programme overview 1 conference prorgramme 3 friday...

Programme Overview ................................ 1

Conference Prorgramme ........................... 3 Friday December 6, 2019 . . . . . . . . . . . . . . . . . . . . 3 Saturday December 7, 2019 . . . . . . . . . . . . . . . . 7 Sunday December 8, 2019 . . . . . . . . . . . . . . . . . . 11

Useful Information ..................................... 13

Programme Committee ............................ 15

Table of ConTenTs

Hosted by The University of Hong Kong,Faculty of Business and Economics

December 6 – 8, 2019

CONFERENCE CHAIRSCHAIRKalok Chan, The Chinese University of Hong Kong

VICE CHAIRJun-Koo Kang, Nanyang Technological University

HOST’S FACULTY SPONSORDragon Tang, The University of Hong Kong

SFS ADVISORY CHAIRSLaura Starks, University of Texas at AustinJosef Zechner, WU Vienna

THE SOCIETY FOR FINANCIAL STUDIESTHE REVIEW OF ASSET PRICING STUDIESEXECUTIVE EDITORJeffrey Pontiff, Boston College

THE REVIEW OF CORPORATE FINANCE STUDIESEXECUTIVE EDITORAndrew Ellul, Indiana University

THE REVIEW OF FINANCIAL STUDIESEXECUTIVE EDITORItay Goldstein, University of Pennsylvania

SFS

CAVA

LCA

DE

ASI

A-P

ACI

FIC

2019sfs CavalCade asia-PaCifiC 2019

Programme overview

FRIDAY DECEMBER 6, 2019 SATURDAY DECEMBER 7, 2019 SUNDAY DECEMBER 8, 2019

8:00am - 4:00pm Registration 8:00am - 4:00pm Registration 8:00am - 12:00pm Registration

9:00am - 12:25pm Parallel Sessions:Safe Assets

Post Crisis

Behavioral

Microstructure

9:00am - 12:25pm Parallel Sessions:ESG

Banking

Business Cycle

Corporate

9:00am - 12:25pm Parallel Sessions:Intermediary

China

Fintech

Corporance Governance

12:30pm - 1:50pm LunchKeynote: Professor Kalok Chan,The Chinese University of Hong Kong

12:30pm - 1:50pm Lunch 12:30pm - 1:50pm Lunch

2:00pm - 5:25pm Parallel Sessions:Derivatives

Bond Benchmarking

Return Predictability

Information Production

2:00pm - 5:25pm Parallel Sessions:Credit/History

Corporate By Student

Short Selling and Insider Trading

Labor

Conference Ends

6:00pm - 8:00pm Award Dinner 6:00pm - 8:00pm Dinner

SFS

CAVA

LCA

DE

ASI

A-P

ACI

FIC

2019

1

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GRA

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FRIDAY DECEMBER 6, 2019 SATURDAY DECEMBER 7, 2019 SUNDAY DECEMBER 8, 2019

8:00am - 4:00pm Registration 8:00am - 4:00pm Registration 8:00am - 12:00pm Registration

9:00am - 12:25pm Parallel Sessions:Safe Assets

Post Crisis

Behavioral

Microstructure

9:00am - 12:25pm Parallel Sessions:ESG

Banking

Business Cycle

Corporate

9:00am - 12:25pm Parallel Sessions:Intermediary

China

Fintech

Corporance Governance

12:30pm - 1:50pm LunchKeynote: Professor Kalok Chan,The Chinese University of Hong Kong

12:30pm - 1:50pm Lunch 12:30pm - 1:50pm Lunch

2:00pm - 5:25pm Parallel Sessions:Derivatives

Bond Benchmarking

Return Predictability

Information Production

2:00pm - 5:25pm Parallel Sessions:Credit/History

Corporate By Student

Short Selling and Insider Trading

Labor

Conference Ends

6:00pm - 8:00pm Award Dinner 6:00pm - 8:00pm Dinner

sfs CavalCade asia-PaCifiC 2019

2

day 1 - morning sessions

8:00am - 4:00pm RegistrationLocation: Level 1, Block B

Session 1 Session 2

Safe Assets Post Crisis

Session Chair:Jingyuan Li, Lingnan University

Session Chair:Jie Gan, Cheung Kong Graduate School of Business

Location: Classroom A Location: Classroom B

9:00am - 9:55am

How Safe Are Safe Havens?Sven Klingler, BI Norwegian Business School

The Decline of Too Big to FailYichao Zhu, Australian National University

Discussant:Claire Yurong Hong, Shanghai Advanced Institute of Finance

Discussant:Emilio Bisetti, The Hong Kong University of Science and Technology

9:55am - 10:20am

Tea BreakLocation: Level 1, Block B (outside LT)

10:20am - 11:15am

The Risks of Safe AssetsYang Liu, The University of Hong Kong

Informational Efficiency in Securitization After Dodd-FrankAlexei Tchistyi, University of Illinois at Urbana-Champaign

