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Corporate Governance in China
This draft: September 26th 2014 Comments welcome Corporate Governance in China Randall Morck, University of Alberta and NBER, and Bernard Yeung, National University of Singapore* China’s recent economic history is phenomenal. The Communist Party of China (CPC), by abandoning Marxist-Leninist dogma and adopting pragmatic economic policies, has lifted hundreds of millions of people out of abject poverty in a few short decades. No other government in human history has accomplished anything remotely comparable. Most Nobel Peace Prizes celebrate far slighter achievements. Communist China’s accomplishments should caution outside experts. Economics surely has more to learn from China than China has ever learned from economics. Much rhetoric from the right (“See what happens when capitalism is unleashed!”) and the left (“Capitalism destroyed Chinese equality, Mao’s greatest legacy!”) is, in our opinion, far off target. China has not adopted capitalism, and Mao left no legacy of real equality.1 The CPC refers to its economic system as “Market Socialism with Chinese Characteristics.” Journalists reporting on China largely ignore this official phraseology, perhaps smiling at the Party leadership’s unwillingness to formally acknowledge having * Randall Morck gratefully acknowledges partial financial support from the Bank of Canada. These views are the authors’, and may not reflect those of the Bank of Canada or any of its staff. We are grateful for extremely helpful suggestions from the editor, Don Chew, and from Dr. Duvvvuri Subbarao. 1 See Dikötter (2010) on the social and economic inequality created by Maoist reforms and Freeman (2014) on the current Chinese leaderships efforts to correct these problems. -
List of Participating Deans
LIST OF PARTICIPATING DEANS Jan Ketil Arnulf Moshe Porat Jan Ketil Arnulf Associate Dean, BI-Fudan MBA Program Dean, Fox School of Business and Management, Temple University Associate Professor, BI Norwegian Business School Associate Dean, BI-Fudan MBA Program Bruno van Pottelsberghe Associate Professor, BI Norwegian Business School Martin Binks Dean, Solvay Brussels School of Economics and Management Dean and Professor of Entrepreneurial Development, Nottingham Jan Ketil Arnulf is an associate professor at BI Norwegian Business School and the associate dean University Business School Loïck Roche of the BI-Fudan MBA program, where he has been teaching since 2006. Dean and Director, Grenoble École de Management Dr. Arnulf’s key teaching and research interest is in leadership, global leadership and leadership Eric Chang development. His research on management team has been awarded a prize, and he is on the Dean, Quoin Professor in Finance and Chair Professor of Finance, Michael Roos editorial board of the scientific journal The Leadership Quarterly. Faculty of Business and Economics, University of Hong Kong Research Dean and Professor, Faculty of Management and Economics, Ruhr-University Bochum Dr. Arnulf has extensive practical experience as a consultant to companies in both private business Rabikar Chatterjee and public administration, and has taught at several universities, repeatedly receiving awards as Associate Dean for Masters and Executive Programs, Katz Graduate John Ryan “best faculty”. School of Business, University of Pittsburg -
Timings Stated Are in Singapore Time) 8:20 Am – 8:30 Am Admission of Participants
24 May, Monday (All timings stated are in Singapore time) 8:20 am – 8:30 am Admission of participants INTERNATIONAL MACROECONOMICS, MONEY & REAL ESTATE AND URBAN ECONOMICS BANKING International Financial Flows and Exchange Rates Climate Risk and Real Estate Chair: Christopher M. Meissner (University of California, Chair: Stijn Van Niewerburgh (Columbia University & ABFER) Davis) 8:30 am – 9:15 am 8:30 am – 9:20 am The Original Sin Redux: A Model Based Evaluation Climate Risk Perceptions and Demand for Flood Insurance Nikhil Patel (Bank for International Settlements) Buvaneshwaran Venugopal* (University of Central Florida) Boris Hofmann (Bank for International Settlements) Dimuthu Ratnadiwakara (Louisiana State University) Steve Pak Yeung Wu* (University of British Columbia) Discussant: Discussant: Carlos Garriga (Federal Reserve Bank of St. Louis) Linda Tesar (University of Michigan & ABFER) 9:15 am – 10:00 am 9.20 am - 10:10 am Scrambling for Dollars: International Liquidity, Banks Pricing of Climate Risk Insurance: Regulatory Frictions and and Exchange Rates Cross-Subsidies Charles Engel* (University of Wisconsin-Madison) Ana-Maria Tenekedjieva* (Federal Reserve Board0 Javier Bianchi (Federal Reserve Bank of Minneapolis) Ishita Sen (Harvard University) Saki Bigio (University of California) Discussant: Discussant: Shan Ge (New York University) Ernest Liu (Princeton University) International Capital Flows Chair: Alessandro Rebucci (John Hopkins University) 10:30 am – 11:15 am 10:20 am – 11:10 am Capital Controls and Income Inequality -
