Program Schedule By Programs

Program 1: International Macroeconomics,
Money & Banking


Monday,
May 22, 2017

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, Puey Ungkaporn Institute for Economic Research (PIER), Reserve Bank of Australia, Reserve Bank of New Zealand

9:00 am – 9:55 am

Exploring the Link between the Macroeconomic and Financial Cycles
Adam Cagliarini (RBA), Fiona Price (RBA)
Discussant: Marlene Amstad (CUHK)
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9:55 am – 10:45 am

Do Term Premiums Matter? Transmission via Exchange Rate Dynamics
Mitsuru Katagiri (BOJ), Koji Takahashi (BOJ)
Discussant: Ji Huang (NUS)
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10:45 am – 11:35 am

Macroprudential Policies in a Low Interest-Rate Environment
Margarita Rubio (NOTTINGHAM), Fang Yao (RBNZ)
Discussant: Shenghao Zhu (NUS)
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11:35 am – 12:30 pm

More Than Words: A Textual Analysis of Monetary Policy Communication
Pongsak Luangaram (U CHULALONGKORN), Warapong Wongwachara (BOT)
Discussant: Hans Genberg (SEACEN)
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Tuesday
May 23, 2017

Chair:
Giorgio Valente (HKMA)

Session:
Central Banking in Normal and Turbulent Times

9:00 am – 10:00 am

Bankers on Fed Boards: Is Good News for the Banks Bad News for the Fed?
Renée Adams (UNSW)
Discussant: Wenlan Qian (NUS)
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10:00 am – 11:00 am

A Shadow Rate New Keynesian Model
Ji Zhang (TSINGHUA), Jing Cynthia Wu (CHICAGO)
Discussant: Ippei Fujiwara (ANU & KEIO)
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11:30 am – 12:30 pm

Modelling Yields at the Lower Bound through Regime Shifts
Peter Hordahl (BIS), Oreste Tristani (ECB)
Discussant: George Panayotov (HKUST)
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Wednesday
May 24, 2017

Chair:
Takeo Hoshi (STANFORD)

Session:
China Debt and Policy Responses

9:00 am – 10:00 am

Subnational Debt of China: The Politics-Finance Nexus
Hong Ru (NTU), Haoyu Gao (CUFE), Dragon Yongjun Tang (HKU)
Discussant: Sheng Huang (SMU)
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10:00 am – 11:00 am

Reserve Requirements and Optimal Chinese Stabilization Policy
Mark Spiegel (FRBSF), Chun Chang (SJTU), Zheng Liu (FRBSF), Jingyi Zhang (SJTU)
Discussant: Michael Song (CUHK)
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11:30 am – 12:30 pm

The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
Zhiguo He (CHICAGO), Zhuo Chen (TSINGHUA), Chun Liu (TSINGHUA)
Discussant: Beatrice Weder di Mauro (INSEAD)
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Thursday
May 25, 2017

Chair:
Sumit Agarwal (GEORGETOWN)

Session:
The International Aspects of Credit and Banking

9:00 am – 10:00 am

Banking the Unbanked: What do 255 Million New Bank Accounts Reveal about Financial Access?
Sumit Agarwal (GEORGETOWN), Pulak Ghosh (IIM), Shashwat Alok (ISB), Soumya Ghosh (SBI), Amit Seru (STANFORD), Tomasz Piskorski (COLUMBIA)
Discussant: Renée Adams (UNSW)
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10:00 am – 11:00 am

Geographic Diversification and Banks’ Funding Costs
Wensi Xie (CUHK), Ross Levine (UC BERKELEY), Chen Lin (HKU)
Discussant: Eliza Wu (SYDNEY)
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11:30 am – 12:30 pm

Politicizing Consumer Credit
Pat Akey (TORONTO), Rawley Z. Heimer (FRB), Stefan Lewellen (LONDON)
Discussant: Pushan Dutt (INSEAD)
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Program 2: Corporate Finance

Tuesday
May 23, 2017

Chair:
Kasper Nielsen (HKUST)

Session:  Topics in Corporate Finance I

2:00 pm – 2:45 pm

Is the Chinese Anti-Corruption Campaign Effective?
Tao Shu (UGA), John Griffin (TEXAS), Clark Liu (TSINGHUA)
Discussant: Deng Yongheng (NUS)
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2:45 pm – 3:30 pm

Institutional Bidding in IPO Allocation: Evidence from China
Bo Liu (UESTC), William Megginson (OU), Tiecheng Leng (SYSU), Xiaping Cao (SYSU)
Discussant: Alexander Ljungqvist (NYU)

