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ABOUT THE CONFERENCE

To promote China-related financial research globally, Tsinghua University PBC School
of Finance and Tsinghua University National Institute of Financial Research
co-organize the Annual China Financial Research Conference (CFRC). CFRC provides
a high-quality academic exchange platform, where finance scholars and practitioners
worldwide can share their in-depth research on important finance issues in China and
exchange ideas on new developments in finance research, with the ultimate goal of
reforming China’s financial system and encouraging financial innovations in China.

The 2023 China Financial Research Conference (CFRC 2023) will be held from July 1
to July 2, 2023 in Beijing, China, both online and onsite.

ORGANIZERS
Tsinghua University PBC School of Finance
Tsinghua University National Institute of Financial Research

PROGRAM CHAIRS
Xuan Tian Tsinghua University
Xiaoyan Zhang Tsinghua University

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 关于会议
为适应中国金融改革与开放要求，积极推动金融研究与国际交流，清华大学五道口
金融学院和清华大学国家金融研究院联合发起举办中国金融学术年会（China Financial
Research Conference，CFRC），打造立足中国、面向世界的高端学术会议。年会旨在
为国内外金融学界、业界的学术交流提供一个高水平的开放平台，鼓励对中国金融问题
的深度研究和探讨，推动最新研究成果尽快应用于中国金融改革和发展的实践中，推进
中国现代金融体系建设和金融创新。

2023 中国金融学术年会将于 2023 年 7 月 1 日至 7 月 2 日在北京通过线上线下相结

合的方式举办。

主办单位
清华大学五道口金融学院
清华大学国家金融研究院

论文评审委员会主席
田 轩 清华大学
张晓燕 清华大学

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 PROGRAM COMMITTEE MEMBERS
Hengjie Ai University of California, Davis
Li An Tsinghua University
Jinhui Bai Washington State University
Turan G. Bali Georgetown University
Brad M. Barber University of California, Davis
Geert Bekaert Columbia University
Jan Bena University of British Columbia
Max Bruche Humboldt University of Berlin
Huafeng Chen Fudan University
Zhuo Chen Tsinghua University
Ing-Haw Cheng University of Toronto
Jaewon Choi University of Illinois at Urbana-Champaign
Yongqiang Chu University of North Carolina at Charlotte
Lauren H. Cohen Harvard University
Francesco D'Acunto Georgetown University
Amil Dasgupta The London School of Economics and Political Science
Jens Dick-Nielsen Copenhagen Business School
Winston Dou University of Pennsylvania
Itamar Drechsler University of Pennsylvania
Mark Flannery University of Florida
Vyacheslav (Slava) Fos Boston College
Hao Gao Tsinghua University
Pengjie Gao Notre Dame University
Olesya V. Grishchenko Federal Reserve Board
Allaudeen Hameed National University of Singapore
Bing Han University of Toronto
Jie (Jack) He University of Georgia
Ping He Tsinghua University
Robert J. Hodrick Columbia University
Grace Xing Hu Tsinghua University
Jing Huang Texas A&M University
Zhengyang Jiang Northwestern University

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 论文评审委员会成员
Hengjie Ai 加利福尼亚大学戴维斯分校
安 砾 清华大学
Jinhui Bai 华盛顿州立大学
Turan G. Bali 乔治城大学
Brad M. Barber 加利福尼亚大学戴维斯分校
Geert Bekaert 哥伦比亚大学
Jan Bena 英属哥伦比亚大学
Max Bruche 柏林洪堡大学
陈华锋 复旦大学
陈 卓 清华大学
Ing-Haw Cheng 多伦多大学
Jaewon Choi 伊利诺伊大学香槟分校
Yongqiang Chu 北卡罗莱纳大学夏洛特分校
Lauren H. Cohen 哈佛大学
Francesco D'Acunto 乔治城大学
Amil Dasgupta 伦敦政治经济学院
Jens Dick-Nielsen 哥本哈根商学院
Winston Dou 宾夕法尼亚大学
Itamar Drechsler 宾夕法尼亚大学
Mark Flannery 佛罗里达大学
Vyacheslav (Slava) Fos 波士顿学院
高 皓 清华大学
Pengjie Gao 圣母大学
Olesya V. Grishchenko 美国联邦储备委员会
Allaudeen Hameed 新加坡国立大学
Bing Han 多伦多大学
Jie (Jack) He 佐治亚大学
何 平 清华大学
Robert J. Hodrick 哥伦比亚大学
胡 杏 清华大学
Jing Huang 德州农工大学
Zhengyang Jiang 西北大学

