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)

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

ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds
Jeromin Zettelmeyer (PIIE), Christoph Trebesch (LMU)
Discussant: Ji Huang (NUS)
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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 am
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), 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)
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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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Thurday
May 25, 2017

Chair:
Yupana Wiwattanakantang (NUS)

Session:  Topics in Corporate Finance III

9:00 am – 10:00 am

Public Debt and Private Firm Funding: Evidence from Chinese Cities
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

Institutional Investors and Hedge Fund Activism
Laura Starks (TEXAS), Simi Kedia (RUTGERS), Xianjue Wang (RUTGERS & SWUFE)
Discussant: Melvyn Teo (SMU)
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2:45 pm – 3:30 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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4:00 pm – 4:45 pm

How Smart Is Institutional Trading?
JinGi Ha (SMU), Jianfeng Hu (SMU)
Discussant: Si Cheng (CUHK)
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4:45 pm – 5:30 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:  
Roger Loh (SMU)

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 (SU)
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: Massimo Massa (INSEAD)

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: Capital 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

Extracting Consumer Demand: Credit Card Spending and Post-Earnings 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

Educational Quality along Multiple Dimensions: A Cross-Country Analysis
Chong Xiang (PURDUE),  Stephen Yeaple (PSU)
Discussant: Jianhuan Xu (SMU)
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Tuesday
May 23, 2017

ABFER and Centre for Advanced Financial Research and Learning (CAFRAL) session

Details to be provided at a later date.

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

Spatial Misallocation in Chinese Housing and Land Markets
Yang Tang (NTU), Yongheng Deng (NUS), Ping Wang (WUSTL), Jing Wu (TSINGHUA)
Discussant: Wentai Hsu (SMU)
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4:30 pm – 5:30 pm

Trade, Formalisation Cost, and the Spatial Distribution of Formal and Informal Employment: 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)

3:15 pm – 4:15 pm

Land Acquisition and Corporate Investment – Legacy of the Historical Land Ceiling Legislations
Zoya Saher (SURREY), Sarmistha Pal (SURREY), Tiago Pinheiro (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)
Discussant: Fali Huang (SMU)

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)
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3:15 pm – 4:15 pm

Naughty Firms, Noisy 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)
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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 a Regression Discontinuity Design
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 (STANDFORD)
Program Director
tkohoshi@stanford.edu

Andrew Rose (UC)
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