中国人民大学、北京大学、清华大学、中央财经大学、长江商学院共同发起

2013 五星金融论坛 会议议程

Jointly Initiated by Renmin University, Peking University, Tsinghua University, CentralUniversity of Finance and Economics, and Cheung Kong Graduate School of Business

2013 Five Star Forum in Finance

Conference Agenda

Date: June 7, 2013, Friday

Venue: Chinese Academy of Finance and Development, Central University of Finance and Economics, 39 South College Rd, Academic Hall, Room 202

中央财经大学，中国金融发展研究院

北京海淀区学院南路39号，学术会堂202会议室

Forum chair: ProfessorKalok Chan (Hong Kong University of Science and Technology)

Keynote speaker: Professor Robert Hodrick (Columbia University)

08:00-08:30 Sign in

08:30-08:45 Welcome remarks (CUFE leaders)

08:45-08:50 Photo taking (organizers, presenters & discussants)

08:50-09:00 Opening remarks, Kalok Chan (HKUST), Forum chair

09:00-09:45

“Macroeconomic risks and asset pricing: evidence from a dynamic stochastic general equilibrium model”(download)

Erica Li* (CKGSB), Haitao Li (CKGSB), and Cindy Yu (CKGSB)

Discussant: Yong Li (Renmin University of China)

09:45-10:30

“Imperfect competition, long lived private information, and the implications for the competition of high frequency trading”(download)

Su Li (Renmin University of China)

Discussant: Yi Xue (University of International Business and Economics)

10:30-10:45 Tea break

10:45-11:30

“Analyst coverage and two volatility puzzles in the cross section of returns”(download)

Thomas George (Houston), and Chuan-Yang Hwang* (NTU)

Discussant: Qi Shang (Renmin University of China)

11:30-12:15

“Political uncertainty and public financing cost: evidence from U.S. gubernatorial elections and municipal bond markets”(download)

Pengjie Gao (Notre Dame), and Yaxuan Qi* (City University of HK and Concordia)

Discussant: Si Li (Wilfrid Laurier and Tsinghua)

12:15-13:45 Lunch

Keynote speech: Conditional asset pricing

Robert Hodrick (Columbia University)

Afternoon Sessions

Session A: Room 702

Chair: Chuan-Yang Hwang (Nanyang Technological University)

14:00-14:45

“The variation of momentum profitability across accrual groups” (download)

Ming Gu* (Renmin University of China), and Yangru Wu (Rutgers and CUFE)

Discussant: Jinliang Li (Tsinghua University)

14:45-15:30

“Can investment shocks explain the cross-section of stock returns?”(download)

Lorenzo Garlappi (UBC), and Zhongzhi Song* (CKGSB)

Discussant: Ping He (Tsinghua University)

15:30-15:45 Tea break

Session B: Room 702

Chair: Ke Tang (Renmin University of China)

15:45-16:30

“An empirical comparison of non-traded and traded factors in asset pricing”(download)

Lei Jiang* (Tsinghua University), and Zhaoguo Zhan (Tsinghua University)

Discussant: Ke Tang (Renmin University of China)

16:30-17:15

“Forecasting government bond risk premia using technical indicators”(download)

Jeremy Goh (SMU), Fuwei Jiang*(SMU), Jun Tu (SMU), and Guofu Zhou (Washington)

Discussant: Xiaoneng Zhu (CUFE)

Session C: Room 706

Chair: Jimmy Ran (CUFE)

14:00-14:45

“Legal shareholder protection and corporate R&D investment”(download)

Gang Xiao (Renmin University of China)

Discussant: Yaxuan Qi (City University of HK and Concordia)

14:45-15:30

“Innovation efficiency, global diversification, and firm Value”(download)

Julia Chou (Florida International University), and Wenlian Gao* (CUFE)

Discussant: Huili Chang (University of Hong Kong)

15:30-15:45 Tea break

Session D: Room 706

Chair: Yangru Wu (CUFE)

15:45-16:30

“Testing the pecking order theory with financial constraints”(download)

Huili Chang* (HKU), and Frank Song (HKU and PKU)

Discussant: Shenghui Tong (CUFE)

16:30-17:15

“Does improved disclosure lead to higher executive compensation - evidence from two opposing accounting and auditing standards rule changes”(download)

Jun Lu* (CUFE) and Zhen Shi (Georgia State)

Discussant: Jinghong Shu (University of International Business and Economics)

17:30 Dinner party (by invitation)

Note: “*” denotes the presenter.