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 PROGRAM COMMITTEE MEMBERS
Lawrence J. Jin Cornell University
Tao Jin Tsinghua University
Jiandong Ju Tsinghua University
Peter Kelly Notre Dame University
Zhisheng Li Zhongnan University of Economics and Law
Bibo Liu Tsinghua University
Laura Xiaolei Liu Peking University
Yu-Jane Liu Peking University
Clark Liu Tsinghua University
Tong Liu Massachusetts Institute of Technology
Roger K. Loh Singapore Management University
Juan M. Londono Federal Reserve Board
Dong Lou The London School of Economics and Political Science
Christian Lundblad University of North Carolina at Chapel Hill
Massimo Massa INSEAD
William L. Megginson University of Oklahoma
David Tat-Chee Ng Cornell University
Boris Nikolov University of Lausanne
Veronika Krepely Pool Vanderbilt University
Wenlan Qian National University of Singapore
Gideon Saar Cornell University
Ivan Shaliastovich University of Wisconsin Madison
Mila Getmansky Sherman Massachusetts Institute of Technology
Zhan Shi Tsinghua University
Kelly Shue Yale University
Stephan Siegel University of Washington
Zheng Michael Song The Chinese University of Hong Kong
Yang Song University of Washington
Qian Sun Fudan University
Andrea Vedolin Boston University
Hao Wang Tsinghua University
Jian Wang The Chinese University of Hong Kong, Shenzhen

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 论文评审委员会成员
Lawrence J. Jin 康奈尔大学
金 涛 清华大学
鞠建东 清华大学
Peter Kelly 圣母大学
李志生 中南财经政法大学
刘碧波 清华大学
刘晓蕾 北京大学
刘玉珍 北京大学
刘 悦 清华大学
Tong Liu 麻省理工学院
Roger K. Loh 新加坡管理大学
Juan M. Londono 美国联邦储备委员会
Dong Lou 伦敦政治经济学院
Christian Lundblad 北卡罗来纳州大学教堂山分校
Massimo Massa 欧洲工商管理学院
William L. Megginson 俄克拉荷马大学
David Tat-Chee Ng 康奈尔大学
Boris Nikolov 洛桑大学
Veronika Krepely Pool 范德堡大学
Wenlan Qian 新加坡国立大学
Gideon Saar 康奈尔大学
Ivan Shaliastovich 威斯康星大学麦迪逊分校
Mila Getmansky Sherman 麻省理工学院
施 展 清华大学
Kelly Shue 耶鲁大学
Stephan Siegel 华盛顿大学
宋 铮 香港中文大学
Yang Song 华盛顿大学
孙 谦 复旦大学
Andrea Vedolin 波士顿大学
王 浩 清华大学
王 健 香港中文大学（深圳）

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 PROGRAM COMMITTEE MEMBERS
Yongxiang Wang Shanghai Jiao Tong University
Zhengwei Wang Tsinghua University
Kairong Xiao Columbia University
Dacheng Xiu University of Chicago
Chenzi Xu Stanford University
Guo Xu University of California, Berkeley
Jiajie Xu University of Iowa
Hongjun Yan DePaul University
Liyan Yang University of Toronto
Baozhong Yang Georgia State University
Ming Yang University College London
Hanyi (Livia) Yi Boston College
Jianfeng Yu Tsinghua University
Xiaoyun Yu Shanghai Jiao Tong University
Yue Yuan Tsinghua University
Yao Zeng University of Pennsylvania
Fudong Zhang Tsinghua University
Hong Zhang Singapore Management University
Ji Zhang Tsinghua University
Weiqiang Zhang Tsinghua University
Xueyong Zhang Central University of Finance and Economics
Lu Zhang Ohio State University
Hao Zhou Tsinghua University; Southern University of Science and
Technology
Zhen Zhou Tsinghua University
Xiaodong Zhu The University of Hong Kong

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 论文评审委员会成员
汪勇祥 上海交通大学
王正位 清华大学
Kairong Xiao 哥伦比亚大学
Dacheng Xiu 芝加哥大学
Chenzi Xu 斯坦福大学
Guo Xu 加利福尼亚大学伯克利分校
Jiajie Xu 爱荷华大学
Hongjun Yan 德保罗大学
Liyan Yang 多伦多大学
Baozhong Yang 乔治亚州立大学
Ming Yang 伦敦大学学院
Hanyi (Livia) Yi 波士顿学院
余剑峰 清华大学
于晓筠 上海交通大学
袁 越 清华大学
Yao Zeng 宾夕法尼亚大学
张福栋 清华大学
Hong Zhang 新加坡管理大学
张 际 清华大学
张伟强 清华大学
张学勇 中央财经大学
Lu Zhang 俄亥俄州立大学
周 皓 清华大学、南方科技大学
周 臻 清华大学
朱晓冬 香港大学

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 PROGRAM SUMMARY
Friday, June 30, 2023 Wenjin Hotel
15:00-20:00 Registration Lobby, 1/F
18:30-20:30 Conference Reception Multi-Function Hall, 4/F

Saturday, July 1, 2023 PBC School of Finance, Tsinghua University

07:30-17:00 Registration Lobby, 1/F Building 1
08:30-10:15 Behavioral Finance 1-100, 1/F Building 1
Corporate Finance 1-200, 2/F Building 1
Macro-Finance 1-303, 3/F Building 1
10:15-10:30 Coffee Break (Sponsored by WRDS)
10:30-12:15 Behavioral Finance - Investor Behaviors 1-100, 1/F Building 1
Law and Culture 1-200, 2/F Building 1
资本市场 (Chinese Session) 1-303, 3/F Building 1
12:15-13:00 Conference Lunch Cafeteria, B1/F Building 3
13:00-14:00 Keynote Speech & Best Paper Awards 3-300, 3/F Building 3
14:15-16:00 Cross-sectional Return Predictability 1-100, 1/F Building 1
Corporate Governance 1-200, 2/F Building 1
Banking 1-303, 3/F Building 1
16:00-16:15 Coffee Break (Sponsored by WRDS)
16:15-18:00 Behavioral Finance - Expectations 1-100, 1/F Building 1
Labor Finance 1-200, 2/F Building 1
金融中介 (Chinese Session) 1-303, 3/F Building 1

