Past Seminars List


Sep 25
Prof. Zoran Ivkovich, Michigan State
What About Nurture? Financial Decision-Making and Growing Up

Oct 9
Prof. Ian Appel, Boston College
Environmental Externalities of Hedge Fund Activism

Oct 16
Prof. Johannes Stroebel, NYU
Five Facts About Beliefs And Portfolios

Oct 23
Prof. Giorgia Piacentino, Columbia
Restructuring vs. Bankruptcy

Oct 30
Prof. Itzhak Ben-David, The Ohio State University
Non-Fundamental Demand and Style Returns

Nov 6
Prof. Adi Sunderam, HBS
A Quantity-Driven Theory of Term Premia and Exchange Rates 

Nov 13
Prof. Nadya Malenko, U Michigan
Corporate governance in the presence of active and passive delegated investment

Nov 20
Prof. Robert Goldstein, U Minnesota
Optimal Debt Dynamics, Issuance Costs and Commitment

Nov 27
Prof. Ernest Liu, Princeton
International Friends and Enemies

Dec 2
Prof. Eric Zwick, Chicago Booth
Did the Paycheck Protection Program Hit the Target ?

Dec 11
Prof. Motohiro Yogo, Princeton
Exchange Rates and Asset Prices in a Global Demand System

Dec 18
Prof. Constantine Yannelis, Chicago Booth
Measuring The Welfare Effects Of Adverse Selection In Consumer Credit Markets 



Mar 1
Prof. Praveen Kumar, University of Houston
Globalization, Competition and Entrepreneurial Activity: Evidence from US Households

Mar 8
Prof. Alan Moreira, University of Rochester
Hedging Risk Factors

Mar 15
Prof. Stephan Siegel, University of Washington
The Cultural Origin of CEOs’ Attitudes towards Uncertainty: Evidence from Corporate Acquisitions

Mar 29
Prof. Yuri Tserlukevich, Arizona State University
Competition, No-Arbitrage, and Systematic Risk

Apr 12
Prof. Winston Wei Dou, Wharton
Dissecting Bankruptcy Frictions

Apr 26
Prof. Alexi Savov, NYU Stern
Banking on Deposits: Maturity Transformation without Interest Rate Risk

May 3
Prof. Juhani Linnainmaa, University of Southern California
Factor Momentum and the Momentum Factor

May 10
Prof. Francesco D'Acunto, Boston College
Crowdsourcing Financial Information to Change Spending Behavior

May 17
Prof. John Griffin, University of Texas at Austin
Is Bitcoin Really Un-Tethered?

May 25
Prof. Ian Martin, London School of Economics
Sentiment and speculation in a market with heterogeneous beliefs

Sep 20
Prof. Lin William Cong ,Cornell University
Textual Factors: A Scalable, Interpretable, and Data-driven Approach to Analyzing Unstructured Information

Sep 27
Prof. Robert Richmond, NYU Stern
Origins of International Factor Structures

Oct 11
Prof. Michael Ewens, Caltech 
Acquisition Prices and the Measurement of Intangible Capital

Oct 28
Prof. Ernst Maug, Mannheim University
Trading and Shareholder Voting

Nov 1
Prof. Zhi Da, Notre Dame University
Financialization and Commodity Market Serial Dependence

Nov 28
Prof. Tony Cookson, The University of Colorado Boulder 
Personal Wealth and Self-Employment


Mar 2
Mr. Martin Kanz, World Bank
Moral Incentives in Credit Card Debt Repayment: Evidence from a Field Experiment

Mar 9
Prof. Ronnie Sadka, Boston College
Media Reinforcement in International Financial Markets

Mar 16
Prof. Chris Yung ,University of Virginia
Why Do We Miss Early Warning Signs of Crises?

Mar 23
Prof. Jess Cornaggia, Pennsylvania State University
IPOs and the Local Economy

Apr 6
Prof. Johan Hombert, HEC Paris
Intergenerational Risk Sharing in Life Insurance: Evidence from France

Apr 13
Prof. Joel Peress, INSEAD
Glued to the TV: Distracted Noise Traders and Stock Market Liquidity

Apr 20 (Mon)
Prof. Marcus Opp, Stockholm School of Economics
Bank Capital and the Composition of Credit

Apr 27
Prof. Stephen Dimmock, Nanyang Technological University
Real Estate Shocks and Financial Advisor Misconduct

May 4
Prof. Stavros Panageas, UCLA
Finance in a Time of Disruptive Growtht

May 11
Prof. Johan Sulaeman,National University of Singapore
Asset management capital and the formation of public firms

May 18 (Fri)
Prof. Erik Loualiche,University of Minnesota
Efficient Bubbles

May 25
Prof. Ivan Shaliastovich,University of Wisconsin
How Risky is the U.S. Corporate Sector?

Jun 1
Prof. Stefano Giglio,Yale School of Management
Asset Pricing with Omitted Factors

Sep 7
Prof. Diego Garcia,University of Colorado
The Equilibrium Consequences of Indexing

Sep 14
Tse-Chun Lin,University of Hong Kong
When Paper Losses Get Physical: Domestic Violence and Stock Returns

Sep 28
Mikhail Simutin,University of Toronto
The Origins and Real Effects of the Gender Gap: Evidence from CEOs’ Formative Years

Oct 5
Lucio Sarno,Cass Business School
Volume and Excess Returns in Foreign Exchange

Oct 12
Snehal Banerjee,University of California, San Diego
Dynamic Information Acquisition and Entry into New Markets

Oct 19
Alon Brav,Duke University
Picking Friends Before Picking (Proxy) Fights:How Mutual Fund Voting Shapes Proxy Contests

Nov 2
Henri Servaes,London Business School
The Costs and Benefits of Performance Fees in Mutual Funds

Nov 9
Christine Parlour,University of California, Berkeley
Crowdfunding, Initial Coin Offerings and Consumer Surplus

Nov 16
Justin Birru,Ohio State University
Capital Market Anomalies and Quantitative Research

Nov 23
Sudipto Dasgupta,Chinese University of Hong Kong
EPS-Sensitivity and Merger Deals

Nov 30
Adam Zawadowski,Central European University
The Tragedy of Complexity



Feb 24 (Fri)
Ramana Nanda, Harvard Business School
House Money and Entrepreneurship

Mar 3 (Fri)
Pab Jotikasthira, Southern Methodist University
Heterogeneous Taxes and Limited Risk Sharing: Evidence from Municipal Bonds

10 (Fri)
Adriano Rampini,Duke University
Financing Durable Assets

17 (Fri)
Timothy Loughran,University of Notre Dame
Using Annual Report Sentiment as a Proxy for Finacial Distress in U.S. Banks

24 (Fri)
Thierry Foucault,HEC Paris
Corporate Strategy, Conformism, and the Stock Market

31 (Fri)
Augustin Landier,Toulouse School of Economics
Sticky Expectations and the Profitability Anomaly

Apr 10 (Mon)
Paolo Pasquariello,University of Michigan
Agency Costs and Strategic Speculation in the U.S. Stock Market

21 (Fri)
Michael Weber,University of Chicago
Dissecting Characteristics Nonparametrically

24 (Mon)
Thierry Foucault,HEC Paris
Corporate Strategy, Conformism, and the Stock Market

28 (Fri)
Oleg Chuprinin,UNSW
Herding and Capital Allocation Efficiency: Evidence from Peer Lending

May 5 (Fri)
Alberto Manconi,Bocconi University
Is FinTech a Threat to Financial Stability? Evidence from Peer-to-Peer Lending in China

12 (Fri)
Steven Ongena,University of Zurich
"Sorry, We're Closed" Loan Conditions When Bank Branches Close and Firms Transfer to another Bank

19 (Fri)
Christopher Malloy,Harvard Business School
Lazy Prices

Jun 2 (Fri)
Jay Ritta,University of Florida
Corporate Cash Shortfalls and Financing Decisions

26 (Mon)
Sheridan Titman,University of Texas at Austin
Urban Economics, Real Estate Prices and Volatility

Jul 17 (Mon)
Gordon Phillips,Dartmouth College, Tuck School of Business
Venture Capital Investments and Merger and Acquisition Activity around the World

Sep 1 (Fri)
Sabrina Howell,NYU
How Public Markets Foster Firm Standardization: Evidence from Chinese IPOs

Sep 8 (Fri)
Daniel Andrei, UCLA
The Lost Capital Asset Pricing Model

Sep 15 (Fri)
Max Croce, UNC
The Leading Premium

Sep 22 (Fri)
Doron Avramov, The Hebrew University of Jerusalem
Bonds, Stocks and Sources of Mispricing

Sep 25 (Mon)
Alexander Dyck, University of Toronto
Collective Action and Governance Activism

Sep 29 (Fri)
Andrey Malenko, MIT
Asymmetric Information and Security Design under Knightian Uncertainty

Oct 13 (Fri)
Hanno Lustig, Stanford Graduate School of Business
Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates

Oct 20 (Fri)
Nicola Gennaioli, Bocconi University
Diagnostic Expectations and Stock Returns

Oct 27 (Fri)
Florian HeiderECB
Life Below Zero: Bank Lending Under Negative Policy Rates

Nov 10 (Fri)
Andy Puckett, University of Tennessee
Option Skills

Nov 17 (Fri)
Rawley Heimer, Boston College
Pushing Boundaries: Political Redistricting and Consumer Credit

Nov 24 (Fri)
Konstantin Milbradt, Northwestern University
Volatility, volume, and liquidity in Over-The-Counter markets

Dec 1 (Fri)
Laurent Fresard, University of Maryland
Finance, Talent Allocation, and Growth



Mar 11 (Fri)
Sumit Agarwal, National University of Singapore
The Impact of Housing Credit on Personal Bankruptcy

14 (Mon)
Paolo Fulghieri, University of North Carolina at Chapel Hill
Uncertainty Aversion and Systemic Risk

18 (Fri)
Jay Shanken, Emory University
Comparing Asset Pricing Models

21 (Mon)
Jose A. Scheinkman, Princeton University
Savings Glut and Financial Fragility

Apr 1 (Fri)
Anna Cieslek, Duke University
Stock Returns over the FOMC Cycle

8 (Fri)
Brett Green, UC Berkeley
Breakthroughs, Deadlines, and Self-Reported Progress: Contracting for Multistage Projects

20 (Wed)
Radha Gopalan, WUSTL
Compensation Goals and Firm Performance

22 (Fri)
Stuart Gillan, University of Georgia
Incentives, Termination Payments, and CEO Contracting

29 (Fri)
Evgeny Lyandres, Boston University
Owners’ Portfolio Diversification and Firm Investment: Evidence from Private and Public Firms

May 6 (Fri)
Rajkamal Iyer, MIT Sloan
The Run for Safety: Financial Fragility and Deposit Insurance

13 (Fri)
Frederico Belo, University of Minnesota
Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor

16 (Mon)
Renée Adams, UNSW
Women in Finance

27 (Fri)
Zhiguo He, University of Chicago
Intermediary Asset Pricing: New Evidence from Many Asset Classes


Sep 4 (Fri)
Antoinette Schoar, MIT
Do Credit Card Companies Screen for Behavioral Biases?