Discussant:Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen

Discussant:Matthias Efing, HEC Paris

11:30am - 12:25pm

Variance Risk Premiums in Emerging Markets: Global Integration and Economic UncertaintyFang Qiao, Tsinghua University

Regulatory and Capital-Market Effects of U.S. Style Enforcement: Evidence from ChinaRay Zhang, Simon Fraser University

Discussant:Chi-Yang Tsou, The Hong Kong University of Science and Technology

Discussant:Alan Kwan, The University of Hong Kong

12:30pm - 1:50pm

LunchLocation: Level 1, Block B (outside LT)

Keynote: Professor Kalok Chan, The Chinese University of Hong KongLocation: LT, Level 1, Block B

Session 3 Session 4

Behavioral Microstructure

Session Chair:Utpal Bhattacharya, The Hong Kong University of Science and Technology

Session Chair:Ilhyock Shim, Bank for International Settlements

Location: Classroom C Location: Classroom D

9:00am - 9:55am

Overconfidence, Information Diffusion, and Mispricing PersistenceSimon Rottke, University of Amsterdam

Order Splitting and Searching for a CounterpartyJoakim Westerholm, University of Sydney

Discussant:Jie Cao, The Chinese University of Hong Kong

Discussant:Dan Li, The Chinese University of Hong Kong, Shenzhen

9:55am - 10:20am


10:20am - 11:15am

Life is Too Short? Bereaved Managers and Investment DecisionsTao Shu, The Chinese University of Hong Kong, Shenzhen

Common-Ownership and Portfolio RebalancingEyub Yegen, University of Toronto

Discussant:Gang Hu, Hong Kong Polytechnic University

Discussant:Shan Zhao, City University of Hong Kong

11:30am - 12:25pm

Tradin’ in the Rain: Attention Allocation and Investment PerformanceShiyang Huang, The University of Hong Kong

Trading Opportunities and the Portfolio Choices of Institutional InvestorsTerry Zhang, Australian National University

Discussant:Chelsea Yao, Lancaster University

Discussant:Xin Liu, University of Bath

12:30pm - 1:50pm



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friday deCember 6, 2019


Session 1 Session 2

Safe Assets Post Crisis

Session Chair:Jingyuan Li, Lingnan University

Session Chair:Jie Gan, Cheung Kong Graduate School of Business


9:00am - 9:55am

How Safe Are Safe Havens?Sven Klingler, BI Norwegian Business School

The Decline of Too Big to FailYichao Zhu, Australian National University

Discussant:Claire Yurong Hong, Shanghai Advanced Institute of Finance

Discussant:Emilio Bisetti, The Hong Kong University of Science and Technology

9:55am - 10:20am


10:20am - 11:15am

The Risks of Safe AssetsYang Liu, The University of Hong Kong

Informational Efficiency in Securitization After Dodd-FrankAlexei Tchistyi, University of Illinois at Urbana-Champaign

Discussant:Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen

Discussant:Matthias Efing, HEC Paris

11:30am - 12:25pm

Variance Risk Premiums in Emerging Markets: Global Integration and Economic UncertaintyFang Qiao, Tsinghua University

Regulatory and Capital-Market Effects of U.S. Style Enforcement: Evidence from ChinaRay Zhang, Simon Fraser University

Discussant:Chi-Yang Tsou, The Hong Kong University of Science and Technology

Discussant:Alan Kwan, The University of Hong Kong

12:30pm - 1:50pm



Session 3 Session 4

Behavioral Microstructure

Session Chair:Utpal Bhattacharya, The Hong Kong University of Science and Technology

Session Chair:Ilhyock Shim, Bank for International Settlements


9:00am - 9:55am

Overconfidence, Information Diffusion, and Mispricing PersistenceSimon Rottke, University of Amsterdam

Order Splitting and Searching for a CounterpartyJoakim Westerholm, University of Sydney

Discussant:Jie Cao, The Chinese University of Hong Kong

Discussant:Dan Li, The Chinese University of Hong Kong, Shenzhen

9:55am - 10:20am


10:20am - 11:15am

Life is Too Short? Bereaved Managers and Investment DecisionsTao Shu, The Chinese University of Hong Kong, Shenzhen

Common-Ownership and Portfolio RebalancingEyub Yegen, University of Toronto

Discussant:Gang Hu, Hong Kong Polytechnic University

Discussant:Shan Zhao, City University of Hong Kong

11:30am - 12:25pm

Tradin’ in the Rain: Attention Allocation and Investment PerformanceShiyang Huang, The University of Hong Kong

Trading Opportunities and the Portfolio Choices of Institutional InvestorsTerry Zhang, Australian National University

Discussant:Chelsea Yao, Lancaster University

Discussant:Xin Liu, University of Bath

12:30pm - 1:50pm



4

day 1 - afTernoon sessions


Session 1 Session 2

Derivatives Bond Benchmarking

Session Chair:Tse-Chun Lin, The University of Hong Kong

Session Chair:Junbo Wang, City University of Hong Kong


2:00pm - 2:55pm

Is there smart money? How information in the commodity futures market is priced into the cross-section of stock returns with delaySteven Ho, Columbia University

