Programme Schedule By Programs

Program 1: International Macroeconomics,
Money & Banking


Monday,
May 25, 2015

Chair: Andrew Rose (UC Berkeley)

8.30am - 9.25am

The Economics of Debt, Bailouts and the Eurozone Crisis
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Pierre-Olivier Gourinchas (Berkeley), Philippe Martin (Sciences Po)

Discussants: Christoph Thoenissen (Sheffield)

9.25am - 10.15am

Spare Tire? Stock Markets, Banking Crises, and Economic Recoveries
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Xie Wensi, (HKU), Ross Levine (Berkeley), Lin Chen (HKU)

Discussants: Davin Chor (NUS)

10.45am - 11.40am

What Do Stock Markets Tell Us About Exchange Rates?
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Giorgio Valente (CityU), Gino Cenedese (BOE), Richard Payne (CUL), Lucio Sarno (CUL)

Discussants: Martin Berka (Auckland)

11.40am - 12.30pm

On the Persistence of Political and Economic Institutions in Banking
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Sharon Poczter (Cornell)

Discussants: Renée Adams (UNSW)
Wednesday,
May 27, 2015

Chair: Martin Berka (University of Auckland)

1.30pm - 2.25pm

The Gravity of Experience
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Pushan Dutt (INSEAD), Ana Maria Santacreu (INSEAD), Daniel Traca (UNL)

Discussants: Andrew K. Rose (Berkeley)


2.25pm - 3.15pm

Trade policy, market size, and market structure
Francesco Caselli (LSE)

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Discussants: Joshua Aizenman (USC)


3.45pm - 4.40pm

Disguised corruption: Evidence from consumer credit in China
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Qian Wenlan (NUS), Sumit Agarwal (NUS), Amit Seru (Chicago), Zhang Jian (NUS)

Discussants: Mara Faccio (Purdue)

4.40pm - 5.30pm

Stages of Development and Evolving Constraints to Growth
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Han Xuehui (ADB), Wei Shang-Jin (ADB)

Discussants: Francesco Caselli (LSE)
Thursday,
May 28, 2015

Chair: Antonio Fatas (INSEAD)

8.30am - 9.25am

Commodity Prices and Labour Market Dynamics in Small Open Economies
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Christoph Thoenissen (Sheffield), Martin Bodenstein (NUS), Gunes Kamber (RBNZ)

Discussants: James Yetman (BIS)


9.25am - 10.15am

World Asset Markets and the Global Financial Cycle
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Helene Rey (LBS), Silvia Miranda Agrippino (LBS)

Discussants: David Cook (HKUST)

10.45am - 11.40am

The Transmission of Monetary Policy through Redistributions and Durables Purchases
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Silvana Tenreyro (LSE), Vincent Sterk (UCL)

Discussants:: An Sungbae (SMU) 

11.40am - 12.30pm

Bond Vigilantes and Inflation: Do Domestic Bond Markets Promote Price Stability?
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Andrew K. Rose (Berkeley), Mark M. Spiegel (Federal Bank of SF)

Discussants: Sumit Agarwal (NUS)

Program 2: Corporate Finance


Monday,
May 25, 2015

Chair: Kasper Nielsen (Hong Kong University of Science and Technology)

8.30am - 9.20am

Strategic News Releases In Equity Vesting Months
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Luis Goncalves-Pinto (NUS), Alex Edmans (LBS), Wang Yanbo (INSEAD), Xu Moqi (LSE)

Discussants: Andreas Milidonis (NTU)

9.20am - 10.10am

Who Captures The Power of The Pen?
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Zhang Le (UNSW),You Jiaxing (XMU), Zhang Bohui (UNSW)

Discussants: Zhang Hong (Tsinghua)

10.50am - 11.40am

Does It Pay for Entertaining Your Stakeholders?
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Shu Haibing (HKUST and ZUEL), Ou-Yang Hui (CKGSB), Sonia Wong (LU)

Discussants: Gao Huasheng (NTU)

