SFS CAVALCADE ASIA-PACIFIC 2017

SFS CAVALCADE ASIA-PACIFIC 2017 HOSTED BY TSINGHUA UNIVERSITY PBC SCHOOL OF FINANCE DECEMBER 13-15

TABLE OF CONTENTS CONFERENCE CHAIRS

Chair Bernard Yeung, National University of Singapore

Vice Chair Program Overview ...... 01-02 Ron Masulis, University of New South Wales

Associate Chair Conference Program ...... 03-12 Kalok Chan, The Chinese University of

Wednesday December 13, 2017 ...... 03-06 Host’s Faculty Sponsor Thursday December 14, 2017 ...... 07-10 Hong Zhang, Tsinghua University

Friday December 15, 2017 ...... 11-12 SFS Advisory Chairs Laura Starks, University of Texas at Austin Josef Zechner, WU Vienna Useful Information ...... 13-14 Inaugural Year Advisor Matthew Spiegel, Yale University

Program Committee ...... 15 THE SOCIETY FOR FINANCIAL STUDIES

Note ...... 16-20 The Review of Asset Pricing Studies Executive Editor Wayne Ferson, University of Southern California

The Review of Corporate Finance Studies Executive Editor Paolo Fulghieri, University of North Carolina at Chapel Hill

The Review of Financial Studies Executive Editor Andrew Karolyi, Cornell University SFS CAVALCADE ASIA-PACIFIC 2017

PROGRAM OVERVIEW

TUESDAY DECEMBER 12, 2017 WEDNESDAY DECEMBER 13, 2017 THURSDAY DECEMBER 14, 2017 FRIDAY DECEMBER 15, 2017

8:00 am-5:00 pm Registration 8:00 am-5:00 pm Registration

8:45 am-12:00 pm Parallel Sessions 8:45 am-12:00 pm Parallel Sessions 8:45 am-12:00 pm Parallel Sessions Corporate (1): Corporate Governance Corporate (3): Labor and Corporate Leverage Corporate (4): Financing in China and India Banking (1): Regulation and Implications Policy and Real Economy Banking (2): Lessons from the Past Investments (1): Contagion and Risk Investments (3): Anomalies Investments (4): Predicting Returns Behavioral Finance (1) Fixed-income Market Theoretical Asset Pricing

12:00-1:30 pm Lunch 12:00-1:30 pm Lunch 12:00-1:30 pm Lunch Keynote Speaker Keynote Speaker Bernard Yeung, National University of Singapore; Laura Starks, University of Texas at Austin; Chair of SFS Cavalcade Asia-Pacific 2017 President of SFS

2:00-6:00 pm Registration 1:30-3:35 pm Parallel Sessions 1:30-3:35 pm Parallel Sessions Conference Ends Corporate (2): Gender and Social Issues FinTech and Blockchain Institutional Investors (1): Investors and Firms Institutional Investors (2): Investors and the Market Investments (2): Liquidity and Volatility Behavioral Finance (2) Information Economics (1): Speed of Information Information Economics (2): Other Topics

3:45-4:15 pm 3:45-4:15 pm Research Forum: Finance Research in China and Asia Editors’ Forum

6:00-8:00 pm Conference Reception 6:00-9:00 pm Award Dinner 6:00-9:00 pm Dinner

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WEDNESDAY MORNING SESSIONS DECEMBER 13, 2017

Registration: 8:00 am-1:00 pm, Lobby, 1/F

SESSION 1 SESSION 2 SESSION 3 SESSION 4 CORPORATE (1): CORPORATE GOVERNANCE BANKING (1): REGULATION AND IMPLICATIONS INVESTMENTS (1): CONTAGION AND RISK BEHAVIORAL FINANCE (1) Session Chair: Session Chair: Session Chair: Session Chair: Hao Zhou, Tsinghua University Chen Lin, The University of Hong Kong Matthew Spiegel, Yale University Jianfeng Yu, Tsinghua University

