Programme Schedule By Programs

Program 1: International Macroeconomics,
Money & Banking


Monday,
May 23, 2016

Chair: Frank Packer (Bank of International Settlements)

ABFER and Central Bank Research Association (CEBRA) session

Co-sponsored by :
Bank for International Settlements, Bank of Japan, Center for Advanced Financial Research and Learning (CAFRAL), Puey Ungkaporn Institute for Economic Research (PIER), Reserve Bank of New Zealand

9.00 am - 9.55 am

Fiscal Conditions and Long-term Interest Rates
Koji Nakamura (BOJ), Tomoyuki Yagi (BOJ)
Discussant: Takeo Hoshi (STANFORD)

9.55 am - 10.45 am

The Transmission of Monetary Policy Within Banks: Evidence from India
Abhihman Das (RBI), Prachi Mishra (RBI), Nagpurnanand Prabhala (CAFRAL)
Discussant: Sumit Agarwal (NUS)

10.45 am - 11.35 am

A Macroprudential Stable Funding Requirement and Monetary Policy in a Small Open Economy
Punnoose Jacob (RBNZ), Anella Munro (RBNZ)
Discussant: Federico Signoretti (BANCA D'ITALIA).

11.35 am - 12.30 pm

Monetary Policy and Financial Spillovers: Losing Traction?
Piti Disyatat (BOT), Phurichai Rungcharoenkitkul (BIS)
Discussant: John Sequeira (MAS)

Tuesday
May 24, 2016

Chair: Sumit Agarwal (NUS)

Session: Money and Banking

9.00 am - 9.45 am

Long-Term Interest Rates and Bank Loan Supply: Evidence from Firm-Bank Loan-Level Data
Arito Ono (CHUO), Kosuke Aoki (TODAI), Shinichi Nishioka (BOJ), Kohei Shintani (BOJ), Yosuke Yasui (BOJ)
Discussant: Takeo Hoshi (STANFORD)

9.45 am - 10.30 am

Mortgage Refinancing, Consumer Spending and Competition
Sumit Agarwal (NUS), Gene Amormin (FRBCHI), Souphala Chomsisengphet (OCC), Tomasz Piskorski (COLUMBIA & NBER), Amit Seru (CHICAGOBOOTH), Vincent Yao(GSU)
Discussant: David Reeb (NUS)

11.00 am - 11.45 am

Service Quality in Financial Intermediaries
Jiang Cheng (SHUFE), Wenlan Qian (NUS), David Reeb (NUS)
Discussant: Pulak Ghosh (IIMB)

11.45 am - 12.30 pm

The I Theory of Money
Markus K. Brunnermeier (PRINCETON), Yuliy Sannikov (PRINCETON)
Discussant: Christoph Thoenissen (SHEFFIELD)

Wednesday
May 25, 2016

Chair: Takeo Hoshi (Stanford)

Session: International

9.00 am - 9.45 am

International Transmissions of Monetary Shocks
Xuehui Han (ADB), Shang-Jin Wei(ADB)
Discussant: Yu-chin Chen (UW)

9.45 am - 10.30 am

News-driven Business Cycles in Small Open Economies
Gunes Kamber (RBNZ & CAMA), Konstantinos Theodoridis (BoE), Christoph Thoenissen (SHELFIELD & CAMA)
Discussant: Ippei Fujiwara (KEIO & ANU)

11.00 am - 11.45 am

Lender of Last Resort versus Buyer of Last Resort - The Impact of the European Central Bank Actions on the Bank-Sovereign Nexus
Viral Acharya (NYU), Diane Pierret (UNIL), Sascha Steffen (UMA)
Discussant: Christian Eufinger (IESE)

11.45 am - 12.30 pm

Understanding Exchange Rate Dynamics: What Does the Term Structure of FX Options Tell Us
Yu-chin Chen (UW), Ranganai Gwati (UW)
Discussant: Xuehui Han (ADB)

Thursday
May 26, 2016

Chair: Martin Berka (UA)

Session: Monetary / Macro

9.00 am - 10.00 am

Declining Trends in the Real Interest Rate and Inflation: Role of Aging
Shigeru Fujita (FRB of PHIL), Ippei Fujiwara (KEIO & ANU)
Discussant: Shang-Jin Wei (ADB)

10.00 am - 11.00 am

 

