2013 Symposium on China’s Financial Markets

                                                         Yu-Jane Liu and Wei Xiong, Organizers

                                                Guanghua School of Management, Peking University
                                                                          Beijing, China

                                                                           July 6, 2013

                                                                          Sponsored by
                                               Academy of Finance and Development, Peking University
                                                 Bendheim Center for Finance, Princeton University

                                                                              Hosted by
                                                    Guanghua School of Management, Peking University

7:50-8:50       Registration

8:50-9:00       Opening Ceremony
                     Host: Yu-Jane Liu, Professor of Finance, Chair of Finance Department, Guanghua School of                                            Management, Peking University

                     Welcome from the host and organizer
                     Hongbin Cai, Dean and Professor of Economics, Guanghua School of Management, Peking University

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

                     Session 1: Corporate Governance

9:00-9:40       Shell Games: Have U.S. Capital Markets been harmed by Chinese companies entering via Reverse                          Mergers?

                      Charles M. C. Lee, Stanford University
                      Kevin K. Li, University of Toronto
                      Ran Zhang, Peking University

                      Discussant: Long Chen, Cheung Kong Graduate School of Business

9:40-10:20       Reputation Concerns of Independent Directors: Evidence from Individual Director Voting

                      Wei Jiang, Columbia Business School
                      Hualin Wan, Shanghai Lixin University of Commerce
                      Shan Zhao, Grenoble Ecole de Management

                      Discussant: Qiao Liu, Peking University

10:20-11:00     The Effect of Mandatory CSR Disclosure on Information Asymmetry: Evidence from a 

                      Quasi-natural Experiment in China

                       Mingyi Hung, Hong Kong University of Science and Technology
                       Jing Shi, Australian National University
                       Yongxiang Wang, University of Southern California

                       Discussant: Roger Loh, Singapore Management University

11:00-11:30       Group Photo and Tea Break

11:30-12:30       Keynote Speech: Investment Externalities

                        Sheridan Titman, President of American Finance Association, McAllister Centennial Chair                                                in Financial Services, University of Texas at Austin

12:30-13:30       Lunch

                        Session 2: Stock Market Trading and Asset Pricing

13:30-14:10        Informed Trading and Expected Returns

                         James Choi, Yale University
                         Li Jin, Oxford University and Peking University
                         Hongjun Yan, Yale University

                          Discussant: Jialin Yu, Hong Kong University of Science and Technology
14:10-14:50        Dose Diversity Lead to Diverse Opinions? Evidence from Languages and Stock Markets

                          Yen-Cheng Chang, Shanghai Advanced Institute of Finance
                          Harrison Hong, Princeton University
                          Larissa Tiedens, Stanford University
                          Bin Zhao, Shanghai Advanced Institute of Finance

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

14:50-15:30         Word-of-mouth Communication, Observational learning, and Stock Market Participation

                           Yu-Jane Liu, Peking University
                           Juanjuan Meng, Peking University
                           Wei You, University of California at San Diego
                           Longkai Zhao, Peking University

                           Discussant: Harrison Hong, Princeton University

15:30-16:00           Tea Break

                           Session 3: Investor Psychology and Trade Execution

16:00-16:40          The Effect of Regret

                            Fei Wu, Shanghai Advanced Institute of Finance
                            Prachi Deuskar, University of Illinois
                            Deng Pan, Fudan University
                            Scott Weisbenner, University of Illinois and NBER

                            Discussant: Jianfeng Yu, University of Minnesota

16:40-17:20           Do Behavioral Biases Affect Order Aggressiveness?
                            Jiangze Bian, University of International Business and Economics
                            Kalok Chan, The Hong Kong University of Science and Technology
                            Donghui Shi, Shanghai Stock Exchange
                            Hao Zhou, Tsinghua University

                            Discussant: Liyan Yang, University of Toronto