Xian-Tian-Shou, 4/F Fu-Rong-Yue, 4/F Shou-Shan, 4/F Fu-Hai, 4/F 8:45-9:40 am

Governance through Shame and Aspiration: The Financing of Local Government in China: Stimulus Leverage Network and Market Contagion Probability Weighting, Stop-Loss and the Disposition Index Creation and Corporate Behavior in Japan Loan Wanes and Shadow Banking Waxes Jiangze Bian, University of International Business and Effect Akash Chattopadhyay, University of Toronto Zhuo Chen, Tsinghua University Economics Vicky Henderson, University of Warwick, University of Matthew Shaffer, Harvard University Zhiguo He, Zhi Da, The University of Notre Dame Oxford Charles C.Y. Wang, Harvard University Chun Liu, Tsinghua University Dong Lou, The London School of Economics and Political David Hobson, University of Warwick Science Alex Sing-lam Tse, University of Cambridge Hao Zhou, Tsinghua University Discussant: Discussant: Cong Wang, China Europe International Business Discussant: Discussant: Raymond Leung, Cheung Kong Graduate School of School Hao Wang, Tsinghua University Paul Geertsema, University of Auckland Business

9:55-10:50 am

Monitoring the Monitor: Distracted Institutional Rise of Bank Competition: Evidence from Banking Nowhere to Run, Nowhere to Hide: Asset Diversification Behavioral Bias in Haze: Evidence from Air Pollution Investors and Board Governance Deregulation in China in a Flat World and the Disposition Effect in China Claire Yang Liu, University of New South Wales Haoyu Gao, Central University of Finance and Economics John Cotter, University College Dublin Jie Li, INSEAD Angie Low, Nanyang Technological University Hong Ru, Nanyang Technology University Stuart Gabriel, University of California, Los Angeles Massimo Massa, INSEAD Ron Masulis, University of New South Wales Robert Townsend, Massachusetts Institute of Technology Richard Roll, California Institute of Technology Hong Zhang, Tsinghua University Le Zhang, University of New South Wales Xiaoguang Yang, Chinese Academy of Sciences Jian Zhang, Hong Kong Baptist University

Discussant: Discussant: Discussant: Discussant: Ye Wang, Shanghai University of Finance and Economics Divya Kirti, International Monetary Fund Kingsley Fong, The University of New South Wales Weikai Li, Singapore Management University

11:05 am-12:00 pm

Tournament Incentives and Acquisition Performance Banking the Unbanked: What do 255 Million New Bank Government Spending Shocks and Asset Prices Investor Target Prices Thomas Yin To, The University of Sydney Accounts Reveal about Financial Access? Ruchith Dissanayake, University of Alberta Shiyang Huang, The University of Hong Kong Iftekhar Hasan, Fordham University Sumit Agarwal, Georgetown University Xin Liu, The University of Hong Kong Marco Navone, University of Technology Sydney Shashwat Alok, Indian School of Business Chengxi Yin, Renmin University of China Eliza Wu, The University of Sydney Pulak Ghosh, Indian Institute of Management, Bangalore Tomasz Piskorski, Columbia University Amit Seru, Stanford University

Discussant: Discussant: Discussant: Discussant: Si Cheng, The Chinese University of Hong Kong Wenlan Qian, National University of Singapore Zhongzhi Song, Cheung Kong Graduate School of Business Fuwei Jiang, Central University of Finance and Economics

12:00-1:30 pm LUNCH Keynote Speaker: Bernard Yeung, Chair, SFS Cavalcade Asia-Pacific 2017; Dean, National University of Singapore Business School; President, Asian Bureau of Finance and Economic Research (ABFER) Grand Ballroom, 5/F

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WEDNESDAY AFTERNOON SESSIONS DECEMBER 13, 2017