4:00 pm – 4:45 pm

Misvaluation of Investment Options
Evgeny Lyandres (BU), Egor Matveyev (ALBERTA), Alexei Zhdanov (PSU)
Discussant: Guojun Chen (NTU)
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4:45 pm – 5:30 pm

Do Credit Card Companies Screen For Behavioral Biases?
Hong Ru (NTU), Antoinette Schoar (MIT)
Discussant: Sumit Agarwal (GEORGETOWN)
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Wednesday
May 24, 2017

Chair:
Randall Morck (ALBERTA)

Session: Topics in Corporate Finance II

9:00 am – 10:00 am

Perks or Peanuts? The Dollar Profits to Insider Trading
Peter Cziraki (TORONTO), Jasmin Gider (BONN)
Discussant: Rik Sen (UNSW)
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10:00 am – 11:00 am

Do CEOs Deserve Their Raises? Evidence from Stock Returns after Subjective Performance Reviews
Yiqing Lu (NYU), Moqi Groen-Xu (LSE), Peggy Huang (SEC)
Discussant: Renée Adams (UNSW)
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11:30 am – 12:30 pm

The Value of Offshore Secrets – Evidence from the Panama Papers
Stefan Zeume (MICHIGAN), James Odonovan (INSEAD), Hannes Wagner (BOCCONI)
Discussant: Kasper Nielsen (HKUST)
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Thursday
May 25, 2017

Chair:
Yupana Wiwattanakantang (NUS)

Session:  Topics in Corporate Finance III

9:00 am – 10:00 am

Local Crowding Out in China
Ugo Panizza (IHEID), Yi Huang (IHEID), Marco Pagano (UNINA)
Discussant: Randall Morck (ALBERTA)
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10:00 am – 11:00 am

Politically Motivated Corporate Decisions: Evidence from China
David Feldman (UNSW), Konark Saxena (UNSW), Jiaming Li (UNSW)
Discussant: Tao Chen (NTU)
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11:30 am – 12:30 pm

Drivers of Effort: Evidence from Employee Absenteeism
Margarita Tsoutsoura (CHICAGO), Daniel Wolfenzon (COLUMBIA), Morten Bennedsen (INSEAD)
Discussant: Gilles Hilary (GEORGETOWN)
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Program 3: Investment Finance


Monday
May 22, 2017

Chair:
Allaudeen Hameed (NUS)

Session:
Institutional and Retail Investing

2:00 pm – 2.45 pm

Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China
Hong Zhang (TSINGHUA), Massimo Massa (INSEAD), Jennifer Jie Li (INSEAD), Jian Zhang (HKBU)
Discussant: Darwin Choi (CUHK)
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2:45 pm – 3:30 pm

How Smart Is Institutional Trading?
JinGi Ha (SMU), Jianfeng Hu (SMU)
Discussant: Si Cheng (CUHK)
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4:00 pm – 4:45 pm

Tracking Retail Investor Activity
Xiaoyan Zhang (PURDUE), Ekkehart Boehmer (SMU), Charles M. Jones (COLUMBIA)
Discussant: Tarun Ramadorai (IMPERIAL COLLEGE)
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Tuesday
May 23, 2017

Chair:
Massimo Massa (INSEAD)

Session:
Asset Management and Frictions

9:00 am – 9:45 am

Are Mutual Fund Managers Paid For Investment Skill?
Ron Kaniel (ROCHESTER), Markus Ibert (SSE), Stijn Van Nieuwerburgh (NYU), Roine Vestman (STOCKHOLM)
Discussant: Johan Sulaeman (NUS)
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9:45 am – 10:30 am

Falling into Traps? Patent Thickets, Patent Commercialization, and Stock Returns
Po-Hsuan Hsu (HKU), Hsiao-Hui Lee (HKU), Tong Zhou (HKU)
Discussant: Lyandres Evgeny (BU)
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11:00 am – 11:45 am

Asset Collateralizability and the Cross-Section of Expected Returns
Jun Li (GOETHE), Hengjie Ai (UMN), Kai Li (HKUST), Christian Schlag (GOETHE)
Discussant: Zhanhui Chen (NTU)
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11:45 am – 12:30 pm

Bonds, Stocks, and Sources of Mispricing
Tarun Chordia (EMORY), Doron Avramov (HUJI), Gergana Jostova (GWU), Alexander Philipov (GMU)
Discussant: Jennie Bai (GEORGETOWN)
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Wednesday
May 24, 2017

