Programme Schedule By Day

May 22
May 23
May 24
May 25

Day 1: Monday, May 22
Venue: Gardenia

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

 

INTERNATIONAL MACROECONOMICS, MONEY & BANKING


Session: ABFER and Central Bank Research Association (CEBRA)
Session Chair: Frank Packer (Bank of International Settlements)

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

Fiona Price (RBA), Adam Cagliarini (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)

10:45 am

11:35 am

Macroprudential Policies in a Low Interest-Rate Environment

Margarita Rubio (NOTTINGHAM), Fang Yao (RBNZ)
Discussant: Shenghao Zhu (NUS)

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)

 

12:30 pm

2:00 pm

ACADEMIC LUNCHEON KEYNOTE 1

Spillovers or Scapegoats? Why Small Countries Should Not Fear Center-Country Monetary and Financial Policy

Keynote Speaker: Andrew Rose (UC Berkeley)
Moderator: Bernard Yeung (NUS)
Venue: Banyan Ballroom


Day 1: Monday, May 22
Venue: Gardenia

 

INVESTMENT FINANCE

Session: Institutional and Retail Investing
Session Chair: Allaudeen Hameed (NUS)

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)

2:45 pm

3:30 pm

How Smart Is Institutional Trading?

JinGi Ha (SMU), Jianfeng Hu (SMU)
Discussant: Si Cheng (CUHK)

4:00 pm

4:45 pm

Tracking Retail Investor Activity

Xiaoyan Zhang (PURDUE), Ekkehart Boehmer (SMU), Charles M. Jones (COLUMBIA)
Discussant: Tarun Ramadorai (IMPERIAL)

6:00 pm

9:00 pm

INDUSTRY PANEL & ROUNDTABLE & ABFER WELCOME DINNER

Economic Impact of Fin-Tech

Panelists: Bernard Yeung (NUS) Chair, Piyush Gupta (DBS Group), Eric Jing (Ant Financial), Sopnendu Mohanty (MAS), Nick Nash (Garena Online)
Venue: Tower B Ballroom

Day 1: Monday, May 22
Venue: Azalea II & III

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

 

ACCOUNTING

Session: Analyst and Auditing
Session Chair: Haifeng You (HKUST)

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)

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 (SMU), Kevin Veenstra (McMASTER)
Discussant: Daniel Bens (INSEAD)

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)

12:30 pm

2:00 pm

ACADEMIC LUNCHEON KEYNOTE 1

Spillovers or Scapegoats? Why Small Countries Should Not Fear Center-Country Monetary and Financial Policy

Keynote Speaker: Andrew Rose (UC Berkeley)
Moderator: Bernard Yeung (NUS)
Venue: Banyan Ballroom

Day 1: Monday, May 22
Venue: Azalea I

 

ECONOMIC TRANSFORMATION OF ASIA

Session: Labor Markets and Human Capital
Session Chair: Ming-Jen Lin (NTU)
Venue: Azalea I

2:00 pm

3:00 pm

Rationed Fertility: Theory and Evidence

Junjian Yi (NUS), Rufei Guo (CUHK), Junsen Zhang (CUHK)
Discussant: Jianhuan Xu (SMU)

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)

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)

6:00 pm

9:00 pm

INDUSTRY PANEL & ROUNDTABLE & ABFER WELCOME DINNER

Economic Impact of Fin-Tech

Panelists: Bernard Yeung (NUS) Chair, Piyush Gupta (DBS Group), Eric Jing (Ant Financial), Sopnendu Mohanty (MAS), Nick Nash (Garena Online)
Venue: Tower B Ballroom

Day 2: Tuesday, May 23
Venue: Gardenia

Day 2: Tuesday, May 23
Venue: Azalea II & III

Day 2: Tuesday, May 23
Venue: Hibiscus I

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

 

INTERNATIONAL MACROECONOMICS,
MONEY & BANKING

Session: Central Banking in Normal and Turbulent Times
Session Chair: Giorgio Valente (HKMA)

 

INVESTMENT FINANCE

Session: Asset Management and Frictions
Session Chair: Massimo Massa (INSEAD)

 

ECONOMIC TRANSFORMATION OF ASIA

Session: ABFER-CAFRAL Joint Session on Finance in India
Session Chair: Anand Srinivasan (NUS)

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)

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)

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)

10:00 am

11:00 am

A Shadow Rate New Keynesian Model

Ji Zhang (TSINGHUA), Jing Cynthia Wu (CHICAGO)
Discussant: Ippei Fujiwara (ANU & Keio)

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)

10:00 am

11:00 am

Misallocation due to Inefficient Exits: Evidence from India

Nirupama Kulkarni (CAFRAL)
Discussant: Abhiroop Mukherjee (HKUST)

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)

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)

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 (NIIE)
Discussant: Yupana Wiwattanakantang (NUS)

 

 

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)

 

 

12:30 pm

2:00 pm

LUNCH

Day 2: Tuesday, May 23
Venue: Gardenia

Day 2: Tuesday, May 23
Venue: Hibiscus I

Day 2: Tuesday, May 23
Venue: Azalea II & III

 

CORPORATE FINANCE

Session: Topics in Corporate Finance I
Session Chair: Kasper Nielsen (HKUST)

 

ECONOMIC TRANSFORMATION OF ASIA

Session: Regional Disparities within Countries
Session Chair: David Cook (HKUST)

 

ACCOUNTING

Session: Disclosures
Session Chair: Hai Lu (SMU)

2:00 pm

2:45 pm

Is the Chinese Anti-Corruption Campaign Effective?