Registration: 1:00-5:00 pm, 4/F

SESSION 1 SESSION 2 SESSION 3 SESSION 4 CORPORATE (2): GENDER AND SOCIAL ISSUES INSTITUTIONAL INVESTORS (1): INVESTORS AND FIRMS INVESTMENTS (2): LIQUIDITY AND VOLATILITY INFORMATION ECONOMICS (1): SPEED OF INFORMATION Session Chair: Session Chair: Session Chair: Session Chair: Cong Wang, China Europe International Business School Jennifer Huang, Cheung Kong Graduate School of Business Huafeng Chen, Tsinghua University Hong Yan, Shanghai Jiao Tong University

Xian-Tian-Shou, 4/F Fu-Rong-Yue, 4/F Shou-Shan, 4/F Fu-Hai, 4/F

1:30-2:25 pm

Women in Finance Hedge Fund Activism and Long-Term Firm Value Investor Heterogeneity and Liquidity Speed Matters: Limited Attention and Supply-Chain Tom Kirchmaier, London School of Economics and Ye Wang, Shanghai University of Finance and Economics Allaudeen Hameed, National University of Singapore Information Diffusion Political Science Martijn Cremers, University of Notre Dame Si Cheng, The Chinese University of Hong Kong Ling Cen, University of Toronto Renee Adams, The University of New South Wales Erasmo Giambona, Syracuse University Kalok Chan, The Chinese University of Hong Kong Michael Hertzel, Arizona State University Simone M. Sepe, The University of Arizona and Institute for Christoph M. Schiller, University of Toronto Advanced Study in Toulouse

Discussant: Discussant: Discussant: Discussant: Huasheng Gao, Fudan University Dashan Huang, Singapore Management University Ruchith Dissanayake, University of Alberta Zhen Zhou, Tsinghua University

2:40-3:35 pm

Child Care Provision and Women's Careers in Firms Corporate ESG Profiles and Investor Horizons Are Volatility Over Volume Liquidity Proxies The Speed of Communication Vidhi Chhaochharia, University of Miami Laura Starks, University of Texas at Austin Useful For Global Or US Research? Shiyang Huang, The University of Hong Kong Suman Ghosh, Florida Atlantic University Parth Venkat, University of Texas at Austin Kingsley Fong, The University of New South Wales Dong Lou, London School of Economics and Alexandra Niessen-Ruenzi, University of Mannheim Qifei Zhu, University of Texas at Austin Craig W. Holden, Indiana University Political Science Christoph Schneider, Tilburg University Ondrej Tobek, University of Cambridge Byoung-Hyoun Hwang, Cornell University

Discussant: S.Lakshmi Naaraayanan, The Hong Kong University of Discussant: Discussant: Discussant: Science and Technology Huan Yang, University of Massachusetts Amherst Amit Goyal, University of Lausanne Charles Martineau, University of Toronro

3:45-4:15 pm

RESEARCH FORUM: FINANCE RESEARCH IN CHINA AND ASIA Bernard Yeung, National University of Singapore Kalok Chan, The Chinese University of Hong Kong Hao Zhou, Tsinghua University Function Room, 4/F

6:00-9:00 pm

AWARD DINNER Grand Ballroom, 5/F

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THURSDAY MORNING SESSIONS DECEMBER 14, 2017 Registration: 8:00 am-5:00 pm, 4/F

SESSION 1 SESSION 2 SESSION 3 SESSION 4 CORPORATE (3): LABOR AND CORPORATE LEVERAGE POLICY AND REAL ECONOMY INVESTMENTS (3): ANOMALIES FIXED-INCOME MARKET Session Chair: Session Chair: Session Chair: Session Chair: Renee Adams, The University of New South Wales Zhiguo He, University of Chicago Zhi Da, University of Notre Dame Kalok Chan, The Chinese University of Hong Kong

