.-9:00 a.m. Registration (Livingston Hall, Livingston Student Center) 8:30 a.m. -10:45 a.m. Continental Breakfast (Livingston Hall, Livingston Student Center) 9:00a.m.-9:50a.m. Keynote Speech III Chairperson: Dan Palmon, Rutgers University, USA (Livingston Hall, Speaker: Baruch I. Lev, New York University, USA Livingston Student Center) Title: Managerial Estimates: Accounting’s Soft Underbelly 9:50a.m.-10:30a.m. Special Speech Derivative Pricing in the Absence of a Risk Free Rate (Livingston Hall, Chairperson: Ivan Brick, Rutgers University, USA Livingston Student Center) Speaker: Louis Scott, UBS, USA 10:30a.m.-10:45a.m. Coffee Break (Livingston Hall: Livingston Student Center) 10:45p.m.-12:30p.m. Panel Section II Fair Value Accounting and IFRS (Livingston Hall, Chairperson: Leonard Goodman, Rutgers University, Livingston Student Center) USA 12:30p.m.-14:00p.m. Lunch (Faculty Dining Room, Livingston Student Center) 14:00p.m.-15:45p.m. Concurrent Sessions Academic Session XIII. Financial Accounting (A) (Levin 103) Chairperson: John Kim Academic Session XIV. Microstructure (Levin 106) Chairperson: Daniel Weaver Academic Session XV. Momentum (Levin 107c) Chairperson: George J. Jiang Academic Session XVI. Financial Econometrics and Statistics (B) (Levin 003) Chairperson: Lie-Jane Kao Academic Session International Finance and Economics XVII. Chairperson: John M. Longo (Levin 005) 15:45p.m.-16:00p.m. Coffee Break (Janice H. Levin Building) 16:00p.m.-17:45p.m. Concurrent Sessions Academic Session XVIII. Corporate Governance (Levin 103) Chairperson: Ivan E. Brick Academic Session XIX. Options, Futures and Corporate Finance 6 (Levin 106) Chairperson: Pu Liu Academic Session XX. Risk Management (B) (Levin 107c) Chairperson: Yong Shi Academic Session XXI. Financial Accounting (B) (Levin 003) Chairperson: Michael S. Long 7 Detailed Conference Program Saturday, September 8, 2012 8:30a.m. – 9:00 a.m. Registration (Livingston Hall, Livingston Student