HKUST Finance Symposium
on Corporate Finance
December 15-16, 2009

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Top academics from the field of finance will present their research at the Hong Kong University of Science and Technology (HKUST) 2009 Finance Symposium. The event is hosted annually by the Business School’s Finance Department at HKUST. This year’s theme is Corporate Finance.

The following is the list of speakers who are scheduled to present in the HKUST Finance Symposium: Renee Adams (Queensland), Effraim Benmelech (Harvard), Peter DeMarzo (Stanford), Nandini Gupta (Indiana), Yael Hochberg (Kellogg), Victoria Iveshina (Harvard), David Robinson (Duke), Neng Wang (Columbia), Michael Weisbach (Ohio State), Toni Whited (Rochester).



道口有道, 对於有志於报考HKUST, 出国欧美, 这无疑是不可多得的先修课

HKUST Finance Symposium
on Corporate Finance



MONDAY, DECEMBER 14


18:30 – 21:30 pm
Welcome Reception and Cocktail at Pacific Club, Harbour City, Tsimshatsui, Kowloon



DAY 1: TUESDAY, DECEMBER 15

Venue: EMBA CLASSROOM 3 (RM 6573), LIFT 29-30, 6/F ANNEX BUILDING, HKUST


9:00 – 9:15 am
Coffee and Conference registration


9:15 – 9:20 am
Dean’s Welcome and Opening Remarks
Leonard Cheng, HKUST Business School



Session I: BANKRUPTCY, LIQUIDITY, AND CRISIS

Session Chair: Peter DeMarzo, Stanford University


9:20 –10:10 am
Bank Entry and Bankruptcy
Nandini Gupta, Indiana University
Discussant: Vidhan Goyal, HKUST


10:10–11:00 am
Negotiating with Labor under Financial Distress   
Efraim Benmelech, Harvard University and NBER  

Discussant: Ilona Babenko, Arizona State University/HKUST


11:00 – 11:20 am
Coffee Break


11:20 – 12:10pm
Liquidity Management in Financial Crisis
Victoria Ivashina, Harvard University

Discussant: Jie Gan, HKUST


12:20 – 13:45 pm
Lunch, G/F Chinese restaurant, HKUST



Session II:  CAPITAL STRUCTURE

Session Chair: Michael Lemmon, University of Utah
  
13:45 – 14:35 pm
Agency Conflicts and Cash: Estimates from a Structural Model
Toni Whited, University of Rochester
Discussant:  Yuri Tserlukevich, Arizona State University/HKUST


14:35 – 15:25 pm
Market Conditions and the Structure of Securities
Woojin Kim, Korea University

Discussant: Laura Liu, HKUST


15:25 - 15:45 pm
Coffee Break


Session III: EXECUTIVE PAY AND GOVERNANCE

Session Chair: Michael Weisbach, Ohio State University
  
15:45 – 16:35 pm
The Representation of Private Interests on Federal Reserve Bank Boards-Who Benefits?
Renee Adams, University of Queensland
Discussant: Michael Lemmon, University of Utah


16:35 – 17:25 pm
Search Intermediaries, Internal Labor Markets, and CEO Pay
Fei Ding, HKUST
Discussant: Renee Adams, University of Queensland



  


DAY 2: WEDNESDAY, DECEMBER 16

Venue: EMBA CLASSROOM 3 (RM 6573), LIFT 29-30, 6/F ANNEX BUILDING, HKUST


9:00 – 9:20 am
Coffee



Session IV: CORPORATE INVESTMENT

Session Chair: Toni Whited, University of Rochester


9:20 –10:10 am
A Unified Theory of Tobin’s q, Corporate Investment, Financing, and Risk Management
Neng Wang, Columbia University  
Discussant: Peter DeMarzo, Stanford University


10:10–11:00 am
Dynamic Agency and the q Theory of Investment  
Peter DeMarzo, Stanford University  

Discussant: Toni Whited, University of Rochester


11:00 – 11:20 am
Coffee Break


11:20 – 12:10pm
World Markets for Mergers and Acquisitions
Michael Weisbach, Ohio State University

Discussant: Peter Mackay, HKUST


12:10 – 13:40 pm
Lunch, University Centre Bistro, HKUST



Session V: OPTIMISM

Session Chair: Neng Wang, Columbia University


13:40 – 14:30 pm
Stocking Up: Executive Optimism and Share Retention
Rik Sen, HKUST
Discussant:  Huining Henry Cao, Cheung Kong GSB


14:30 – 15:20 pm
The Importance of Being an Optimist: Evidence from Labor Markets
David Robinson, Duke University

Discussant: Ann Sherman, DePaul University


15:20 – 15:40 pm
Coffee Break


Session VI: INVESTMENT PORTFOLIOS

Session Chair: Renee Adams, University of Queensland


15:40 – 16:30 pm
The Size and Specialization of Direct Investment Portfolios
Yael Hochberg, Northwestern University
Discussant: Suman Banerjee, Nanyang Technological University