Xian-Tian-Shou, 4/F Fu-Rong-Yue, 4/F Shou-Shan, 4/F Fu-Hai, 4/F

8:45-9:40 am

Health Care Costs, Worker Mobility and Firm China's Anti-Corruption Campaign and Credit Realloca- P-hacking: Evidence from Two Million Trading Strategies Better Bond Indices Leverage: Evidence from State Health Mandates tion from SOEs to PEs Tarun Chordia, Emory University Adriana Ropertson, University of Toronto Manpreet Singh, Georgia Institute of Technology Bo Li, Tsinghua University Amit Goyal, University of Lausanne Matthew Spiegel, Yale University S.Lakshmi Naaraayanan, The Hong Kong University Zhengwei Wang, Tsinghua University Alessio Saretto, University of Texas at Dallas of Science and Technology Hao Zhou, Tsinghua University

Discussant: Discussant: Discussant: Discussant: Renee Adams, The University of New South Wales Ling Cen, University of Toronto Clark Liu, Tsinghua University Zhuo Chen, Tsinghua University

9:55-10:50 am

The Employee Clientele of Corporate Leverage: Greener on the Other Side: Estimating Consumer The Correlation Structure of Anomaly Strategies Pricing Efficiency and Market Transparency: Evidence Evidence from Personal Labor Income Diversification Sensitivity to Local Sales Tax Changes Paul Geertsema, University of Auckland from Corporate Bond Market Jie He, University of Georgia Constantine Yannelis, Helen Lu, University of Auckland Jia Chen, Tao Shu, University of Georgia Teng Sun, Peking University Ruichang Lu, Peking University Huan Yang, University of Massachusetts Amherst Daniel Knoepfle, Uber Technologies Trevor Davis, Stanford University

Discussant: Discussant: Discussant: Discussant: Tao Shen, Tsinghua University Yunqi Zhang, Nankai University Cotter John, University College Dublin Haoyu Gao, Central University of Finance and Economics

11:05 am-12:00 pm

Minimum Wage and Financial Leverage: Insights Liquidity, Electronic Payments, and the Real Replicating Anomalies Expected Term Structures from Private Firms in China Economy: Implications from India's Demonetization Kewei Hou, The Ohio State University Andrea Buraschi, Imperial College Business School Heng Geng, Victoria University of Wellington Xiaodan Gao, National University of Singapore Chen Xue, University of Cincinnati Ilaria Piatti, University of Oxford Yi Huang, Graduate Institute of Geneva Na Zhang, Fudan University Lu Zhang, The Ohio State University Paul Whelan, Copenhagen Business School Chen Lin, The University of Hong Kong Sibo Liu, The University of Hong Kong

Discussant: Discussant: Discussant: Discussant: Bibo Liu, Tsinghua University Erica Li, Cheung Kong Graduate School of Business Timothy K. Chue, The Hong Kong Polytechnic University Zhan Shi, Tsinghua University

12:00-1:30 pm

LUNCH Keynote Speaker: Laura Starks, University of Texas at Austin; President of SFS Grand Ballroom, 5/F

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THURSDAY AFTERNOON SESSIONS DECEMBER 14, 2017 Registration: 8:00 am-5:00 pm, 4/F

SESSION 1 SESSION 2 SESSION 3 SESSION 4 FINTECH AND BLOCKCHAIN INSTITUTIONAL INVESTORS (2): INVESTORS AND THE MARKET BEHAVIORAL FINANCE (2) INFORMATION ECONOMICS (2): OTHER TOPICS Session Chair: Session Chair: Session Chair: Session Chair: Xiaoyan Zhang, Tsinghua University Charles C.Y. Wang, Harvard University Ning Zhu, Tsinghua University Amit Goyal, University of Lausanne