11.40am - 12.30pm

Do Corporate Taxes Hinder Innovation?
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Alminas Zaldokas (HKUST), Abhiroop Mukherjee (HKUST), Manpreet Singh (HKUST)

Discussants: Sheridan Titman (UT)
Tuesday,
May 26, 2015

Chair: Angie Low (Nanyang Technological University)

8.30am - 9.20am

Capital Gains Lock-In and Governance Choices
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Stephen G. Dimmock (NTU), William C. Gerken (UKY), Zoran Ivković (MSU), Scott J. Weisbenner (Illinois)

Discussants: Renée Adams (UNSW) 

9.20am - 10.10am

The Changing Nature of Corporate Board Activity
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Robert Tumarkin (UNSW), Renée B. Adams (UNSW), Vanitha Ragunathan (UQ)

Discussants: Kasper Meisner Nielsen (HKUST)

10.50am - 11.40am

Family Business and Firm Value: Evidence from Stakeholder Relations with Employees
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Kim Jungmin (PolyU), Kang Jun-Koo (NTU)

Discussants: Nandini Gupta (Indiana)

11.40am - 12.30pm

Behind the Scenes: The Corporate Governance Preferences of Institutional Investors
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Laura Starks (UT), Joseph A. McCahery (Tilburg), Zacharias Sautner (Frankfurt)

Discussants: Ross Levine (Berkeley)
Wednesday,
May 27, 2015

Chair: Yupana Wiwattanakantang (National University of Singapore)

8.30am - 9.20am

State Capitalism vs. Private Enterprise
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Alexander Ljungqvist (NYU), Chen Donghua (NJU), Jiang Dequan (WHU), Lu Haitian (PolyU), Zhou Mingming (UCCS)

Discussants: Mara Faccio(Purdue)

9.20am - 10.10am

International Liquidity Shocks, the Real Economy, and Social Unrest: China, 1931-1935
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Alberto Manconi (Tilburg), Fabio Braggion (Tilburg), Zhu Haikun (Tilburg)

Discussants: Randall Morck (Alberta)

10.50am - 11.40am

Political Turnover, Ownership, and Corporate Investment
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Jerry Cao (SMU), Leng Tiecheng (SMU), Brandon Julio (Oregon). Zhou Sili(SMU)

Discussants: Zhang Bohui (UNSW)

11.40am - 12.30pm

Learning through a Smokescreen: Earnings Management and CEO Compensation over Tenure
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Nandini Gupta (Indiana), Cristina Cella (Stockholm), Andrew Ellul (Indiana)

Discussants: Vikas Mehrotra (Alberta)

Program 3: Investment Finance


Tuesday,
May 26, 2015

Chair: Sheridan Titman (University of Texas, Austin)

1.30pm - 2.20pm

Is Information Risk Priced? Evidence from Abnormal Idiosyncratic Volatility
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Yang Yung Chiang (Queen's), Zhang Bohui (UNSW), Zhang Chu (HKUST)

Discussants: Roger Loh (SMU)

2.20pm - 3.10pm

Investor Attention: Seasonal Patterns and Endogenous Allocations
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Liu Hongqi (CUNY), Peng Lin (CUNY)

Discussants: Da Zhi (Notre Dame)

3.50pm - 4.40pm

Cross-Sectional Asset Pricing with Individual Stocks: Betas versus Characteristics
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Tarun Chordia (Emory), Amit Goyal (UNIL), Jay Shanken (Emory)

Discussants: Chen Zhuo (Tsinghua)

4.40pm - 5.30pm

Learning about the Neighborhood: The Role of Supply Elasticity for Housing Cycles
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Gao Zhenyu (CUHK), Michael Sockin (Princeton), Xiong Wei (Princeton)

Discussants: Qian Wenlan (NUS)
Wednesday,
May 27, 2015

Chair: Bruce Grundy (Melbourne University)

8.30am - 9.20am

The Information Value of Sovereign Credit Rating Reports
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Zhang Weina (NUS), Sumit Agarwal (NUS), Vincent Chen (NUS), Geoffrey Sim (Credit Suisse)

Discussants: Dragon Tang (HKU)

