HKUST Finance Symposium 财会研讨会历年总会2003-09

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Global Market Integration and Financial Crises
July 12-13, 2009, HKUST
The Conference is jointly organized by the Center for Asian Financial Markets, HKUST; Cheung Kong GSB; and the International Review of Finance.
Top academics from North America, Europe and the Asia Pacific will present their research on various aspects of global market integration and financial crises, with a particular focus on the ongoing global financial crisis. Several of the papers presented will appear in a special issue of the International Review of Finance, co-edited by Michael Lemmon and Steven Ongena.
The following is the list of speakers who are scheduled to present or discuss papers at the conference: Franklin Allen (Wharton School, University of Pennsylvania), James R. Brown (Iowa State University), Henry Cao (Cheung Kong GSB), Elena Carletti (European University Institute), Sudipto Dasgupta (HKUST), Sankar De (Indian School of Business), Jie Gan (HKUST), Florian Heider (European Central Bank), Jennifer Huang (Univ. of Texas, Austin), Deniz Igan (International Monetary Fund), Charles Kahn (University of Illinois, Urbana-Champaign), Michael Lemmon (Univ. of Utah), Laura Liu (HKUST), Darius Miller (Southern Methodist University), Ulrike  Neyer (Heinrich-Heine-University, Duesseldorf), Steven Ongena (Tilburg University), Andrey Pavlov (University of Pennsylvania), Joao Santos (Federal Reserve Bank, New York), Susan Wachter (University of Pennsylvania), Jan Wenzelburger (Keele University),  Clas Wihlborg (Copenhagen Business School), Rida Zaidi (Fitch Ratings).
  
Seating is limited. If you are interested in attending the conference, please contact Ms. Peggy Ng at peggyng@ust.hk to see if seating is available. A registration fee is required.

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关键词：Symposium Finance Financ Nance HKUST Finance 财会 研讨会 Symposium HKUST

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

--------------------------------------------------------------------------------
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, 对於有志於报考硕博 HKUST（FT排名全球第九）, 出国欧美, 这论文集总汇, 无疑是不可多得的先修课

本帖隐藏的内容

http://www.bm.ust.hk/gmifc/PhotoGallery.html

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

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


--------------------------------------------------------------------------------

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

HKUST Finance Symposium on Corporate Finance December 11-12, 2007

MONDAY, DECEMBER 10

  19:00 - 22:00  Welcome Reception (spouses welcome)

Venue :
Transport:
Pacific Club, Harbour City, Tsim Sua Tsui, Hong Kong
Directions to be provided later
DAY 1: TUESDAY, DECEMBER 11

Venue :
Transport:
Council Chamber, 7th floor, HKUST, Clear Water Bay, Hong Kong
Assemble in Hotel Lobby at 8:10; bus leaves for HKUST at 8:15.

  09:15 - 09:30 Dean's Welcome and Opening Remarks
Leonard Cheng, Hong Kong University of Science and Technology (HKUST)

Session 1 Corporate Governance

Session Chair: Vojislav Maksimovic, University of Maryland

  09:30 - 10:20
The Determinants of Managerial Decisions to Cook the Books
Jonathan Karpoff, University of Washington

Discussant: Vidhan Goyal, HKUST

10:20 - 11:10
Behavioral Finance in Corporate Governance - Independent Directors, Non-Executive Chairs, and the Importance of the Devil’s Advocate
Randall Morck, University of Alberta

Discussant: Mike Lemmon, University of Utah, HKUST

11:10 - 11:30
Break

11:30-12:20 To each according to her luck and power:
Optimal corporate governance and compensation policy in a dynamic world
Tom Noe, Tulane University

Discussant: Sudipto Bhattacharya, London School of Economics (TBC)

12:30 - 14:00
Lunch: Chinese Restaurant, Ground Floor, HKUST

Session 2 International Financial Intermediation

Session Chair: Tom Noe, Tulane University

  14:00 - 14:50
Location Decisions of Foreign Banks and Competitive Advantage
Stijn Claessens, International Monetary Fund