The Impact of Benchmarking in Fixed Income MarketsGiorgio Ottonello, NOVA School of Business and Economics

Discussant:Gang Li, Hong Kong Polytechnic University

Discussant:Shuai Ye, The Chinese University of Hong Kong, Shenzhen

3:10pm - 4:05pm

The Information Content of Commodity Futures MarketsRomulo Alves, Erasmus University Rotterdam

The Effect of a Government Reference Bond on Corporate Borrowing Costs: Evidence from a Natural ExperimentClaire Yurong Hong, Shanghai Advanced Institute of Finance

Discussant:Jianan Liu, The University of Hong Kong

Discussant:Chen Yao, The Chinese University of Hong Kong

4:05pm - 4:30pm


4:30pm - 5:25pm

Stock Return Autocorrelations and the Cross Section of Option ReturnsGang Li, University of Toronto

A Better CPI – Adjusting for Technological Change and Increased Housing ConsumptionMatthew Spiegel, Yale University

Discussant:Yan Xu, The University of Hong Kong

Discussant:Thomas Andreas Maurer, The University of Hong Kong

6:00pm - 8:00pm

Award DinnerJumbo Kingdom (Wing Wah Teng) at AberdeenLocation: Shum Wan Pier Drive, Wong Chuk Hang, Aberdeen, Hong Kong

Session 3 Session 4

Return Predictability Information Production

Session Chair:Chuan-Yang Hwang, Nanyang Technological University

Session Chair:Amit Goyal, University of Lausanne


2:00pm - 2:55pm

Capital Heterogeneity, Time-To-Build, and Return PredictabilityDing Luo, City University of Hong Kong

Should Information be Sold Separately? Evidence from MiFID IIYifeng Guo, Columbia University

Discussant:Lei Mao, The Chinese University of Hong Kong, Shenzhen

Discussant:Shiyang Huang, The University of Hong Kong

3:10pm - 4:05pm

Substitution between Short Selling and Options Trading in Predicting Aggregate Stock ReturnsWeinan Zheng, The University of Hong Kong

The Perils of Crying ‘Fake News’Mancy Luo, Erasmus University Rotterdam

Discussant:Si Cheng, The Chinese University of Hong Kong

Discussant:Yan Xiong, The Hong Kong University of Science and Technology

4:05pm - 4:30pm


4:30pm - 5:25pm

Expectations in the Cross Section: Stock Price Reactions to the Information and Bias in Analyst-Expected ReturnsJohnathan Loudis, University of Chicago

Public Pessimism: How and Why Do Managers Use Public Forecasts to Guide the Market?Alan Kwan, The University of Hong Kong

Discussant:Di Wu, City University of Hong Kong

Discussant:Yizhou Xiao, The Chinese University of Hong Kong

6:00pm - 8:00pm


5

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friday deCember 6, 2019


Session 1 Session 2

Derivatives Bond Benchmarking

Session Chair:Tse-Chun Lin, The University of Hong Kong

Session Chair:Junbo Wang, City University of Hong Kong


2:00pm - 2:55pm

Is there smart money? How information in the commodity futures market is priced into the cross-section of stock returns with delaySteven Ho, Columbia University

The Impact of Benchmarking in Fixed Income MarketsGiorgio Ottonello, NOVA School of Business and Economics

Discussant:Gang Li, Hong Kong Polytechnic University

Discussant:Shuai Ye, The Chinese University of Hong Kong, Shenzhen

3:10pm - 4:05pm

The Information Content of Commodity Futures MarketsRomulo Alves, Erasmus University Rotterdam

The Effect of a Government Reference Bond on Corporate Borrowing Costs: Evidence from a Natural ExperimentClaire Yurong Hong, Shanghai Advanced Institute of Finance

Discussant:Jianan Liu, The University of Hong Kong

Discussant:Chen Yao, The Chinese University of Hong Kong

4:05pm - 4:30pm


4:30pm - 5:25pm

Stock Return Autocorrelations and the Cross Section of Option ReturnsGang Li, University of Toronto

A Better CPI – Adjusting for Technological Change and Increased Housing ConsumptionMatthew Spiegel, Yale University

Discussant:Yan Xu, The University of Hong Kong

Discussant:Thomas Andreas Maurer, The University of Hong Kong

6:00pm - 8:00pm


Session 3 Session 4

Return Predictability Information Production

Session Chair:Chuan-Yang Hwang, Nanyang Technological University

Session Chair:Amit Goyal, University of Lausanne


2:00pm - 2:55pm

Capital Heterogeneity, Time-To-Build, and Return PredictabilityDing Luo, City University of Hong Kong

Should Information be Sold Separately? Evidence from MiFID IIYifeng Guo, Columbia University