16:30 – 16:40 pm
Closing Remarks by the Finance Department Chair
Kalok Chan, HKUST


16:40 – 17:30 pm
Cocktail reception


18:15 – 22:00 pm
Dinner at Hong Kong Jockey Club, Happy Valley


  End of Conference

HKUST Finance Symposium
on Asset Pricing/Behavioral Finance
December 16-17, 2008


MONDAY, DECEMBER 15


18:30 – 21:30 pm
Welcome Reception  at Pacific Club, Harbour City, Tsimshatsui, Kowloon




DAY 1: TUESDAY, DECEMBER 16

Venue: Executive Education Classroom 3, Lift 29-30, 6/F HKUST


8:45 – 9:15 am
Coffee and Conference registration


9:15 – 9:20 am
Introduction by  Professors John Griffin & Mungo Wilson (Co-chairs of Symposium)


9:15 – 9:20 am
Dean’s Welcome and Opening Remarks
Leonard Cheng, Acting Dean, HKUST Business School



Session I: Information and liquidity

Session Chair: Brad Barber, University of California, Davis


9:30 –10:15 am
Does Public Financial News Resolve Asymmetric Information?  
Paul Tetlock, Columbia Business School
Discussant: Mark Seasholes, HKUST


10:15–11:00 am
Why Has Trading Volume Increased?  
Tarun Chordia, Emory University  

Discussant: Kalok Chan, HKUST


11:00 – 11:30 am
Coffee Break


  11:30 – 12:15pm
Liquidity of Corporate Bonds
Jun Pan, MIT

Discussant: Huining Henry Cao, Cheung Kong GSB


12:30 – 14:00 pm
Lunch, G/F Chinese restaurant, HKUST



Session II:  TRADING ACTIVITY AND ORDER FLOW

Session Chair: Tarun Chordia, Emory University
  
14:00 – 14:45 pm
Day Trading in Equilibrium
Brad Barber, University of California, Davis
Discussant:  Michael Lemmon, University of Utah/HKUST


14:45 – 15:30 pm
Individual Investor Trading and Return Patterns around Earnings Announcement
Ron Kaniel , Duke University

Discussant: John Wei, HKUST


15:30 – 16:00 pm
Coffee Break

16:00 – 16:45 pm
Order Flow, Comovement, and Market Predictability
Terrence Hendershott, University of California, Berkeley
Discussant: Kewei Hou, Ohio State University



Day 1 End - Free evening to explore Hong Kong


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DAY 2: WEDNESAY, DECEMBER 17

Venue: Executive Education Classroom 3, Lift 29-30, 6/F HKUST


9:00 – 9:30 am
  Coffee


Session III: portfolio choice and investor sentiment  
Session Chair: Pedro Santa-Clara, University of California, Los Angeles/ Universidade Nova de Lisboa


9:30 – 10:15 am
A Model of Portfolio Delegation and Strategic Trading  
Hui Ou-Yang, Nomura
Discussant: Nengjiu Ju, HKUST


10:15 – 11:00 am
Portfolio Choice in Retirement : Health Risk and the Demand for Annuities, Housing and Risky Assets
Motohiro Yogo, University of Pennsylvania
Discussant: Du Du, HKUST


11:00 – 11:30 am
Coffee Break

11:30 – 12:15 pm
The Effects of Investor Sentiment on Speculative Trading and Prices of Stock and Index Options
Sophie Ni, HKUST

Discussant: Ning Zhu, University of California, Davis/ Nomura


12:30 – 14:00 pm
Lunch, University Centre Bistro, HKUST


Session IV: asset pricing and hedge funds

Session Chair: John Wei, HKUST


14:00 – 14:45 pm
Forecasting Stock Market Returns: The Sum of the Parts is More than the Whole
Pedro Santa-Clara, University of California, Los Angeles/Universidade Nova de Lisboa

Discussant: Motohiro Yogo, University of Pennsylvania


14:45 – 15:30 pm
Should Benchmark Indices Have Alpha? Revisiting Performance Evaluation
Martijn Cremers, Yale University
Discussant: John Griffin, University of Texas at Austin/HKUST


15:30 – 16:00 pm
Coffee Break

16:00 – 16:45 pm
The Secondary Market for Hedge Funds and the Closed-Hedge Fund Premium
Tarun Ramadorai, Oxford University

Discussant: Mungo Wilson, HKUST/LSE


16:45 – 17:00 pm
Closing Remarks by the Finance Department Chair
Kalok Chan, HKUST


17:00 – 17:30 pm

Cocktail reception


18:30 – 22:00

Dinner at Hong Kong Jockey Club, Happy Valley