Discussant: Fei Ding, HKUST

  14:50 - 15:40
Arranger Certification in Project Finance
Bill Megginson, University of Oklahoma

Discussant: Jie Gan, HKUST

15:40 - 16:00  Break

16:00 - 16:50 Has New York Become Less competitive than London in global markets? Evaluating Foreign Listing Choices over time
Andrew Karolyi, Ohio State University

Discussant: Peter Mackay, HKUST

17:00
Transport Day's activities end - Free evening to explore Hong Kong
Assemble in HKUST Piazza at 17:10; bus leaves for Hotel at 17:15.

DAY 2: WEDNESDAY, DECEMBER 12


Venue :
Transport:
Council Chamber, 7th floor, HKUST, Clear Water Bay, Hong Kong
Assemble in Hotel Lobby at 8:10; bus leaves for HKUST at 8:15.

Session 3 Contigent Claims

Session Chair: Andrew Karolyi, Ohio State University

  09:10 - 10:00
SEOs, Real Options, and Risk Dynamics: Empirical Evidence
Murrray Carlson, University of British Columbia

Discussant: Sugato Bhattacharya, University of Michigan, National University of Singapore

  10:00 - 10:50
Investment Frictions and Leverage Dynamics
Sergey Tsyplakov, University of South Carolina

Discussant: Nengjiu Ju, HKUST

10:50 - 11:10  Break

11:10 - 12:00
Optimal Exercise of Executive Stock Options and Implications for Firm Cost
Jennifer Carpenter, New York University

Discussant: Ilona Babenko, HKUST

12:00 - 14:00
Lunch at MP Hall, Lift 31-32, 6/F(catered by Kori Kebab)

Session 4 Corporate Investment Decisions

Session Chair: Randall Morck, University of Alberta

14:00 - 14:50
Employee Stock Options, Financing Constraints, and Real Investment: Theory and Evidence
Yuri Tserlukevich, HKUST

Discussant: Jennifer Carpenter, New York University
  14:50 - 15:40
Is There a Disposition Effect in Corporate Investment Decisions? Evidence from Real Estate Investment Trusts
Jay Hartzell, University of Texas"

Discussant: Laura Liu, HKUST

15:40 - 16:00  Break

16:00 - 16:50
Mergers, Restructuring and the Boundaries of the Firm  
Vojislav Maksimovic, University of Maryland

Discussant: Sudipto Dasgupta, HKUST

16:50 - 17:00 Closing Remarks by the Finance Department Chair
Kalok Chan, HKUST

17:00 - 17:30
Venue : Cocktail Reception
Foyer of the Council Chamber, 7th floor, HKUST, Clear Water Bay, Hong Kong

18:30 - 22:00
Venue :
Transport:  Closing Dinner (business attire, spouses welcome)
Happy Valley Race Course, Causeway Bay, Hong Kong Island Assemble in HKUST Piazza at 17:40; bus leaves for Happy Valley at 17:45.

22:00
Transport:  Evening ends and the 2007 HKUST Finance Symposium closes
Follow escorts to the buses for HKUST and the conference hotel

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

2005 HKUST Finance Symposium
December 13-15, 2005
Program

(Click here to download the program)

TUESDAY, DECEMBER 13

18:30 - 21:30
Welcome Reception and Cocktail at Pacific Club
DAY 1 : WEDNESDAY, DECEMBER 14

9:00 – 9:15 am
Coffee and Conference registration, Rm 7336, Council Chamber, HKUST


9:15 – 9:20 am
Opening remarks by Professor K.C. Chan, Dean, School of Business and Management, HKUST


Session I: Reputation, Monitoring, and Political Connections
Session Chair: Paul Malatesta, University of Washington


