HKUST Finance Symposium
on Asset Pricing, December 12-13, 2006

DAY 1: TUESDAY, DECEMBER 12
9:00-9:15	Coffee and Conference registration, Rm 7336, Council Chamber, HKUST
9:15-9:20	Opening remarks by Professor K.C. Chan, Dean, School of Business and Management, HKUST
	Chair: Gurdip Bakshi, University of Maryland
9:20-10:10	Asset Pricing and Mispricing Michael J. Brennan, UCLA Ashley Wang, University of California, Irvine Discussant: Andrew Ang, Columbia University and NBER
10:10-11:00	Does Disposition Drive Momentum? Tyler Shumway, University of Michigan Guojun Wu, University of Houston Discussant: John Wei, HKUST
11:00-11:30	Coffee Break
11:30-12:20	The Term Structure of Real Rates and Expected Inflation Andrew Ang, Columbia University and NBER Geert Bekaert, Columbia University and NBER Min Wei, Federal Reserve Board of Governors Discussant: Mungo Wilson, HKUST
12:20-14:50	Lunch, Nan Lian Garden, Diamond Hill, Kowloon
	Chair: Charles Cao, Pennsylvania State University
15:00-15:50	Lessons from Hedge Fund Registration Stephen Brown, New York University William Goetzmann, Yale University Bing Liang, University of Massachusetts Christopher Schwarz, University of Massachusetts Discussant: Melvyn Teo, Singapore Management University
15:50-16:40	Fund Managers Who Take Big Bets: Skilled or Overconfident Klaas P. Baks, Emory University Jeffrey A. Busse, Emory University T. Clifton Green, Emory University Discussant: Guojun Wu, University of Houston
16:40-17:10	Coffee Break
17:10-18:00	The Geography of Hedge Funds Melvyn Teo, Singapore Management University Discussant: Bing Liang, University of Massachusetts

DAY 2: WEDNESDAY, DECEMBER 13
9:00-9:15	Coffee
	Chair: Christine A. Parlour, University of California, Berkeley
9:20-10:10	Econometric Evaluation of Asset Pricing Models with No-Arbitrage Constraint Haitao Li, University of Michigan Yuewu Xu, Fordham University Xiaoyan Zhang, Cornell University Discussant: Chu Zhang, HKUST
10:10-11:00	The Distribution of Risk Aversion Gurdip Bakshi, University of Maryland Dilip Madan, University of Maryland Discussant: Nengjiu Ju, HKUST
11:00-11:30	Coffee Break
11:30-12:20	How Important Is Option-Implied Volatility for Pricing Credit Default Swaps? Charles Cao, Pennsylvania State University Fan Yu, University of California, Irvine Zhaodong Zhong, Pennsylvania State University Discussant: Haitao Li, University of Michigan
12:20-14:20	Lunch, Kori Kebab Restaurant, Sai Kung
	Chair: Michael J. Brennan, UCLA
14:20-15:10	Average correlation and stock market returns Joshua M. Pollet, University of Illinois at Urbana-Champaign Mungo Wilson, HKUST Discussant: Klaas P. Baks, Emory University
15:10-16:00	Limit Order Markets and Microstructure Noise Ronald L. Goettler, Carnegie Mellon University Christine A. Parlour, University of California, Berkeley Uday Rajan, University of Michigan Discussant: Kalok Chan, HKUST
16:00-16:05	Closing Remarks by Prof. Sudipto Dasgupta, Acting Head, Department of Finance
End of Conference