Discussant:Lei Mao, The Chinese University of Hong Kong, Shenzhen

Discussant:Shiyang Huang, The University of Hong Kong

3:10pm - 4:05pm

Substitution between Short Selling and Options Trading in Predicting Aggregate Stock ReturnsWeinan Zheng, The University of Hong Kong

The Perils of Crying ‘Fake News’Mancy Luo, Erasmus University Rotterdam

Discussant:Si Cheng, The Chinese University of Hong Kong

Discussant:Yan Xiong, The Hong Kong University of Science and Technology

4:05pm - 4:30pm


4:30pm - 5:25pm

Expectations in the Cross Section: Stock Price Reactions to the Information and Bias in Analyst-Expected ReturnsJohnathan Loudis, University of Chicago

Public Pessimism: How and Why Do Managers Use Public Forecasts to Guide the Market?Alan Kwan, The University of Hong Kong

Discussant:Di Wu, City University of Hong Kong

Discussant:Yizhou Xiao, The Chinese University of Hong Kong

6:00pm - 8:00pm


6



Session 1 Session 2

ESG Banking

Session Chair:Sheridan Titman, University of Texas at Austin

Session Chair:Andrew Ellul, Indiana University


9:00am - 9:55am

The Determinants of ESG Rating ChangesChelsea Yao, Lancaster University

Freeze! Financial Sanctions and Bank ResponsesMatthias Efing, HEC Paris

Discussant:Weiming (Elaine) Zhang, The Chinese University of Hong Kong

Discussant:Qianqian Du, Hong Kong Polytechnic University

9:55am - 10:20am


10:20am - 11:15am

Climate Change Concerns and Mortgage LendingFrank Weikai Li, Singapore Management University

Does Audit Market Competition Matter to Investors? Evidence from Cost of Bank FinancingHeng Geng, Victoria University of Wellington

Discussant:Chenyu Shan, Shanghai University of Finance and Economics

Discussant:Shiheng Wang, The Hong Kong University of Science and Technology

11:30am - 12:25pm

The Price of Climate Risk: Evidence from Establishment-level Data Ying Xia, Monash University

Security Lending and Corporate Financing: Evidence from Bond IssuanceHong Zhang, Tsinghua University

Discussant:Xintong Zhan, The Chinese University of Hong Kong

Discussant:Sibo Liu, Lingnan University

12:30pm - 1:50pm


Session 3 Session 4

Business Cycle Corporate

Session Chair:Hong Yan, Shanghai Advanced Institute of Finance

Session Chair:Matthew Spiegel, Yale University


9:00am - 9:55am

Financial Networks over the Business CycleAlexandr Kopytov, University of Pennsylvania

Lobbying Externalities and CompetitionEkaterina Neretina, University of Southern California

Discussant:John Nash, The Hong Kong University of Science and Technology

Discussant:Alminas Žaldokas, The Hong Kong University of Science and Technology

9:55am - 10:20am


10:20am - 11:15am

Countercyclical Risks and Optimal Life-cycle Profile: Theory and EvidenceJialu Shen, University of Missouri

Inside the “Black Box” of Private Merger NegotiationsTingting Liu, Iowa State University

Discussant:Pengfei Sui, The Chinese University of Hong Kong, Shenzhen

Discussant:Qianqian Huang, City University of Hong Kong

11:30am - 12:25pm

The information cycle and return seasonalityHaoyuan Li, Singapore Management University

Corporate Taxes and Retail PricesStephen Teng Sun, City University of Hong Kong

Discussant:Kai Li, The Hong Kong University of Science and Technology

Discussant:Rachel Ma, University of Macau

12:30pm - 1:50pm


7

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Session 1 Session 2

ESG Banking

Session Chair:Sheridan Titman, University of Texas at Austin

Session Chair:Andrew Ellul, Indiana University


9:00am - 9:55am

The Determinants of ESG Rating ChangesChelsea Yao, Lancaster University

Freeze! Financial Sanctions and Bank ResponsesMatthias Efing, HEC Paris

Discussant:Weiming (Elaine) Zhang, The Chinese University of Hong Kong

Discussant:Qianqian Du, Hong Kong Polytechnic University

9:55am - 10:20am


10:20am - 11:15am

Climate Change Concerns and Mortgage LendingFrank Weikai Li, Singapore Management University

Does Audit Market Competition Matter to Investors? Evidence from Cost of Bank FinancingHeng Geng, Victoria University of Wellington

Discussant:Chenyu Shan, Shanghai University of Finance and Economics

Discussant:Shiheng Wang, The Hong Kong University of Science and Technology

11:30am - 12:25pm

The Price of Climate Risk: Evidence from Establishment-level Data Ying Xia, Monash University

Security Lending and Corporate Financing: Evidence from Bond IssuanceHong Zhang, Tsinghua University