9:20 – 10:10

Reputation and Spillovers: Evidence from Indian Business Groups

Radhakrishnan Gopalan, University of Michigan
Vikram Nanda, Arizona State University
Amit Seru, University of Michigan
Discussant: Ron Masulis, Vanderbilt University



10:10 – 11:00

Boom, Bust, and Fraud

Paul Povel, University of Minnesota
Rajdeep Singh, University of Minnesota
Andrew Winton, University of Minnesota
Discussant: Sudipto Dasgupta, HKUST



11:00 –11:30
Coffee Break

11:30 – 12:20

Sudden Deaths: Taking Stock of Political Connections

Mara Faccio, Vanderbilt University
David C. Parsley, Vanderbilt University
Discussant: Joe Peek, University of Kentucky



12:20 – 14:00
Lunch, G/F Chinese restaurant, HKUST



Session II: Financial Intermediation
Session Chair: Inmoo Lee, National University of Singapore


14:00 – 14:50

Pre IPO investments by financial intermediaries: Certification or moral hazard?

Xi Li, Vanderbilt
Ronald W. Masulis, Vanderbilt
Discussant: Tom Chemmanur, Boston College



14:50 – 15:40
Asymmetric Information and Liquidity Constraints: A More Complete Test

Dmytro Holod, University of Kentucky
Joe Peek, University of Kentucky

Discussant: Jie Gan, HKUST



15:40 – 16:10
Coffee Break

16:10 – 17:00
Are all retail investors equal? The importance of depositor base in commercial bank underwriting

Manju  Puri, Duke University and NBER
Jörg Rocholl, University of North Carolina
Discussant: Mara Faccio, Vanderbilt University



6:00 –9:00 p.m.
Conference Dinner

DAY 2 : THURSDAY, DECEMBER 15



9:00 – 9:20 am
Coffee


Session III: Capital Structure

Session Chair: Vikram Nanda, Arizona State University


9:20 – 10:10
Do Firms have target leverage ratios? Evidence from historical market-to-book and past returns?

Laura Liu, HKUST

Discussant: Michael R. Roberts, University of  Pennsylvania


10:10 – 11:00
Back to the Beginning: Persistence and Cross-Section of Corporate Capital Structure

Michael L. Lemmon, University of Utah
Michael R. Roberts, University of Pennsylvania
Jaime F. Zender, University of Colorado at Boulder

Discussant: Vidhan Goyal, HKUST


11:00 – 11:30
Coffee Break

11:30 – 12:20
The Pecking Order, Debt Capacity, and Information Asymmetry

Mark T. Leary. Duke University
Michael R. Roberts, University of  Pennsylvania

Discussant: Peter Mackay, HKUST


12:10 – 14:00
Lunch, University Centre Bistro, HKUST


Session IV: The Birth, Life and Death of Equity

Session Chair: Manju Puri, Duke University


14:00 – 14:50
The Going Public Decision and the Product Market

Thomas Chemmanur, Boston College
Shan He, Boston College
Debarshi Nandy, York University

Discussant: Raj Singh, University of Minnesota


14:50 – 15:40
Credit Ratings and the Pricing of Seasoned Equity Offerings

Yang Liu, California Polytechnic State University
Paul Malatesta, University of Washington

Discussant: Michael Lemmon, University of Utah


15:40 – 16:10
Coffee Break

16:10 – 17:00
Share repurchases as a tool to mislead investors: Evidence from earnings quality and stock performance

Konan Chan, National Taiwan University and University of Hong Kong
David Ikenberry, University of Illinois and Urbana-Champaign
Inmoo Lee, National University of Singapore
Yanzhi Wang, National Taiwan University

Discussant: John Wei, HKUST


17:00 – 17:05
Closing Remarks by Professor Kalok Chan, Head, Department of Finance

2004 HKUST Finance Symposium

December 12-14, 2004
Program



SUNDAY, DECEMBER 12


18:30 - 21:30
Welcome Reception and Cocktail at Pacific Club
(for conference speakers only)  
DAY 1 : MONDAY, DECEMBER 13