Xian-Tian-Shou, 4/F Fu-Rong-Yue, 4/F Shou-Shan, 4/F Fu-Hai, 4/F

1:30-2:25 pm

Is FinTech a Threat to Financial Stability? Do Venture Capital Investors Learn from Public Markets? Manager Sentiment and Stock Returns Commodity Financialization and Information Transmission Evidence from Peer-to-Peer Lending in China Bibo Liu, Tsinghua University Fuwei Jiang, Central University of Finance and Economics Itay Goldstein, University of Pennsylvania Fabio Braggion, Tilburg University Xuan Tian, Tsinghua University Josh Lee, University of Georgia Liyan Yang, University of Toronto Alberto Manconi, Bocconi University Xiumin Martin, Washington University in St. Louis Haikun Zhu, Tilburg University Guofu Zhou, Washington University in St. Louis

Discussant: Discussant: Discussant: Discussant: Zaiyan Wei, Purdue University Bohui Zhang , The University of New South Wales Baolian Wang, Fordham University Shiyang Huang, The University of Hong Kong

2:40-3:35 pm

Blockchain Disruption and Smart Contracts Inefficient Globalization of Finance: Evidence from The Whack-A-Mole Game: Tobin Tax and Trading Frenzy How is Earnings News Transmitted to Stock Prices? Lin William Cong, University of Chicago Marketing-Oriented Overseas Expansions of Jinghan Cai, University of Scranton Charles Martineau, University of Toronto Zhiguo He, University of Chicago Low-Skilled Mutual Fund Families Jibao He, Shenzhen Stock Exchange Jingtao Zheng, University of Chicago Si Cheng, The Chinese University of Hong Kong Wenxi Jiang, The Chinese University of Hong Kong Massimo Massa, INSEAD Wei Xiong, Princeton University Hong Zhang, Tsinghua University

Discussant: Discussant: Discussant: Discussant: Liyan Yang, University of Toronto Meixin Guo, Tsinghua University Li An, Tsinghua University Tao Chen, Nanyang Technological University

3:45-4:15 pm

EDITORS’ FORUM Laura Starks, University of Texas at Austin Matthew Spiegel, Yale University Function Room, 4/F

6:00-9:00 pm

DINNER Grand Ballroom, 5/F

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FRIDAY MORNING SESSIONS DECEMBER 15, 2017

SESSION 1 SESSION 2 SESSION 3 SESSION 4 CORPORATE (4): FINANCING IN CHINA AND INDIA BANKING (2): LESSONS FROM THE PAST INVESTMENTS (4): PREDICTING RETURNS THEORETICAL ASSET PRICING Session Chair: Session Chair: Session Chair: Session Chair: Ling Cen, University of Toronto Laura Liu, Peking University Lu Zhang, The Ohio State University Liyan Yang, University of Toronto

Xian-Tian-Shou, 4/F Fu-Rong-Yue, 4/F Shou-Shan, 4/F Fu-Hai, 4/F

8:45-9:40 am

Credit, Labor, and Political Unrest: Evidence from Aggregate Risk, Bank Competition and Regulation in Profitability, Asset Investment, and Aggregate Stock Skill Acquisition and Information Sales 1930s China General Equilibrium Returns Shiyang Huang, The University of Hong Kong Fabio Braggion, Tilburg University Ahmad Peivandi, Georgia State University Timothy K. Chue, The Hong Kong Polytechnic University Liyan Yang, University of Toronto Alberto Manconi, Bocconi University Mohammad Abbas Rezaei, University of California Berkeley Jin Karen Xu, The Hong Kong Polytechnic University Yan Xiong, University of Toronto Haikun Zhu, Tilburg University Ajay Subramanian, Georgia State University

Discussant: Discussant: Shashwat Alok, Indian School of Business Discussant: Discussant: Claire Yang Liu, The University of New South Wales Jia Chen, Peking University Alex Sing-lam Tse, University of Cambridge