Discussant:Xintong Zhan, The Chinese University of Hong Kong

Discussant:Sibo Liu, Lingnan University

12:30pm - 1:50pm


Session 3 Session 4

Business Cycle Corporate

Session Chair:Hong Yan, Shanghai Advanced Institute of Finance

Session Chair:Matthew Spiegel, Yale University


9:00am - 9:55am

Financial Networks over the Business CycleAlexandr Kopytov, University of Pennsylvania

Lobbying Externalities and CompetitionEkaterina Neretina, University of Southern California

Discussant:John Nash, The Hong Kong University of Science and Technology

Discussant:Alminas Žaldokas, The Hong Kong University of Science and Technology

9:55am - 10:20am


10:20am - 11:15am

Countercyclical Risks and Optimal Life-cycle Profile: Theory and EvidenceJialu Shen, University of Missouri

Inside the “Black Box” of Private Merger NegotiationsTingting Liu, Iowa State University

Discussant:Pengfei Sui, The Chinese University of Hong Kong, Shenzhen

Discussant:Qianqian Huang, City University of Hong Kong

11:30am - 12:25pm

The information cycle and return seasonalityHaoyuan Li, Singapore Management University

Corporate Taxes and Retail PricesStephen Teng Sun, City University of Hong Kong


Discussant:Rachel Ma, University of Macau

12:30pm - 1:50pm


8

day 2 - afTernoon sessions


Session 1 Session 2

Credit/History Corporate By Student

Session Chair:Raymond Kan, University of Toronto

Session Chair:Jun-Koo Kang, Nanyang Technological University


2:00pm - 2:55pm

Does credit affect stock trading? Evidence from the South Sea BubbleEmiel Jerphanion, Tilburg University

Can Governments Foster the Development of Venture Capital?Yue Fei, The University of North Carolina at Chapel Hill

Discussant:Griffin Jiang, The Chinese University of Hong Kong

Discussant:Jungmin Kim, Hong Kong Polytechnic University

3:10pm - 4:05pm

Option Trading and Stock Price InformativenessAmit Goyal, University of Lausanne and Swiss Finance Institute

Comovement in Arbitrage LimitsJianan Liu, The University of Hong Kong

Discussant:Jing Xie, Hong Kong Polytechnic University

Discussant:Weikai Li, Singapore Management University

4:05pm - 4:30pm


4:30pm - 5:25pm

The Rate of Return on Real Estate: Long-Run Micro-Level EvidenceDavid Chambers, Cambridge University

Media and Shareholder ActivismAbhishek Ganguly, Indiana University

Discussant:Zhenyu Gao, The Chinese University of Hong Kong

Discussant:Xiaofeng Zhao, Lingnan University

6:00pm - 8:00pm

DinnerLamma Rainbow Seafood Restaurant at Lamma IslandLocation: 1A-1B, 23-27, First Street, Sok Kwu Wan, Lamma Island, Hong Kong

Session 3 Session 4

Short Selling and Insider Trading Labor

Session Chair:Jie Cao, The Chinese University of Hong Kong

Session Chair:Inmoo Lee, Korea Advanced Institute of Science and Technology


2:00pm - 2:55pm

The Profits and Losses of Short SellersAntonio Gargano, University of Melbourne

The Impact of Going Public on the Firm’s Human CapitalRui Silva, London Business School

Discussant:Darwin Choi, The Chinese University of Hong Kong

Discussant:Matthew Spiegel, Yale University

3:10pm - 4:05pm

Fast and Slow Arbitrage: Smart Money, Dumb Money and Mispricing in the Frequency DomainXi Dong, City University of New York

Mobility Restrictions and Risk-Related Agency Conflicts: Evidence from a Quasi-Natural ExperimentLubna Rahman, Monash University

Discussant:Jing Zhao, Hong Kong Polytechnic University

Discussant:Nan Yang, Hong Kong Polytechnic University

4:05pm - 4:30pm


4:30pm - 5:25pm

Information, Insider Trading, Executive Reload Stock Options, Incentives, and RegulationDavid Feldman, The University of New South Wales

Labor Leverage, Financial Leverage, and the Dissection of Expected ReturnsJaewon Choi, University of Illinois at Urbana-Champaign

Discussant:Neal Stoughton, University of Waterloo & Vienna University of Economics and Business

Discussant:Ding Luo, City University of Hong Kong

6:00pm - 8:00pm


9

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saTurday deCember 7, 2019


Session 1 Session 2

Credit/History Corporate By Student

Session Chair:Raymond Kan, University of Toronto

Session Chair:Jun-Koo Kang, Nanyang Technological University


2:00pm - 2:55pm

Does credit affect stock trading? Evidence from the South Sea BubbleEmiel Jerphanion, Tilburg University

Can Governments Foster the Development of Venture Capital?Yue Fei, The University of North Carolina at Chapel Hill

Discussant:Griffin Jiang, The Chinese University of Hong Kong

Discussant:Jungmin Kim, Hong Kong Polytechnic University

3:10pm - 4:05pm

Option Trading and Stock Price InformativenessAmit Goyal, University of Lausanne and Swiss Finance Institute