7 (Mon)
Shai Bernstein, Stanford University
Asset Reallocation in Bankruptcy

11 (Fri)
Bo Becker, Stockholm School of Economics
Bad Times, Good Credit

18 (Fri)
Elena Loutskina, University of Virginia
Mortgage Companies and Regulatory Arbitrage

25 (Fri)
Howard Kung, London Business School
Competition, Markups, and Predictable Returns

Oct 9 (Fri)
Byoung-Hyoun Hwang, Cornell University
It Pays To Write Well

16 (Fri)
Ravi Bansal, Duke University
Uncertainty Aversion in Macro-Announcements

26 (Mon)
Vyacheslav Fos, Boston College
Do Director Elections Matter?

Nov 4 (Wed)
Christopher Polk, London School of Economics
A Tug of War: Overnight Versus Intraday Expected Returns

6 (Fri)
Veronika Pool, Indiana University
The Daily Trades of Mutual Funds

13 (Fri)
Gustavo Manso, UC Berkeley
Independent Boards and Innovation

20 (Fri)
Dana Kiku, University of Illinois at Urbana-Champaign
Climate Change and Growth Risks

Dec 4 (Fri)
Daniel Paravisini, London School of Economics
Adverse Selection on Maturity: Evidence from On-line Consumer Credit?

8 (Tue)
Li An, Tsinghua University
V-shaped Disposition: Mutual Fund Selling Behaviors and Price Effects


17 Mar
Vikas Agarwal, Georgia State University
Under one roof: A study of simultaneously managed hedge funds and funds of hedge funds

21 Mar
Stefano Rossi, Purdue University
Banks, Government Bonds, and Default: What do the Data Say?

28 Mar
Martin Schmalz, University of Michigan
Can Changes in the Cost of Cash Resolve the Corporate Cash Puzzle?

4 Apr
Kathy Yuan, London School of Economics
Endogenous Contractual Externalities

11 Apr
Kent Womack, Rotman, University of Toronto
Analysts’ Expertise in Stock Picking: Older, Slower, and Wiser?

25 Apr
Daniel Ferreira, London School of Economics
Unfriendly Creditors : Debt Covenants and Board Independence

2 May
Andrei Simonov, Michigan State University
Does Loss Aversion of Institutional Investors Affect Downside Risk and Performance of Their Portfolios?

9 May
Kumar Venkataraman, Southern Methodist University
Should Exchanges impose Market Maker obligations?

16 May
Fulvio Ortu, Bocconi University
Implications of Returns Predictability across Horizons for Asset Pricing Models

23 May
Heitor Almeida, University of Illinois at Urbana-Champaign
The Real Effects of Credit Ratings:The Sovereign Ceiling Channel

30 May
Xavier Giroud, MIT
The Impact of Venture Capital Monitoring: Evidence from a Natural Experiment

6 Jun
Valentin Haddad, Princeton University
Information Aversion

13 Jun
Umit Gurun, University of Texas at Dallas
Patent Trolls

5 Sep (Fri)
Francisco Perez Gonzalez, Stanford University
Organizational Form and Firm Performance: Evidence from the ‘Death Sentence’ Clause of the Public Utility Act of 1935

12 Sep (Fri)
Michael Faulkender, University of Maryland
Taxes and Leverage at Multinational Corporations

19 Sep (Fri)
Miguel Ferreira, Nova School of Business and Economics
Do General Managerial Skills Spur Innovation?

26 Sep (Fri)
Scott Yonker, Indiana University
Do Shocks to Risk Aversion Affect Risk Taking in Delegated Portfolios?

10 Oct (Fri)
Jun Qian, Boston College
The Best Performing Economy with the Worst Performing Market: Explaining the Poor Performance of the Chinese Stock Market

13 Oct (Mon)
John Matsusaka, University of Southern California
The Effect of Forced Refocusing on the Value of Diversified Business Groups

17 Oct (Fri)
Renee Adams, University of New South Wales
Barriers to Boardrooms

24 Oct (Fri)
Jarrad Harford, University of Washington
Do Long-Term Investors Improve Corporate Decision Making?

31 Oct (Fri)
Lars Lochstoer, Columbia University
Parameter Learning in General Equilibrium: The Asset Pricing Implications

7 Nov (Fri)
Jason Chen, Texas A&M University
The Real Effects of Market Inefficiency: Aggregate versus Cross-Sectional Mispricing

14 Nov (Fri)
Hernan Ortiz-Molina, University of British Columbia
Protection of trade secrets and capital structure decisions

21 Nov (Fri)
Pedro Saffi, University of Cambridge
The Role of Institutional Investors in Voting: Evidence from the Securities Lending Market

24 Nov (Mon)
Dirk Hackbarth, Boston University
Financing Asset Sales and Business Cycles

26 Nov (Wed)
Sumit Agarwal, National University of Singapore
Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response

1 Dec (Mon)
Marcin Kacperczyk, Imperial College London
The Unintended Consequences of the Zero Lower Bound Policy

16 – 17 Dec
HKUST Finance Symposium 2014


9 Jan Brown Bag (Joint with ACCT)
Charles LeeStanford University 
Identifying Peer Firms: Evidence from EDGAR Search Traffic

11 Jan
George PanayotovGeorgetown University 
In search of explanation for the global predictive ability of the Baltic Dry Index

17 Jan “IAS Quant Finance Seminar (Co-organized by Department of Economics and Department of Finance)”
Robert Anderson, University of California at Berkeley 
In Search of a Statistically Valid Volatility Risk Factor

4 Feb “IAS Quantitative Finance Seminar”
Ou-Yang Hui, Harvard Business School 
Feedback Trading between Fundamental Information and Non-fundamental Information

22 Feb
Geert Bekaert, Columbia Business School 
(1) Risk, Uncertainty and Monetary Policy
(2) Asset Return Dynamics under Bad Environment-Good Environment Fundamentals

18 Mar Brown Bag
Ming Yang, Duke University
Optimality of Debt under Flexible Information Acquisition

22 Mar
Lauren Cohen, Harvard Business School
Playing Favorites: How Firms Prevent the Revelation of Bad News

26 Mar “IAS Quant Finance Seminar (Co-organized by Department of Finance)”
Sanjiv Das, Santa Clara University
The Economics of Restructured Debt

5 Apr
Amil Dasgupta, London School of Economics
Why is Hedge Fund Activism Procyclical?

8 Apr Brown Bag
Tianxi Wang, University of Essex
Lend Out IOU: A Model of Money-Creating Banks and Quantitative Easing

12 Apr
Nicolae Gârleanu, University of California, Berkeley
Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion

15 Apr “IAS Quantitative Finance Seminar”
Jun Liu, University of California at San Diego
Using Stocks or Portfolios in Tests of Factor Models

19 Apr
Bhaskaran Swaminathan, Cornell and LVS Asset Management 
Predicting Time-varying Value Premium Using the Implied Cost of Capital: Implications for Countercyclical Risk, Mispricing and Style Investing

22 Apr Brown Bag
Isabel Kit-Ming Yan, City University of Hong Kong
The Value of Political Connection: Evidence from the 2011 Egyptian Revolution

26 Apr
Liyan Yang, University of Toronto
Loss Aversion, Survival and Asset Prices

3 May
Xiaoyun Yu, Indiana University
Cultural Proximity and the Processing of Financial Information

10 May
Todd Gormley, Wharton School
Common Errors: How to (and Not to) Control for Unobserved Heterogeneity

24 May
Jianfeng Yu, University of Minnesota
Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle

27 May Brown Bag
Sophie Ni, HKUST
Demand for Crash Insurance, Intermediary Constraints, and Stock Returns

31 May
Martin Oehmke, Columbia Business School
Synthetic or Real? The Equilibrium E ects of Credit Default Swaps on Bond Markets

7 Jun
Zhiguo He, University of Chicago
Inefficient Investment Waves

17 Jun Brown Bag
Sreedhar Bharath, Arizona State University
Why do Credit Rating Agencies Matter?

25 Jun
Efraim Benmelech, Northwestern University
Did the Community Reinvestment Act (CRA) Lead To Risky Lending?

2 Sep Brown Bag
Laura LiuHKUST
The impacts of political uncertainty – Evidence from a natural experiment

16 Sep Brown Bag
Managerial Overconfidence and Debt Contract Design

23 Sep
Matthew Rhodes-KropfHarvard Business School
Governing Misvalued Firms

27 Sep
Tse-Chun LinThe University of Hong Kong
Does Short Selling Discipline Managerial Empire Building?

4 Oct
Pavel SavorFox School of Business, Temple University
Asset Pricing: A Tale of Two Day

11 Oct
Marco PaganoUniversity of Naples Federico II
Employment and Wage Insurance within Firms:Worldwide Evidence

21 Oct Monday Lunch Seminar
Bige KahramanStockholm School of Economics/ SIFR
Who Trades Against Mispricing?

25 Oct
Simi KediaRutgers University
Did going public impair Moody’s credit ratings?

1 Nov
Haoxiang ZhuMIT
Dynamic Information Asymmetry, Financing, and Investment Decisions

8 Nov
Jan BenaUniversity of British Columbia
Heterogeneous Innovations, Firm Creation and Destruction, and Asset Prices

11 Nov Brown Bag
Xuewen LiuHKUST

15 Nov
Redouane ElkamhiUniversity of Toronto
Bank Skin in the Game and Loan Contract Design: Evidence from Covenant-Lite Loans

22 Nov
Xuan TianIndiana University
Providing protection or misaligning incentives? The effects of labor unions on innovation

25 Nov Monday Lunch Seminar
Stephen DimmockNanyang Technological University
Capital Gains Lock-In and Governance Choices

2 Dec Brown Bag
Baolian WangHKUST
Probability Weighting and Asset Prices: Evidence from Mergers and Acquisitions

6 Dec
Christian LundbladUniversity of North Carolina at Chapel Hill
Mark-to-Market Accounting and Systemic Risk: Evidence from the Insurance Industry

10-11 Dec
HKUST Finance Symposium 2013

16 Dec Brown Bag
Jialin YuHKUST
Intra-month variation in information environment and the turn-of-the-month effect: Evidence from US and China


27 Feb (Brown Bag)
Yael HochbergNorthwestern University
Local Overweighting and Underperformance: Evidence from Limited Partner Private Equity Investments

12 Mar (Brown Bag)
Yong Wang, Economics Department, HKUST
A Growth Model of China’s State Capitalism

16 Mar
Peter BossaertsCaltech
Experiments With The Lucas Asset Pricing Model

19 Mar (Brown Bag)
Kasper Meisner NielsenHKUST
When Blockholders Leave Feet First*: Do Managerial Ownership Affects Firm Value?

