Symposium on China’s Financial Markets

Sponsored by
Bendheim Center for Finance, Princeton University
Guanghua School of Management, Peking University
Academy of Finance and Development, Peking University
July 7, 2012
Beijing, China

 Co-Chairs of the Symposium

Wei Xiong: Professor of Economics, Department of Economics and Bendheim Center for Finance, Princeton University 

Yu-Jane Liu: Professor of Finance, and Chair of Finance Department, Guanghua School of Management, Peking University

 Program Committee

Franklin Allen: University of Pennsylvania
Joseph Fan: Chinese University of Hong Kong
Joseph Gyourko: University of Pennsylvania
David Hirshleifer: University of California, Irvine
Harrison Hong: Princeton University
Tim Jenkinson: Oxford University
Li Jin: Harvard University
Andrew Karolyi: Cornell University
Qiao Liu: Peking University
Terrance Odean: University of California, Berkeley
Jay Ritter: University of Florida
Shang-Jin Wei: Columbia university
Ning Zhu: Shanghai Advanced Institute of Finance


Guanghua School of Management, Peking University


8:20 – 8:55           Conference Registration
8:55 – 9:00           Welcome Remarks by Hongbin Cai, Dean of Guanghua School

Session 1: Chinese Financial Markets and Economic Development

9:00 – 9:40           Paper 1: Banking Structure, Labor Intensity, and Industrial Growth: Evidence from China
                           Justin Y. Lin, World Bank
                           Xifang Sun, Seoul National University
                           Harry X. Wu, Hitotsubashi University
                           Discussant: Qiao Liu, Peking University

9:40 – 10:20         Paper 2: Should We Fear an Adverse Collateral Channel Effect on Investment in China?
                           Yongheng Deng, National University of Singapore
                           Joseph Gyourko, University of Pennsylvania
                           Jing Wu, Tsinghua University
                           Discussant: Jie Gan, Cheung Kong Graduate School of Business

10:20 – 11:00       Paper 3: Political Motivation, Overinvestment and Firm Performance
                           Qiao Liu, Peking University
                           Wei Luo, Peking University
                           Nianhang Xu, Renmin University of China
                           Discussant: Ning Zhu, Shanghai Advanced Institute of Finance

11:00 – 11:20       Tea Break
11:20 – 12:10       Keynote Speech
                           Franklin Allen, University of Pennsylvania

Session 2: Chinese Investor Behavior and Market Dynamics

13:20 – 14:00       Paper 4: Speculation Spillover
                           Jane Liu, Peking University
                           Zheng Zhang, Peking University
                           Longkai Zhao, Peking University
                           Discussant: Martin Schmalz, University of Michigan

14:00 – 14:40       Paper 5: New Investors and Bubbles: An Analysis of the Baosteel Call Warrant Bubble
                           Binglin Gong, Fudan University
                           Deng Pan, Fudan University
                           Donghui Shi, Shanghai Stock Exchange
                           Discussant: Lin Peng, City University of New York

14:40 – 15:20       Paper 6: In Search of Concepts: Returns, Trading Volume and Speculative Demand
                           Owainap Gwilym, Bangor Business School
                           Iftekhar Hasan, Fordham University
                           Qingwei Wang, Bangor Business School
                           Ru Xie, Bangor Business School
                           Discussant: Chunxin Jia, Peking University

15:20 –15:40        Tea Break

Session 3: Household Finance

15:40 –16:20        Paper 7: Trading for Status
                           Harrison Hong, Princeton University
                           Wenxi Jiang, Yale University
                           Bin Zhao, Shanghai Advanced Institute of Finance
                           Discussant: Bing Han, University of Texas-Austin

16:20 –17:00        Paper 8: Status Competition and Housing Prices
                           Shang-Jin Wei, Columbia University
                           Xiaobo Zhang, International Food Policy Research Institute
                           Yin Liu, Tsinghua University
                           Discussant: Hao Zhou, U.S. Federal Reserve Board

17:00 – 17:40       Paper 9: The Life Cycle Model and Household Savings: Micro Evidence from Urban China
                           Abhijit Banerjee, MIT
                           Xin Meng, Australia National University
                           Nancy Qian, Yale University
                           Discussant: Kelly Shue, University of Chicago