Summer Institute of Finance
Preliminary Program
Summer Institute of Finance
July 15 – July 16, 2016, Shanghai, China


Thursday, July 14, 2016
Registration and Reception: 7:00pm-8:30 pm (Location: M-box, Shanghai) MAP
Day One---China Session, Friday, July 15, 9.00am – 12.20pm MAP

Housing Price and Fundamentals in A Transition Economy: The Case of Beijing Market
Bing Han, University of Toronto
Lu Han, University of Toronto
Guozhong Zhu, University of Alberta
Discussant: Jiangze Bian, UIBE

Capital Structure Misallocation
Toni Whited, University of Michigan Ross School of Business
Jake Zhao, Stony Brook University
Discussant: Nan Xiong, SAIF

Coffee Break: 10:30am - 10:50am

In The Shadow of Banks: Wealth Management Products and Issuing Banks’ Risk in China
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Viral V. Acharya, Stern School of Business, New York University
Zhishu Yang, School of Economics and Management, Tsinghua University
Discussant: Hao Wang, Tsinghua University

Ownership and Financing Discrimination: Evidence from Investment-Cash Flow Sensitivity of Chinese Listed Firms
Jinyu Liu, Tsinghua University
Zhengwei Wang, Tsinghua University
Wuxiang Zhu, Tsinghua University
Discussant: Feng Zhang, The University of Utah

Day Two, Saturday, July 16

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


Disentangling the Effects of State Ownership on Investment - Evidence From Europe
Patrick Jaslowitzer, Philipps-Universität Marburg
William L. Megginson, Price College of Business, University of Oklahoma
Marc Steffen Rapp, Philipps-Universität Marburg
Discussant: Andrew Winton, University of Minnesota

Dynamic Q-Theory with Agency Investment Frictions and Cross-sectional Stock Returns
Qinghao Mao, Erasmus University Rotterdam
Lei Mao, University of Warwick
K.C. John Wei, Hong Kong University of Science and Technology
Discussant: Erica Li, CKGSB

Coffee Break: 10:30am - 10:50am

Investment Shocks and Cross-sectional Returns: An Investment-based Approach
Lorenzo Garlappi, University of British Columbia
Zhongzhi Song, Cheung Kong Graduate School of Business
Discussant: Harold Zhang, The University of Texas at Dallas

Dealer Liquidity Provision and Price Discovery in Distressed Markets
Ke Wang, Federal Reserve Board
Song Han, Federal Reserve Board
Discussant: Henry Cao, CKGSB

Lunch: 12:30pm - 1:30pm

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

A Model of Costly Interpretation of Asset Prices
Xavier Vives, IESE Business School
Liyan Yang, Rotman School, University of Toronto
Discussant: Yizhou Xiao, Chinese University of Hong Kong

The Term Structure of the Price of Variance Risk
Marianne Andries, Toulouse School of Economics
Thomas Eisenbach, Federal Reserve Bank of New York
Martin Schmalz, University of Michigan
Yichuan Wang, University of Michigan
Discussant: Hongjun Yan, DePaul University

Coffee Break: 3:30pm - 3:50pm

A Portfolio Rebalancing Theory of Disposition Effect
Min Dai, Dept. of Math, NUS
Hong Liu, Washington University in St. Louis
Jing Xu, Renmin University of China
Discussant: Wenxi Jiang, Chinese University of Hong Kong

The Multinational Return Premium: Investor’s Perspective
Xiaoyan Zhang, Purdue University
Yeejin Jang, Purdue University
Xue Wang, Purdue University
Discussant: Tianxiao Zheng, SAIF

Dinner: 6.30pm (Location: Shanghai Hantong Seafood Restaurant, Shanghai)