Summer Institute of Finance
Preliminary Program
Summer Institute of Finance
July 19-21, 2012, at the Intercontinental, Qingdao


Wednesday, July 18, 2012
Registration and Reception: 7:30-9:30 pm (Location: Quan Lounge, F1, Intercontinental, Qingdao)
Day One, July 19, 9:00am – 12:20pm
Chinese Financial Markets Session
Out of the Limelight but In Play: Trading and Liquidity of Media and Off-media Stocks
Lily Fang, INSEAD
Jun Qian, Boston College
Huiping Zhang, Shanghai University of Finance and Economics
Discussant: Kewei Hou, Ohio State University

Security Supply and Bubbles: A Natural Experiment from the Chinese Warrants Market
Li Liao, Tsinghua University
Zhisheng Li, Tsinghua University
Weiqiang Zhang, Tsinghua University
Ning Zhu, SAIF and UC Davis
Discussant: Darwin Choi, HKUST
Coffee Break (20 minutes)
Political Participation and Entrepreneurial Initial Public Offerings in China
Xunan Feng, Shanghai University
Anders C. Johansson, Stockholm School of Economics and Harvard University
Tianyu Zhang, Chinese University of Hong Kong
Discussant: Qianqian Du, SAIF

Earnings Management and Cross Listing: Evidence from a Natural Experiment in China
Tao Li, HSBC School of Business, Peking University
Mi Luo, Department of Economics, New York University
David Ng, Dyson School of Applied Economics and Management, Cornell University
Discussant: Jia Chen, Peking University

Day Two, July 20, 9:00am – 12:20pm
A Comprehensive Look at the Time Series Predictability of Cross-sectional Anomalies
Jennie Bai, Federal Reserve Bank
Long Chen, CKGSB
Discussant: Bin Wei, Federal Reserve Board


Systematic Risk and Debt Maturity
Hui Chen, MIT
Yu Xu, MIT
Jun Yang, Bank of Canada
Discussant: Nengjiu Ju, HKUST and SAIF

Coffee Break (20 minutes)
Can Investment-specific Technology Shocks Explain the Cross-section of Stock Returns?
Lorenzo Garlappi, UBC
Zhongzhi Song, CKGSB
Discussant: Laura Liu, HKUST


By Force of Habitat? A First Look at Insurers' Government Bond Portfolios
Xuanjuan Chen, College of Business, Kansas State University and Shanghai University of Finance and Economics
Zhenzhen Sun, School of Business, Siena College
Tong Yao, Iowa
Tong Yu, College of Business and Administration, University of Rhode Island
Discussant: Canlin Li, Federal Reserve Board


Day Three, July 21, 9:00am – 12:20pm
Trading for Status
Harrison Hong, Princeton
Wenxi Jiang, Yale
Bin Zhao, SAIF
Discussant: Liyan Yang, University of Toronto


Social Networks, Information Acquisition, and Asset Prices
Bing Han, Texas at Austin
Liyan Yang, University of Toronto
Discussant: Chun Xia, The University of Hongkong

Coffee Break (20 minutes)
Keeping up with the Joneses or responding to job uncertainty? The spread of CEO severance agreements
Peggy Huang, Tulane
Lingling Wang, Tulane
Discussant: Ashley Wang, Federal Reserve Board


What explains the distress risk puzzle: death or glory?
Yuhang Xing, Rice University
Jennifer Conrad, University of North Carolina
Nishad Kapadia,Rice University
Discussant: Hong Yan, SAIF