23 Mar
Evgeny LyandresBoston University
Strategic Cash Holdings and R&D Competition: Theory and Evidence

26 Mar (Brown Bag)
Roni MichaelyCornell University 
Corporate Governance and the Timing of Earnings Announcements

30 Mar
Pengjie GaoUniv. of Notre Dame
Political Uncertainty and Public Financing Costs: Evidence from U.S. Municipal Bond Markets

2 Apr (Brown Bag)
Sankar DeIndian School of Business
Disposition to Buy and Disposition to Sell: Implications for Investor Behavior and Asset Pricing

13 Apr
Geert RouwenhorstYale School of Management 
The Fundamentals of Commodity Futures Returns

16 Apr (Brown Bag)
Yinggang ZhouCUHK 
Global Currency Hedging: Evidence from Conditional Coskewness and Cokurtosis

20 Apr (Brown Bag)
Bin ZhaoShanghai Advanced Institute of Finance 
Trading for Status

23 Apr (Brown Bag)
Fei DingHKUST 
Optimal firm structure under imperfect information

27 Apr
Joey EngelbergUC San Diego
Networks and Productivity: Causal Evidence from Editor Rotations

30 Apr (Brown Bag)
Laura Xiaolei LiuHKUST
Cost Inflexibility and Capital Structure

4 May
Clifford HoldernessBoston College 
Shareholder Participation and Rights Offerings: New Findings for an Old Puzzle

7 May (Brown Bag)
Mark LoewensteinHKUST 
Speculation and Leverage

11 May
Li JinHarvard Business School 
What Does Stock Ownership Breadth Measure?

14 May (Brown Bag)
Darwin ChoiHKUST
The Role of Surprise: Understanding Over- and Underreactions Using In-Play Soccer Betting

18 May
Joseph ChenUC Davis
Strategic Mutual Fund Tournaments

21 May (Brown Bag)
Dragon TangHKU
Rating Shopping or Catering? An Examination of the Response to Competitive Pressure for CDO Credit Ratings

25 May
Sreedhar BharathHKUST
Exit as Governance: An Empirical Analysis

28-29 May
Symposium on Household Finance

1 Jun
Yuhai XuanHarvard Business School 
Under New Management: Equity Issues and the Attribution of Past Returns

16 Jul
Sheridan TitmanUniversity of Texas at Austin
Urban Vibrancy and Corporate Growth

17 Jul (Brown Bag)
Tom Chemmanur, Boston College
A Model of the Editorial Process in Scientific Journals

10 Sep (Brown Bag)
Darwin Choi/ Abhiroop Mukherjee, HKUST 
Performance-Chasing Behavior in Mutual Funds: New Evidence from Multi-Fund Managers

17 Sep (Brown Bag)
Tim Adam, HKUST 
Bank lending relationships and the use of performance-sensitive debt

21 Sep
Jun Cai, City University of Hong Kong
The Growth and Accrual Anomalies

24 Sep (Brown Bag)
Clark Liu, HKUST
Information Production, Volume and Return Dynamics

28 Sep
Ludovic Phalippou, University of Oxford
Hunting the hunters: New evidence on the drivers of acquirer’s announcement returns in M&As

5 Oct
Ekkehart Boehmer, EDHEC Business School
International Evidence on Algorithmic Trading

12 Oct
Gustavo Grullon, Rice University 
The Real Effects of Short-Selling Constraints

19 Oct
Amit Goyal, University of Lausanne
Misvaluation and Return Anomalies in Distressed Stocks

26 Oct
Ambrus Kecskés, Virginia Tech
Do Analysts’ Preferences Affect Corporate Policies?

29 Oct (Brown Bag)
Jiangze Bian, University of Int’l Business and Economics &
Kalok Chan, HKUST
Do Behavioral Biases Affect Order Aggressiveness?

2 Nov
Jun Yang, Indiana University
Director Independence and Insider Trading

5 Nov (Brown Bag)
Michelle Lowry, Penn State University
Are Mutual Funds Active Voters?

16 Nov
James J. Choi, Yale University
Informed Trading and Expected Returns

19 Nov (Brown Bag)
Thaisiri Watewai, Chulalongkorn University &
Bruno Solnik, HKUST
Frequent-but-Small and Infrequent-but-Large Return Asymmetries in International Equity Markets

23 Nov
Gennaro Bernile, University of Miami
Leveling the Playing Field: Financial Regulation and Disappearing Local Bias of Institutional Investors

26 Nov (Brown Bag)
Abhiroop Mukherjee, HKUST
Legal enforcement and debt maturity structure: Evidence from a natural experiment

30 Nov
Neal Stoughton, WU-Vienna University of Economics and Business
Market Implied Costs of Bankruptcy

3 Dec (Brown Bag)
Baolian Wang, HKUST
Nominal Price Illusion

7 Dec
Sergei A Davydenko, University of Toronto
Insolvency, Illiquidity, and the Risk of Default

11-12 Dec
HKUST Finance Symposium 2012

13 Dec “IAS Quant Finance Seminar (Joint with FINA and ISOM)”
Peter Christoffersen, University of Toronto
Capturing Option Anomalies with a Variance-Dependent Pricing ernel

18 Dec “IAS Quant Finance Seminar(Joint with ECON and FINA)”
Jose Scheinkman, Princeton University
Cream Skimming in Financial Markets


28 Feb ( Joint with MATH)
Oldrich VasicekMoody’s KMV
The Distribution of Loan Portfolio Value

11 Mar
Vidhi ChhaochhariaUniversity of Miami
How costly is sovereign default? Evidence from financial markets

16 Mar (Brown Bag)
Takao KobayashiUniversity of Tokyo
A Dynamic Theory of Pecking-Order Financing

25 Mar (Brown Bag)
Quoc-Anh DoSingapore Management University
Politicians and Directors in Social Networks: Regression Discontinuity Design Evidence from Close Elections

1 Apr
Jiro KondoNorthwestern University
Vagueness as Adjudicator Authority:Theory and Evidence on Contract Vagueness and Enforcement Evaluation

8 Apr
Renée AdamsThe University of Queensland
Who directs the Fed?

15 Apr (Brown Bag)
Sudipto DasguptaHKUST
Firm Characteristics and Manager-Firm Matching: Evidence from Executive Turnovers

27 Apr
Alexander LjungqvistNew York University
Does the Stock Market Distort Investment Incentives?

29 Apr
Mark GrinblattUCLA
IQ and Stock Market Trading

6 May (Brown Bag)
Darwin ChoiHKUST
Who Are Noise Traders? The Impact of the Disposition Effect on Liquidity and Stock Prices

13 May
Jialan WangWashington University in St Louis
Liquidity Constraints and Consumer Bankruptcy: Evidence from Tax Rebates

20 May
Roger EdelenUC Davis
Investor Recognition and the Post-Issuance Performance Anomaly

23 May (Brown Bag)
Byoung-Hyoun HwangPurdue University
“Self-Fulfilling” Stock Recommendations

27 May
Kose JohnNew York University
Law, Organizational Form, and Taxes:Financial Crisis and Regulating through Incentives

30 May (Brown Bag)
Bing HanUT Austin
Variance Risk Premium and Cross–Section of Stock Returns

2 Jun
Hao ZhouFederal Reserve Board
Short-Run Bond Risk Premia

17 Jun (Brown Bag)
David NgCornell University
How Important are Foreign Ownership Linkages for International Stock Returns?

24 Jun (IAS Nobel Lecture)
Robert EngleNYU Stern
Global Financial Stability and Long Run Risks

5 Sep (Brown Bag)
Lei SunPhD Student of FINA
How Does Competition Affect Opinion Dispersion?

9 Sep
Dirk JenterStanford University 
CEO Preferences and Acquisitions

12 Sep (Brown Bag)
Ashish TiwariUniversity of Iowa
Cross Trading and the Cost of Conflicts of Interest of Mutual Fund Advisers

19 Sep (Brown Bag)
Mark SeasholesHKUST
Common Factors, Information, and Portfolio Choice

23 Sep (Brown Bag)
Andrew Ellul, Indiana University 
Transparency, Tax Pressure and Access to Finance

26 Sep
Jason ChenUniversity of British Columbia 
What does the value premium tell us about the term structure of equity returns?

30 Sep
Ran DuchinUniversity of Michigan 
Safer Ratios, Riskier Portfolios: Banks’ Response to Government Aid

3 Oct (Brown Bag)
Du QianqianPhD Student of FINA 
Management earnings guidance, earnings momentum and price momentum

10 Oct (Brown Bag)
Neil PearsonUniversity of Illinois at Urbana-Champaign
Is There Price Discovery in Equity Options?

14 Oct
Johan WaldenUniversity of California at Berkeley 
Investor Networks in the Stock Market

21 Oct
Ralph KoijenUniversity of Chicago
Equity Yields

24 Oct (Brown Bag)
Xuewen LiuHKUST
Liquidity Flooding, Asset Prices and the Real Economy

28 Oct
Chen LinCUHK 
Financial Innovation: The Bright and the Dark Sides

4 Nov
David DenisUniversity of Pittsburgh
Insider Trading Restrictions and Top Executive Compensation

7 Nov (Brown Bag)
Diego GarciaUniversity of North Carolina at Chapel Hill
Asymmetric Information and the Pecking Order

11 Nov
Gordon PhillipsUniversity of Maryland
R&D and the Incentives from Merger and Acquisition Activity

14 Nov (Brown Bag)
Bruno SolnikHKUST
Relative Optimism among Professional Investors: A Domestic Bias?

18 Nov
Stephan SiegelUniversity of Washington
The Origins of Savings Behavior

21 Nov (Brown Bag)
Craig BrownNational University of Singapore
Campaign Contributions and Government Financial Management: Evidence from State Bond Pricing

25 Nov
Brandon JulioLondon Business School
Convergence in Corporate Investments and Aggregate Investment Dynamics

28 Nov (Brown Bag)
Yu YuanUniversity of Pennsylvania
Attention and Trading

2 Dec
Diane Del GuercioUniversity of Oregon
Do the interests of public pension fund and labor union activists align with other shareholders’? Evidence from the market for directors

5 Dec (Brown Bag) John Chalmers, HKUST What is the Impact of Financial Advisors on Retirement Portfolio Choices and Outcomes?

9 Dec
Amil DasguptaLondon School of Economics
The Wall Street Walk when Blockholders Compete for Flows

12 Dec (Brown Bag)
Nusret CakiciHKUST
Hybrid Tail Risk and Expected Stock Returns: When Does the Tail Wag the Dog?

13 -14 Dec
HKUST Finance Symposium on Corporate Finance

16 Dec (Brown Bag)
Wei Yang, University of Rochester Business
Cycles and Regime-Shift Risk


13 Jan (Brown Bag)
Kee-Hong BaeYork University 
What’s in a “China” Name? A Test of Investor Sentiment Hypothesis

22 Jan
David YermackNew York University 
Is a Higher Calling Enough? Incentive Compensation in the Church

5 Mar
Timothy RiddioughUniversity of Wisconsin–Madison
Shopping, Relationships, and Influence In the Market for Credit Ratings

8 Mar (Brown Bag)
Do non-executive employees have information? Evidence from employee stock purchase plans

15 Mar (Brown Bag)
Steven JordanKAIST Graduate School of Finance 
Asymmetric information and trade halts

19 Mar
Scott WeisbennerUniversity of Illinois 
Corporate Debt Maturity and the Real E¤ects of the 2007 Credit Crisis

22 Mar (Brown Bag)
Robert McDonaldNorthwestern University
Contingent Capital with a Dual Price Trigger

26 Mar
Jeff PontiffBoston College
Do Fund Managers Try to Mislead Investors? Evidence from Year-End Trades

29 Mar (Brown Bag)
Peter KleinSimon Fraser University 
Optimal Early Exercise of Vulnerable American Options

9 Apr
Jefferson DuarteRice University
Trust and Credit

16 Apr
Mariassunta GiannettiStockholm School of Economics
On the Real Effects of Bank Bailouts: Micro-Evidence from Japan

19 Apr (Brown Bag)
John Jianze BianUniversity of International Business and Economics 
Non-Marketability and One-Day Selling Lock-Up

26 Apr (Brown Bag)
Darwin ChoiHKUST
The Self-Serving Attribution Bias: How Mutual Fund Managers Become Overconfident and Subsequently Underperform

3 May (Brown Bag – Joint with Econ)
Laura LiuHKUST 
Intangible Assets and Cross-Sectional Stock Returns: Evidence from Structural Estimation

