Summer Institute of Finance
Preliminary Program
Summer Institute of Finance
July 17-19, 2014, at Pullman, Lijiang, China


Wednesday,July 16,2014
Registration and Reception: 7:00pm-8:30 pm (Location: Tianlu Library, Pullman, Lijiang)
Day One---China Session, Thursday, July 17, 9:00am-12:20pm


Bubble-Creating Stock Market Attacks and Exploitation of Retail Investors'Behavioral Biases: Widespread Evidence in the Chinese Stock Market
Xiaomeng Lu, Cornell University
Ziyang Geng, Shanghai Pudong Development Bank
Discussant: Minwen Li, Tsinghua University

Local Information and the Decentralization of State-Owned Enterprises in China: Hayek is Right
Zhangkai Huang, Tsinghua University
Lixing Li, Peking University
Guangrong Ma, Renmin University
Lixin Colin Xu, World Bank
Discussant: Yuhang Xing, Rice University

Coffee Break (20 minutes)

Analyst Coverage in the Premarket of IPOs
Chunxin Jia, Peking University
Zhen Xie, Shanghai University of Finance and Economics
Donghang Zhang, Moore School of Business, University of South Carolina
Discussant: Feng Zhang, The University of Utah

The Best Performing Economy with the Worst Performing Market: Explaining the Poor Performance of the Chinese Stock Market
Franklin Allen, Wharton School, University of Pennsylvania
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
Susan Chenyu Shan, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
Julie Lei Zhu, Shanghai Advanced Institute of Finance, Shanghai Jiaotong University
Discussant: Bing Han, University of Toronto

Day Two, Friday, July 18

Morning Session: 9:00am-12:20pm

Macroeconomic Risks and Asset Pricing: Evidence from a Dynamic Stochastic General Equilibrium Model

Erica Li, Cheung Kong Graduate School of Business
Haitao Li, Cheung Kong Graduate School of Business
Cindy Yu, Iowa State University
Discussant: Pengfei Wang, HKUST

Market Power and Capital Flexibility: A New Perspective on the Pricing of Technology Shocks
Lorenzo Garlappi, University of British Columbia
Zhongzhi Song, Cheung Kong Graduate School of Business
Discussant: Harold Zhang, University of Texas at Dallas

Coffee Break (20 minutes)

Debt Covenant Violations and Trade Credit
Zilong Zhang, HKUST
Discussant: Fan Yu, Claremont McKenna College

Corporate Finance and Risky Inalienable Human Capital
Patrick Bolton, Columbia University
Neng Wang, Columbia University
Jinqiang Yang, Shanghai University of Finance & Economics
Discussant: Henry Cao, CKGSB

Lunch: 12:30pm - 1:30pm

Afternoon Session: 2:00pm-5:20pm

Security Design in a Production Economy with Flexible Information Acquisition

Yao Zeng, Harvard University
Ming Yang, Fuqua School of Business, Duke University
Discussant: Mark Loewenstein, Robert H. Smith School of Business, University of Maryland

The Interbank Market Run and Creditor Runs
Xuewen Liu, HKUST
Discussant: Michael Brennan, UCLA

Coffee Break (20 minutes)

Good Disclosure, Bad Disclosure
Itay Goldstein, Department of Finance, Wharton School, University of Pennsylvania
Liyan Yang, Rotman School, University of Toronto
Discussant: Grace Xing Hu, The University of Hong Kong

Rare Disaster Concerns Everywhere
Zhaogang Song, Federal Reserve Board
George Gao, Cornell University
Discussant: Kewei Hou, Ohio State University

Dinner: 6.30pm (Location: ZUN-Chinese Restaurant, Pullman, Lijiang)