Third Symposium on Emerging Financial Markets:
China and Beyond


Yu-Jane Liu and Wei Xiong, Organizers
Andrew Karolyi, Sponsoring RFS Editor

Sponsored by
Guanghua School of Management, Peking University
Bendheim Center for Finance, Princeton University
Emerging Markets Institute, Cornell University
Academy of Finance and Development, Peking University
Review of Financial Studies

July 5 & 6, 2014
Beijing, China

                   Location: Alibaba Lecture Hall, Bldg. 2, Guanghua School of Management

July 5, 2014

8:00-8:50     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 remarks:
                   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

                  Media, Culture and Corporate Governance
                   Session chair: Qiao Liu, Peking University

9:00-9:50    The Effect of Politician Career Concerns on Media Slant and Market Return: Evidence from China
                  Li Jin, Peking University and Oxford University
                  Nianhang Xu, Remin University of China
                  Weining Zhang, Cheung Kong Graduate School of Business

                  Discussant: Lin Peng, City University of New York
9:50-10:40   Who Captures the Power of the Pen?
                   Jiaxing You, Xiamen University
                   Bohui Zhang, University of New South Wales
                   Le Zhang, University of New South Wales


                   Discussant: Tong Yao, University of Iowa


10:40-11:10  Tea Break

11:10-12:00  National Culture, Corporate Governance Practices, and Firm Performance
                   Dale Griffin, University of British Columbia
                   Omrane Guedhami, University of South Carolina
                   Chuck Kwok, University of South Carolina
                   Kai Li, University of British Columbia
                   Liang Shao, Hong Kong Baptist University

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

12:00-1:00   Lunch Break

                  Chinese Capital Markets
                   Session chair: Jane Liu, Peking University

1:00-1:50    Explaining the Underperformance of the Chinese Stock Market The Best Performing Economy with                     the Worst Performing Market: Explaining the Poor Performance of the Chinese Stock Market
                  Franklin Allen, University of Pennsylvania
                  Jun Qian, Boston College and Shanghai Advanced Institute of Finance
                  Chenyu Shan, Shanghai Advanced Institute of Finance
                  Julie Lei Zhu, Boston University and Shanghai Advanced Institute of Finance

                  Discussant: Chris Lundblad, University of North Carolina

1:50-2:40    Analyst Coverage in the Premarket of IPOs
                  Chunxin Jia, Peking University
                  Zhen Xie, Shanghai University of Finance and Economics
                  Donghang Zhang, University of South Carolina

                  Discussant: Ning Zhu, Shanghai Advanced Institute of Finance

2:40-3:10    Tea Break

3:10-4:00   Confucianism, Social Norms and Household Saving Rates in China
                 Jie Chen, National University of Singapore
                 Zhiwu Chen, Yale University
                 Shijun He, Peking University

                 Discussant: Bing Han, University of Toronto

4:00-4:20   Break

4:20-5:20   Panel Session: Research on Emerging Financial Markets
                Session moderator: Wei Xiong, Princeton University

                Franklin Allen, University of Pennsylvania
                Andrew Karolyi, Cornell University

July 6, 2014

                Debt in Emerging Markets
                Session chair: Heng Yue, Peking University

8:30-9:20   Enhancing the Contracting Space: Collateral Menus and Access to CreditEnhancing the Contracting                     Space: Collateral Menus, Access to Credit, and Economic Activity

                 Mauricio Larrain, Columbia University
                 Murillo Campello, Cornell University

                 Discussant: Wenlan Qian, National University of Singapore

9:20-10:10 Do Debt Contract Enforcement Costs Affect Financing and Asset Structure?
                Radhakrishnan Gopalan, Washington University
                Abhiroop Mukherjee, Hong Kong University of Science and Technology
                Manpreet Singh, Hong Kong University of Science and Technology

                Discussant: Ping He, Tsinghua University

10:10-10:40 Tea Break

                  Regulating Trading and Capital Flows
                   Session chair: Yaping Wang, Peking University

10:40-11:30 Regulating Capital Flows to Emerging Markets: An Externality View
                  Anton Korinek, Johns Hopkins University

                  Discussant: Jianfeng Yu, University of Minnesota

11:30-12:20 One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?
                  Yongheng Deng, National University of Singapore
                  Xin Liu, National University of Singapore
                  Shang-Jin Wei, Columbia University

                  Discussant: Jialin Yu, Hong Kong University of Science and Technology