Comovement in Arbitrage LimitsJianan Liu, The University of Hong Kong

Discussant:Jing Xie, Hong Kong Polytechnic University

Discussant:Weikai Li, Singapore Management University

4:05pm - 4:30pm


4:30pm - 5:25pm

The Rate of Return on Real Estate: Long-Run Micro-Level EvidenceDavid Chambers, Cambridge University

Media and Shareholder ActivismAbhishek Ganguly, Indiana University

Discussant:Zhenyu Gao, The Chinese University of Hong Kong

Discussant:Xiaofeng Zhao, Lingnan University

6:00pm - 8:00pm


Session 3 Session 4

Short Selling and Insider Trading Labor

Session Chair:Jie Cao, The Chinese University of Hong Kong

Session Chair:Inmoo Lee, Korea Advanced Institute of Science and Technology


2:00pm - 2:55pm

The Profits and Losses of Short SellersAntonio Gargano, University of Melbourne

The Impact of Going Public on the Firm’s Human CapitalRui Silva, London Business School

Discussant:Darwin Choi, The Chinese University of Hong Kong

Discussant:Matthew Spiegel, Yale University

3:10pm - 4:05pm

Fast and Slow Arbitrage: Smart Money, Dumb Money and Mispricing in the Frequency DomainXi Dong, City University of New York

Mobility Restrictions and Risk-Related Agency Conflicts: Evidence from a Quasi-Natural ExperimentLubna Rahman, Monash University

Discussant:Jing Zhao, Hong Kong Polytechnic University

Discussant:Nan Yang, Hong Kong Polytechnic University

4:05pm - 4:30pm


4:30pm - 5:25pm

Information, Insider Trading, Executive Reload Stock Options, Incentives, and RegulationDavid Feldman, The University of New South Wales

Labor Leverage, Financial Leverage, and the Dissection of Expected ReturnsJaewon Choi, University of Illinois at Urbana-Champaign

Discussant:Neal Stoughton, University of Waterloo & Vienna University of Economics and Business

Discussant:Ding Luo, City University of Hong Kong

6:00pm - 8:00pm


10



Session 1 Session 2

Intermediary China

Session Chair:Ron Kaniel, University of Rochester

Session Chair:Kalok Chan, The Chinese University of Hong Kong


9:00am - 9:55am

Ambiguity and Information Processing in a Model of Intermediary Asset PricingLeyla Jianyu Han, The University of Hong Kong

Effects of Policy Interventions on Segmented Chinese Credit Bond MarketsJingyuan Mo, New York University

Discussant:Jintao Du, City University of Hong Kong

Discussant:Rui Zhong, The University of Western Australia

9:55am - 10:20am


10:20am - 11:15am

Volatility, Intermediaries and Exchange RatesXiang Fang, The University of Hong Kong

Politically Motivated Corporate Decisions: Evidence from ChinaChang Mo Kang, The University of New South Wales


Discussant:Tianyu Zhang, The Chinese University of Hong Kong

11:30am - 12:25pm

Clogged Intermediation: Were Home Buyers Crowded Out?Hyunsoo Choi, Korea Advanced Institute of Science and Technology

How Do Individual Politicians Affect Privatization? Evidence from ChinaHong Ru, Nanyang Technological University

Discussant:Mingzhu Tai, The University of Hong Kong

Discussant:Jiangnan Zhu, The University of Hong Kong

12:30pm - 1:50pm


Conference Ends

Session 3 Session 4

Fintech Corporance Governance

Session Chair:Tao Shu, The Chinese University of Hong Kong, Shenzhen

Session Chair:Jongsub Lee, Seoul National University


9:00am - 9:55am

Digital Payments and Consumption: Evidence from the 2016 Demonetization in IndiaPulak Ghosh, Indian Institute of Management Bangalore

Dual Ownership and Risk-taking Incentives in Managerial CompensationQifei Zhu, Nanyang Technological University

Discussant:Sarah Wang, The University of Warwick

Discussant:Hong Zou, The University of Hong Kong

9:55am - 10:20am


10:20am - 11:15am

The Effect of Secondary Market Existence on Primary Market Liquidity: Theory and Evidence from a Natural Experiment in Peer-to-Peer LendingKai Lu, University of Science and Technology of China

Director Liability and Board QualityHong Zou, The University of Hong Kong

Discussant:Amit Kumar, The Hong Kong University of Science and Technology

Discussant:Di Li, Peking University

11:30am - 12:25pm

Machine Learning in a Dynamic Limit Order MarketRichard Philip, The University of Sydney

Uncertainty and Contracting in Organizations: A Theory of Consensus and Envy in OrganizationsPaolo Fulghieri, University of North Carolina at Chapel Hill

