12TH ANNUAL CONFERENCE 
investment FINANCE

 
 
20
May
2025
Tuesday 

Investor Behavior and Market Dynamics
Chair: David HIRSHLEIFER (University of Southern California and ABFER)

Location: Tanglin I & II

9:00 am – 10:00 am
Daily Momentum and New Investors in Emerging Stock Markets
Zhenyu GAO (Chinese University of Hong Kong)
Wenxi JIANG* (Chinese University of Hong Kong)
Wei A. XIONG (Shenzhen Stock Exchange)
Wei XIONG (Princeton University and ABFER)

Discussant:
Sheridan TITMAN (University of Texas at Austin and ABFER)
10:00 am – 10:30am
10:30 am – 11:30 am
Wisdom or Whims? Decoding Investor Trading Strategies with Large Language Models
Shuaiyu CHEN* (Purdue University)
Lin PENG (Baruch College)
Dexin ZHOU (Baruch College)

Discussant:
J. Anthony COOKSON (University of Colorado Boulder)
11:30 am – 12:30 pm
Top Government Meetings in China
Jun PAN (Shanghai Jiao Tong University and ABFER)
Qing PENG* (Shanghai Jiao Tong University)

Discussant:
Jianfeng HU (Singapore Management University)


 
22
MAY
2025
Thursday

Information and Market Structure
Chair: Dong LOU (Hong Kong University of Science and Technology and ABFER)

Location: Tanglin I & II

9:00 am – 10:00 am
Kyle Meets Friedman: Informed Trading When Anticipating Future Information
Hongjun YAN (DePaul University)
Liyan YANG* (University of Toronto and ABFER)
Xueyong ZHANG (Central University of Finance and Economics)
Deqing ZHOU (Central University of Finance and Economics)

Discussant:
Albert S. KYLE (University of Maryland)
10:00 am – 10:30 am
10:30 am – 11:30 am
The Rise of Factor Investing: Asset Market Implications and “Passive” Security Design
Lin William CONG (Cornell University and ABFER)
Shiyang HUANG* (University of Hong Kong and ABFER)
Douglas XU (University of Florida)

Discussant:
Linda DU (Carnegie Mellon University)
11:30 am – 12:30 pm
The Impact of Introducing a (Nearly) Redundant Security: Evidence from Malaysian Corporate Bonds
Antje BERNDT* (Australian National University)
Jean HELWEGE (University of California, Riverside)
Amanda LIU (Independent Researcher)
Frank PACKER (Bank for International Settlements)

Discussant:
Amit GOYAL (University of Lausanne and ABFER)


* Presenter. Program is subjected to change. Updated 24 Mar 2025.

Session Format

Three papers will be presented during each session. Each paper lasts for one hour, including 25 minutes for presentation, 20 minutes for discussion and 15 minutes for Q&A. There will be a 30 minutes break after the first paper.

Contact Information

Program Director Conference Organizer

Allaudeen HAMEED (National University of Singapore and ABFER)
This email address is being protected from spambots. You need JavaScript enabled to view it.

Clemens SIALM (University of Texas at Austin and ABFER)
This email address is being protected from spambots. You need JavaScript enabled to view it. 

Darwin CHOI (Hong Kong University of Science and Technology)
This email address is being protected from spambots. You need JavaScript enabled to view it. 

Roger LOH (Nanyang Technological University and ABFER)
This email address is being protected from spambots. You need JavaScript enabled to view it. 

Hong ZHANG (Singapore Management University and ABFER)
This email address is being protected from spambots. You need JavaScript enabled to view it.


Call for Papers
Call for Posters
Program Summary (PDF)
Conference Schedule (PDF)
Interest to Attend Conference
Dress Code
Important Information
Disclaimer