9:55-10:50 am

Lending Without Creditor Rights, Collateral, or Bank Lobbying as a Financial Safety Net: Evidence Demand Shock, Speculative Beta, and Asset Prices: Negative Bubbles under Short-Sales Constraints and Reputation-The "Trusted-Assistant” Loan in 19th from the Post-Crisis U.S. Banking Sector Evidence from the Shanghai-Hong Kong Stock Heterogeneous Beliefs Century China Kentaro Asai, The Australian National University Connect Program Dongyan Ye, Cheung Kong Graduate School of Business Meng Miao, Renmin University of China Clark Liu, Tsinghua University H. Henry Cao, Cheung Kong Graduate School of Business Guanjie Niu, Renmin University of China Shujing Wang, Shanghai Finance University Ou-Yang Hui, Cheung Kong Graduate School of Business Thomas Noe, University of Oxford K.C. John Wei, The Hong Kong Polytechnic University

Discussant: Discussant: Discussant: Discussant: Bo Li, Tsinghua University Ruichang Lu, Peking University Wenxi Jiang, The Chinese University of Hong Kong Jiangmin Xu, Peking University

11:05 am-12:00 pm

Investment Opportunities and Financing Externalities: When Gambling for Resurrection is too Risky Why Doesn't the Log Dividend-Price Ratio Seem to A Theory of Dissimilarity Between Stochastic Discount Evidence from the Golden Quadrilateral in India Divya Kirti, International Monetary Fund Predict Future Log Returns or Log Dividend Growths? Factors S.Lakshmi Naaraayanan, The Hong Kong University of Philip Dybvig, Washington University in St. Louis Gurdip Bakshi, University of Maryland Science and Technology Huacheng Zhang, Southwestern University of Finance and Xiaohui Gao, University of Maryland Daniel Wolfenzon, Columbia University Economics George Panayotov, The Hong Kong University of Science and Technology Discussant: Parth Venkat, U.S. Securities and Exchange Discussant: Discussant: Discussant: Commission Kentaro Asai, The Australian National University Huafeng Chen, Tsinghua University Rui Guo, Renmin University of China

12:00-1:30 pm

LUNCH Grand Ballroom, 5/F

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USEFUL INFORMATION

SFS CAVALCADE ASIA-PACIFIC 2017 AT WENJIN HOTEL REGISTRATION TAKE PLACE ON 1ST/4TH FLOOR

TUESDAY DECEMBER 12, 2017 2:00-6:00 pm Lobby, 1/F NORTH WEDNESDAY DECEMBER 13, 2017 8:00 am-1:00 pm Lobby, 1/F 1:00-5:00 pm 4/F

Zhongguancun East Road Zhanchunyuan West Road THURSDAY DECEMBER 14, 2017 8:00 am-5:00 pm 4/F Subway Line 13

Quanjude Peking Beijing Language and PARALLEL SESSIONS AND RESEARCH/ EDITORS’ FORUM TAKE PLACE ON 4TH FLOOR Roast Duck Restaurant Culture University Model Coffee Wenjin Hotel PIZZA Subway KFC Dao-Xiang-Cun Cake

Chengfu Road Chengfu Road Session 2 Session 4

Wudaokou Subway Station Session 3 Fu-Rong-Yue Fu-Hai Qing-Feng Steamed Chongqin Hot Pot Shou-Shan Burger King Dumpling Shop Manpenxiang Boiled fish Starbucks McDonald's

Wudaokou Research/Editors’ Forum Shopping China University of Function Room Mall Huaqing Jia Yuan Geosciences, Beijing Zhongguancun East Road Zhanchunyuan West Road

i Session 1 Xian-Tian-Shou Dongshengyuan Apartments Registration

Zhanchunyuan Court Organizing Committee Ling-Long-Yu Coffee Break

Council Meeting Xi-Jiang-Yue

Baofusi Qiao Zhanchun’er Qiao

Fourth Ring

WIFI LUNCH AND DINNER TAKE PLACE ON 5TH FLOOR Account: wj-meeting Password: wj123456 Note: Please show the coupons on your badge when entering reception/lunch/dinner.