7 May
Thomas ChemmanurBoston College
A Theory of Corporate Boards and Forced CEO Turnovers

10 May (Brown Bag)
Radha GopalanWashington University, St Louis 
Do Credit Rating Agencies Underestimate Liquidity Risk?

14 May
Yacine Ait-SahaliaPrinceton University 
Modeling Financial Contagion Using Mutually Exciting Jump Processes

17 May (Brown Bag)
Sophie Xiaoyan NIHKUST 
Trading Puts and CDS on Stocks with Short Sale Ban

28 May
Alexei OvtchinnikovVanderbilt University 
Merger Waves Following Industry Deregulation

13 Jul (Brown Bag)
Will GoetzmannYale University
The Subprime Crisis and House Price Appreciation

13 Aug (Brown Bag)
Peter SwanThe University of New South Wales 
Are Domestic Household Investors Better Performers than Foreign Institutions? New Evidence from Finland

3 Sep
Long Chen, Washington University in St. Louis 
Dividend Smoothing and Predictability

6 Sep (Brown Bag)
Tim Adam, HKUST
The Use of Credit Default Swaps by U.S. Fixed-Income Mutual Funds

10 Sep (Brown Bag)
Mark SeasholesHKUST
Risk Sharing, Costly Participation, and Monthly Returns

13 Sep (Brown Bag)
Sudipto Dasgupta, HKUST
Shareholder democracy and its discontents: outrage, captured boards, and the veil of ignorance

17 Sep
Rohit Rahi, London School of Economics
Arbitrage Networks

20 Sep (Brown Bag)
Michael Edesess, Division of Environment, HKUST
Finance and The Environment

24 Sep
Anjan Thakor, Washington University
 Experience-Based Beliefs

4 Oct (Brown Bag)
David McLean, University of Alberta
Creative Destruction and Finance: Evidence from the Last Half Century

11 Oct (Brown Bag)
Xuewen Liu, HKUST
Predatory Short-selling and Self-fulfilling Crises

15 Oct
Nicolas Bollen, Vanderbilt University
Hedge Fund R2 What’s under the Hood?

22 Oct
Oguzhan Ozbas, University of Southern California
Corporate Diversification and the Cost of Capital

29 Oct
Prabhala NagpurnanandUniversity of Maryland
Text-Based Product Characteristics, Competition and Dividends

1 Nov (Brown Bag)
Pengfei Wang, Economics Department, HKUST
Credit Risk and Business Cycles

5 Nov
Darius Miller, Southern Methodist University
Uninvited U.S. Investors? Economic Consequences of Involuntary Cross-listings

8 Nov (Brown Bag)
Abhiroop MukherjeeHKUST
Shareholder Empowerment and Enlightenment: Information Asymmetry, Corporate Governance and Firm Value

12 Nov
Hong YanUniversity of South Carolina
The Price Impact of CDS Trading

15 Nov (Brown Bag)
Stephen FiglewskiNew York University
The Impact of the Federal Reserve’s Interest Rate Target Announcement on Stock Prices: A Closer Look at How the Market Impounds New Information

19 Nov (Brown Bag)
Mike Qinghao MaoHKUST
How does the market read information conveyed by accruals?

22 Nov (Brown Bag)
Xiaohui GaoThe University of Hong Kong
Brokerage Commissions: Hidden Costs of Owning Mutual Funds

26 Nov
Anand VijhThe University of Iowa
Do Firms Have a Target Leverage? Evidence from Credit Markets

29 Nov (Brown Bag)
Kasper NielsenHKUST
Ability or Financial Constrains to Entrepreneurship? Evidence from Survival Rates in a Natural Experiment

3 Dec
Yaniv GrinsteinCornell University
Relative Performance Evaluation in CEO Compensation: Evidence from the 2006 Disclosure Rules

10 Dec
Haitao LiUniversity of Michigan
No-Arbitrage Taylor Rules with Switching Regimes

13 Dec (Brown Bag)
Yuri TserlukevichASU and HKUST
Real Investment with Financial Hedging


9 Feb (Brown Bag)
Michael Pomerleano, Bank for International Settlements
Corporate financial restructuring in Asia: implications for financial stability

20 Feb
Josef Zechner, Vienna University
Liquidity and Feasible Debt Relief

13 Mar
Laura LindseyArizona State University
Incentives, Targeting and Firm Performance: An Analysis of Non-Executive Stock Options

17 Mar
Lilian Ng, University of Wisconsin-Milwaukee
Informed Trading Around The World

20 Mar
Ning Gong, University of Melbourne
Disclosure Policy and Stock Return Volatility

27 Mar
Michelle Lowry, Penn State University
When do banks listen to their analysts? Evidence from mergers and acquisitions

3 Apr
Dirk Hackbarth, University of Illinois
Corporate Financing and Investment: The Firm-Level Credit Multiplier

9 Apr (Brown Bag)
Ann Rutledge, HKUST
How to Cheat & Swindle – Legally – Using Structured Finance

17 Apr
Bruce Grundy, The University of Melbourne
Charitable Fund-Raising and Matching Grants or Seed Money: An Application to Employee Matching Grant Schemes

22 Apr (Joint with ISOM)
Peter Christoffersen, McGill University and Creates
Exploring Time-Varying Jump Intensities : Evidence from S&P500 Returns and Options

24 Apr (Brown Bag)
Neal Stoughton, The University of New South Wales
Intermediated Investment Management

27 Apr (Brown Bag Joint with ACCT)
Edward I. Altman, New York University
Conditions and Outlook for Global Credit Markets: A Tale of Three Periods

4 May
Alex Edmans, University of Pennsylvania
Governance Through Exit and Voice: A Theory of Multiple Blockholders

8 May
Lorenzo Garlappi, University of Texas at Austin
Financial Distress and the Cross Section of Equity Returns

18 May (Brown Bag Joint with ACCT)
Laura Liu, HKUST
Asset-backed Securitization in industrial firms—an empirical investigation

26 May (Joint with ECON)
Bernard Yeung, NUS Business School
Bank Control, Capital Allocation, and Economic Performance

29 May
Erica Li, University of Michigan
The Federal Reserve and the Cross-Section of Stock Returns

5 June
Neil Pearson, University of Illinois at Urbana-Champaign and MIT
The Dark Side of Financial Innovation

8 June (Brown Bag)
Jennifer Huang, University of Texas at Austin
Internal Capital Allocation and Firm Performance

21 July (Brown Bag)
Clemens Sialm, University of Texas at Austin
Mutual Fund Tax Clienteles

28 Aug (Joint with ECON)
Steven Davis, The University of Chicago 
Private Equity and Employment

11 Sep
Pedro MatosUSC Marshall School of Business 
(1) The Pay Divide: (Why) Are U.S. Top Executives Paid More?
(2) Corporate Governance in the 2007-2008 Financial Crisis: Evidence from Financial Institutions Worldwide

16 Sep (Brown Bag)
Macroeconomic Conditions, Nature of Competition, and Investment Cyclicality

18 Sep 
Dragon Tang
Did Subjectivity Play a Role in CDO Credit Ratings?

25 Sep (3rd year paper presentations)
Cash Holdings, Debt Repurchase and Efficient Bankruptcy Timing
Qinghao MaoHKUST
Revisit Momentum Profits: An Explanation Using Return Decomposition

2 Oct
Huseyin GulenPurdue University 
Performance for pay? The relationship between CEO incentive compensation and future stock price performance

8 Oct (Brown Bag)
Cindy MaHoulihan Lokey
Valuation Challenges for Illiquid and Complex Securities in the Current Market Environment

9 Oct
Sreedhar BharathUniversity of Michigan
Liquidity Risk of Corporate Bond Returns

15 Oct (Brown Bag)
Yunling ChenHKUST
Financial Constraints, Macroeconomic Conditions, and Financing Decisions

16 Oct
Jarrad HarfordUniversity of Washington
Bonus-driven Repurchases

19 Oct (Brown Bag)
Mark SeasholesHKUST 
Risk and the Cross-Section of Stock Returns

29 Oct (Brown Bag)
Sudipto DasguptaHKUST
(1) Search Intermediaries, Internal Labor Markets, and CEO Pay
(2)What Else Explains CEO Pay and Pay Change Other than Firm Size?

30 Oct
Christopher JamesUniversity of Florida
Credit Market Conditions and the Determinants and Value of Banking Relationships

2 Nov (Brown Bag)
David Feldman, The University of New South Wales
The CAPM Relation for Inefficient Portfolios

6 Nov
Michael HertzelArizona State University
Contracting Frictions and Cross-Border Capital Flows: Evidence from Venture Capital

13 Nov (Joint with ECON)
Elena AsparouhovaUniversity of Utah 
Experiments on Asset Pricing under Delegated Portfolio Management

16 Nov (Brown Bag)
François Ortalo-MagnéUniversity of Wisconsin-Madison 
Spatial Asset Pricing: A First Step

20 Nov
Karin ThorburnDartmouth College
Voluntary Corporate Environmental Initiatives and Shareholder Wealth

23 Nov (Brown Bag)
Kingsley FongThe University of New South Wales
Can Global Stock Liquidity Be Measured?

26 Nov (Brown Bag)
Fei DingHKUST 
Discount or Premium? Diversification, Firm Value, and Capital Budgeting Efficiency

27 Nov
Yu YuanThe University of Iowa 
Investor Sentiment and the Mean-Variance Relation

4 Dec
Harald HauINSEAD 
The Exchange Rate Effect of Multi-Currency Risk Arbitrage

Ernst MaugUniversity of Mannheim 
How do Executives Exercise Their Stock Options?

21 Dec (Brown Bag)
Keiichi KubotaChuo University 
Impact of Quarterly Disclosure on Information Asymmetry: Evidence from Tokyo Stock Exchange Firms


18 Jan (Brown Bag Seminar)
Salih NeftciHKUST 
The Unknowns of the Credit Crisis of 2007

23 Jan (Brown Bag Seminar)
Sudipto DasguptaHKUST 
What do Firms do with a Dollar of Cash Inflow?

29 Feb (Brown Bag Seminar)
Keiichi KubotaMusashi University 
Price Continuation of Weekly Portfolio Returns in Japan

7 Mar (Brown Bag Seminar)
Lan ZhangUniversity of Illinois at Chicago 
Microstructure and the Hidden Semimartingale Model

14 Mar
Suman BanerjeeNanyang Technological University 
Dual-class share issues and mitigating the costs of corporate democracy

25 Mar
Hank BessembinderUniversity of Utah 
Liquidity Biases in Asset Pricing Tests

2 Apr (Brown Bag Seminar)
Peter MacKayHKUST 
The Maturity Structure of Corporate Risk Management

11 Apr
Raymond KanUniversity of Toronto 
Model Comparison Using the Hansen-Jagannathan Distance

18 Apr
Mitch PetersenNorthwestern University and NBER 
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches

21 Apr
Suresh SundaresanColumbia University 
Integrating Dynamic Investment Theory with Financing and Capital Structure

25 Apr
Denis GrombLondon Business School 
Financially Constrained Arbitrage and Cross-Market Contagion

2 May
Scott WeisbennerUniversity of Illinois 
“Old” Money Matters: The Sensitivity of Mutual Fund Redemption Decisions to Fund Characteristics