11.30 am - 12.30 pm

Whatever it takes: The Real Effects of Unconventional Monetary Policy
Viral V. Acharya (NYC & CEPR & NBER), Tim Eisert (ESE), Christian Eufinger (IESE), Christian Hirsch (GOETHE & SAFE)
Discussant: Sumit Agarwal (NUS)

Program 2: Corporate Finance


Monday
May 23, 2016

Chair: Angie Low (NTU)

Session: Politics, Corruption & the Firm

9.00 am - 10.00 am

Anti-Corruption Reforms and Shareholder Valuations: Event Study Evidence from China
Chen Lin (HKU), Randall Morck (U ALBERT), Bernard Yeung (NUS), Xiaofeng Zhao (CUHK)
Discussant: Qian Yingyi (TSINGHUA)

10.00 am - 11.00 am

Corruption and Corporate Financial Policy: Evidence from Politician Downfalls in China
Xiaofeng Zhao (CUHK), Haohan Ren (CUHK)
Discussant: Ru Hong (NTU)

11.30am-12.30pm

Bribes and Firm Value
Stefan Zeume (U MICH)
Discussant: Vikas Mehrotra(ALBERTA)

Tuesday
May 24, 2016

Chair: Yupana Wiwattanakantang (NUS)

Session: Insiders & Corporate Outcomes

9.00 am - 10.00 am

Shareholder Wealth Consequence of Insider Pledging of Company Stock as Collateral for Personal Loans
Ying Dou (UNSW), Ronald W. Masulis (UNSW), Jason Zein (UNSW)
Discussant: Tse-Chun Lin (HKU)

10.00 am - 11.00 am

Threat of Entry: Trade Credit and the Defense of Market Power
Manpreet Singh (HKUST)
Discussant: N R Prabhala (CAFRAL)

11.30 am - 12.30 pm

Assortative Matching in Managerial Labor Markets: Theory and Measurement
Egor Matveyev (U ALBERTA)
Discussant: Ronald W. Masulis (UNSW)

Wednesday
May 25, 2016

Chair: Jun Koo Kang (NTU)

Session: Market Forces & Corporate Policies

9.00am-10.00am

Influencing Control: Jawboning in Risk Arbitrage
Wei Jiang (COLUMBIA), Tao Li (WBS), Danqing Mei (COLUMBIA)
Discussant: Alexander Ljunqqvist (NYU)

10.00am-11.00am

Inside Brokers
Frank Weikai Li (HKUST), Abhiroop Mukherjee (HKUST), Rik Sen (HKUST)
Discussant: Roger Loh (SMU)

11.30am-12.30pm

Peer Effects of Corporate Social Responsibility
Jie Cao (CUHK), Hao Liang (SMU), Xintong Zhan (CUHK)
Discussant: Renee Adams (UNSW)

Program 3: Investment Finance


Monday
May 23, 2016

Chair: Hong Zhang (TSINGHUA)

Session: Asset Pricing 1

2.00 pm - 2.45 pm

Co-Collateral Risk
Massimo Massa (INSEAD), Chengwei Wang (INSEAD), Hong Zhang (TSINGHUA)
Discussant: Jeffrey Pontiff (BC)

2.45 pm - 3.30 pm

Anomalies and News
Joseph Engelberg (UCSD), R. David McLean (DePaul), Jeffrey Pontiff (BC)
Discussant: Bohui Zhang (UNSW)

4.00 pm - 4.45 pm

Cost of Bereavement: How Does Parental Loss Affect Mutual Fund Managers?
Tao Shu (UGA), Johan Sulaeman (NUS), P. Eric Yeung (CORNELL)
Discussant: Si Cheng (QUB)

4.45 pm - 5.30 pm

Informed Trading in Options or Price Pressure in Stocks? Connecting the DOTS in Option-Based Return Predictability
Luis Goncalves-pinto (NUS), Bruce Grundy (MELBOURNE), Allaudeen Hameed (NUS), Thijs Van Der Heijden (MELBOURNE), Yichao Zhu (MELBOURNE)
Discussant: Tao Shu (UGA)

Tuesday
May 24, 2016

Chair: Roger Loh (SMU)

Session: Asset Pricing 2

2.00 pm - 2.45 pm

Systemic Default and Return Predictability in the Stock and Bond Markets
Jack Bao (FRB), Kewei Hou (OSU), Shaojun Zhang (HKU)
Discussant: Tarun Chordia (EMORY)

