Preliminary Program
Summer Institute of Finance Conference
July 20 - July 22, 2017, Qingdao, China


Thursday, July 20, 2017 MAP
Registration:3:00pm-5:00pm (Location: City Wing Lobby, First Floor, Shangri-La Hotel)
Reception:   5:00pm-7:00pm (Location: Q Bar,First Floor, Shangri-La Hotel)
Day One, Friday, July 21, 9:00am - 5:20pm

Investment Session: 9:00am - 12:20pm
Chair: Sheridan Titman, University of Texas at Austin

9:00am - 10:00am
Negative Bubbles under Short-Sales Constraints and Heterogeneous Beliefs
Dongyan Ye, Cheung Kong Graduate School of Business
Hui Ou-Yang, Cheung Kong Graduate School of Business
H. Henry Cao, Cheung Kong Graduate School of Business
Discussant: Liyan Yang, University of Toronto

10:00am - 11:00am
Demand Shock, Speculative Beta, and Asset Prices: Evidence from the Shanghai-Hong Kong Stock Connect Program
Clark Liu, PBC School of Finance, Tsinghua University
Shujing Wang, Shanghai Finance University
K.C. John Wei, School of Accounting and Finance, Hong Kong Polytechnic University
Discussant: Hongjun Yan, DePaul University

Coffee Break: 11:00am - 11:20am

11:20am - 12:20pm
Information Environment, Sophisticated Investors, and Market Efficiency: Evidence from a Natural Experiment
Yong Chen, Texas A&M University
Bryan Kelly, University of Chicago
Wei Wu, Texas A&M University
Discussant: Miao Zhang, University of Southern California

Lunch: 12:20pm - 1:10pm

Policy Session: 1:10pm - 1:50pm
Chair: Huining Henry Cao, Cheung Kong Graduate School of Business

The People's Bank of China: From 1948 to 2016
Franklin Allen, Imperial College London
Xian Gu, Central University of Finance and Economics
Hua Kuan, People’s Bank of China
Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

China-Focused Session: 2:00pm - 5:20pm
Chair: Hong Zhang, PBC School of Finance, Tsinghua University

2:00pm - 2:45pm
The Financing of Local Government in China: Stimulus Loan Wanes and Shadow Banking Waxes
Zhuo Chen, PBC School of Finance, Tsinghua University
Zhiguo He, Booth School of Business, University of Chicago
Chun Liu, School of Economics and Management, Tsinghua University
Discussant: Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

2:45pm - 3:30pm
Leverage Network and Market Contagion
Jiangze Bian, University of International Business and Economics
Zhi Da, University of Notre Dame
Dong Lou, London School of Economics and CEPR
Hao Zhou, PBC School of Finance, Tsinghua University
Discussant: Jennifer Huang, Cheung Kong Graduate School of Business

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

3:50pm - 4:35pm
Political Connections, Government Subsidies, and Capital Misallocation: Evidence from China
Zilong Zhang, City University of Hong Kong
Shuang Jin, Hong Kong University of Science and Technology
Discussant: Xiaolan, Mindy Z, University of Texas at Austin

4:35pm - 5:20pm
Involuntary Political Connections and Firm Outcomes
Ran Duchin, University of Washington
Zhenyu Gao, Chinese University of Hong Kong
Haibing Shu, Shanghai Jiao Tong University
Discussant: Gary Tian, Macquarie University

Dinner: 5:45pm (Location: Qiaoji Fishing Village)

Day Two, Saturday, July 22, 9:00am - 5:30pm

Corporate Session: 9:00am - 12:20pm
Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

9:00am - 10:00am
Optimal Contracting with Unobservable Managerial Hedging
Yu Huang, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Nengjiu Ju, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
Hao Xing, London School of Economics and Political Science
Discussant: Zhaohui Chen, University of Virginia

10:00am - 11:00am
Naughty Firms, Noisy Disclosure
Thomas Bourveau, Hong Kong University of Science and Technology
Guoman She, Hong Kong University of Science and Technology
Alminas Zaldokas, Hong Kong University of Science and Technology
Discussant: Tse-Chun Lin, University of Hong Kong

Coffee Break: 11:00am - 11:20am

11:20am - 12:20pm
The Globalization of Economic Shocks: Financial Contagion along International Supply-Chains
Christoph Schiller, University of Toronto
Discussant: Hong Zhang, PBC School of Finance, Tsinghua University

Lunch: 12:20pm - 1:50pm

Sightseeing Tour:2:00pm – 5:30pm