Fifth Symposium on Emerging Financial Markets: 

China and Beyond

May 25 & 26, 2016

Hong Kong, China

Sponsored by

Department of Finance, CUHK Business School, The Chinese University of Hong Kong
Academy of Finance and Development, Peking University
Emerging Markets Institute, Cornell University
Bendheim Centre for Finance, Princeton University
Guanghua School of Management, Peking University
Review of Financial Studies
Emerging Markets Review (Elsevier)


May 25, 2016               


Location               LT1, Cheng Yu Tung Building, 12 Chak Cheung Street 

                             The Chinese University of Hong Kong, Shatin


12:00-1:00pm         Registration and reception lunch (Foyer outside LT1)

1:00-1:20pm           Opening Remarks 
                             Kalok Chan, Dean, CUHK Business School, The Chinese University of Hong Kong

                             Welcome Remarks
                             Wei Xiong, Symposium Co-Chair, Princeton University and CUHK Shenzhen



                             Session 1: Sentiment and Succession Tournaments 

                             Session Chair: Yu-Jane Liu, Guanghua School of Management, Peking University

1:20-2:10pm           Googling Investor Sentiment around the World

                             Zhenyu Gao, The Chinese University of Hong Kong
                             Haohan Ren, The Chinese University of Hong Kong
                             Bohui Zhang, University of New South Wales

                             Discussant: Baolian Wang, Fordham University



2:10-3:00pm           Family Feud: Succession Tournaments and Risk-taking in Family Firms 

                             Jongsub Lee, University of Florida
                             Hojong Shin, Michigan State University
                             Hayong Yun, Michigan State University

                              Discussant: Joseph Fan, The Chinese University of Hong Kong

3:00-3:30pm           Coffee Break (Foyer outside LT1)

                             Session 2: Financial Development around the World 

                              Session Chair: Joseph Cheng, The Chinese University of Hong Kong

3:30-4:20pm           Credit Enforcement and Firm Boundaries: Evidence from Brazil 

                             Janis Skrastins, Washington University in St. Louis                                                

                             Discussant: Alessio Saretto, University of Texas at Dallas

4:20-5:10pm            Financial Development and Occupational Choice

                              Rajeev Dehejia, New York University
                              Nandini Gupta, Kelley School of Business, Indiana University

                              Discussant: Nagpurnanand Prabhala, CAFRAL and University of Maryland



7:00-10:00pm          Dinner (Hyatt Regency Hong Kong, Sha Tin)
                              Dinner Speech
                              Prof. K.C. Chan
                              Secretary for Financial Services and the Treasury
                              The Government of the HKSAR

May 26, 2016


Location                  LT1, Cheng Yu Tung Building, 12 Chak Cheung Street 

                              The Chinese University of Hong Kong, Shatin


                              Session 3 : Allocation of Capital 
                              Session Chair: Jianfeng Yu, University of Minnesota and CUHK Shenzhen 

10:00-10:50am        Capital Structure Misallocation

                              Jake Zhao, Stony Brook University
                              Toni Whited, University of Michigan

                               Discussant: Xiaoji Lin, The Ohio State University


10:50-11:40am        Shadow Banking Activities in Non-financial Firms: Evidence from China  

                              Julan Du, The Chinese University of Hong Kong
                              Chang Li, The Chinese University of Hong Kong
                              Yongqin Wang, Fudan University

                              Discussant: Sergio Schmukler, The World Bank



11:40-12:30pm         Lunch (Foyer outside LT1)



12:30-1:20pm          Lunch Panel Session (LT1)

                             Why is the Chinese Stock Market So Volatile

                             Moderator: Andrew Karolyi, Cornell University

                             Discussant: Wei Xiong, Princeton University and CUHK Shenzhen

                                               Yu-Jane Liu, Guanghua School of Management, Peking University



                             Session 4: Fraud and Sin Culture 

                             Session Chair: Joseph Fan, The Chinese University of Hong Kong

1:30-2:20pm           The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in                                  China 

                             Zhe Li, Renmin University of China
                             Massimo Massa, INSEAD
                             Nianhang Xu, Renmin University of China
                             Hong Zhang, PBC School of Finance, Tsinghua University


                             Discussant: John Wei, The Hong Kong University of Science and Technology



2:20-3:10pm           Cheating in China: Corporate Fraud and the Role of Financial Markets

                              Minwen Li, Tsinghua University
                              Tanakorn Makaew, Securities and Exchange Commission
                              Andrew Winton, University of Minnesota


                              Discussant: Dragon Tang, The University of Hong Kong



3:10-3:40pm            Coffee Break (Foyer outside LT1)

                              Session 5: Corruption
                              Session Chair: Wai-Ming Fong, The Chinese University of Hong Kong

3:40-4:30pm            Is the Chinese Anti-Corruption Campaign Effective?
 
                              Tao Shu, University of Georgia
                              John Griffin, University of Texas, Austin
                              Clark Liu, PBC School of Finance, Tsinghua University

                              Discussant: Chen Lin, The University of Hong Kong



4:30-5:20pm            Corruption and Competition
 
                             Franklin Allen, Imperial College London and University of Pennsylvania
                             Jun Qian, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
                             Lin Shen, University of Pennsylvania

                             Discussant: Yihui Pan, University of Utah



6:00-9:30pm           Dinner (Hyatt Regency Hong Kong, Sha Tin) (by invitation)