July 10-11, 2017, PBC School of Finance, Tsinghua University, Beijing, China

Organizers: PBC School of Finance, Tsinghua University; The National Institute of Financial Research, Tsinghua University

Conference Website: http://cfrc.pbcsf.tsinghua.edu.cn

CONFERENCE PROGRAM (Preliminary):

Sunday, July 9, 2017

14:00-20:00 Registration

18:00-19:30 Conference Reception

Monday, July 10, 2017

07:30-18:00 Registration

8:30-10:15 Academic Sessions

Session 1: Chinese Credit Market (Chair: Hong Yan, Shanghai Jiao Tong University)
Implicit Government Guarantee and the Pricing of Chinese LGFV Debt (Presenter: Fan Yu, Claremont McKenna College; Discussant: Hong Ru, Nanyang Technological University)
Tackling Corporate Debt and Achieving Productivity Gains - The Central Role of State-owned Enterprises (Presenter: W. Raphael Lam, International Monetary Fund; Discussant: Zheng (Michael) Song, The Chinese University of Hong Kong)
Are Chinese Credit Ratings Relevant? A Study of the Chinese Bond Market and Credit Rating Industry (Presenter: Lei Zhou, Northern Illinois University; Discussant: Haoyu Gao, Central University of Finance and Economics)

Session 2: Investor Behavior (Chair: Liyan Yang, University of Toronto)
Informed Trading Volume and Asset Prices: The Role for Aggressive Investors (Presenter: Qi (Jacky) Zhang, Durham University; Discussant: Hongjun Yan, DePaul University)
Bubble-Creating Stock Market Attacks: Widespread Evidence from the Chinese Stock Market (Presenter: Xiaomeng Lu, Shanghai Jiao Tong University; Discussant: Bing Han, University of Toronto)
Investments under Fast-Thinking: Evidence from Peer-to-Peer Lending (Presenter: Jun Yang, Indiana University; Discussant: Lin Peng, The City University of New York)

Session 3: Corporate Governance (in Chinese)

10:15-10:30 Coffee Break (sponsored by WRDS)

10:30-12:15 Academic Sessions

Session 4: China Focus (Chair: Zheng (Michael) Song, The Chinese University of Hong Kong)
Household Finance in China (Presenter: Guozhong Zhu, University of Alberta; Discussant: Fudong Zhang, Tsinghua University)
Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program (Presenter: Clark Liu, Tsinghua University; Discussant: Yi Huang, Graduate Institute of International and Development Studies)
Intranational and International Consumption Risk Sharing and Frictions in China (Presenter: Meixin Guo, Tsinghua University; Discussant: Kang Shi, The Chinese University of Hong Kong)

Session 5: International Trade (Chair: Jiandong Ju, Tsinghua University)
Chinese Imports and U.S. Innovation: Evidence from the US-China Permanent Normal Trade Relation (Presenter: Tao Chen, Nanyang Technological University; Discussant: Faqin Lin, Central University of Finance and Economics)
Trade Reforms and Current Account Imbalances (Presenter: Kang Shi, The Chinese University of Hong Kong; Discussant: Changhua Yu, Peking University)
Trade Credit, Financing Structure and Growth (Presenter: Junjie Xia, University of Southern California; Discussant: Wenlan Luo, Tsinghua University)

Session 6: Corporate Finance (in Chinese)

12:15-12:50 Conference Lunch

13:00-13:45 Keynote Speech (Justin Yifu, Director, Center for New Structural Economics, Peking University; Professor and Honorary Dean, National School of Development, Peking University)

13:45-13:50 New Structural Financial Economics Best Paper Awards

14:00-15:45 Academic Sessions

Session 7: Corruption and Politics (Chair: Laura Xiaolei Liu, Peking University)
China's Anti-corruption Campaign and Credit Reallocation from SOEs to PEs (Presenter: Bo Li, Tsinghua University; Discussant: Ping Jiang, University of International Business and Economics)
How Do Strong Anti-Corruption Actions Affect Firms? - Evidence from the stock market (Presenter: Shu Lin, Fudan University; Discussant: Cong Wang, China Europe International Business School)
Politically Motivated Corporate Decisions: Evidence from China (Presenter: David Feldman, The University of New South Wales; Discussant: Shujing Wang, Shanghai Finance University)

Session 8: Pollution (Chair: Hong Zhang, Tsinghua University)
Behavioral Bias in Haze: Evidence from Air Pollution and the Disposition Effect in China (Presenter: Hong Zhang, Tsinghua University; Discussant: Tao Chen, Nanyang Technological University)
Pollution and Performance: Do Investors Make Worse Trades on Hazy Days? (Presenter: Nianhang Xu, Renmin University of China; Discussant: Xiaomeng Lu, Shanghai Jiao Tong University)
Is Air-Quality a Risk Factor that Affects Stock Returns? (Presenter: Bo Liu, Zhejiang University; Discussant: Nianhang Xu, Renmin University of China)

Session 9: Banks and New Structural Economics (in Chinese)

15:45-16:00 Coffee Break (sponsored by WRDS)