Saturday, July 1, 2023 Wenjin Hotel

18:30-20:00 Conference Dinner Multi-Function Hall, 4/F

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 会议日程
2023 年 6 月 30 日（星期五） 文津酒店
15:00-20:00 会议注册 一层大堂
18:30-20:30 欢迎酒会 四层多功能厅

2023 年 7 月 1 日（星期六） 清华大学五道口金融学院

07:30-17:00 会议注册 1 号楼一层大厅
08:30-10:15 Behavioral Finance 1 号楼 100 教室
Corporate Finance 1 号楼 200 教室
Macro-Finance 1 号楼 303 教室
10:15-10:30 茶歇（WRDS 赞助）
10:30-12:15 Behavioral Finance - Investor Behaviors 1 号楼 100 教室
Law and Culture 1 号楼 200 教室
资本市场 1 号楼 303 教室
12:15-13:00 会议午餐 3 号楼地下一层餐厅
13:00-14:00 主旨演讲及最佳论文奖 3 号楼 300 教室
14:15-16:00 Cross-sectional Return Predictability 1 号楼 100 教室
Corporate Governance 1 号楼 200 教室
Banking 1 号楼 303 教室
16:00-16:15 茶歇（WRDS 赞助）
16:15-18:00 Behavioral Finance - Expectations 1 号楼 100 教室
Labor Finance 1 号楼 200 教室
金融中介 1 号楼 303 教室

2023 年 7 月 1 日（星期六） 文津酒店

18:30-20:00 会议晚餐 四层多功能厅

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 PROGRAM SUMMARY
Sunday, July 2, 2023 PBC School of Finance, Tsinghua University
07:30-16:00 Registration Lobby, 1/F Building 1
08:30-10:15 Empirical Asset Pricing 1-100, 1/F Building 1
Climate Policies and Transition Risk 1-200, 2/F Building 1
Financial Intermediation: Theory 1-303, 3/F Building 1
10:15-10:30 Coffee Break (Sponsored by WRDS)
10:30-12:15 Corporate Theory 1-100, 1/F Building 1
ESG 1-200, 2/F Building 1
公司金融 (Chinese Session) 1-303, 3/F Building 1
12:15-13:00 Conference Lunch Cafeteria, B1/F Building 3
13:00-14:45 Big Data, AI and Crypto 1-100, 1/F Building 1
Innovation 1-200, 2/F Building 1
International Trade and Finance 1-303, 3/F Building 1
14:45-15:00 Coffee Break (Sponsored by WRDS)
15:00-16:45 Capital Market Opening 1-100, 1/F Building 1
Digital Development and Transformation 1-200, 2/F Building 1

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 会议日程
2023 年 7 月 2 日（星期日） 清华大学五道口金融学院
07:30-16:00 会议注册 1 号楼一层大厅
08:30-10:15 Empirical Asset Pricing 1 号楼 100 教室
Climate Policies and Transition Risk 1 号楼 200 教室
Financial Intermediation: Theory 1 号楼 303 教室
10:15-10:30 茶歇（WRDS 赞助）
10:30-12:15 Corporate Theory 1 号楼 100 教室
ESG 1 号楼 200 教室
公司金融 1 号楼 303 教室
12:15-13:00 会议午餐 3 号楼地下一层餐厅
13:00-14:45 Big Data, AI and Crypto 1 号楼 100 教室
Innovation 1 号楼 200 教室
International Trade and Finance 1 号楼 303 教室
14:45-15:00 茶歇（WRDS 赞助）
15:00-16:45 Capital Market Opening 1 号楼 100 教室
Digital Development and Transformation 1 号楼 200 教室

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 PROGRAM DETAILS
Saturday, July 1, 2023, 08:30 - 10:15
Behavioral Finance - Room 1-100, 1/F Building 1
Session Chair: Wenlan Qian, National University of Singapore

Daily Momentum and New Investors in an Emerging Stock Market

Zhenyu Gao, The Chinese University of Hong Kong
Wenxi Jiang, The Chinese University of Hong Kong
Wei A. Xiong, Shenzhen Stock Exchange
Wei Xiong, Princeton University
Presenter: Wenxi Jiang, The Chinese University of Hong Kong
Discussant: Xiaomeng Lu, Fudan University

Memory and Beliefs in Financial Markets: A Machine Learning Approach

Zhongtian Chen, University of Pennsylvania
Jiyuan Huang, University of Zurich
Presenter: Jiyuan Huang, University of Zurich
Discussant: Hongjun Yan, DePaul University