9.20am - 10.10am

Can information be locked up? Informed trading ahead of macro-news announcements
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Hu Jianfeng (SMU), Gennaro Bernile (SMU) , Tang Yuehua (SMU)

Discussants: Johan Sulaeman (NUS)

10.50am - 11.40pm

Guru Dreams and Competition: An Anatomy of the Economics of Blogs
Zhang Hong (Tsinghua), Dong Yi (UIBE), Massimo Massa (INSEAD)
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Discussants: Shu Tao (HKUST)


11.40am - 12.30pm

Are Shorts Equally Informed? A Global Perspective
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Ekkehart Boehmer (SMU), Zsuzsa. R. Huszár (NUS), Wang Yanchu (Purdue), Zhang Xiaoyan (Purdue) 

Discussants: Zhang Bohui (UNSW)
Thursday,
May 28, 2015

Chair: Franklin Allen (University of Pennsylvania)

8.30am - 9.20am

Tax Efficient Asset Management: Evidence from Equity Mutual Funds
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Clemens Sialm (UT), Zhang Hanjiang (NTU)

Discussants: Juan Sotes-Paladino (Melbourne)

9.20am - 10.10am

A Market-Based Funding Liquidity Measure
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Chen Zhuo (Tsinghua), Andrea Lu (Melbourne)

Discussant: Tarun Chorida (Emory)

10.50am - 11.40pm

Price pressure from coordinated noise trading: Evidence from pension fund reallocations
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Borja Larrain (UC), Da Zhi (Notre Dame), Clemens Sialm (UT), Jose Tessada (UC)

Discussants: Shu Tao (HKUST)

11.40am - 12.30pm

Information Environment and the Geography of Firms and Investors
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Shimon Kogan (UT), Gennaro Bernile (SMU), Johan Sulaeman (NUS)

Discussants: Liu Hongqi (CUNY)

Program 4: Economic Transformation of Asia


Monday,
May 25, 2015

Chair: Chang-Tai (University of Chicago)

1.30pm - 2.30pm

One Country, Two Systems: Evidences on Retirement Patterns in China
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Zhao Yuehui (Peking), John Giles (World Bank), Lei Xiaoyan (Peking), Wang Yafeng (Peking)

2.30pm - 3.30pm

Education Choice, Rural-urban Migration and Economic Development: The Role of Zhaosheng in China
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Wang Ping (Washington), Liao Pei-Ju (Academia Sinica), Wang Yin-Chi (CUHK), Yip Chong Kee (CUHK)


4.30pm - 5.30pm

The Great Gatsby Curve in China: Cross-Sectional Inequality and Intergenerational Mobility
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Zhang Junsen (CUHK), Yi Fan (LSE), Yi Junjian (NUS)


Tuesday,
May 26, 2015

Chair: Zhang Junsen (The Chinese University of Hong Kong)

1.30pm - 2.30pm

Impacts of Village Banking in Poor Villages in China: Evidence from a Randomized Control Trial
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Albert Park (HKUST), Cai Shu (HKUST), Wang Sangui (RUC)


2.30pm - 3.30pm

Housing vacancy rate and urbanization in China
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Li Gan (Texas A&M)


4.30pm - 5.30pm

Mandatory Retirement and the Consumption Puzzle: Prices Decline or Quantities Decline?
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Dennis T Yang (Virginia), Dong Yingying (Berkeley)
Wednesday,
May 27, 2015

Chair: Ping Wang (University of Washington)

1.30pm - 2.30pm

Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know
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Deng Yongheng (NUS), Joseph Gyourko (UPENN), Wu Jing (Tsinghua)


2.30pm - 3.30pm

Assessing Market Failures in Export Pioneering Activities: A Structural Estimation Approach
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Wei Shang-Jin (Columbia), Wei Ziru (Tsinghua), Xu Jianhuan (NYU)


4.30pm - 5.30pm

To build above the limit? Implementation of land use regulations in urban China
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Zhang Qinghua (Peking), Wang Zhi (Fudan), Cai Hongbin (Peking)

