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