2017 SFS Cavalcade Asia-Pacific Program
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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 Hong Kong 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 01 02 SFS CAVALCADE ASIA-PACIFIC 2017 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, University of Chicago 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 03 04 SFS CAVALCADE ASIA-PACIFIC 2017 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