8:15 Pick up, Macro Polo Prince

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
MORNING SESSION: I
9:20 - 10:10  Topic : Microstructure, Factor Models and Emerging Markets

Session Chair: Larry Harris, University of Southern California


"Specialist Profits and the Minimum Price Increment"
Larry Harris, University of Southern California
Jay F. Coughenour, University of Delaware

Discussant: Kalok Chan, HKUST

10:10 - 10:40 Coffee Break

MORNING SESSION: II  
10:40 - 12:20  "Stock Price Synchronicity and Analyst Coverage in Emerging Markets"
Allaudeen Hameed, National University of Singapore
Kalok Chan, HKUST

Discussant: Anthony Lynch, New York University


"A Two-Factor Model of Value and Growth with Adjustment Costs"
Albert Kyle, Duke University

Discussant: Larry Harris, University of Southern California


12:20 - 14:00 Lunch, G/F Chinese Restaurant, HKUST

AFTERNOON  SESSION: I
14:00 - 15:40 Topic : Behavioral Finance

Session Chair: Bruce Grundy, University of Melbourne

“Stocks as Lotteries: The Implications of Probability Weighting for Security Prices”
Ming Huang, Stanford University and Cheung Kong Business School
Nicholas Barberis, Yale University

Discussant: Mungo Wilson, HKUST


“Long-Term Return Reversals: Overreaction or Taxes?"
Chuan-yang Huang, HKUST
Thomas J. George, University of Houston

Discussant: Bruce Grundy, University of Melbourne

15:40 - 16:10 Coffee Break

AFTERNOON  SESSION: II
16:10 - 17:00 “Individualism and Momentum around the World”
K.C. John Wei, HKUST
Andy C.W. Chui, The Hong Kong Polytechnic University
Sheridan Titman, University of Texas at Austin and NBER

Discussant: Harrison Hong, Princeton University

18:30 - 22:00

On your own (shopping and sightseeing)
DAY 2 : MONDAY, DECEMBER 14


9:00 - 9:20 Coffee

MORNING SESSION: I
9:20 - 10:10
Topic : Mutual Funds, Portfolio Allocation and Asset Prices

Session Chair: Kalok Chan, HKUST

“Combining Skill and Capital: Alternate Mechanisms for Achieving an Optimal Fund Size”

Bruce Grundy, University of Melbourne

Discussant: Ming Huang, Stanford University and
                    Cheung Kong Business School

10:10 - 10:40 Coffee Break

MORNING SESSION: II  
10:40 - 12:20  “Gone Fishin’: Seasonality in Speculative Trading and Asset Prices”

Harrison Hong, Princeton University
Jialin Yu, Columbia University

Discussant: Allaudeen Hameed, National University of Singapore

“Multiple Risky Assets, Transaction Costs and Return Predictability: Implications for Portfolio Choice,”

Anthony W. Lynch, New York University and NBER
Sinan Tan, New York University

Discussant: Chu Zhang, HKUST

12:20 - 14:00 Lunch, University Centre Bistro, HKUST

AFTERNOON  SESSION: I
14:00 - 15:40 Topic : Modeling and Asset Pricing

Session Chair: Albert Kyle, Duke University


“The Determinants of Credit Default Swap Premia”
Kris Jacobs, McGill University
Jan Ericsson, McGill University
Rodolfo A. Oviedo, McGill University

Discussant: David Chapman, Boston College


“Linear Conditioning”
David Chapman, Boston College
Michael W. Brandt, Duke University and NBER

Discussant: Kevin Wang, HKUST


15:40 - 17:30 Happy Hour at UC Staff Lounge

18:30 - 22:00

Farewell Dinner at Jumbo Floating Boat Restaurant, Aberdeen
(for conference speakers only)  
End of Conference