2017 SFS Cavalcade Asia-Pacific Program
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 ......................................................................................................................... -
ABFER Industry Outreach Talk by Mr Lim Chuan
ABFER Industry Outreach Talk by Mr Lim Chuan Poh Evolution of Singapore’s Research, Innovation and Enterprise (RIE) Strategy 3 December 2019, Tuesday 3:30 pm – 6:00 pm Four Seasons Hotel Singapore, 190 Orchard Boulevard, Singapore 248646 Windows East, 20th Floor Time Session Detail 3:30 pm – 4:00 pm Registration & Welcome tea 4:00 pm – 4:10 pm Opening Remarks by Professor Tan Eng Chye President, National University of Singapore and Chairman, ABFER Council 4:10 pm – 4:50 pm ABFER Industry Outreach Talk “Evolution of Singapore’s Research, Innovation and Enterprise (RIE) Strategy” Speaker: Mr Lim Chuan Poh Chairman, Singapore Food Agency 4.50 pm – 5:20 pm Q&A (Moderated Discussion) Moderator: Professor Bernard Yeung Stephen Riady Distinguished Professor, National University of Singapore and President, ABFER 5:20 pm Networking 6:00 pm Adjourn Singapore started investing in R&D in the early 90s to keep the manufacturing sector competitive and to secure higher value activities. This strategy evolved to include wider societal challenges such as in healthcare; resources such as water and energy; and livability and sustainability of Singapore’s physical environment. As Singapore seeks to find solutions to our challenges, it also intends to turn these solutions and innovations into economic opportunities. The talk will trace how Singapore’s RIE strategy has evolved; how have we done; and where we might be headed into the future. Opening Remarks Professor TAN Eng Chye President, National University of Singapore and Chairman, ABFER Council Professor Tan Eng Chye was appointed President of the National University of Singapore (NUS) on 1 January 2018. -
Phd Students Supervised
Randall Morck Stephen A. Jarislowsky Distinguished Chair in Finance Distinguished University Professor of Business Department of Finance & Statistical Analysis Alberta School of Business University of Alberta Edmonton, Alberta, Canada T6G 2R6 Phone: 1(780)492-5683 Fax: 1(780)492-3325 E-mail: [email protected] Website: http://professor.business.ualberta.ca/randallmorck November 12th 2015 I. BACKGROUND INFORMATION Birthplace & Citizenship • Olds, Alberta, Canada; Canadian Education • Harvard University, Cambridge, U.S.A. o Ph.D. in economics (finance thesis), June 1986 • Yale University, New Haven, USA o M.A. in economics, B.Sc. summa cum laude, double major with honors in applied mathematics & honors in economics, May 1979 • Leningrad State University, St. Petersburg, Russia o Certificate of Completion in Philology, August 1977 • Olds High School, Olds, Alberta, Canada Languages • English; French, German & limited Russian; some Egyptian hieroglyphics Employment • University of Alberta, Edmonton, Canada o Distinguished University Professor, 2008 – present o University Professor, 2007 – present o Stephen A. Jarislowsky Distinguished Chair in Finance, 1992 – present Curriculum Vita – Randall Morck o Full Professor, Jan. 1991 – present o Associate Professor, Jan. 1990 – Jan. 1991 o Assistant Professor, July 1986 – Jan.1989 • Yale University, New Haven U.S.A. o Schoen Visiting Professor of Finance, Spring term 2009 • Harvard University, Cambridge, U.S.A. o William Lyon Mackenzie King Visiting Professor, Jan. – April 2005; Sept. 2005 – Jan. 2006 o Visiting Professor of Economics, Jan. 2004 – April 2004, Sept. 1999 – May 2000 • University of Michigan, Ann Arbor Michigan William Davidson Visiting Professor, May - June 1999 • George Mason University, Fairfax Virginia o Krasnow Visiting Research Professor, Krasnow Institute for Advanced Study, Fall 1997 • Boston University, Boston, U.S.A. -
First in Command: Leaders, Political Institutions, and Economic Growth in China’S Counties