Dress Code You are required to wear your official conference badge at all conference events.

Hotel Address Wenjin Hotel Tsinghua Science Park, Chengfu Road, Haidian District, Beijing, China

Conference Contact [email protected] [email protected]

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PROGRAM COMMITTEE NOTE

Renee Adams (The University of New South Wales) Dimtri Livdan (University of California, Berkeley) Kenneth Ahern (University of Southern California) Francis Longstaff (University of California, Los Angeles) Hengjie Ai (University of Minnesota) Dong Lou (The London School of Economics and Political Science) Heitor Almeida (University of Illinois at Urbana-Champaign) Richard Lowery (The University of Texas at Austin) Fernando Anjos (The Nova School of Business and Economics) Christian Lundblad (The University of North Carolina at Chapel Hill) Kee-Hong Bae (York University) Pedro Matos (The University of Virginia) Jennie Bai (Georgetown University) David McLean (The University of Alberta) Federico Belo (The University of Minnesota) Vikram Nanda (The University of Texas at Dallas) Jan Bena (The University of British Columbia) Thomas Noe (University of Oxford) Shai Bernstein (Stanford University) Paige Ouimet (The University of North Carolina at Chapel Hill) Valentina Bruno (American University) Amiyatosh Purnanandam () Jeffrey Busse (Emory University) Uday Rajan (University of Michigan) Thomas Chemmanur (Boston College) Tarun Ramadorai (Imperial College London) Joseph Chen (University of California, Davis) David Mitchell Reeb (National University of Singapore) Ricardo Colacito (The University of North Carolina at Chapel Hill) Adam Reed (The University of North Carolina at Chapel Hill) Zhi Da (University of Notre Dame) Cesare Robotti (University of Georgia) Sudipto Dasgupta (Lancaster University) Gideon Saar (Cornell University) Roger Edelen (University of California, Davis) Alessio Saretto (The University of Texas at Dallas) Thierry Foucault (HEC Paris) Lukas Schmid (Duke University) Cesare Fracassi (University of Texas at Austin) Sophie Shive (University of Notre Dame) Murray Frank (University of Minnesota) Clemens Sialm (The University of Texas at Austin) Priyank Gandhi (University of Notre Dame) Chester Spatt (Carnegie Mellon University) Mariassunta Giannetti (Stockholm School of Economics) Xuan Tian (Tsinghua University) Radha Gopalan (Washington University in St. Louis) Mathijs Van Dijk (Erasmus University) T. Clifton Green (Emory University) Kumar Venkataraman (Southern Methodist University) Bruce D. Grundy (The University of Melbourne) Annette Vissing-Jorgensen (University of California, Berkeley) Ro Gutierrez (University of Oregon) John Wei (The Hong Kong Polytechnic University) Kristine Hankins (University of Kentucky) Ingrid Werner (The Ohio State University) Harrison Hong (Columbia University) Rohan Williamson (Georgetown University) Kewei Hou (The Ohio State University) Jeffrey Wurgler (New York University) Jennifer Huang (Cheung Kong Graduate School of Business) Hong Yan (Shanghai Jiaotong University) Jiekun Huang (University of Illinois at Urbana-Champaign) Jianfeng Yu (Tsinghua University) Rustom Irani (University of Illinois at Urbana-Champaign) Xiaoyun Yu (Indiana University) Gergana Jostova (George Washington University) Bohui Zhang (The University of New South Wales) Ohad Kadan (Washington University in St. Louis) Harold Zhang (The University of Texas at Dallas) Jun-koo Kang (Nanyang Technological University) Lu Zhang (The Ohio State University) Patrick Joseph Kelly (New Economic School, Moscow) Xiaoyan Zhang (Tsinghua University) Chen Lin (The University of Hong Kong) Hao Zhou (Tsinghua University) Karl Lins (University of Utah) Haoxiang Zhu (Massachusetts Institute of Technology) Laura Liu (Peking University)

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