2.45 pm - 3.30pm

The Information in Fire Sales
Sheng Huang (SMU), Matthew C.Ringgenberg(WUSTL), Zhe Zhang (SMU)
Discussant: Abhiroop Mukherjee (HKUST)

4.00 pm - 4.45pm

It Depends on Where You Search: A Comparison of Institutional and Retail Attention
Azi Ben-Rephael (INDIANA), Zhi Da (ND), Ryan D. Israelsen (INDIANA)
Discussant:: Baolian Wang (FORDHAM)

4.45 pm - 5.30 pm

Innovation, Creative Destruction, and the Cross-Section of Stock Returns
Sheridan Titman(U TEXAS), Aydogan Alti (U TEXAS)
Discussant: Zhanhui Chen (NTU)

Wednesday
May 25, 2016

Chair: Wenlan Qian (NUS)

Session: Microstructure and Financial intermediaries

2.00 pm - 2.45 pm

Do High Frequency Traders Need to be Regulated? Evidence from Algorithmic Trading on Macroeconomic News
Tarun Chordia( EMORY), T. Clifton Green (EMORY), Badrinath Kottimukkalur (EMORY)
Discussant: Ekkehart Boehmer (SMU)

2.45 pm - 3.30pm

Asset Pricing for the Shortfall Averse
Gur Huberman(COLUMBIA), Paolo Guasoni (BU)
Discussant: Zhi Da (NOTRE DAME)

4.00 pm - 4.45 pm

Option Return Predictability
Jie Cao (CUHK), Bing Han (U TORONTO), Qing Tong (SMU), Xintong Zhan (CUHK)
Discussant: Tse -Chun Lin (HKU)

4.45 pm - 5.30 pm

Efficiently Inefficient Markets for Assets and Asset Management
Nicolae Gârleanu (BERKELEY), Lasse Heje Pedersen (CBS)
Discussant: Utpal Bhattacharya (HKUST)

Program 4: Economic Transformation of Asia


Monday
May 23, 2016

Chair: Chong Kee Yip (CUHK)

Session: Public Policy and Economic Development

2.00 pm - 3.00 pm

Politician Family Networks and Electoral Outcomes: Evidence from the Philippines
Julien Labonne (YALE-NUS), Cesi Cruz (UBC), Pablo Querubin (NYU)
Discussant: Yongheng Deng (NUS), Jing Wu (TSINGHUA)

3.15 pm – 4.15 pm

Liquidity Regulation and Unintended Financial Transformation in China
Michael Song (CUHK), Kinda Cheryl Hachem (CHICAGOBOOTH)
Discussant: Yongheng Deng (NUS), Jing Wu (TSINGHUA)

4.30 pm - 5.30 pm

China, Structural Change and Multinational Production
Kei-Mu Yi (UH)
Discussant: Yongheng Deng (NUS), Jing Wu (TSINGHUA)

Tuesday
May 24, 2016

Chair: Pao-Li Chang (SMU)

Session: Trade and Aggregate Performance

2.00 pm - 3.00 pm

"Just Do Your Job": Obedience, Routine Tasks, and the Pattern of Specialization
Davin Chor (NUS), Filipe Campante (HARVARD)
Discussant: Wentai Hsu (SMU), Lin Ma (NUS)

3.15 pm - 4.15 pm

Product Dynamics and Aggregate Shocks: Evidence from Japanese Product
Robert Dekle (USC), Atsushi Kawakami (TEIKYO), Nobuhiro Kiyotaki (PRINCETON), Tsutomu Miyagawa (GAKUSHUIN)
Discussant: Wentai Hsu (SMU), Lin Ma (NUS)

4.30 pm - 5.30 pm

International Trade and Non-convergence Trap for Middle-Income Countries
Yong Wang (HKUST)
Discussant: Wentai Hsu (SMU), Lin Ma (NUS)

Wednesday
May 25, 2016

Chair: Charles Leung (CUHK)

Session: Migration

2.00 pm - 3.00 pm

Rich and Unhappy: A Quantitative Analysis of Internal Trade and Migration in China
Yang Tang (NTU), Lin Ma (NUS)
Discussant: Yuming Fu (NUS), Yu Qin (NUS), Laura Wu (NTU)

