Summer Institute of Finance
Summer Institute of Finance
Capital Markets Program and Corporate Finance Program Meetings
Kunming, July 14-15
China


Wednesday, July 13, 2011

Registration and Reception: 6:00-8:00 pm (Location: Panorama Lounge, Grand Park Hotel)
Thursday, July 14, 2011

Morning Session: 9:00-12:30pm (Location: Salon I, F2, Grand Park Hotel)
Session Chair: TBA
Paper 1: Individual Investors, Location, and Portfolio Choice
Mark S. Seasholes, HKUST
Mingzhu Tai, Tsinghua
Zhishu Yang, Tsinghua
Discussant: Bing Liang (UMass and SAIF)

Paper 2: Does Order Flow Forecast Exchange Rates?
Pasquale Della Corte, University of Warwick
Dag finn Rime, Norges Bank
Lucio Sarno, Cass Business School
Ilias Tsiakas, University of Guelph
Discussant: Nengjiu Ju (HKUST and SAIF)
Coffee/Tea Break: 10:30-11:00am
Paper 3: Fresh Momentum
Long Chen, Wash U - St Louis and CKGSB
Ohad Kadan, Wash U – St Louis
Engin Kose, Wash U - St Louis
Discussant: Laura X.L. Liu (CKGSB and HKUST)

Paper 4: Technical Analysis, Liquidity Provision, and Return Predictability
Ming Guo, SAIF
Chun Xia, University of Hong Kong
Discussant: Jianjun Miao (Boston University)
Lunch: 12:30 - 2:30pm (Location: Cafe Palmetto, Grand Park Hotel)
Afternoon Session: 2:30-5:00pm (Location: Salon I, F2, Grand Park Hotel)

Session Chair: TBA
Paper 1: Credit Risk and Business Cycles
Pengfei Wang, HKUST
Jianjun Miao, Boston University
Discussant: Tingjun Liu (CKGSB)

Paper 2: Economic Catastrophe Bonds: Inefficient Market or Inadequate Model?
Haitao Li, CKGSB and Michigan
Feng Zhao, UT-Dallas
Discussant: Fan Yu (Claremont)
Coffee/Tea Break: 4:00-4:15pm
Paper 3: Noise as Information for Illiquidity
Xing Hu, Princeton
Jun Pan, MIT and SAIF
Jiang Wang, MIT and SAIF
Discussant: Jun Liu (UCSD)

Conference Dinner: 7:00-9:30pm (Location: Bamboo House restaurant)
Friday, July 15, 2011
Morning Session: 9:00-12:30pm (Location: Salon I, F2, Grand Park Hotel)
Session Chair: TBA


Paper 1: Do Overconfident Insiders Always Overreact?
Chun Xia, University of Hong Kong
Discussant: Yencheng Chang (SAIF)


Paper 2: Intangible Assets and Cross-Sectional Stock Returns: Evidence from Structural Estimation
Erica X.N. Li, Michigan and CKGSB
Laura X.L. Liu, CKGSB and HKUST
Discussant: Hong Zhang (CKGSB and INSEAD)

Coffee/Tea Break: 10:30-11:00am
Paper 3: Career Concerns and the Busy Life of Young CEOs
Xiaoyang Li, CKGSB
Angie Low, NTU
Anil Makhija, OSU
Discussant: Jun Qian (Boston College and CAFR)


Paper 4: The Impact of Organizational and Incentive Structures on Information Production: Evidence from Bank Lending
Jun Qian, Boston College and CAFR
Philip Strahan, Boston College
Zhishu Yang, Tsinghua
Discussant: Weining Zhang (NUS)

Lunch: 12:30 - 2:30pm (Location: Cafe Palmetto, Grand Park Hotel)
Afternoon Session: 2:30-5:00pm (Location: Salon I, F2, Grand Park Hotel)
Session Chair: TBA



Paper 1: Does Informal Finance Help Formal Finance? Evidence from Third Party Loan Guarantees in China
Chenyu Shan, University of Hong Kong
Dragon Tang, University of Hong Kong
Discussant: Chenying Zhang (Wharton)


Paper 2: CEO incentive dynamics and their effect on firm value
Zhonglan Dai, UT-Dallas
Li Jin, HBS
Weining Zhang, NUS
Discussant: Jun Yang (Indiana)

Coffee/Tea Break: 4:00-4:15pm
Paper 3: Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking
Jun Yang, Indiana
Michael Faulkender, Maryland
Discussant: Xiaoyang Li (CKGSB)