Preliminary Program

Summer Institute of Finance Conference

July 12 - 13, 2021
(All Times Refer to Beijing Time, GMT +8)

Online and Onsite in Shanghai

Online: Zoom
Onsite: Room 203
Onsite  Shanghai Advanced Institute of Finance (SAIF)
Onsite  Shanghai Jiao Tong University
Onsite  No.211 West Huaihai Road, Shanghai

 Day One. Monday, July 12. 8:00AM - 3:30PM

Welcome and Opening Remarks
8:00AM - 8:05AM

Hong Yan, Deputy Dean for Faculty and Research, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Session 1: Financial Distress
8:05AM - 9:35AM

Session Chair: Sheridan Titman, University of Texas at Austin

8:05AM – 8:50AM
Feedback and Contagion through Distressed Competition
Hui Chen, Massachusetts Institute of Technology
Winston Dou, University of Pennsylvania
Hongye Guo, University of Pennsylvania
Yan Ji, Hong Kong University of Science and Technology
Presenter: Winston Dou, University of Pennsylvania
Discussant: Jincheng Tong, University of Toronto

8:50AM - 9:35AM
Gambling for Redemption or Rip-off, and the Impact of Superpriority
Philip Dybvig, Washington University in St. Louis and Southwestern University of Finance and Economics
Xinyu Hou, Washington University in St. Louis
Presenter: Xinyu Hou, Washington University in St. Louis
Discussant: Harold Zhang, University of Texas at Dallas

Break: 9:35AM - 9:45AM

Session 2: Agency and Monitoring
9:45AM - 11:15AM

Session Chair: Kose John, New York University

9:45AM - 10:30AM
Looking the Other Way: The Screening Role of (Weak) Internal Monitoring
Felix Feng, University of Washington
Wenyu Wang, Indiana University
Yufeng Wu, University of Illinois Urbana-Champaign
Presenter: Felix Feng, University of Washington
Discussant: Andrew Winton, University of Minnesota

10:30AM - 11:15AM
Morale, Performance, and Disclosure
Xu Jiang, Duke University
Ian Xue, Duke University
Presenter: Ian Xue, Duke University
Discussant: Jun Yang, Indiana University

Break: 11:15AM - 11:30AM

Session 3: New Measures, New Insights
11:30AM - 1:00PM

Session Chair: Xiaoyan Zhang, PBC School of Finance, Tsinghua University

11:30AM – 12:15PM
The Informativeness of Text, the Deep Learning Approach
Allen Huang, Hong Kong University of Science and Technology
Hui Wang, Hong Kong University of Science and Technology
Yi Yang, Hong Kong University of Science and Technology
Presenter: Allen Huang, Hong Kong University of Science and Technology
Discussant: Baozhong Yang, Georgia State University

12:15PM -1:00PM
Concentration in Product Markets
C. Lanier Benkard, Stanford University
Ali Yurukoglu, Stanford University
Anthony Lee Zhang, University of Chicago
Presenter: Anthony Lee Zhang, University of Chicago
Discussant: Sudipto Dasgupta, The Chinese University of Hong Kong

Break: 1:00PM - 2:00PM

Session 4: Firms and Labor Mobility
2:00PM - 3:30PM

Session Chair: Ron Masulis, University of New South Wales

2:00PM - 2:45PM
Assessing and Addressing the Coronavirus-induced Economic Crisis: Evidence from 1.5 Billion Sales Invoices
Zhuo Chen, PBC School of Finance, Tsinghua University
Pengfei Li, PBC School of Finance, Tsinghua University
Li Liao, PBC School of Finance, Tsinghua University
Zhengwei Wang, PBC School of Finance, Tsinghua University
Presenter: Zhuo Chen, PBC School of Finance, Tsinghua University
Discussant: Wenlan Qian, National University of Singapore

2:45PM - 3:30PM
The Talent Gap in Family Firms
Morten Bennedsen, University of Copenhagen and INSEAD
Margarita Tsoutsoura, Cornell University
Daniel Wolfenzon, Columbia University
Presenter: Morten Bennedsen, University of Copenhagen and INSEAD
Discussant: Claudia Custodio, Imperial College London

 Day Two. Tuesday, July 13. 8:00AM - 11:15AM

Session 5: Hedging
8:00AM - 9:30AM

Session Chair: Kewei Hou, The Ohio State University

8:00AM - 8:45AM
Operating Leverage and Hedging: A Tale of Two Production Costs for Asset Pricing
Leonid Kogan, Massachusetts Institute of Technology
Jun Li, University of Texas at Dallas
Harold Zhang, University of Texas at Dallas
Yifan Zhu, University of Texas at Dallas
Presenter: Jun Li, University of Texas at Dallas
Discussant: Shaojun Zhang, The Ohio State University

8:45AM - 9:30AM
Unmasking Mutual Fund Derivative Use
Ron Kaniel, University of Rochester
Pingle Wang, University of Texas at Dallas
Presenter: Pingle Wang, University of Texas at Dallas
Discussant: Veronika Pool, Vanderbilt University

Break: 9:30AM - 9:45AM

Session 6: Funds
9:45AM - 11:15AM

Session Chair: Hong Yan, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

9:45AM - 10:30AM
The Proxy Advisory Industry: Influencing and Being Influenced
Chong Shu, University of Southern California
Presenter: Chong Shu, University of Southern California
Discussant: Peter Iliev, Pennsylvania State University

10:30AM - 11:15AM
The Risk, Reward, and Asset Allocation of Nonprofit Endowment Funds
Andrew Lo, Massachusetts Institute of Technology
Egor Matveyev, Massachusetts Institute of Technology
Stefan Zeume, University of Illinois at Urbana-Champaign
Presenter: Egor Matveyev, Massachusetts Institute of Technology
Discussant: Clemens Sialm, University of Texas at Austin