Chair:
Roger Loh (SMU)

Session: Efficient Markets

2:00 pm – 2:45 pm

Habits and Leverage
Pietro Veronesi (CHICAGO), Tano Santos (COLUMBIA)
Discussant: Kai Li (HKUST)
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2:45 pm – 3:30 pm

Persistent Blessings of Luck: Endogenous Heterogeneity and Deal Flows in Venture Investment
Yizhou Xiao (CUHK), Lin William Cong (CHICAGO)
Discussant: Byeong-Je AN (NTU)
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4:00 pm – 4:45 pm

Disaggregated Sales and Stock Returns
Xin Zou (NUS), Sumit Agarwal (GEORGETOWN), Wenlan Qian (NUS)
Discussant: Abhiroop Mukherjee (HKUST)
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4:45 pm – 5:30 pm

Climate Risks and Market Efficiency
Frank Weikai Li (HKUST), Harrison Hong (COLUMBIA), Jiangmin Xu (PEKING)
Discussant: Baolian Wang (FORDHAM)
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Program 4: Economic Transformation of Asia

 

 

Monday
May 22, 2017

Chair:
Ming-Jen Lin (NTU)

Session:
Labor Markets and Human Capital

2:00 pm – 3:00 pm

Rationed Fertility: Theory and Evidence
Junjian Yi (NUS), Rufei Guo (CUHK), Junsen Zhang (CUHK)
Discussant: Jianhuan Xu (SMU)
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3:15 pm – 4:15 pm

Government Employment Guarantee, Labor Supply and Firms’ Reaction: Evidence from the Largest Public Workfare Program in the World
Sumit Agarwal (GEORGETOWN), Shashwat Alok (ISB),  Yakshup Chopra (ISB), Prasanna Tantri (ISB)
Discussant: Jianhuan Xu (SMU)
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4:30 pm – 5:30 pm

The Production of Cognitive and Non-cognitive Human Capital in the Global Economy
Chong Xiang (PURDUE),  Stephen Yeaple (PSU)
Discussant: Jianhuan Xu (SMU)
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Tuesday
May 23, 2017

Chair:  
Anand Srinivasan (NUS)

ABFER-CAFRAL Joint Session on Finance in India

Sponsored by: Centre for Advanced Financial Research and Learning (CAFRAL)

9:00 am – 10:00 am

Do Programs Mandating Small Business Lending Disincentivize Growth? Evidence From a Policy Experiment
Gursharan Bhue (CHICAGO), Nagpurnanand Prabhala (UMD), and Prasanna Tantri (ISB)
Discussant: Stephen Dimmock (NTU)
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10:00 am – 11:00 am

Misallocation due to Inefficient Exits: Evidence from India
Nirupama Kulkarni (BOI)
Discussant: Abhiroop Mukherjee (HKUST)
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11:30 am – 12:30 pm

Product Market Development and Business Group Affiliation Value: Evidence from an Emerging Market
Narahari Hansoge (IIM), Vijaya B. Marisetty (RMIT), Poonam Singh (NITIE)
Discussant: Yupana Wiwattanakantang (NUS)
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Tuesday
May 23, 2017

Chair:
David Cook (HKUST)

Session:
Regional Disparities within Countries

2:00 pm – 3:00 pm

Estimating Productivity of Public Infrastructure Investment
Guiying Laura Wu (NTU), Qu Feng (NTU), Zhifeng Wang (NTU)
Discussant: Wentai Hsu (SMU)
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3:15 pm – 4:15 pm

Feeding China's Rise: The Growth Effects of Trading with China 1993:2011
Tom Zylkin (NUS)
Discussant: Wentai Hsu (SMU)
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4:30 pm – 5:30 pm

A General Equilibrium Model of Formalization in a Dualistic Economy with Evidence from Indonesia
Liao Wen-Chi (NUS), Fu Yuming (NUS), Liu Yuwei (NUS)
Discussant: Wentai Hsu (SMU)
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Wednesday
May 24, 2017

Chair:
Jiahua Che (FUDAN)

Session:
Politics and Institutional Distortions

2:00 pm – 3:00 pm

R&D Misallocation and TFP Growth
Zheng Michael Song (CUHK), Michael Konig (UZH), Kjetil Storesletten (UiO), Fabrizio Zilibotti (UZH)
Discussant: Fali Huang (SMU) Conference Slides Conference Slides

