Preliminary Program
Summer Institute of Finance
July 16-18, 2015, Beijing, China

Wednesday, July 15,2015
Registration and Reception: 7:00pm-8:30 pm (Location: Residence I , Grand Hyatt Beijing)
Day One---China Session, Thursday, July 16, 9:00am-12:20pm

The Great Wall of Debt---Demystifying the Credit Spreads of Chinese Local Government
Andrew Ang, Columbia Business School
Jennie Bai, McDonough School of Business, Georgetown University
Hao Zhou, PBC School of Finance, Tsinghua University
Discussant: Song Han, Board of Governors

Entrusted Loans: A Close Look at China's Shadow Banking System
Franklin Allen, University of Pennsylvania
Yiming Qian, The University of Iowa
Guoqian Tu, Chongqing University
Frank Yu, China Europe International Business School
Discussant: Jun Qian, SAIF

Coffee Break (20 minutes)

The Effect of Forced Refocusing on the Value of Diversified Business Groups
Yongxiang Wang, University of Southern California
John G. Matsusaka, University of Southern California
Discussant: Jennifer Carpenter, NYU

The (Un)Intended Consequences of Strict Regulation in Inefficient Markets: Evidence from Private Equity Placements in China
Ming Gu, Renmin University of China
Nathan Dong, Columbia University
Hua He, Cheung Kong Graduate School of Business
Discussant: Bibo Liu, Tsinghua University

Day Two, Friday, July 17

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

The Value and Profitability Premiums

Liang Ma, University of South Carolina
Hong Yan, Shanghai Advanced Institute of Finance
Discussant: Zhongzhi Song, CKGSB

Are Shorts Equally Informed? A Global Perspective
Ekkehart Boehmer, Singapore Management University
Zsuzsa Huszár, National University of Singapore
Yanchu Wang, Purdue University
Xiaoyan Zhang, Purdue University
Discussant: Yong Chen,TAMU

Coffee Break (20 minutes)

Financial Intermediation Chains in an OTC Market
Ji Shen, London School of Economics
Bin Wei, Federal Reserve Bank of Atlanta
Hongjun Yan, Yale School of Management
Discussant: Lin Peng, CUNY

Commodity Financialization: Risk Sharing and Price Discovery in Commodity Futures Markets
Itay Goldstein, Department of Finance, University of Pennsylvania
Liyan Yang, Rotman School
Discussant: Jennifer Huang,CKGSB

Lunch: 12:30pm - 1:30pm

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

Do Long-Term Investors Improve Corporate Decision Making?

Harford Jarrad, University of Washington
Ambrus Kecskes, Schulich School of Business at York University
Sattar Mansi, Virginia Tech
Discussant: Andrew Winton, UMN

Risk Shocks, Uncertainty Shocks, and Corporate Policies
Doron Avramov, Hebrew University of Jerusalem
Minwen Li, Tsinghua University
Hao Wang, Tsinghua University
Discussant: Harold Zhang, Utdallas

Coffee Break (20 minutes)

Investing in Low-Trust Countries: Trust in the Global Mutual Fund Industry
Massimo Massa, INSEAD
Chengwei Wang, INSEAD
Hong Zhang, PBC School of Finance, Tsinghua University
Jian Zhang, National University of Singapore
Discussant: Bing Liang,UMASS & SAIF

Internal Capital Markets in Family Business Groups During the Global Financial Crisis
Alvin Ang, UNSW Business School, University of New South Wales
Ronald Masulis, UNSW Business School, University of New South Wales
Peter Pham, UNSW Business School, University of New South Wales
Jason Zein, UNSW Business School, University of New South Wales
Discussant: Jing Zhao,The Hong Kong Polytechnic University

Dinner: 6.30pm (Location: Drawing Room 2, Grand Hyatt Beijing, China)