7 May (Brown Bag Seminar)
Gilles HillaryHKUST Accounting 
Market Timing and the Cost of Equity

9 May
Rob HansenTulane University 
On the information role of stock recommendation revisions

16 May
Jason KarceskiUniversity of Florida 
Balance sheet growth and the predictability of stock returns

26 May (Brown Bag Seminar)
Mungo WilsonHKUST 
Expect returns and scheduled macroeconomic announcements

28 May (Brown Bag Seminar)
Francois-Serge LhabitantHKUST 
Liquidity in Hedge Funds

30 May (Brown Bag Seminar)
Sudipto DasguptaHKUST 
Debt Maturity and Macroeconomic Conditions

12 Jul
Mark SeasholesUniversity of California, Berkeley 
Liquidity Provision and Stock Return Predictability

18 Jul
David NgCornell University 
Cross-Country Differences in Firm Multiples

20 Jul
Wei JiangColumbia University 
Takeover Activity and Target Valuations: Evidence of Feedback in Financial Markets

28 Jul (Brown Bag Seminar)
Sophie Xiaoyan NIHKUST 
Investor Sentiment and the Prices of Stock and Index Options

19 Aug (Brown Bag Seminar)
John GriffinHKUST 
Why does the Reaction to News Announcements Vary across Countries?

5 Sep 
Gordon Phillips,
 University of Maryland 
Product Market Synergies and Competition in Mergers and Acquisitions

12 Sep
Paul Oyer, Stanford University
Managerial Incentives and Value Creation: Evidence from Private Equity

17 Sep
Jay RitterUniversity of Florida 
Corporate Executive Bribery: An Empirical Analysis

26 Sep 
Paolo Fulghieri
University of North Carolina
Corporate Governance, Finance, and the Real Economy

6 Oct 
Roni Michaely
Cornell University
Why firms smooth dividends: Empirical Evidence

10 Oct (Brown Bag Seminar) 
Du Du
Asset Pricing for Affine Processes Augmented with Regime Switching

17 Oct 
Wayne Ferson
University of Southern California
Measuring the Timing Ability of Fixed Income Mutual Funds

24 Oct (Brown Bag Seminar) 
Yuri Tserlukevich
The Propensity to Save and Incentives to Reduce Debt

31 Oct 
George Pennacchi
University of Illinois 
Estimating a Model of Real and Nominal Term Structures using Treasury Yields, Inflation Forecasts, and Inflation Swap Rates

7 Nov 
Ohad Kadan
Washington University in St. Louis 
Managerial Decisions, Asset Liquidity, and Stock Liquidity

14 Nov 
Kasper Meisner Nielsen
Chinese University of Hong Kong 
The Value of Independent Directors: Evidence from Sudden Deaths

21 Nov (Brown Bag Seminar) 
Ilona Babenko
Adverse selection and stock-based grants to non-executive employees

26 Nov (Brown Bag Seminar) 
Tingjun Liu
Takeover Bidding with Signaling Incentives (A Revised Version)

28 Nov 
Suleyman Basak
London Business School and CEPR 
Dynamic Mean-Variance Asset Allocation

5 Dec
Kewei HouThe Ohio State University 
The Implied Cost of Capital: A New Approach

12 Dec (Brown Bag Seminar) 
Laura Liu
The role of media in initial public offering

22 Dec (Brown Bag Seminar) 
Keiichi Kubota,
 Chuo University 
Expected Return, Liquidity Risk, and the Contrarian Strategy: Evidence from Tokyo Stock Exchange Firms


16 Jan
Bing Han, University of Texas at Austin 
Institutional Investment Constraints and Stock Prices

26 Jan (Joint with ECON)
Sudip GuptaIndian School of Business 
Value of Information in Endogenously Asymmetric Dynamic Auctions: An Empirical Analysis

14 Mar (Joint with ECON)
Jiang Wang, MIT 
Asset Prices Under Short-Sale Constraints

16 Mar (Brown Bag Seminar)
Ilona Babenko, HKUST 
Analyzing the Tax Benefits from Employee Stock Options

23 Mar
Francesca Cornelli, London Business School 
Ex ante effects of ex post managerial ownership

30 Mar
Tobias Adrian, Federal Reserve Bank of New York 
Hedge Fund Tail Risk

2 April
Michael Lemmon, University of Utah 
Board Classification and Managerial Entrenchment: Evidence from the Market for Corporate Control

11 April (Joint with ECON)
Liang Hu, Leeds University Business School 
Testing For Cointegration in Markov Switching Error Correction Models

16 April (Brown Bag Seminar)
Kalok Chan, HKUST 
Why Foreign Investors Trade More Frequently?

20 April
Anna Scherbina, Harvard University
Inheriting Losers

27 April
Alon Brav, Duke University
Hedge Fund Activism, Corporate Governance, and Firm Performance

7 May (Brown Bag Seminar)
Jie Gan, HKUST 
Housing Wealth and Consumption Growth

11 May
Bart Lambrecht, Lancaster University
Debt And Managerial Rents In A Real-Options Model of The Firm

14 May
Chenggang Xu, Econ Dept, HKUST 
Does Financial Regulation Matter? Market Volatility and the US 1933/34 Acts

18 May (Brown Bag Seminar)
Laura Liu, HKUST 
Media coverage and IPO underpricing

23 May (Brown Bag Seminar)
Sudipto Dasgupta, HKUST 
Property Market Bubbles, Heterogeneous Beliefs and Auction Outcomes: Evidence from Hong Kong Land Auctions

25 May
James Choi, Yale University 
Flypaper Effects in Asset Allocation

1 June
Long Chen, Michigan State 
What Drives Stock Price Movement?

8 June
Hassan NaqviNational University of Singapore 
The valuation of corporate debt with default risk

22 June (Brown Bag Seminar)
Lu Zhang, HKUST 

4 July
Amit Bubna, Indian School of Business 
When bookbuilding meets IPOs

23 July
Tarun Chordia, Emory University 
Credit Ratings and The Cross-Section of Stock Returns

30 July
Kai Li, HKUST 
Conflicts of Interests Among Shareholders: The Case of Corporate Acquisitions

17 Aug
Kai Li, HKUST 
Removing Market Friction and Sharing the Gain:Evidence from the Split Share Structure Reform in China

31 Aug
Xueping WU, City University of Hong Kong 
Initial Growth Status and Corporate Capital Structure

14 Sep
Chris PolkLondon School of Economics 
Growth or Glamour? Fundamentals and Systematic Risk in Stock Returns

21 Sep
Albert WangChinese University of Hong Kong
Mutual Fund Flows, Performance Persistence and Manager Skill

15 Oct
Uday RajanUniversity of Michigan
The Financial Effects of Real Hedging

22 Oct
Allaudeen HammeedNational University of Singapore
Stock Market Declines and Liquidity

29 Oct
Per StrömbergStockholm School of Economics 
Leverage and Pricing in Buyouts: An Empirical Analysis

2 Nov
Kathleen KahleUniversity of Arizona 
Why do U.S. firms hold so much more cash than they used to?

9 Nov
Jonathan BerkUC Berkeley
Human Capital, Bankruptcy and Capital Structure

12 Nov
Kewei HouThe Ohio State University 
Resurrecting the Size Effect:Firm Size, Profitability Shocks, and Expected Stock Returns

16 Nov
Evan GatevBoston College 
Liquidity Risk and Limited Arbitrage: Why Banks Lend to Opaque Hedge Funds

23 Nov
Stefan NagelStanford University
Depression Babies: Do Macroeconomic Experiences Affect Risk-Taking?

30 Nov
Ilya StrebulaevStanford University 
The Levered Equity Risk Premium and Credit Spreads: A Unified Framework

7 Dec
Fritz FoleyHarvard University 
The Evolution of Corporate Ownership: Evidence from 34 Countries


13 Jan
Robert KosowskiINSEAD, France
Do Hedge Funds Deliver Alpha? A Bayesian and bootstrap analysis

20 Jan
Bob KimmelPrinceton University 
Complex Times: Asset Pricing and Conditional Moments under Non-Affine Diffusions

17 Mar
Salih NeftciHKUST 
Bond prices and cash flow news: the mysteries of convexity

31 Mar
Jin ZhangHKU
Asset pricing in a production economy with heterogeneous investors

7 Apr
Heitor AlmeidaThe Stern School, New York University
Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies

10 Apr
Jun LiuUniversity of California, San Diego
Information Asymmetry, Diversification, and Cost of Capital

21 Apr
Matti KeloharjuHelsinki School of Economics
Sensation Seeking, Overconfidence, and Trading Activity

28 Apr
Will XuHKU
Short Sale Constraints, Differential Interpretations, and Price Reactions to Earnings Surprises

12 May
Laura StarksUniversity of Texas at Austin
Tradeoffs in Corporate Governance: Evidence from Board Structures and Charter Provisions

16 May
Roger KingHKUST 
Two Essays on Corporate Finance
(1) Does the Reputation of Independent Non-executive Directors Matter:
Evidence from Hong Kong
(2) Family Control Longevity: Evidence from the S&P 500

17 May
Douglas FosterHKUST 
Linking Limit Order Books: Managing Free Options on Options

26 May
José Luis Peydró-AlcaldeEuropean Central Bank
Interbank Contagion:Evidence from Real Transactions

5 Jun
Anup Agrawal, University of Alabama
Insider Trading Before Accounting Scandals

9 Jun
Sohnke BertramLancaster University
Resolving the Exposure Puzzle: The Many Facets of Exchange Rate Exposure

12 Jun
Tracy WangU. Minnesota
Real Investment and Corporate Securities Fraud

16 Jun 
Xi Li
University of Miami
The Sarbanes-Oxley Act and Cross-Listed Foreign Private Issuers

26 Jun
Hong LiuWashington Univ. in St. Louis
Managerial Preferences, Corporate Governance, and Financial Structure

30 Jun
Eric GhyselsUniversity of North Carolina – Chapel Hill 
Forecasting Professional Forecasters

3 Jul
Ashley WangUC Irvine
Institutional Equity Investment, Asymmetric Information and Credit Spreads

15 Aug (A joint seminar with ISMT)
Dilip MadanUniversity of Maryland 
Equilibrium Asset Pricing: With Non-Gaussian Factors and Exponential Utilities

16 Aug (A joint seminar with ISMT)
Peter CarrNew York University 
A theory of volatility trading

23 Aug (Brown Bag seminar)
Prices and Trading Volumes in the Housing Market: A Model without Down-Payment Effects

25 Aug
Portfolio Pumping, Trading Activity and Fund Performance

8 Sep
Fangjian FuSingapore Management University 
Seasoned Equity Offering and Capital Structure

11 Sep (Joint with ISMT)
Jaksa CvitanicCalifornia Institute of Technology 
Dynamic Portfolio Choice with Parameter Uncertainty and the Economic Value of Analysts’ Recommendations

13 Sep
Jacob SagiHaas School of Business, UC Berkeley 
A Liquidity-Based Theory of Closed-End Funds

15 Sep
Maureen O’HaraCornell University 
Microstructure and Ambiguity

22 Sep
Roni MichaelyCornell University and IDC
Dividend Smoothing, Agency Costs, and Information Asymmetry: Lessons from the Dividend Policies of Private Firms

29 Sep
Mitchell Craig WarachkaSingapore Management University 
The Earnings Term Structure of Analyst Forecasts: With an Application to Errors-in-Expectations and the Value Premium