Attention Constraints and Financial Inclusion

Bo Huang, Renmin University of China
Jiacui Li, University of Utah
Tse-Chun Lin, The University of Hong Kong
Mingzhu Tai, The University of Hong Kong
Yiyuan Zhou, The University of Hong Kong
Presenter: Mingzhu Tai, The University of Hong Kong
Discussant: Xintong Zhan, Fudan University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 08:30 - 10:15
Corporate Finance - Room 1-200, 2/F Building 1
Session Chair: Yuehua Tang, University of Florida

The Real Impact of An Efficient Taxation System

Shaoqing Kang, Shanghai Jiao Tong University
Wenfeng Wu, Shanghai Jiao Tong University
Jing Xing, Shanghai Jiao Tong University
Xiaoyang Zhao, Shanghai University of Finance and Economics
Presenter: Shaoqing Kang, Shanghai Jiao Tong University
Discussant: Da Tian, Nankai University

Monitoring Fintech Firms: Evidence from the Collapse of Peer-to-Peer

Lending Platforms
Xiao Chen, South China Agricultural University
Maggie Hu, The Chinese University of Hong Kong
Bohui Zhang, The Chinese University of Hong Kong, Shenzhen
Presenter: Maggie Hu, The Chinese University of Hong Kong
Discussant: Tao Li, University of Florida

What Gets Measured Gets Managed: Investment and the Cost of Capital
Zhiguo He, University of Chicago
Guanmin Liao, Renmin University of China
Baolian Wang, University of Florida
Presenter: Baolian Wang, University of Florida
Discussant: Jacopo Ponticelli, Northwestern University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 08:30 - 10:15
Macro-Finance - Room 1-303, 3/F Building 1
Session Chair: Feng Dong, Tsinghua University

Turbulent Business Cycles

Ding Dong, The Hong Kong University of Science and Technology
Zheng Liu, Federal Reserve Bank of San Francisco
Pengfei Wang, Peking University
Presenter: Ding Dong, The Hong Kong University of Science and Technology
Discussant: Fuyang Zhao, Central University of Finance and Economics

Measuring Monetary Policy Under the Evolution of Monetary Policy

Framework in China
Ping An, The People’s Bank of China
Ji Zhang, Tsinghua University
Presenter: Ji Zhang, Tsinghua University
Discussant: Dongzhou Mei, Central University of Finance and Economics

A p Theory of Government Debt, Taxes, and Inflation

Wei Jiang, The Hong Kong University of Science and Technology
Thomas J. Sargent, New York University
Neng Wang, Columbia University
Jinqiang Yang, Shanghai University of Finance and Economics
Presenter: Wei Jiang, The Hong Kong University of Science and Technology
Discussant: Guang Yang, Nankai University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 10:30 - 12:15
Behavioral Finance - Investor Behaviors - Room 1-100, 1/F Building 1
Session Chair: Qi Liu, Peking University

Stakes and Investor Behaviors

Pengfei Sui, The Chinese University of Hong Kong, Shenzhen
Baolian Wang, University of Florida
Presenter: Pengfei Sui, The Chinese University of Hong Kong, Shenzhen
Discussant: Conghui Hu, Beijing Normal University

Beyond Performance: The Financial Education Role of Robo-Advising

Rubin Hao, University of Macau
Conghui Hu, Beijing Normal University
Yixuan Wang, Ant Group
Xin Xu, Guangdong University of Finance and Economics
Yu Zhang, Ant Group
Presenter: Rubin Hao, University of Macau
Discussant: Jiajun Jiang, Fudan University

How Does Farming Culture Shape Households’ Risk-taking Behavior?

Sipeng Zeng, Shanghai Jiao Tong University
Frank Yu, China Europe International Business School
Presenter: Sipeng Zeng, Shanghai Jiao Tong University
Discussant: Jiayin Hu, Peking University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 10:30 - 12:15
Law and Culture - Room 1-200, 2/F Building 1
Session Chair: Chaopeng Wu, Xiamen University

Does Culture Matter in Corporate Cash Holdings?

Yongning Deng, The University of Hong Kong
Presenter: Yongning Deng, The University of Hong Kong
Discussant: Yiqing Lv, New York University Shanghai

The Cultural Origins of Family Firms

Jian Xie, The University of Warwick
Song Yuan, Zhejiang University and CAGE Warwick
Presenter: Song Yuan, Zhejiang University and CAGE Warwick
Discussant: Mai Li, Peking University

Expropriation Risk and Investment: A Natural Experiment

Siddharth M. Bhambhwani, Washington College
Hui Dong, Shanghai University of Finance and Economics
Allen Huang, The Hong Kong University of Science and Technology
Presenter: Hui Dong, Shanghai University of Finance and Economics
Discussant: Jia He, Nankai University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 10:30 - 12:15
资本市场 - Room 1-303, 3/F Building 1
分会议主席：张学勇，中央财经大学

公告溢价效应与资产定价：文本机器学习视角
唐国豪，湖南大学
朱 琳，湖南大学
陈世程，湖南大学
演讲人：朱 琳，湖南大学
评论人：部 慧，北京航空航天大学

网络安全治理与股价崩盘风险——基于上市公司年报文本分析的证据
王 辉，中央财经大学
何冬昕，中央财经大学
陈 旭，中国财政科学研究院
姜富伟，中央财经大学
演讲人：王 辉，中央财经大学
评论人：俞红海，南京大学