16:00-17:45 Academic Sessions

Session 10: Banks and Credits (Zhiguo He, The University of Chicago Booth School of Business)
Rise of Bank Competition: Evidence from Banking Deregulation in China (Presenter: Hong Ru, Nanyang Technological University; Discussant: Zhiguo He, The University of Chicago Booth School of Business)
Credit Allocation under Economic Stimulus: Evidence from China (Presenter: Lin William Cong, The University of Chicago Booth School of Business; Discussant: Hao Wang, Tsinghua University)
The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes (Presenter: Zhuo Chen, Tsinghua University; Discussant: Hong Ru, Nanyang Technological University)

Session 11: IPOs and Chinese Stocks (Chair: Dong Lou, The London School of Economics and Political Science)
Why Don't Share Issue Privatizations Improve Profitability in China? (Presenter: Zhe Shen, Xiamen University; Discussant: Chengxi Yin, Renmin University of China)
Rent Seeking, Brokerage Commissions, and Pricing and Share Allocation in Initial Public Offerings (Presenter: Bibo Liu, Tsinghua University; Discussant: Yongxiang Wang, The University of Southern California)
De-Leverage and Illiquidity Contagion (Presenter: Conghui Hu, University of International Business and Economics; Discussant: Wenxi Jiang, The Chinese University of Hong Kong)

Session 12: Exchange Rate and Trade (In Chinese)

18:00-18:45 Keynote Speech (Jiang Wang Mizuho Financial Group Professor, MIT Sloan School of Management; Research Associate, NBER; Chair of Academic Advisory Council, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University)

18:45-19:00 CFRC Best Paper Awards

19:00-20:30 Conference Dinner

Tuesday, July 11, 2017

07:30-12:00 Registration

8:30-10:15 Academic Sessions

Session 13: Chinese Stocks in Cross Section (Chair: Christian T. Lundblad, The University of North Carolina at Chapel Hill)
The Profitability and Investment Factors in Chinese Stock Market (Presenter: Shaojun Zhang, The Hong Kong Polytechnic University; Discussant: Erica X.N. Li, Cheung Kong Graduate School of Business)
The Role of Analysts: An Examination of the Idiosyncratic Volatility Anomaly in the Chinese Stock Market (Presenter: Bu Xu, Beijing University of Chemical Technology; Discussant: Jinghan Meng, The University of Hong Kong)
The China Valuation Premium (Presenter: Xiaoyan Zhang, PBC School of Finance, Tsinghua University; Discussant: Chenyu Shan, Shanghai Jiao Tong University)

Session 14: Circuit Breakers and Market Meltdown (Chair: Hui Chen, Massachusetts Institute of Technology and NBER)
Saving China's Stock Market (Presenter: Jianjun Miao, Boston University; Discussant: Zheng (Michael) Song, The Chinese University of Hong Kong)
The Magnet Effect of Circuit Breakers: A Role of Price Jumps and Market Liquidity (Presenter: Shuai Wu, Huazhong University of Science and Technology; Discussant: Pengjie Gao, University of Notre Dame)
A Dynamic Model of Circuit Breakers (Presenter: Hui Chen, Massachusetts Institute of Technology and NBER; Discussant: Liyan Yang, University of Toronto)

Session 15: Macro Regulation (in Chinese)

10:15-10:30 Coffee Break (sponsored by WRDS)

10:30-12:15 Academic Sessions

Session 16: Macro and Currency (Chair: Erica X.N. Li, Cheung Kong Graduate School of Business)
China's Financial System in Equilibrium (Presenter: Jie Luo, Tsinghua University; Discussant: Xuewen Liu, The Hong Kong University of Science and Technology)
Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy (Presenter: Ji Zhang, Tsinghua University; Discussant: Yufan Huang, Capital University of Economics and Business)
Structural Change and the Dynamics of China-US Real Exchange Rate (Presenter: Juanyi Xu, The Hong Kong University of Science and Technology; Discussant: Changhua Yu, Peking University)

Session 17: Political Connections (Chair: Bohui Zhang, The University of New South Wales)
Involuntary Political Connections and Firm Outcomes (Presenter: Haibing Shu, Shanghai Jiao Tong University; Discussant: Ronald W. Masulis, The University of New South Wales)
The Dark Side of Political Connections in Financing: Evidence from the Use of Trade Credit in China (Presenter: Gary Gang Tian, Macquarie University; Discussant: Jongsub Lee, University of Florida)
The Political Cycle of Corporate Investments: New Evidence from Chinese Manufacturing Firms (Presenter: Shujing Wang, Shanghai Finance University; Discussant: Fei Xie, University of Delaware)

Session 18: IPO and A-share Market (in Chinese)

12:15-13:00 Conference Lunch

CONFERENCE CHAIR: Xiaoling Wu, PBC School of Finance, Tsinghua University

CONFERENCE SECRETARY GENERAL: Li Liao, PBC School of Finance, Tsinghua University

PROGRAM CHAIR: Hao Zhou, PBC School of Finance, Tsinghua University

PROGRAM CO-CHAIRS:
Xiaoyan Zhang, PBC School of Finance, Tsinghua University (Program Executive Chair)
Jennifer Huang, Cheung Kong Graduate School of Business
Jiandong Ju, PBC School of Finance, Tsinghua University
Jian Wang, School of Management and Economics, The Chinese University of Hong Kong, Shenzhen
Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University