6 Oct
Burno SolnikHKUST 
Applying Regret Theory to Investment Choices: Currency Hedging Decisions

11 Oct (Brown Bag seminar)
Jerome YenHKUST 
Corporate Financial Distress Diagnosis in China

13 Oct
Lubos PastorUniversity of Chicago 
Predictive Systems: Living with Imperfect Predictors

18 Oct
Alexander LjungqvistNYU 
Networking as a Barrier to Entry and the Competitive Supply of Venture Capital

23 Oct
Tim AdamMIT 
Capital Expenditures, Financial Constraints, and the Use of Options

27 Oct
Toni WhitedUniversity of Wisconsin, Madison 
Which Firms Follow the Market? An Analysis of Corporate Investment Decisions

3 Nov
Xueping WuCity University of Hong Kong 
The Choice of Seasoned Equity Flotation Method under Asymmetric Information about Private Benefits of Control

10 Nov
Ann E. ShermanUniversity of Notre Dame 
Underpricing, Overbidding and the Effects of Entry on IPO Auctions: Evidence from Taiwan

17 Nov
Simon Gervais, Duke University
Work Ethic, Employment Contracts, and Firm Value

29 Nov
Jin-Chuan DuanUniversity of Toronto 
Is Systematic Risk Priced in Options?

1 Dec
Yong WangPoly U. 
Consumption Risk and the Cross-sectional Stock Returns


14 Jan
Louis Chan, University of Illinois at Urbana-Champaign
Earnings Quality and Stock Returns

17 Jan
Louis Chan, University of Illinois at Urbana-Champaign
Brown Bag Seminar

21 Jan
Emst Maug, Humboldt University of Berlin
Lower Salaries and No Options?
On the Optimal Structure of Executive Pay

26 Jan
Bruno Strulovici, Stanford University
Performance-Sensitive Debt

28 Jan
Kai Li, University of British Columbia
Effective Monitoring: The Value of Large, Independent, Long-term Shareholders

31 Jan
Kai Li, University of British Columbia
The Growth in Equity Market Size and Trading Activities: An International Study

7 Feb
Tapio P. Pekkala, University of Chicago
Does Poor Diversification Explain the Small-Firm Effect?

18 Feb
Peyron Law, Stanford University
Macro Factors and the Yield Curve

21 Feb
Nengjiu Ju, University of Maryland
Asset Substitution and Underinvestment:A Dynamic View

25 Feb
Guojun Wu, University of Michigan
Predictable Behavior, Profits, and Attention

28 Feb
Sinan Tan, New York University
Labor Income Dynamics at Business-cycle Frequencies: Implications for Portfolio Choice

4 Mar
Laura Liu, University of Rochester
Do firms have target leverage ratios? Evidence from historical market-to-book and past returns

14 Mar
Harold H. Zhang, The University of North Carolina at Chapel Hill
Optimal Life-Cycle Asset Allocation with Housing as a Collateral

16 Mar
Frank Yu, University of Chicago
Analyst Coverage and Earnings Management

17 Mar
Anand Vijh, University of Iowa
Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs

1 Apr
Jiang Luo, HKUST
A theory of socialistic internal capital market

8 Apr
Ronald W. Masulis, Vanderbilt University
Corporate Governance and Acquirer Returns

13 May
Entela Saliasi, FAME and HEC, University of Lausanne
Asset Allocation in Presence of a Default Risk Mitigation Policy : Implications for the Yield Spreads

3 Jun
Ning Zhu, University of California, Davis
Cost of Time and Household Choice between Direct and Delegated Investment

30 Jun
Jun Pan, MIT
The Information in Option Volume for Future Stock Prices

Sep 23 (Joint with Econ.)
Jianjun Miao, Boston University
Investment, Consumption and Hedging under Incomplete Markets

Sep 30
Mungo Wilson, HKUST
How does size affect mutual fund behavior?

Oct 5 (Brown Bag)
Jerome Yen, The Chinese University of Hong Kong
Singapore – A City with Twin Tales: Lessons from the Falling of China Aviation Oil (CAO) and Barings Futures Incidents

Oct 12 (Brown Bag)
Yuanto Kusnadi, HKUST
Corporate Governance Mechanisms and Corporate Cash Holdings

Oct 14
Lily Fang, INSEAD Singapore
Reputation as Discipline in Sell-side Research

Oct 20 (Brown Bag)
Gilles Hilary, Accounting Dept, HKUST
Does Religion Matter for Corporate Decisions in America?

Oct 21
Per Stromberg, Swedish Institute of Financial Research
The Financial Structure of Private Equity Funds

Oct 28
Dong-Hyun Ahn, Seoul National University
Familiarity Bias and Optimal Security Design in International Markets

Nov 4 (Brown Bag)
Sudipto Dasgupta, HKUST
Price Run-ups and Seasoned Equity Issues: Testing Alternative Theories

Nov 11
Henry Cao, Cheung Kong GSB
Bubbles and Panics in a Frictionless Market with Heterogeneous Expectations

Nov 18 (Brown Bag)
Salih Neftci, HKUST
“World’s biggest market? iTraxx Index Trading” Flows in strategies and pricing

Nov 23 (Brown Bag)
Chu Zhang, HKUST 
Beyond Segmentation: The Case of China’s Repo Markets

Nov 25
Hong Yan, University of Texas at Austin and SEC 
Default Risk, Shareholder Advantage and Stock Returns

Dec 9
Lu Zheng, University of Michigan
Unobserved Actions of Mutual Funds


12 Jan
Rebel A. ColeDePaul University
Expropriation, Regulation, and Firm Value: Evidence from Events in China

16 Jan
Liuren WUZicklin School of Business, Baruch College 
Variance Risk Premia

9 Feb
Kevin WANGUniversity of Toronto
Variable Selection for Conditional Asset Pricing: An Out-of-Sample Analysis

13 Feb
Zhe ZHANGUniversity of Iowa
Uncertainty Risk and Cross-sectional Returns: Theory and Evidence

20 Feb
Jun TU , Washington University in St. Louis
Are Bull and Bear Markets Economically Important?

23 Feb
Leping WANGUniversity of Pennsylvania
Investing when Volatility Fluctuates

27 Feb
Nan LIUniversity of Chicago
Intangible Risk?

5 Mar
Jason C. HSUAnderson School at UCLA
A Model of R&D Valuation and the Design of Research Incentives

8 Mar
Hong ZHANGYale School of Management
Dynamic Beta, Time-Varying Risk Premium, and Momentum

10 Mar
Mungo WilsonHarvard University
A Model of Demand for Dividend Strips

19 Mar
Implied Volatility Smirk

26 Mar
Xiaoyan ZHANGCornell University
The Cross-Section of Volatility and Expected Returns

2 Apr
CEO selection and compensation with asymmetric information and moral hazard

23 Apr
What determines short interest level

30 Apr
The effect of institutional factors on project selection

7 May
Jennifer HUANGUniversity of Texas, Austin
Transaction costs, liquidity and asset prices

14 May
Kai LIUniversity of British Columbia
Decoupling CEO Wealth and Firm Performance : The Case of Acquiring CEOs

21 May
Ming HUANGStandford University
Individual Preferences, Monetary Gambles and the Equity Premium

7 Jun
Albert J. MenkveldVrije Universiteit Amsterdam
Round-the-Clock Price Discovery for Cross-Listed Stocks: U.S.-Dutch Evidence

11 Jun
James BOOTHArizona State University
IPO as a Liquidity Event: How Accumulation Constraints Generate New Issue Underpricing

15 Jun
Jiang WEIColumbia Business School
The 1/N Heuristic in 401(k) Plans

16 Jun
Cost of Equity Changes around Carve-out Transactions

18 Jun
Andrew CarverhillUniversity of Hong Kong
The Smirk in the S&P500 Futures Options Prices: a Linearized Factor Analysis

16 Aug
Murray Z. Frank, University of British Columbia 
Sell on News? The Market Impact of Corporate News Stories

3 Sep
Sunil WahalEmory University 
The Selection and Termination of Investment Managers by Plan Sponsors

10 Sep
Tim AdamHKUST 
Financial Constraints, Competition and Hedging in Industry Equilibrium

17 Sep
John Wei, HKUST 
Corporate Governance, Agency Costs, and Expected Stock Returns: Evidence from Analysts’ Earnings Forecasts

24 Sep
Andrew CarverhillHKU 
A Model of Corporate Liquidity

8 Oct
Chuan-yang HwangHKUST 
Long Term Reversal: Overreaction or Taxes?

29 Oct
Liu, QiaoHKU 
Does Competition Discipline Firms? The Case of Corporate Profit Hiding in China

5 Nov
Chun ChangUniversity of Minnesota 
Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure

12 Nov
Lee Hon SingNanyang Business School
Intermediation and Risk Aversion

15 Nov
Peter MackaySouthern Methodist University 
The Value of Corporate Risk Management

19 Nov
Josh PolletUniversity of Illinois at Urbana-Champaign 
Strategic Release of Information on Friday: Evidence from Earnings Announcements

26 Nov
Huang, LixinCityU 
Money and Banking in Search Equilibrium

3 Dec
Sergei SarkissianMcGill University 
The Dynamics of Geographic versus Sectoral Diversification: Is There a Link to the Real Economy?

10 Dec
Ruy RibeiroUniversity of Pennsylvania 
Predictable Dividends and Returns: Identifying the Effect of Future Dividends on Stock Prices

17 Dec
Man-Keung TangHarvard University 
Evaluation and Resource Allocation in Firms


30 Jan
Jivendra KALESt. Mary’s College of California 
Growth Optimization With Downside Protection, A New Paradigm For Portfolio Selection

14 Feb
Don KIMStanford University
The Term Structure of Real Interest Rates

17 Feb
Sonya Seongyeon LIMThe Ohio State University
Do Investors Integrate Losses and Segregate Gains?

21 Feb
Tao LINDuke University
Under- and Over-Reaction from Relative and Aggregate Overconfidence

28 Feb
Jonathan WANGSAS Institute
Fooling all of the people some of the time: A theory of endogenous sequencing in confidential negotiations

3 Mar
Hui Ou-YANGDuke University
An Equilibrium Model of Asset Pricing and Moral Hazard

7 Mar
Henry CAOUniversity of North Carolina
Model Uncertainty, Limited Market Participation and Asset Prices

14 Mar
Nai-fu CHENUC Irvine
Financial Innovations and Banking Reform21 Mar
Tim RIDDIOUGHUniversity of Wisconsin
Default, Reorganization and Liquidation: Theory and Evidence

26 Mar
Stephen FIGLEWSKINew York University
Assessing the Incremental Value of Option Pricing Theory Relative to an “Informationally Passive” Benchmark

28 Mar
Qiang KANGHong Kong University
Stock Trading, Information Production and Incentive Pay

11 Apr
Cross-listing, volatility and liquidity under market segmentation: Evidence from Chinese stock market

16 Apr
Capital Structure Theories: Some New Tests

M2 ay
52-Week High and Momentum Investing

9 May
Collateral channel and credit cycle: evidence from the land-price collapse in Japan

16 May
SBM Best PhD Student Research Paper Presentation

17 Jun
Zhiwu CHENYale School of Management
Discounts on Illiquid Stocks: Evidence from China

20 Jun
Jin DUANUniversity of Toronto
Executive Stock Options and Incentive Effects due to Systematic Risk

30 Jun
Jianping MEINew York University
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia

8 Aug
Yexiao XUThe University of Texas at Dallas
Extracting Factors with Maximum Explanatory Power

S9 ep
Gilles HilaryDept of Accounting, HKUST
(Brown Bag Seminar)Shareholder activism in Japan: social pressure, private cost and organized crime