债务协商、再融资风险与信用债定价：来自中国债券市场的证据
刘碧波，清华大学
施 展，清华大学
叶彦艺，北京化工大学
演讲人：施 展，清华大学
评论人：冯 绪，天津大学

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 PROGRAM DETAILS
Saturday, July 1, 2023, 13:00 - 14:00
Keynote Speech & Best Paper Awards - Room 3-300, 3/F Building 3

13:00 - 13:10 Welcome Speech

Speaker: Xiaoyan Zhang, Associate Dean and Chair Professor of
Finance, PBC School of Finance, Tsinghua University

13:10 - 13:50 Keynote Speech: Data Privacy and Fintech

Keynote Speaker: Wei Jiang, Asa Griggs Candler Professor of
Finance, Goizueta Business School, Emory University

13:50 - 14:00 Best Paper Awards

Moderator: Xuan Tian, Associate Dean and Chair Professor of
Finance, PBC School of Finance, Tsinghua University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 14:15 - 16:00
Cross-Sectional Return Predictability - Room 1-100, 1/F Building 1
Session Chair: Fuwei Jiang, Central University of Finance and Economics

News Links and Predictable Returns

Huaixin Wang, Tsinghua University
Presenter: Huaixin Wang, Tsinghua University
Discussant: Qiuhua Xu, Southwestern University of Finance and Economics

Firm Connection and Equity Return Predictability - Evidence from China

Mian Wu, University of Nottingham Ningbo China
Wenli Huang, Zhejiang Universuty of Finance and Economics
Xiaoquan Liu, University of Nottingham Ningbo China
Qingxing Meng, University of Nottingham Ningbo China
Presenter: Mian Wu, University of Nottingham Ningbo China
Discussant: Fuwei Jiang, Central University of Finance and Economics

An “Online” Growth Premium: What Does Daily Online Sales Growth Say
About Retail Investors’ Behavior and Stock Returns?
Yuecheng Jia, Central University of Finance and Economics
Yangru Wu, Rutgers University
Hongyu Zhang, Central University of Finance and Economics
Presenter: Yuecheng Jia, Central University of Finance and Economics
Discussant: Xiaoran Ni, Xiamen University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 14:15 - 16:00
Corporate Governance - Room 1-200, 2/F Building 1
Session Chair: Tao Shu, The Chinese University of Hong Kong, Shenzhen

Minority Shareholder Activism and Corporate Dividend Policy: Evidence

from China
Han Han, Peking University
Zhibin Wang, Peking University
Presenter: Zhibin Wang, Peking University
Discussant: Fangyuan Ma, Peking University

The Employment Consequences of Earnings Management: Evidence from

Audit Firm Mergers in China
Zhiqian Jiang, Xiamen University
Chaopeng Wu, Xiamen University
Zehao Yan, Xiamen University
Presenter: Zhiqian Jiang, Xiamen University
Discussant: Rui Shen, The Chinese University of Hong Kong, Shenzhen

Does Digitalization Widen Labor Income Inequality?

Jilei Huang, Shandong University
Xinrui Li, University of Chinese Academy of Sciences
Yi Sun, University of Chinese Academy of Sciences
Liyan Yang, University of Toronto
Presenter: Yi Sun, University of Chinese Academy of Sciences
Discussant: Guangli Lu, The Chinese University of Hong Kong, Shenzhen

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 PROGRAM DETAILS
Saturday, July 1, 2023, 14:15 - 16:00
Banking - Room 1-303, 3/F Building 1
Session Chair: Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen

Modern Banking Development during Natural Disasters: Evidence from the

Early 20th Century China
Yang Cai, Renmin University of China
Dongxu Li, Xiamen University
Presenter: Dongxu Li, Xiamen University
Discussant: Meng Miao, Renmin University of China

Transmission of Quantity-based Monetary Policy through Heterogeneous

Banks in China
Dan Luo, The Chinese University of Hong Kong
Michael Weber, University of Chicago
Zhishu Yang, Tsinghua University
Qi Zhang, Shanghai Jiao Tong University
Presenter: Dan Luo, The Chinese University of Hong Kong
Discussant: Zehao Liu, Renmin University of China

The Impact of Banking Innovations: Evidence from China and Welfare

Implications
Yicheng Wang, Peking University
Zhiwei Xu, Peking University
Weimin Zhou, Peking University
Presenter: Yicheng Wang, Peking University
Discussant: Bo Li, Tsinghua University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 16:15 - 18:00
Behavioral Finance - Expectations - Room 1-100, 1/F Building 1
Session Chair: Li An, Tsinghua University

Investor Memory and Biased Beliefs: Evidence from the Field

Zhengyang Jiang, Northwestern University and NBER
Hongqi Liu, The Chinese University of Hong Kong, Shenzhen
Cameron Peng, The London School of Economics and Political Science
Hongjun Yan, DePaul University
Presenter: Hongqi Liu, The Chinese University of Hong Kong, Shenzhen
Discussant: Hongye Guo, The University of Hong Kong