3.15 pm - 4.15 pm

To Stay or to Migrate?
The One-child Policy, Work-based Migration and Land Entitlement in China
Liao Pei-Ju (ACADEMIA SINICA), Wang Ping (WUSTL), Wang Yin-Chi (CUHK), Chong Kee Yip(CUHK)
Discussant: Yuming Fu (NUS), Yu Qin (NUS), Laura Wu (NTU)

4.30 pm - 5.30 pm

Trade, Migration and Productivity: A Quantitative Analysis of China
Xiaodong Zhu (U TORONTO), Trevor Tombe (U CALGARY)
Discussant: Yuming Fu (NUS), Yu Qin (NUS), Laura Wu (NTU)

Program 5: Accounting


Tuesday
May 24, 2016

Chair: Joseph Piotroski (STANFORD)

Session: Disclosure and Earning Quality

2.00 pm - 3.00 pm

Accounting Based Regulation and Earnings Management
Radhakrishnan Gopalan (WUSTL), Xiumin Martin (WUSTL), Kandarp Srinivasan (WUSTL)
Discussant: Douglas J. Skinner (CHICAGOBOOTH)

3.15 pm - 4.15 pm

Downward Nominal Price Rigidity and Earnings Quality
Jin Xie (CUHK)
Discussant: Daniel Cohen (UT DALLAS)

4.30 pm - 5.30 pm

Can Twitter Help Predict Firm-Level Earnings and Stock Returns?
Eli Bartov (NYU), Lucile Faurel (ASU), Partha Mohanram (U TORONTO)
Discussant: Mark Soliman (USC)

Wednesday
May 25, 2016

Chair: Hai Lu (SMU)

Session: Governance and Incentives

2.00 pm - 3.00 pm

Corporate Hedging and the Design of Incentive-Compensation Contracts
Christopher S. Armstrong (WHARTON), Sterling Huang (SMU), Stephen Glaeser (WHARTON)
Discussant: Rachel Hayes (UTAH)

3.15 pm - 4.15 pm

Do Fiduciary Duties to Creditors Reduce Debt-Covenant Avoidance?
Shai Levi (TAU), Benjamin Segal (FORDHAM), Dan Segal (IDC)
Discussant: Scott Liao (U TORONTO)

4.30 pm - 5.30 pm

The effect of anti-corruption campaign on shareholder value in a weak institutional environment: Evidence from China
Bin Ke (NUS), Na Liu (NTU), Song Tang (SUFE)
Discussant: Stefan Zeume (U MICH)

Thursday
May 26, 2016

Chair: Haifeng You (HKUST)

Session: Analyst and Innovation

 

9.00 am - 10.00 am

It’s Showtime! Conference Call Participation and Analysts’ Career Outcomes
Ling Cen (U TORONTO), Jing Chen (PKU), Sudipto Dasgupta (HKUST & CEPR), Vanitha Ragunathan (UQ)
Discussant: Mark BradShaw (BOSTON)

10.15 am - 11.15 am

Mismeasuring Innovation Around the World
Ping-Sheng Koh (HKUST), David Reeb (NUS), Elvira Sojli (RSM), Wing Wah Tham (EUR)
Discussant: Xuan Tian (INDIANA)

11.30 am - 12.30 pm

Harnessing the Wisdom of Crowds
Zhi Da (ND), Xing Huang (MSU)
Discussant: Holly Yang (SMU)

Contact Information

Program

Program Directors

Conference Organizer

International Macroeconomics, Money & Banking

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

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

Sumit Agarwal (NUS)
Conference Organizer
bizagarw@nus.edu.sg

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

Corporate Finance

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

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

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


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


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

Investment Finance

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

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

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


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


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

 
Economic Transformation of Asia

Ping Wang (Washington)
Program Director
pingwang@artsci.wustl.edu

Wei Shang Jin (Columbia)
Program Director
sw2446@gsb.columbia.edu

Davin Chor (NUS)
Conference Organizer
ecschpld@nus.edu.sg


Jessica Pan (NUS)
Conference Organizer
jesspan@nus.edu.sg

 
Accounting

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

Douglas Skinner (Chicago)
Program Director
dskinner@chicagobooth.edu

Hai Lu (SMU)
Conference Organizer
hailu@smu.edu.sg

Haifeng You (HKUST)
Conference Organizer
achy@ust.hk