Discussant:Jing Wu, The Chinese University of Hong Kong

Discussant:Tingjun Liu, The University of Hong Kong

12:30pm - 1:50pm


Conference Ends

11

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sunday deCember 8, 2019


Session 1 Session 2

Intermediary China

Session Chair:Ron Kaniel, University of Rochester

Session Chair:Kalok Chan, The Chinese University of Hong Kong


9:00am - 9:55am

Ambiguity and Information Processing in a Model of Intermediary Asset PricingLeyla Jianyu Han, The University of Hong Kong

Effects of Policy Interventions on Segmented Chinese Credit Bond MarketsJingyuan Mo, New York University

Discussant:Jintao Du, City University of Hong Kong

Discussant:Rui Zhong, The University of Western Australia

9:55am - 10:20am


10:20am - 11:15am

Volatility, Intermediaries and Exchange RatesXiang Fang, The University of Hong Kong

Politically Motivated Corporate Decisions: Evidence from ChinaChang Mo Kang, The University of New South Wales


Discussant:Tianyu Zhang, The Chinese University of Hong Kong

11:30am - 12:25pm

Clogged Intermediation: Were Home Buyers Crowded Out?Hyunsoo Choi, Korea Advanced Institute of Science and Technology

How Do Individual Politicians Affect Privatization? Evidence from ChinaHong Ru, Nanyang Technological University

Discussant:Mingzhu Tai, The University of Hong Kong

Discussant:Jiangnan Zhu, The University of Hong Kong

12:30pm - 1:50pm


Conference Ends

Session 3 Session 4

Fintech Corporance Governance

Session Chair:Tao Shu, The Chinese University of Hong Kong, Shenzhen

Session Chair:Jongsub Lee, Seoul National University


9:00am - 9:55am

Digital Payments and Consumption: Evidence from the 2016 Demonetization in IndiaPulak Ghosh, Indian Institute of Management Bangalore

Dual Ownership and Risk-taking Incentives in Managerial CompensationQifei Zhu, Nanyang Technological University

Discussant:Sarah Wang, The University of Warwick

Discussant:Hong Zou, The University of Hong Kong

9:55am - 10:20am


10:20am - 11:15am

The Effect of Secondary Market Existence on Primary Market Liquidity: Theory and Evidence from a Natural Experiment in Peer-to-Peer LendingKai Lu, University of Science and Technology of China

Director Liability and Board QualityHong Zou, The University of Hong Kong

Discussant:Amit Kumar, The Hong Kong University of Science and Technology

Discussant:Di Li, Peking University

11:30am - 12:25pm

Machine Learning in a Dynamic Limit Order MarketRichard Philip, The University of Sydney

Uncertainty and Contracting in Organizations: A Theory of Consensus and Envy in OrganizationsPaolo Fulghieri, University of North Carolina at Chapel Hill

Discussant:Jing Wu, The Chinese University of Hong Kong

Discussant:Tingjun Liu, The University of Hong Kong

12:30pm - 1:50pm


Conference Ends

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SFS Cavalcade Asia-Pacific 2019 at The University of Hong Kong

CONFERENCE VENUEThe University of Hong Kong, Faculty of Business and Economics (Cyberport 4 Campus)Block B, Cyberport 4, 100 Cyberport Road, Hong Kong

useful informaTion

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REGISTRATIONRegistration counter is located on Level 1, Block B, Cyberport 4

PARALLEL SESSIONSParallel Sessions are located on Level 3, Block B, Cyberport 4

Parallel session Session 1 Session 2 Session 3 Session 4

Location Classroom A Classroom B Classroom C Classroom D

INTERNET WIFI ACCESSNetwork SSID: Wi-Fi.HK via HKU

DRESS CODEPlease wear the provided official conference badge throughout the entire conference and events

BREAKFAST, COFFEE BREAKS AND LUNCHESBreakfast, coffee breaks and lunches are provided on Level 1, Block B (outside LT)

DINNERSFriday December 6, 2019 6:00pm – 8:00pmAward Dinner at Jumbo Kingdom (Wing Wah Teng)Location: Shum Wan Pier Drive, Wong Chuk Hang, Aberdeen, Hong Kong Transportation: Free shuttle bus and ferry are provided to all guests for travelling between the conference site and the restaurant on Level 1, Block B. Guests also enjoy free shuttle bus and ferry services for commuting to Le Méridien Cyberport and Hong Kong Ocean Park Marriott Hotel after the dinner.

Saturday December 7, 2019 6:00pm – 8:00pmDinner at Lamma Rainbow Seafood RestaurantLocation: 1A-1B, 23-27, First Street, Sok Kwu Wan, Lamma Island, Hong KongTransportation: Free shuttle bus and ferry are provided to all guests for travelling between the conference site and the restaurant on Level 1, Block B. Guests also enjoy free shuttle bus and ferry services for commuting to Le Méridien Cyberport and Hong Kong Ocean Park Marriott Hotel after the dinner.