Extrapolative Beliefs and Financial Decisions: Causal Evidence from

Renewable Energy Financing
Li An, Tsinghua University
Yinghao Pan, Renmin University of China
Yu Qin, National University of Singapore
Presenter: Li An, Tsinghua University
Discussant: Shumiao Ouyang, University of Oxford

Over/Under-reaction and Judgment Noise in Expectations Formation

Junyi Liao, The London School of Economics and Political Science
Presenter: Junyi Liao, The London School of Economics and Political Science
Discussant: Xiaomeng Lu, Fudan University

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 PROGRAM DETAILS
Saturday, July 1, 2023, 16:15 - 18:00
Labor Finance - Room 1-200, 2/F Building 1
Session Chair: Bibo Liu, Tsinghua University

How Does Declining Worker Power Affect Investment Sensitivity to Minimum

Wage?
Sreedhar T. Bharath, Arizona State University
DuckKi Cho, Peking University
Michael Hertzel, Arizona State University
Presenter: DuckKi Cho, Peking University
Discussant: Haoyu GAO, Renmin University of China

State-owned Enterprises and Labor Unrest: Evidence from China

Jiaxing You, Xiamen University
Bohui Zhang, The Chinese University of Hong Kong, Shenzhen
Haikun Zhu, Erasmus University Rotterdam
Presenter: Haikun Zhu, Erasmus University Rotterdam
Discussant: Yichu Wang, Tsinghua University

Credit Reallocation Effects of the Minimum Wage

Tse-Chun Lin, The University of Hong Kong
Xiaoran Ni, Xiamen University
Yuchao Peng, Central University of Finance and Economics
Presenter: Xiaoran Ni, Xiamen University
Discussant: Yabo Zhao, The Chinese University of Hong Kong, Shenzhen

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 PROGRAM DETAILS
Saturday, July 1, 2023, 16:15 - 18:00
金融中介 - Room 1-303, 3/F Building 1
分会议主席：许年行，中国人民大学

中国新基金发行之谜和投资者保护
叶 帅，香港中文大学（深圳）
张劲帆，香港中文大学（深圳）
郑凯轩，香港中文大学（深圳）
演讲人：叶 帅，香港中文大学（深圳）
评论人：战昕彤，复旦大学

中小企业融资、银行信息积累与激励政策创新
朱永华，北京大学
张一林，中山大学
林毅夫，北京大学
演讲人：朱永华，北京大学
评论人：陈 俊，中国人民大学

“言行一致”还是“言行不一”？——基于基金持股的中国公募基金 ESG 表现研

究
俞红海，南京大学
范思妤，南京大学
许菁蕾，南京大学
孔东民，华中科技大学
演讲人：俞红海，南京大学
评论人：谢蓉蓉，中央财经大学

25
 PROGRAM DETAILS
Sunday, July 2, 2023, 08:30 - 10:15
Empirical Asset Pricing - Room 1-100, 1/F Building 1
Session Chair: Kai Li, Peking University

Collateral Constraints and Asset Prices: Evidence from Structured Funds

Wei Li, East China Normal University
Yongqin Wang, Fudan University
Presenter: Wei Li, East China Normal University
Discussant: Zhuo Chen, Tsinghua University

Managerial Risk Assessment and Fund Performance: Evidence from Textual

Disclosure
Sean Cao, University of Maryland
Baozhong Yang, Georgia State University
Alan L. Zhang, Florida International University
Presenter: Alan Zhang, Florida International University
Discussant: Xiaowen Hu, Southern Methodist University

Franchise Value, Tobin's Q, and Markups

Wan-Chien Chiu, Tsing Hua University (Hsinchu)
Ravi Jagannathan, Northwestern University
Kevin Tseng, Taiwan University
Presenter: Kevin Tseng, Taiwan University
Discussant: Ding Luo, City University of Hong Kong

26
 PROGRAM DETAILS
Sunday, July 2, 2023, 08:30 - 10:15
Climate Policies and Transition Risk - Room 1-200, 2/F Building 1
Session Chair: Shujing Wang, Tongji University

The Effects of Environmental Policy on Industrial Pollution: A Supply Chain

Perspective
Hong Ru, Nanyang Technological University
Endong Yang, University of Macau
Kunru Zou, Renmin University of China
Presenter: Kunru Zou, Renmin University of China
Discussant: Chenyu Shan, Shanghai University of Finance and Economics

Global vs. Local ESG Ratings: Evidence from China

Jeff Zeyun Chen, Texas Christian University
Zengquan Li, Shanghai University of Finance and Economics
Ting Mao, The Chinese University of Hong Kong
Aaron Yoon, Northwestern University
Presenter: Aaron Yoon, Northwestern University
Discussant: Ke Wu, Renmin University of China

Environmentally Inclined Politicians and Local Environmental Performance:

Evidence from Publicly Listed Firms in China
Hanming Fang, University of Pennsylvania
Honglin Ren, Renmin University of China
Danwen Song, Renmin University of China
Nianhang Xu, Renmin University of China
Presenter: Honglin Ren, Renmin University of China
Discussant: Kuo Zhang, Shanghai Jiao Tong University

