Fourth Symposium on Emerging Financial Markets: 

China and Beyond

May 1 & 2, 2015 

New York, U.S.A.

Location: Room 207, William & June Warren Hall, Columbia University Campus , 1125 Amsterdam Ave Columbia University Campus

May 1, 2015

8:30-9:00am Breakfast (outside of Warren Hall Room 207)

9:00-9:30 Registration and Openning Remarks

9:30-11:45 Session 1: credit and entrepreneurship

Do Credit Constraints Limit Entrepreneurship? Heterogeneity in the Returns to Microfinance
Abhijit Banerjee, MIT
Emily Breza, Columbia University
Esther Duflo, MIT
Cynthia Kinnan, Northwestern University
Discussant: Leora Klapper, World Bank

What determines entrepreneurial outcomes in emerging markets? Role of Initial Conditions
Meghana Ayyagari, George Washington University
Asli Demirguc-Kunt, World Bank
Vojislav Maksimovic, University of Maryland
Discussant: Tom Chemmanur, Boston College 

10:50-11:00am Coffee Break (outside of Warren Hall Room 207)

How Collateral Laws Shape Lending and Sectoral Activity
Mauricio Larrain, Columbia University
Charles Calomiris, Columbia University
Jose Liberti, DePaul University
Jason Sturgess, DePaul University
Discussant: Li Jin, Peking University

11:45-12:45pm Lunch in Warren Hall Room 416(4th Floor) 


12:45-3:00 Session 2: state, credit, and corruption

Disguised Corruption: Evidence from Consumer Credit in China
Sumit Agarwal, National University of Singapore
Wenlan Qian, National University of Singapore
Amit Seru, University of Chicago
Jian Zhang, National University of Singapore
Discussant: Hanming Fang, University of Pennsylvania

Government Credit, a Double-Edged Sword: Evidence from the China Development Bank
Hong Ru, MIT
Discussant: Michael Song, University of Chicago

Corporate Default with Chinese Characteristics
Jing Ai, University of Hawaii at Manoa
Warren Bailey, Cornell University
Haoyu Gao, Chinese Academy of Sciences
Xiaoguang Yang, Chinese Academy of Sciences
Lin Zhao, Chinese Academy of Sciences
Discussant: Hongjun Yan, Yale University


3:00-3:30pm Coffee Break (outside of Warren Hall Room 207)


3:30-5:00 Conference Featured Panel on Shadow Banking in China

Moderator: Andrew Karolyi, Cornell University
Academic Perspectives
Franklin Allen, Imperial College and University of Pennsylvania
Entrusted Loans: A Close Look at China’s Shadow Banking System 
Michael Song, University of Chicago
The Rise of China's Shadow Banking System 
Policy Perspectives
Hongbin Cai, Peking University
Gaston Gelos, International Monetary Fund

5:45-8:00pm Reception &Dinner(for participants only)



May 2,2015

8:30-9:00am Breakfast (outside of Warren Hall Room 207)


9:00-10:30 Session 3: stocks and housing in China

The Real Value of China's Stock Market
Jennifer N. Carpenter, New York University
Fangzhou Lu, MIT
Robert F. Whitelaw, New York University
Discussant: Jun Qian, Shanghai Advanced Institute for Finance

The crowding out effects of real estate shocks – Evidence from China
Laura Xiaolei Liu, Peking University
Ting Chen, Hong Kong University of Science and Technology
Discussant: Stijn Van Nieuwerburgh, New York University


10:30-11:00am Coffee Break (outside of Warren Hall Room 207)


11:00-12:30 Session 4: global asset pricing

International Asset Allocations and Capital Flows: The Benchmark Effect
Claudio Raddatz, Central Bank of Chile
Sergio Schmukler, World Bank
Tomas Williams, Universitat Pompeu Fabra
Discussant:Jialin Yu, Hong Kong University of Science and Technology

Are Shorts Equally Informed? A Global Perspective
Ekkehart Boehmer, Singapore Management University
Zsuzsa Huszár, National University of Singapore
Yanchu Wang, Purdue University
Xiaoyan Zhang, Purdue University
Discussant: Ingrid Werner, Ohio State University

12:30-1:30pm Lunch in Warren Hall Feldberg Room (1st Floor) on site or take a lunch box to-go