Program 5: Accounting


Monday,
May 25, 2015
Chair: Ke Bin
(Nanyang Technological University)

1.30pm - 2.30pm

Political Standards Accounting for Legitimacy
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Karthik Ramanna (Harvard)
Discussant: Steven Huddart (PSU)


3.00pm - 4.00pm

Do analysts with close ties improve the firms' information environment? Evidence from a relationship-based economy
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T.J. Wong (CUHK)
Discussant: Gilles Hilary (INSEAD)


4.30pm - 5.30pm

Particles, Pollutions and Prices
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Oliver Zhen Li (NUS), Hu Xiaoli (NUS), Lin Yupeng (CUHK)
Discussant: Cheng Qiang(SMU)
Tuesday,
May 26, 2015
Chair: Ke Bin
(Nanyang Technological University)

8.30am - 9.30am

Accounting Measurement of Assets and Earnings and Market Valuation of Firm Assets
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Chen Qi (Duke), Zhang Ning (Queen's)
Discussant: Zhang Guochang (HKUST)


10.00am - 11.00am

Credibility of Corporate News Coverage in China: Impact of Commercialization and Conglomeration Reforms
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Joseph Piotroski (Stanford), T.J. Wong (CUHK), Zhang Tianyu (CUHK)
Discussant: Li Feng (UMICH)


11.30am - 12.30pm

What Determines Auditors' Career Outcomes?
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Ke Bin (NTU), He Xianjie (SHUFE)
Discussant: Su Xijia (CEIBS)

Contact Information

Program

Program Directors

Conference Organizer

International Macroeconomics, Money & Banking
ABFER,International Macroeconomics, Money & Banking,Takeo Hoshi

Takeo Hoshi (Stanford)
Program Director
thoshi@nber.org

ABFER,International Macroeconomics, Money & Banking,Andrew Rose

Andrew Rose (UC)
Program Director
arose@haas.berkeley.edu

ABFER,International Macroeconomics, Money & Banking

Antonio Fatas (INSEAD)
Conference Organizer
antonio.fatas@insead.edu


ABFER,International Macroeconomics, Money & Banking

Martin Berka (UA)
Conference Organizer
m.berka@auckland.ac.nz

Corporate Finance
ABFER,Corporate Finance,Morck Randall

Randall Morck (Alberta)
Program Director
rmorck@ualberta.ca

ABFER,Corporate Finance,Jun-Koo Kang

Kang Jun-Koo (NTU)
Program Director
jkkang@ntu.edu.sg

ABFER,Corporate Finance

Angie Low (NTU)
Conference Organizer
AACLOW@ntu.edu.sg


ABFER,Corporate Finance

Kasper Nielsen (HKUST)
Conference Organizer
nielsen@ust.hk


ABFER,Corporate Finance

Yupana Wiwattanakantang (NUS)
Conference Organizer
bizyw@nus.edu.sg

Investment Finance
ABFER,Investment Finance,Massa Massimo

Massa Massimo (INSEAD)
Program Director
Massimo.MASSA@insead.edu

ABFER,Investment Finance,Allaudeen Hameed

Allaudeen Hameed (NUS )
Program Director
allaudeen@nus.edu.sg

Roger Loh (SMU)
Conference Organizer
rogerloh@smu.edu.sg


Qian Wenlan (NUS)
Conference Organizer
bizqw@nus.edu.sg


Zhang Hong (Tsinghua PBCSF)
Conference Organizer
zhangh@pbcsf.tsinghua.edu.cn

 
Economic Transformation of Asia
Hsieh Chang-Tai (Chicago)Program Director

Chang-Tai (Chicago)
Program Director
Chang-tai.hsieh@chicagobooth.edu

 

Ping Wang (Washington)
Conference Organizer
pingwang@artsci.wustl.edu

Zhang Junsen (CUHK)
Conference Organizer
jszhang@cuhk.edu.hk

 
Accounting
Hsieh Chang-Tai (Chicago)Program Director

Ke Bin (NTU)
Program Director kebin@ntu.edu.sg