27
 PROGRAM DETAILS
Sunday, July 2, 2023, 08:30 - 10:15
Financial Intermediation: Theory - Room 1-303, 3/F Building 1
Session Chair: Yue Yuan, Tsinghua University

Bank Stress Tests: Frequency vs. Strength

Deepal Basak, Indiana University
Mayur Choudhary, London Business School
Zhen Zhou, Tsinghua University
Presenter: Zhen Zhou, Tsinghua University
Discussant: Junyuan Zou, INSEAD

Shadow Banking: An Expedient Solution to Government Short-Termism

Jinfan Zhang, The Chinese University of Hong Kong, Shenzhen
Zehao Liu, Renmin University of China
Ting Yang, North China University of Technology
Presenter: Zehao Liu, Renmin University of China
Discussant: Dan Luo, The Chinese University of Hong Kong

The Economics of Mutual Fund Marketing

Jane Chen, The London School of Economics and Political Science
Wenxi Jiang, The Chinese University of Hong Kong
Mindy Z. Xiaolan, The University of Texas at Austin
Presenter: Wenxi Jiang, The Chinese University of Hong Kong
Discussant: Kelsey Wei, The University of Texas at Dallas

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 PROGRAM DETAILS
Sunday, July 2, 2023, 10:30 - 12:15
Corporate Theory - Room 1-100, 1/F Building 1
Session Chair: Erica Li, Cheung Kong Graduate School of Business

Managerial Career Concerns and Informational Feedback Effects: Theory

and Evidence
Huining Dong, Peking University
Qi Liu, Peking University
Bo Sun, University of Virginia
Zheng Zhang, Peking University
Presenter: Qi Liu, Peking University
Discussant: Zhao Jin, Cheung Kong Graduate School of Business

Consumption-led Industrial Upgrading

Xuewen Liu, The University of Hong Kong
Sichuang Xu, The Chinese University of Hong Kong, Shenzhen
Presenter: Xuewen Liu, The University of Hong Kong
Discussant: Dan Su, Cheung Kong Graduate School of Business

Financial Leasing and Capital Allocation Efficiency in China

Kai Li, Peking University
Yuan Wang, Peking University
Presenter: Kai Li, Peking University
Discussant: Gang Zhang, Cheung Kong Graduate School of Business

29
 PROGRAM DETAILS
Sunday, July 2, 2023, 10:30 - 12:15
ESG - Room 1-200, 2/F Building 1
Session Chair: Kenneth Kim, Tongji University

Personalized Pricing, Network Effects, and Corporate Social Responsibility

Yan Xiong, The Hong Kong University of Science and Technology
Liyan Yang, University of Toronto
Presenter: Yan Xiong, The Hong Kong University of Science and Technology
Discussant: Haibo Xu, Tongji University

Employment Effect of Mandatory CSR Disclosure: Evidence from China

Charles Y. Hsu, The Hong Kong University of Science and Technology
Chaopeng Wu, Xiamen University
Nanzhi Xue, Donghua University
Daniel G. Yang, The Hong Kong University of Science and Technology
Presenter: Nanzhi Xue, Donghua University
Discussant: Yichuan Hu, Tongji University

The Propagation of ESG Practices through Multinational Companies

Xiaoxue Hu, Xiamen University
Dongxu Li, Xiamen University
Rose Liao, Rutgers University
Presenter: Dongxu Li, Xiamen University
Discussant: Jing Ding, Harbin Institute of Technology

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 PROGRAM DETAILS
Sunday, July 2, 2023, 10:30 - 12:15
公司金融 - Room 1-303, 3/F Building 1
分会议主席：彭俞超，中央财经大学

新药审批制度改革促进生物医药企业创新了吗？——基于专利和上市公司的实证研
究
何昊楠，北京大学
刘晓蕾，北京大学
韩鹏飞，北京大学
王 丹，强生（中国）投资有限公司
演讲人：何昊楠，北京大学
评论人：张 勋，北京师范大学

地方政府债务扩张与企业商业信用供给
吴育辉，厦门大学
莫一帆，厦门大学
演讲人：莫一帆，厦门大学
评论人：刘 冲，上海财经大学

政府债务资本注入和实体经济杠杆率——基于债务结构与资金用途的视角
张小茜，浙江大学
罗荣华，西南财经大学
王志伟，浙江大学
演讲人：张小茜，浙江大学
评论人：朱菲菲，中央财经大学

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 PROGRAM DETAILS
Sunday, July 2, 2023, 13:00 - 14:45
Big Data, AI and Crypto - Room 1-100, 1/F Building 1
Session Chair: Danxia Xie, Tsinghua University

Investments and Innovation with Non-Rival Inputs: Evidence from Chinese

Artificial Intelligence Startups
Jian Xie, The University of Warwick
Kang Zhou, Zhejiang University
Presenter: Jian Xie, The University of Warwick
Discussant: Longtian Zhang, Central University of Finance and Economics

The Information Content of Corporate Disclosure Via Wechat Public Account

Ying Li, Nanjing Audit University
Tao Yuan, Nanjing University
Presenter: Tao Yuan, Nanjing University
Discussant: Wu Zhu, Tsinghua University