3 Oct
Mark S. SeasholesUC Berkeley
Location Effects and Portfolio Tilting

8 Oct
Fan YUU.C. Irvine
Accounting transparency and the term structure of credit spreads

24 Oct
Lixin HUANGCity U.
Portfolio Selection with Return Predictability and Periodically Observable State Variables

31 Oct
Xianming ZHOUHKU
Raising Capital and the Pricing of New Issues

7 Nov
Gary TWITEAustralian Graduate School of Management
An International Comparison of Capital Structure and Debt Maturity Choices

11 Nov
Gilles HilaryDept of Accounting, HKUST
(Brown Bag Seminar)Analyst Following and Capital Structure

14 Nov
The Role of Expectations in Explaining the Cross-Section of Stock Returns

17 Nov
Bernard Y. YEUNGNew York University
Corporate Stability and Economic Growth

21 Nov
Chitru FERNANDOUniversity of Oklahoma
Wanna Dance? How Firms and Underwriters Choose Each Other

5 Dec
One-Share One-vote

12 Dec
The value of banking relationships

19 Dec
TSE Yiu KuenSingapore Management University
Marked durations and their implications for market microstructure


22 Jan
Gifford FongPresident of Gifford Fong Associates 
New Approaches to Credit Analysis of Securities and Portfolios

1 Feb
Cheol ParkHKUST 
Monitoring and Efficiency : The Choice between Bank Loans & Public Debt

8 Feb
James WangThunderbird, The American Graduate School of International Management 
Inter-Dealer Trading in Financial Markets

12 Apr
Tim AdamHKUST 
Why Firms Use Non-Linear Hedging Strategies

24 Apr
Jhinyoung ShinAjou University 
Strategic Futures Trading in Oligopoly

26 Apr
Yihong XiaThe Wharton School of University of Pennsylvania
A Simple Model of Intertemporal Capital Asset Pricing and Its Implications for the Fama-French Three-Factor Model

31 May
Peter SwanUniversity of New South Wales, Sydney 
Agency Problems are Ameliorated by Stock Market Liquidity:
Monitoring, Information and the Use of Stock-Based Compensation

3 Jun
Lu ZhengUniversity of Michigan 
Family Values and the Star Phenomenon7 Jun
Lorenzo GarlappiUniversity of Texas at Austin 
Portfolio selection with multiple risky assets and capital gains taxes14 Jun
John HeatonUniversity of Chicago 
Asset Pricing and Wealth

21 Jun
Yong-Cheol KimUniversity of Wisconsin-Milwaukee 
Failure of Internal Control in the Japanese Main Bank System28 Jun
Jin-Chuan DuanUniversity of Toronto 
Nonparametric Option Pricing by Transformation

12 Jul
Chu ZhangHKUST 
Why did Individual Stocks Become More Volatile?

19 Jul
Jun QianBoston College 
Buy-side Analysts, Sell-side Analysts, and Information Transmission: Theory and Evidence

13 Sep
Mark LathamA financial economist and consultant
Democracy and Infomediaries

27 Sep
The Signalling Roles of Equity-Selling Mechanism Choices

4 Oct
Bong-Soo LeeUniversity of Houston
An Empirical Test of the Accounting-based Residual Income Model and the Traditional Dividend Discount Model

7 Oct
Guojun WuUniversity of Michigan
Stock Market Manipulation: Theory and Evidence

25 Oct
Guochang ZhangAccounting Department, HKUST
On the Relation Between Stock Returns and Accounting Fundamentals: Theory and Evidence

4 Nov
Keiichi KubotaMusashi University
Common Risk Factors vs. Mispricing Factor of Tokyo Stock Exchange Firms:
Inquiries into the Fundamental Price Derived from Analysts’ Earnings Forecasts

8 Nov
Kalok ChanHKUST
Stock Price Synchronicity and Analyst Coverage in Emerging Markets

15 Nov
Vidhan Goyal, HKUST
The Capital Structures of Publicly Traded American Firms

22 Nov
Jiang LuoHKUST
Capital Budgeting in Multi-Division Firms: Information, Agency and Incentives

29 Nov
Are there speculative components in corporate hedging and do they add value?

2 Dec
Is the Bankruptcy Risk Rewarded by Higher Expected Returns?
- Evidence from Japan 1985-2000

6 Dec
Olan HenryUniversity of Melbourne
The Impact of Short Selling on the Price-Volume Relationship: Evidence from Hong Kong

9 Dec
Sudipto DasguptaHKUST
Capital Structure Theories: Some New Tests

13 Dec
Tony SandersOhio State University
International Real Estate Returns: A Multifactor, Multicountry Approach

20 Dec
Hugh LuckockUniversity of Sydney
A Model Limit Order Market


16 Feb
Kalok ChanHKUST 
Investability and Return Volatility in Emerging Equity Markets

2 Mar
Vidhan GoyalHKUST 
On the Patterns and Wealth Effects of Vertical Mergers

9 Mar
Jia HeThe Chinese University of Hong Kong 
Investing in Technology Innovations: Empirical Evidence and Model Fitting

16 Mar
Junxi ZhangThe University of Hong Kong 
Securities Transaction Tax and Market Volatility

23 Mar
Xianming ZhouCity University of Hong Kong 
Performance Thresholds in Incentive Contracts

30 Mar
Sudipto DasguptaHKUST 
Financial Constraints, the Option to Invest, and Corporate Cash

6 Apr
Shing-yang HuNational Taiwan University 
Trade Direction in Order-driven Markets – Definition, Inference, and Evidence

20 Apr
John WeiHKUST 
Institutional Order Submission Strategies, Execution Costs, and Opportunity Costs

27 Apr
Vicentiu CovrigNanyang Technological University 
Do domestic and foreign fund managers have similar preferences for stock characteristics? A cross-country analysis

4 May
Ronen IsraelThe University of Michigan 
The Boundaries of the Firm: The Choice Between Stand-Alone and Integrated Firms9 May
Shinn-Juh LinNational Tsing Hua University 
Wavelet Analysis of the Cost-Of-Carry Model

11 May
Konan ChanNational Taiwan University 
Earnings Quality and Stock Returns:The Evidence from Accruals

15 May
Jay RitterUniversity of Florida 
Investment Banking and Securities Issuance

1 Jun
Yexiao XuThe University of Texas at Dallas 
Investigating Underperformance by Mutual Fund Portfolios

5 Jun
Hayne LelandUniversity of California, Berkeley 
Beyond Mean-Variance: Risk and Performance Measurement with Asymmetric Returns

11 Jun
Bob KimmelPrinceton University 
Modeling the Term Structure of Interest Rates: A New Approach

15 Jun
Takeshi YamadaHKUST 
Interaction of Investor Types

26 Jun
Jie GanColumbia University 
1)Self-Discipline and Bank Risk Taking: Evidence from the Texas Real Estate Crisis in the 1980s
2) Loans and Marketable Securities: The Capital-Structure and Asset-Risk Decisions of Financial Institutions

3 Jul
Hong YanUniversity of Texas at Austin 
The Utility Costs of Consumption/Portfolio Rules in Partial and General Equilibrium

28 Sep
John WeiHKUST 
Capital Investments and Stock Returns

5 Oct
Corporate Groups, Capital Investments and Stock Returns in Japan

12 Oct
Isaac OtchereUniversity of Melbourne
Economic Disturbance Hypothesis of Aggregate Merger Activity: A Dynamic Analysis of the Relationship between Mergers and Share Price

18 Oct
Alex ChanThe University of Hong Kong
A Theory of Currency Board with Commitments

9 Nov
Jin ZhangHKUST 
Hedging Volatility Risk

16 Nov
Qiao LiuUniversity of Hong Kong 
Information Production, Analyst Following and Diversification Discount: A Market Microstructure Approach

22 Nov
Tarun KhannaHarvard Business School
Globalization and Corporate Governance Convergence? A Cross-Country Analysis
(Accounting & Finance Joint Seminar)

30 Nov
Masaharu HanazakiHitotsubashi University 
An International Comparison of Corporate Investment Behavior – Some Implications for the Governance Structure in Japan

7 Dec
P. Raghavendra RauPurdue University
Do Bidders Hire Top-Tier Investment Banks to Certify Value?

10 Dec
Avanidhar SubrahmanyamUCLA
(1) Order Imbalance and the Cross-Section of Expected Stock Returns
(2) Order Imbalance, Liquidity, and Market Returns

17 Dec
Jianping MeiStern School of Business, NYU 
Testing the Duo-factor-model of Return and Volume


17 Jan
Yuming LiCalifornia State University-Fullerton
Expected Returns and Habit Persistence

14 Feb
Maureen O’HaraCornell University 
Is Information Risk a Determinant of Asset Returns?

21 Feb
Chungsheng ZhouUniversity of California at Riverside 
An Adaptive Expectations Model of Asset Price Under- and Over-Reactions

25 Feb
Ray Chou, Institute of Economics, Academia Sinica 
On cross-moment dependence for high frequency data

28 Feb
Maureen O’HaraCornell University
The Market Structure and Microstructure Research

24 Mar
Andrew CarverhillHong Kong University of Science & Technology 
Skew-GARCH and the Smirk

31 Mar
George ConstantinidesUniversity of Chicago 
Asset Pricing with Heterogeneous Consumers and Limited participation: Empirical Evidence (Video Seminar)

7 Apr
Ming LiuThe Chinese University of Hong Kong 
Modeling Residential Mortgage Prepayment:A Competing Risks Approach

14 Apr
Chu ZhangHong Kong University of Science & Technology 
Statistical and Economic Significance of Stock Return Predictability: A Mean-Variance Analysis

28 Apr
Su Han Chan, The University of Hong Kong
Institutional Investors and the Monday Effect

12 May
Kee-Hong BaeHong Kong University of Science & Technology 
A new approach to measuring financial contagion

19 May
Utpal BhattacharyaIndiana University 
The World Price of Insider Trading

29 May
Hong LiuWashington University 
Optimal Portfolio Selection with Transaction Costs and Finite Horizons

9 Jun
Jay RitterUniversity of Florida 
Why Don’t Issuers Get Upset About Leaving Money on the Table in IPOs?
(Video Seminar)

7 Jul
Ren-Raw ChenRutgers University 
An Arbitrage-Free Model in a Multi-Asset Economy

21 Jul
Sheridan TitmanHKUST 
Structural Models in Corporate Finance

28 Jul
Robert EngleUniversity of California – San Diego 
Trades and Quotes: A Bivariate Point Process
(Economics & Finance Joint Seminar)

18 Aug
Ravi JagannathanHKUST 
Choosing The Right Covariance Matrix Estimator: Myth And Reality

1 Sep
Wong Tak PoHKUST 
Stock Price Elasticity Evidence from an order driven market

15 Sep
Vidhan GoyalHKUST 
Testing the Pecking Order Theory of Capital Structure

22 Sep
David WebbHK Mensa 
Corporate Governance Investigation in Hong Kong – a Practical Guide
(Joint Finance & Accounting Seminar)

