2017 China Financial Research Conference Program-PBCSF Tsinghua University

2017 China Financial Research Conference

中国金融学术年会

Beijing, China

July 10-11, 2017

To promote China-related financial research globally, Tsinghua University PBC School of Finance and Tsinghua University National Institute of Financial Research co-organize the China Financial Research Conference (CFRC). CFRC provides a high-quality academic exchange platform, where finance scholars and practitioners worldwide can share their in-depth research on important finance issues in China and exchange ideas on new developments in finance research, with the ultimate goal of reforming China's financial system and encouraging financial innovation in China.

2017 China Financial Research Conference (CFRC 2017) will be held from July 10 to July 11, 2017 in Beijing, China. There are total of 519 submissions, and 54 papers make to the program, with an acceptance rate of 10%.

ORGANIZERS

PBC School of Finance, Tsinghua University

The National Institute of Financial Research, Tsinghua University

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, The Chinese University of Hong Kong, Shenzhen

Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

CONFERENCE PROGRAM (Preliminary)

Sunday, July 9, 2017, 6:00 pm- 7:30 pm

Conference Reception- Shenyang Ballroom, 7/F, Liaoning International Hotel

Monday, July 10, 2017, 8:30 am - 10:15 am

Chinese Debt Market - Room 1-100, 1/F Building 1, PBC School of Finance

Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Tackling Corporate Debt and Achieving Productivity Gains—The Central Role of State-owned Enterprises

W. Raphael Lam, International Monetary Fund

Yuyan Tan, International Monetary Fund

Zhibo Tan, Fudan University

Alfred Schipke, International Monetary Fund

Implicit Government Guarantee and the Pricing of Chinese LGFVDebt

Laura Xiaolei Liu, Guanghua Management School, Peking University

Yuanzhen Lyu, Guanghua Management School, Peking University

Fan Yu, Claremont McKenna College

Are Chinese Credit Ratings Relevant? A Study of the Chinese BondMarket and Credit Rating Industry

Miles Livingston, University of Florida

Winnie P.H. Poon, Lingnan University

Lei Zhou, Northern Illinois University

Discussants:

Zheng (Michael) Song, The Chinese University of Hong Kong

Hong Ru, Nanyang Technological University

Haoyu Gao, Central University of Finance and Economics

Investor Behavior - Room 1-200, 2/F Building 1, PBC School of Finance

Liyan Yang, University of Toronto

Informed Trading Volume and Asset Prices: The Role forAggressive Investors

Christian T. Lundblad, University of North Carolina at Chapel Hill

Zhishu Yang, School of Economics and Management, Tsinghua University

Qi (Jacky) Zhang, Durham University

Bubble-Creating Stock Market Attacks: Widespread Evidence fromthe Chinese Stock Market

Xiaomeng Lu, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Ziyang Geng, Shanghai Pudong Development Bank

Investments under Fast-Thinking: Evidence from Peer-to-PeerLending

Li Liao, PBC School of Finance, Tsinghua University

Zhengwei Wang, PBC School of Finance, Tsinghua University

Jia Xiang, PBC School of Finance, Tsinghua University

Jun Yang, Indiana University

Discussants:

Hongjun Yan, DePaul University

Bing Han, University of Toronto

Lin Peng, The City University of New York

公司治理 - Room 1-306, 3/F Building 1,PBC School of Finance

林晨，香港大学

CEO的文革经历与公司盈余管理——来自老三届群体的证据

赵天悦，暨南大学

叶德珠，暨南大学

官员到访能助力企业债务融资？

洪群，闽南师范大学

戴亦一，厦门大学

我国上市公司“小股民起义”现象的影响因素与经济后果

郑志刚，中国人民大学

石丽娜，中国人民大学

黄继承，中国人民大学

郭杰，杜伦大学

评论人：

黄瑜琴，中央财经大学

李波，清华大学五道口金融学院

孔东民，中南财经政法大学

Monday, July 10, 2017, 10:35 am - 12:20 pm

China Focus - Room 1-100, 1/F Building 1, PBC School of Finance

Zheng (Michael) Song, The Chinese University of Hong Kong

Household Finance in China

Russell Cooper, The Pennsylvania State University and NBER

Guozhong Zhu, University of Alberta

Demand Shock, Speculative Beta, and Asset Prices: Evidence fromthe Shanghai-Hong Kong Stock Connect Program

Clark Liu, PBC School of Finance, Tsinghua University

Shujing Wang, Shanghai Finance University

K.C. John Wei, The Hong Kong Polytechnic University

Intranational and International Consumption Risk Sharing andFrictions in China

Meixin Guo, School of Economics and Management, Tsinghua University

Lin Lu, School of Economics and Management, Tsinghua University

Discussants:

Fudong Zhang, PBC School of Finance, Tsinghua University

Yi Huang, Graduate Institute of International and Development Studies

Kang Shi, The Chinese University of Hong Kong

International Trade - Room 1-200, 2/F Building 1, PBC School of Finance

Jiandong Ju, PBC School of Finance, Tsinghua University

Trade Reforms and Current Account Imbalances

Jiandong Ju, PBC School of Finance, Tsinghua University

Kang Shi, The Chinese University of Hong Kong

Shang-Jin Wei, Columbia University

Chinese Imports and U.S. Innovation: Evidence from the US-ChinaPermanent Normal Trade Relation

Tao Chen, Nanyang Technological University

Huasheng Gao, Nanyang Technological University

Yuxi Wang, Nanyang Technological University

Trade Credit, Financing Structure and Growth

Junjie Xia, University of Southern California

Discussants:

Changhua Yu, National School of Development, Peking University

Faqin Lin, Central University of Finance and Economics

Wenlan Luo, School of Economics and Management, Tsinghua University

公司金融 - Room 1-306, 3/F Building 1, PBC School of Finance

高芃劼，圣母大学

高新企业“变形记”——基于减税激励的研发操纵行为研究

杨国超，中南财经政法大学

刘静，复旦大学

廉鹏，华东政法大学

芮萌，中欧国际工商学院

企业集团、违规处罚与股价崩盘风险

夏雪，中山大学

滕飞，中山大学

辛宇，中山大学

分析师研究报告负面信息披露与股价崩盘风险

伊志宏，中国人民大学

陈钦源，中国人民大学

朱琳，中国人民大学

评论人：

杜茜茜，西南财经大学

张少君，俄亥俄州立大学

刘碧波，清华大学五道口金融学院

Monday, July 10, 2017, 12:20 pm – 1:00 pm

Conference Lunch - Cafeteria, B1/F Building 3, PBC School of Finance

Monday, July 10, 2017, 1:00 pm – 2:00 pm

Keynote Speech - Room 3-300, 3/F Building 3, PBC School of Finance

Justin Yifu Director, Center for New Structural Economics, Peking University; Professor and Honorary Dean, National School of Development, Peking University

Monday, July 10, 2017, 2:00 pm – 2:15 pm

New Structural Financial Economics Best Paper Awards

Monday, July 10, 2017, 2:35 pm - 4:20 pm

Corruption and Politics - Room 1-100, 1/F Building 1, PBC School of Finance

Laura Xiaolei Liu, Guanghua School of Management, Peking University

China’s Anti-corruption Campaign and Credit Reallocation fromSOEs to PEs

Bo Li, PBC School of Finance, Tsinghua University

Zhengwei Wang, PBC School of Finance, Tsinghua University

Hao Zhou, PBC School of Finance, Tsinghua University

HowDo Strong Anti-Corruption Actions Affect Firms? - Evidence from the stock market

Haoyuan Ding, Shanghai University of Finance and Economics

Hanming Fang, University of Pennsylvania