Tao Shu (UGA), John Griffin (TEXAS), Clark Liu (TSINGHUA)
Discussant: Yongheng Deng (NUS)

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)

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)

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)

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)

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)

4:00 pm

4:45 pm

Misvaluation of Investment Options

Evgeny Lyandres (BU), Egor Matveyev (ALBERTA), Alexei Zhdanov (PSU)
Discussant: Guojun Chen (NTU)

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)

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)

4:45 pm

5:30 pm

Do Credit Card Companies Screen For Behavioral Biases?

Hong Ru (NTU), Antoinette Schoar (MIT)
Discussant: Sumit Agarwal (Georgetown)

 

 

 

 

6:30 pm

8:30 pm

ABFER ANNUAL GENERAL MEETING (AGM) & ABFER SENIOR FELLOWS MEETING

Venue: Azalea II & III

Day 3, Wednesday, May 24
Venue: Azalea II & III

Day 3, Wednesday, May 24
Venue: Gardenia

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

 

INTERNATIONAL MACROECONOMICS, MONEY & BANKING

Session: China Debt and Policy Responses
Session Chair: Takeo Hoshi (STANFORD)

 

CORPORATE FINANCE

Session: Topics in Corporate Finance II
Session Chair: Randall Morck (ALBERTA)

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)

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)

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)

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)

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)

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)

12:30 pm

2:00pm

LUNCH

Day 3, Wednesday, May 24
Venue: Hibiscus I

Day 3, Wednesday, May 24
Venue: Azalea II & III

Day 3, Wednesday, May 24
Venue: Gardenia

 

INVESTMENT FINANCE

Session: Efficient Markets
Session Chair: Roger Loh (SMU)

 

ECONOMIC TRANSFORMATION OF ASIA

Session: Politics and Institutional Distortions
Session Chair: Jiahua Che (FUDAN)

 

ACCOUNTING

Session: Tax and Contracting
Session Chair: Bin Ke (NUS)

2:00 pm

2:45 pm

Habits and Leverage

Pietro Veronesi (CHICAGO), Tano Santos (COLUMBIA)
Discussant: Kai Li (HKUST)

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)

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)

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)

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)

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)

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)

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)

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)

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)

 

 

 

 

5:30 pm

7:00 pm

MENTOR PROGRAM: MASTER CLASS PART I

Machine Learning for Applications in Economics and Finance

Matt Taddy (CHICAGO)
Venue: Hibiscus II & III

7:00 pm

8:30 pm

NETWORKING COCKTAIL

Venue: Azalea I

Day 4, Thursday, May 25
Venue: Azalea II & III

Day 4, Thursday, May 25
Venue: Gardenia

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

8:30 am

9:00 am

Registration and Welcome
Venue: Mezzanine Foyer

 

INTERNATIONAL MACROECONOMICS, MONEY & BANKING

Session: The International Aspects of Credit and Banking
Session Chair: Sumit Argawal (GEORGETOWN)

 

CORPORATE FINANCE

Session: Topics in Corporate Finance III
Session Chair: Yupana Wiwattanakantang (NUS)

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 BANGALORE), Shashwat Alok (ISB), Soumya Ghosh (SBI), Amit Seru (STANFORD), Tomasz Piskorski (COLUMBIA)
Discussant: Renée Adams (UNSW)

9:00 am

10:00 am

Local Crowding Out in China

Ugo Panizza (IHEID), Yi Huang (IHEID), Marco Pagano (UNINA)
Discussant: Randall Morck (ALBERTA)

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)

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)

11:30 am

12:30 pm

Politicizing Consumer Credit

Pat Akey (U TORONTO), Rawley Z. Heimer (CLEVELANDFED) Stefan Lewellen (U London)
Discussant: Pushan Dutt (INSEAD)

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)

12:30 pm

2:00 pm

ACADEMIC LUNCHEON KEYNOTE 2
Sexy or Safe: Why do Predicted Stock Issuers Earn Low Returns?

Keynote Speaker: Charles Lee (STANFORD)
Moderator: Bernard Yeung (NUS)
Venue: Jurong Ballroom

2:00 pm

5:00 pm

MENTOR PROGRAM: MASTER CLASS PART II

Machine Learning for Applications in Economics and Finance

Matt Taddy (CHICAGO)
Venue: Azalea II & III

5:30 pm

7:00 pm

ABFER-GIC INDUSTRY PANEL & ROUND TABLE
The Inactivity in Active: A Worrisome Sign of the Times?

Moderator: Joseph Cherian (NUS/CAMRI)
Panelists: Charles Lee (STANFORD), Hugh Young (Aberdeen Asset), Arisa Kishigami (FTSE Russell), Percy Wong (GIC)
Venue: Katong Ballroom

7:30 pm

9:30 pm

JOINT DINNER FOR ABFER & AMPF & KEYNOTE SPEECH

Welcome Remarks: Tan Chorh Chuan (NUS)
Keynote Speaker: Raghuram G. Rajan (CHICAGO)
Q&A Moderator: Steven Davis (CHICAGO)
Venue: Jurong & Tanglin Ballroom

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