FIRST IN COMMAND: LEADERS, POLITICAL INSTITUTIONS, AND ECONOMIC GROWTH IN CHINA’S COUNTIES by David Janoff Bulman A dissertation submitted to Johns Hopkins University in conformity with the requirements for the degree of Doctor of Philosophy Baltimore, Maryland July 2014 © 2014 David J. Bulman All Rights Reserved David J. Bulman ABSTRACT In the mid-1990s, counties in China’s Anhui Province and the central and northern regions of Jiangsu Province had similar levels of development. Over the next two decades the Jiangsu counties grew much faster, becoming on average twice as rich as the Anhui counties. This dissertation develops a causal narrative explaining part of the regional variation in county outcomes by looking at the relationship between local leader economic roles, governance, and promotion incentives in an upwardly accountable political system. Relying on six in-depth county case studies as well as broader quantitative analyses, the dissertation seeks to answer three interrelated questions: What explains variation in China’s county-level economic outcomes? What is the role of County Party Secretaries in determining local growth outcomes? Why do County Party Secretaries emphasize particular developmental priorities? By selecting six counties that face each other across the Anhui/Jiangsu border, the study largely eliminates geographic, historical, and cultural explanations, focusing instead on divergent provincial institutions and policies. These mixed method approaches demonstrate the important economic roles played by County Party Secretaries in shaping the quality of local governance and the ability of counties to attract investment. Although this leadership role and the governance-growth relationship hold across provinces, the political promotion incentives given to county leaders vary. -
Applied Corporate Finance
VOLUME 26 | NUMBER 3 | SUMMER 2014 Journal of APPLIED CORPORATE FINANCE In This Issue: China’s Capital Markets and Corporate Governance Was Deng Xiaoping Right? An Overview of China’s Equity Markets 8 Carl E. Walter Corporate Governance in China 20 Randall Morck, University of Alberta, and Bernard Yeung, National University of Singapore Presentations at the CARE Conference, Hong Kong Polytechnic University Challenges for China—Beyond Minority Listing of SOEs 43 David Webb, Webb-site.com Asian Corporate Governance—and the Case of Dual-Class Shares 50 K.C. Chan, Secretary for Financial Services and the Treasury, Hong Kong Financial Reporting Practices of China’s Listed Firms 53 Joseph D. Piotroski, Stanford University Graduate School of Business Son of Enron: Investors Weigh the Risks of Chinese Variable Interest Entities 61 Paul Gillis, Peking University, and Michelle René Lowry, University of Hong Kong The State of Asian Corporate Governance 67 Jamie Allen, Secretary General, Asia Corporate Governance Association Equity Financing for Early-Stage Companies in China 71 Ning Jia, Tsinghua University The State of Sustainability in China 76 Peijun Duan, China Central Party School, and Robert G. Eccles, Harvard Business School Politically Connected CEOs, Corporate Governance, and the 85 Joseph P. H. Fan, T.J. Wong, and Tianyu Zhang, Post-IPO Performance of China’s Partially Privatized Firms The Chinese University of Hong Kong The Composition and Effectiveness of Audit Committees in the 96 Re-Jin Guo, University of Illinois at Chicago and Presence of Large Controlling Shareholders Yin-Hua Yeh, National Chiao Tung University VOLUME 26 | NUMBER 3 | SUMMER 2014 In This Issue: China’s Capital Markets and Corporate Governance A Message from the Editor 2 Executive Summaries 4 Was Deng Xiaoping Right? An Overview of China’s Equity Markets 8 Carl E. -
VITA Bernard Y. Yeung May 2017 EDUCATION ACADEMIC
VITA Bernard Y. Yeung May 2017 Dean Stephen Riady Distinguished Professor National University of Singapore NUS Business School Mochtar Riady Building, BIZ 1, 6-19 15 Kent Ridge Drive Singapore 119245 Phone: +65-6516-3075 Fax: +65–6779-1365 Email: [email protected] [email protected] EDUCATION Ph.D., Graduate School of Business, University of Chicago, Chicago, Ill. Dec, 1984. Dissertation Title: Exchange Rate Intervention Policies: Rational Expectations, Interdependence of Policy Actions and Policy Expectations. MBA, Graduate School of Business, University of Chicago, Chicago, Ill. 1981. B.A. (Hon) in Economics and Mathematics, University of Western Ontario, London, Ontario, Canada, 1979. ACADEMIC APPOINTMENTS Dean, National University of Singapore, NUS Business School (since June 2008) Stephen Riady Distinguished Professor, NUS Business School (since June 2008) Director, NYU China – China House (2006 - 2008) Abraham Krasnoff Professor in Global Business, Professor of Economics, and Professor of Strategy, New York University, Stern School of Business (1999 – 2010) NYU Society of Fellows (2007 – 2010) Honorary Co-Chair, Strategy Department, Guanghua School of Management, Peking University (since 2004 – 2008) Advisory University Professor, East China Normal University (since 2006 – 2008) Interim-Director, Global Business Institute, Stern, NYU, 2006-7 (Deputy Director, 2003 – 2006) 1 Area Research Director (Foreign Investment), William Davidson Institute, University of Michigan Business School, 1997 – 2004 Professor in International Business,