3:15 pm – 4:15 pm

An Unintended Consequence of Historical Land Ceiling Legislations: Impact on Land Acquisition and Corporate Investment in India
Zoya Saher (SURREY), Sarmistha Pal (SURREY)
Discussant: Fali Huang (SMU)
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4:30 pm – 5:30 pm

Leverage Induced Fire Sales and Asset Prices
Zhiguo He (CHICAGO), Jiangze Bian (UIBE), Lin Cong (CHICAGO), Kelly Shue (CHICAGO), Hao Zhou (TSINGHUA)
Discussant: Fali Huang (SMU) Conference Slides Conference Slides

Program 5: Accounting

 

 

Monday
May 22, 2017

Chair:
Haifeng You (HKUST)

Session:
Analyst and Auditing

9:00 am – 10:00 am

Looking Under the Hood: Quantitative Vs Qualitative Inputs to Analyst Forecasts of Fundamental Risk
Peter Joos (INSEAD), Khrystyna Bochkay (MIAMI)
Discussant: Sanjeev Bhojr (CORNELL)
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10:15 am – 11:15 am

Beauty Premium? Evidence from Institutional Investors’ Voting for All-Star Analysts
An-Ping Lin (SMU), Congcong Li (SMU), Hai Lu (TORONTO), Kevin Veenstra (McMASTER)
Discussant: Daniel Bens (INSEAD)
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11:30 am – 12:30 pm

The Role of Big 4 Auditors in the Global Primary Market: Does Audit Quality Matter Most When Investors Are Protected Least?
Charles Shi (NUS), Inder Khurana Trulaske (MISSOURI), Chenkai Ni (FUDAN)
Discussant: Jeffrey Pittman (MUN)
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Tuesday
May 23, 2017

Chair:
Hai Lu (SMU)

Session:
Disclosures

2:00 pm – 3:00 pm

Market Perceptions of the Informational and Comparability Effects of Fair Value Reporting for Tangible Assets: US and Cross-Country Evidence
Edward J. Riedl (BU), Jenelle K. Conaway (BU), Lihong Liang (SYR)
Discussant: Richard Sloan (UC BERKELEY)
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3:15 pm – 4:15 pm

Naughty Firms, Noisy Disclosure
Effects of Cartel Enforcement on Corporate Disclosure
Thomas Bourveau (HKUST), Guoman She (HKUST), Alminas Zaldokas (HKUST)
Discussant: Rachel Hayes (UTAH)
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4:30 pm – 5:30 pm

Disclosure Frequency Induced Earnings-Cash Flow Conflict and the Decision to be Public
Vicki W. Tang (GEORGETOWN), Kevin Ke Li (UCR)
Discussant: Patricia Dechow (UC BERKELEY)
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Wednesday
May 24, 2017

Chair:
Bin Ke (NUS)

Session:
Tax and Contracting

2:00 pm – 3:00 pm

Why Do Publicly Listed Firms Evade Taxes? Evidence from China
Travis Chow (SMU), Bin Ke (NUS), Hongqi Yuan (FUDAN), Yao Zhang (TONGJI)
Discussant: Erin Towery (UGA)
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3:15 pm – 4:15 pm

Bank Monitoring and Corporate Tax Planning: Evidence from Loan Covenants
Yupeng Lin (NUS), Zilong Zhang (CityU), Liandong Zhang (CityU), Xiangang Xin (CityU)
Discussant: Dushyantkumar Vyas (TORONTO)
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4:30 pm – 5:30 pm

CEO Contractual Protection and Debt Contracting
Xia Chen (SMU), Qiang Cheng (SMU), Alvis K. Lo (BC),  Xin Wang (HKU)
Discussant: Xiumin Martin (WUSTL)
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Dress Code for this event is Office Attire.

Please also note that the event will be governed by the 'Chatham House Rule'.

*In support of global green initiative there will not be printed conference materials. The papers will be linked to the Program when they are received.


Contact Information

Program

Program Directors

Conference Organizer

International Macroeconomics, Money & Banking

Takeo Hoshi (STANFORD)
Program Director
tkohoshi@stanford.edu

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

Sumit Agarwal (GEORGETOWN)
Conference Organizer
ushakri@yahoo.com

Giorgio Valente (HKMA)
Conference Organizer
giorgio.valente@icloud.com

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


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


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

 
Economic Transformation of Asia

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

Wei Shang Jin (COLUMBIA)
Program Director
shangjin.wei@columbia.edu

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

Michael Song (CUHK)
Conference Organizer
zsong@cuhk.edu.hk

 
Accounting

Ke Bin (NUS)
Program Director
bizk@nus.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