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Programme CommiTTee

Vikas Agrawal, Georgia State University Thierry Foucault, HEC Paris

Hengjie Ai, University of Minnesota Murray Frank, University of Minnesota

Heitor Almeida, University of Illinois at Urbana-Champaign Mariassunta Giannetti, Stockholm School of Economics

Fernando Anjos, NOVA School of of Business and Economics Luis Goncalves-Pinto, University of New South Wales

Kee-Hong Bae, York University Naveen Gondhi, INSEAD

Francisco Barillas, University of New South Wales Radha Gopalan, Washington University in St. Louis

Frederico Belo, INSEAD Clifton Green, Emory University

Jan Bena, University of British Columbia Ro Gutierrez, University of Oregon

Shai Bernstein, Stanford University Charles Hadlock, Michigan State University

Ekkehart Boehmer, Singapore Management University Allaudeen Hameed, National University of Singapore

Valentina Bruno, American University, Kogod School of Business Bing Han, University of Toronto

Adrian Buss, INSEAD Kristine Hankins, University of Kentucky

Jeffrey Busse, Goizueta Business School Jie He, University of Georgia

Jie Cao, The Chinese University of Hong Kong Kewei Hou, The Ohio State University

Ling Cen, The Chinese University of Hong Kong Jiekun Huang, University of Illinois at Urbana-Champaign

Ben Charoenwong, National University of Singapore Chuan-Yang Hwang, Nanyang Technological University

Sudheer Chava, Georgia Tech Rustom Irani, University of Illinois at Urbana-Champaign

Thomas Chemmanur, Boston College Yeejin Jang, University of New South Wales

Joseph Chen, University of California, Davis Griffin Jiang, The Chinese University of Hong Kong

Mark Chen, Georgia State University Gergana Jostova, George Washington

Tao Chen, Nanyang Technological University Oğuzhan Karakaş, Cambridge Judge Business School

Zhanhui Chen, Nanyang Technological University Patrick Joseph Kelly, The University of Melbourne

Darwin Choi, The Chinese University of Hong Kong Jungmin Kim, Hong Kong Polytechnic University

Tarun Chordia, Emory University Woojin Kim, Seoul National University

Oleg Chuprinin, University of New South Wales Omesh Kini, Georgia State University

Zhi Da, University of Notre Dame Inmoo Lee, Korea Advanced Institute of Science and Technology

Nishant Dass, Georgia Tech Jeehoon Lee, University of New South Wales

Stephen Dimmock, Nanyang Technological University Suzanne Lee, Georgia Tech

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Tse-Chun Lin, The University of Hong Kong Clemens Sialm, The University of Texas at Austin

Laura Liu, The Hong Kong University of Science and Technology Elvira Sojli, University of New South Wales

Tingjun Liu, The University of Hong Kong Chester Spatt, Carnegie Mellon University

Yang Liu, The University of Hong Kong Jared Stanfield, University of New South Wales

Dimtri Livdan, University of California, Berkeley Johan Sulaeman, National University of Singapore

Roger Loh, Singapore Management University Wing Wah Tham, University of New South Wales

Francis Longstaff, University of California, Los Angeles Xuan Tian, Tsinghua University

Dong Lou, London School of Economics Mathijs van Dijk, Erasmus

Christian Lundblad, University of North Carolina at Chapel Hill Annette Vissing-Jorgensen, University of California, Berkeley

Spencer Martin, The University of Melbourne Cong Wang, The Chinese University of Hong Kong, Shenzhen

Pedro Matos, University of Virginia Xin Wang, Nanyang Technological University

Abhiroop Mukherjee, The Hong Kong University of Science and Technology Mitch Warachka, Chapman University

Vikram Nanda, University of Texas at Dallas Rohan Williamson, Georgetown University

Thomas Noe, University of Oxford Yupana Wiwattanakantang, National University of Singapore

Paige Ouimet, University of North Carolina at Chapel Hill Jeffrey Wurgler, New York University

Nagpurnanand Prabhala, Johns Hopkins University Zhaoxia Xu, University of New South Wales

Sungjune Pyun, National University of Singapore Takeshi Yamada, Australian National University

Wenlan Qian, National University of Singapore Boazhong Yang, Georgia State University

Uday Rajan, University of Michigan Jianfeng Yu, PBC School of Finance, Tsinghua University

Adam Reed, University of North Carolina at Chapel Hill Xiaoyun Yu, Indiana University

Hong Ru, National University of Singapore Bart Yueshen, INSEAD

Gideon Saar, Cornell University Hayong Yun, Michigan State University

Alessio Saretto, University of Texas at Dallas Jason Zein, University of New South Wales

Konark Saxena, University of New South Wales Bohui Zhang, The Chinese University of Hong Kong, Shenzhen

Lukas Schmid, Duke University Chu Zhang, The Hong Kong University of Science and Technology

Breno Schmidt, University of New South Wales Lu Zhang, Ohio State University

Sophie Shive, University of Notre Dame Xiaoyan Zhang, Tsinghua University

Tao Shu, The Chinese University of Hong Kong, Shenzhen Qifei Zhu, Nanyang Technological University

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programme overview 1 conference prorgramme 3 friday...

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