In Search of Cryptocurrency Failure

Donglian Ma, The Hong Kong Polytechnic University
Jun Tu, Singapore Management University
Zhaobo Zhu, Shenzhen University
Presenter: Zhaobo Zhu, Shenzhen University
Discussant: Dandan Zhao, Zhongnan University of Economics and Law

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 PROGRAM DETAILS
Sunday, July 2, 2023, 13:00 - 14:45
Innovation - Room 1-200, 2/F Building 1
Session Chair: Xiaoyun Yu, Shanghai Jiao Tong University

Market-Based Innovation Policy: Evidence from High-Tech Incubators in

China
Yue Pan, Xiamen University
Tao Shu, The Chinese University of Hong Kong, Shenzhen
Vincent Yao, Georgia State University
Pengdong Zhang, Sun Yat-sen University
Presenter: Tao Shu, The Chinese University of Hong Kong, Shenzhen
Discussant: Xuyuanda Qi, New York University Shanghai

An Innovation “Puzzle” in China: Does Knowledge Inflow After the Trade War
Matters?
Yuankun Li, Tsinghua University
Xun Li, Wuhan University
Zhen Yu, Wuhan University
Presenter: Yuankun Li, Tsinghua University
Discussant: Eyub Yegen, The Hong Kong University of Science and Technology

Financing Innovation with Innovation

Zhiyuan Chen, Renmin University of China
Minjie Deng, Simon Fraser University
Min Fang, University of Florida
Presenter: Zhiyuan Chen, Renmin University of China
Discussant: Erica Li, Cheung Kong Graduate School of Business

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 PROGRAM DETAILS
Sunday, July 2, 2023, 13:00 - 14:45
International Trade and Finance - Room 1-303, 3/F Building 1
Session Chair: Ji Zhang, Tsinghua University

Production, Trade, and Cross-Border Data Flows

Qing Chang, Central University of Finance and Economics
Lin William Cong, Cornell University
Liyong Wang, Central University of Finance and Economics
Longtian Zhang, Central University of Finance and Economics
Presenter: Qing Chang, Central University of Finance and Economics
Discussant: Zhongchao Yang, Wuhan University

US-China Tension
John Rogers, Fudan University
Bo Sun, University of Virginia
Tony Sun, Federal Reserve Board
Presenter: Bo Sun, University of Virginia
Discussant: Dun Jia, Peking University

The Regime-Switching Policy for the RMB

Sihao Chen, Fudan University
Shi Qiu, Fudan University
Presenter: Sihao Chen, Fudan University
Discussant: Wenbin Wu, Fudan University

34
 PROGRAM DETAILS
Sunday, July 2, 2023, 15:00 - 16:45
Capital Market Opening - Room 1-100, 1/F Building 1
Session Chair: Chenyu Shan, Shanghai University of Finance and Economics

From Wall Street to Hong Kong: The Value of Dual Listing for China Concept
Stocks
Zhuo Chen, Tsinghua University
Grace Xing Hu, Tsinghua University
Ziqiong Xi, Tsinghua University
Xiaoquan Zhu, University of International Business and Economics
Presenter: Grace Xing Hu, Tsinghua University
Discussant: Chenyu Shan, Shanghai University of Finance and Economics

Revisiting A-H Premium under China Stock Connect: Roles of Domestic and
Foreign Demand
Yinghua Fan, City University of Hong Kong
Guanhao Feng, City University of Hong Kong
Dashan Huang, Singapore Management University
Presenter: Dashan Huang, Singapore Management University
Discussant: Chang Ma, Fudan University

The China-U.S. Equity Valuation Gap

Geert Bekaert, Columbia University
Shuojia Ke, Tsinghua University
Xue Wang, Tsinghua University
Xiaoyan Zhang, Tsinghua University
Presenter: Xue Wang, Tsinghua University
Discussant: Sarah Qian Wang, The University of Warwick

35
 PROGRAM DETAILS
Sunday, July 2, 2023, 15:00 - 16:45
Digital Development and Transformation - Room 1-200, 2/F Building 1
Session Chair: Zhuo Huang, Peking University

SMEs Amidst the Pandemic and Reopening: Digital Edge and

Transformation
Lin William Cong, Cornell University
Xiaohan Yang, Peking University
Xiaobo Zhang, Peking University and IFPRI
Presenter: Xiaohan Yang, Peking University
Discussant: Jiayin Hu, Peking University

Cloud Infrastructure, Industry Dynamics and Competition: Evidence from

China
Yao Lu, Tsinghua University
Gordon M. Phillips, Dartmouth College and NBER
Jia Yang, Tsinghua University
Presenter: Jia Yang, Tsinghua University
Discussant: Jianwei Xing, Peking University

Cyber Income Inequality

Li Liao, Tsinghua University
Chen Lin, The University of Hong Kong
Lu Liu, Tsinghua University
Xincheng Wang, The University of Hong Kong
Yang You, The University of Hong Kong
Presenter: Lu Liu, Tsinghua University
Discussant: Xun Zhang, Beijing Normal University

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 CONFERENCE MAPS
Conference Venue - Tsinghua University PBC School of Finance

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 CONFERENCE MAPS
Directions from/to Wenjin Hotel

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CONFERENCE MAPS
Nearby Restaurants

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