29 Sep
Nai-fu ChenHKUST 
Currency Board for the 21st Century with a Fisherian Banking System

13 Oct
Maurice EwingHKUST 
Imperfect Enforcement, Finance and the Law

18 Oct
Harold MulherinPenn State University 
Comparing acquisitions and divestitures

20 Oct
Harold MulherinPenn State University 
Is there Really a When-Issued Premium?

27 Oct
Xueping WuCity University 
Keiretsu membership, firm size, and corporate returns on value and cost

3 Nov
Jin ZhangCity University 
A Semi-analytical Method for Pricing and Hedging Continuously-sampled Arithmetic Average Rate Options

10 Nov
Leslie Young, The Chinese University of Hong Kong 
Debt, Agency Costs and Institutions

17 Nov
Bruce LehmannUniversity of California-San Diego
The Role of Beliefs in Inference for Rational Expectations Models

24 Nov
Bong-Chan KhoSeoul National University 
Do domestic investors have better information than foreign investors?
Evidence from Korea

27 Nov
Bruce LehmannUniversity of California-San Diego 
Learning from Asset Prices in the Absence of Arbitrage

1 Dec
Paul BrockmanHong Kong Polytechnic University 
Managerial Timing and Corporate Liquidity: Evidence from Actual Share Repurchases

15 Dec
Lewis ChanHKUST 
Catching Up with the Joneses: Heterogeneous Preferences and the Dynamics of Asset Prices

22 Dec
Olivier ScailletUniversité Catholique de Louvain
Sensitivity Analysis of Values at Risk


22 Jan
Joseph P. Kairys, Jr, Vytautas Magnus University
Winners and Losers from the Introduction of Continuous Variable Price Trading: Evidence from the Riga Stock Exchange

29 Jan
Marie SushkaArizona State University
An Analysis of Contagion and Competitive Effects at Commercial Banks

12 Feb
James KungHong Kong University of Science & Technology
Inefficiency of Some Fixed Income Portfolio Strategies When the Short Rate is Mean-Reverting

26 Feb
Jan EricssonCatholic University of Louvain
Debt Restructuring, Investment Incentives and Capital Structure

19 Mar
Li XiaHong Kong University of Science & Technology
Nonparametric American Option Pricing

26 Mar
Andrew CarverhillHong Kong University of Science & Technology
Commodity Futures and Fowards: the HJM Approach

9 Apr
Hung-Jen WangAcademia Sinica
Exogenous Cash: Testing Financing Constraints on Inventory Investment
Using Dynamic Panels With Additional Information From Annual Reports

16 Apr
Vidhan GoyalHong Kong University of Science & Technology
Restrictive Covenants and Pricing of Bank Debt: Do Subordinated Debtholders Market Discipline Bank Risk Taking?

23 Apr
Kalok ChanHong Kong University of Science & Technology
Trade Size, Order Imbalance, and the Volatility-Volume Relation

7 May
Jeffrey PontiffUniversity of Washington
Damages in Corporate Lawsuits : The Impact of Deep Pockets

14 May
Keehong BaeHong Kong University of Science & Technology
Limit Orders, Depth, and Volatility

19 May
Yan YuhongHong Kong University of Science & Technology
The Pricing of Hong Kong Derivatives Warrants

21 May
Tim AdamHong Kong University of Science & Technology
Do Market to Book Ratios Measure Growth Opportunities?
Evidence from the Mining Industry

11 Jun
Joseph FanHong Kong University of Science & Technology
Expropriation of Minority Shareholders in East Asia

23 Jun
Bing LiangCase Western Reserve University
Do Mutual Funds with Longer Track Records Outperform?
Evidence from Small-Cap Funds

27 Aug
Ming HuangStanford University
Prospect Theory and Asset Prices

14 Sep
Keiichi KubotaMusashi University
Financial Sector Value and the CAPM: Evidence from Tokyo Stock Exchange Firms

22 Oct
John WeiHong Kong University of Science & Technology
On the Demand Elasticity of Initial Public Offerings: An Analysis of Discriminatory Auctions

29 Oct
Xueping WuCity University
Options on the Minimum or the Maximum of Two Average Prices

12 Nov
Maurice EwingHong Kong University of Science & Technology
Coordinated Liquidation and Disorderly Workouts

19 Nov
Andrew CarverhillHong Kong University of Science & Technology
Implied Volatility, Historical Volatility, Open Interest, and the Skew, in Yen and S&P500 Futures Options

22 Nov
Carl ChiarellaUniversity of Technology, Sydney
The Evaluation of Point Barrier Options in a Path Integral Framework

14 Dec
Hong YanThe University of Texas at Austin
Uncertain Growth Prospects, Estimation Risk, and Asset Prices


16 Jan
Xianming ZhouUniversity of Sydney
Executive Compensation Disclosure and Managerial Incentive Contracts

16 Mar
Carl ChiarellaUniversity of Technology – Sydney
Pricing American Bond Options In A Heath-Jarrow-Morton Framework

27 Mar
Ingrid M. WernerStanford University
The Trades of NYSE Floor Brokers

3 Apr
Vidhan GoyalHKUST
Growth Opportunities and Corporate Financial Policies: The Case of the U.S. Defense Industry, 1980-1995

20 Apr
Keehong BaeCity University of Hong Kong
Limit Orders, Depth and Volatility

24 Apr
Option Pricing under Regime Switching

1 May
Jhinyoung ShinHKUST
Insider Trading and Product Market Competition

15 May
Steven WeiHKUST
Circuit Breaker and Stock Market Volatility

20 May
Roger HuangVanderbilt University
FX Spreads and Dealer Competition Across the 24 Hour Trading Day

22 May
Andrew CarverhillHKUST
Modelling long rates via the Kalman Filter

29 May
Ronald W. AndersonHKUST & Catholic University of Louvain (Belgium)
Enterprise Restructuring and Banking Reform: Lessons From Eastern Europe Since 1990

5 Jun
Kwok Kam Hong, JohnnyHKUST
Market Segmentation in China Stock Market

9 Jun
Michael BrennanUCLA
Stock Price Volatility, Learning, and the Equity Premium

10 Jun
Philip DybvigWashington University
Asset Allocation and the Spending Rule: Strategies for Managing Educational Endowments

12 Jun
Stanley R. PliskaUniversity of Illinois at Chicago
Risk Sensitive Asset Allocation : Economic Theory and Computational Results

16 Jun
Zhaohui ChenInternational Monetary Fund
Financial Crisis and Financial Intermediation – with Reference to the Asian Financial Crisis

3 Jul
Sheridan TitmanHKUST
The Going Public Decision and the Development of Financial Markets

8 Jul
Keiichi KubotaMusashi University
Stock Returns, State Variables, and the Evolution of Aggregate Endowments : A Business Cycle Approach

9 Jul
Zi-You YuShanghai University of Finance and Economics
Characteristics Analysis of Capital Financing in China

10 Jul
Jacky SoFederal Reserve Bank in Chicago
The Statistical Behavior of Black Market Exchange Rates :Preliminary Evidence from Six Asian Countries

15 Jul
David HirshleiferUniversity of Michigan
Investor Overconfidence, Covariance Risk, and Predictors of Securities Returns

17 Jul
Sudipto DasguptaHKUST
Corporate Focus, Divestitures and Divisional Cross-Subsidization

9 Oct
Option Valuation with Co-integrated Asset Prices

30 Oct
Jevons LeeDept. of Accounting, HKUST
An Adaptive Evolutionary Approach to Option Pricing via Genetic Programming

6 Nov
Joseph FanHKUST
The Nature of Diversification

13 Nov
The Capital Investment Puzzle: Investment Opportunities, Agency Costs or Expectational Errors?

20 Nov
Chuan Yang HwangHKUST
The Impact of Tick Size on Market Quality: An Empirical Investigation of the Stock Exchange of Hong Kong

27 Nov
Maurice EwingHKUST
Systemic Risk and Contingent Payments

8 Dec
Duane SeppiCarnegie Mellon University
Liquidity-Based Competition for Order Flow

11 Dec
Hua HeConvergence Asset Management
Double Lookbacks


31 Jan
Kunal SenguptaJawaharlaj Nehru University
Learning in a Bargaining Model

31 Jan
Lane HughstonMerrill Lynch International, London
International Models for Interest Rates and Foreign Exchange

14 Feb
Keith WongHong Kong University
IPO and Product Quality

14 Mar
Wilson TongHong Kong University of Science & Technology
Return Asymmetry During Non-Trading Periods and the Monday Effect

25 Apr
Chu ZhangHong Kong University of Science & Technology
A Mechanism Design Approach to the Choice of Underwriting Method in Initial Public Offerings

5 May
M. P. NarayananUniversity of Michigan
Disentangling Value : Misvaluation and the Scope of the Firm

16 May
John WeiHong Kong University of Science & Technology
Institutional Investors’ Ordering Strategies and Their Impact on the Subsequent Price Changes : Evidence from Taiwan

23 May
Ann ShermanHong Kong University of Science & Technology
Informed Investor Allocations in Book Building IPOs

26 May
William T. ZiembaUniversity of British Columbia and Consultant, Frank Russell Company
Progress in Developing and Implementing Asset and Liability Models

Special Seminar in Financial Mathematics
2 Jun
Marco AvellanedaNYU & Morgan Stanley
Option Risk-Management and Uncertain Volatility
Organiser : Department of Mathematics, HKUST

Special Seminar in Financial Mathematics
4 Jun
Marco AvellanedaNYU & Morgan Stanley
Option Pricing and Hedging with Transaction Costs,
Organiser : Department of Mathematics, HKUST

5 Jun
Jerome B. DetempleMcGill University
Intertemporal Asset Pricing with Incomplete Markets and Nontraded Assets

6 Jun
Bong-Soo LeeUniversity of Houston,
Stock Returns and Inflation with Supply and Demand Disturbances

22 Jul
Milton HarrisUniversity of Chicago
Capital Budgeting & Delegation

28 Jul
Robert KorajczykNorthwestern University
On Selection Biases in Book-to-Market Based Tests of Asset Pricing Models

7 Aug
Tim P. BollerslevThe University of Virginia
Long-Run Volatility Dependence and High-Frequency Speculative Returns

13 Aug
Douglas W. DiamondUniversity of Chicago
Liquidity, Banks, and Markets.

14 Aug
Warren BaileyCornell University
How Important Was Silver? Some Evidence on Exchange Rate Fluctuations and Stock Returns in Colonial-Era Asia

22 Aug
Andrew Karolyi, The University of Western Ontario
The Effects of Market Segmentation and Illiquidity on Asset Prices : Evidence from Foreign Stocks Listing in the U.S.

29 Aug
Hyun-Han ShinCalifornia Polytechnic State University
Are internal capital markets efficient?

8 Oct
Ked HoganBarclays Global Investors, San Francisco
Building Advanced Active Strategies

17 Oct
Ron AndersonHKUST and Catholic University of Louvain
Strategic Analysis of Contingent Claims

24 Oct
Vidhan GoyalHKUST
The maturity structure of corporate debt in Japan

31 Oct
Chuan Yang HwangHKUST
Trading Activity at the Turn of the Year; A Microstructure perspective

7 Nov
Yuming FuCity University
What drives Stock and Real Estates Risk and Return, the REITS Puzzle

14 Nov
Kalok ChanHKUST
Profitability of Momentum Strategies in the International Equity Markets

21 Nov
Ronald SchrammHKUST and Columbia University
Optimal Financial Contracts in the Presence of Nontraded Goods. (Ricardo Meets the CAPM)

28 Nov
Takeshi YamadaHKUST
Investment and financing behavior of Japanese firms: Did managers dance to the bubble?

3 Dec
Ravi AnshumanIndian Institute of Management
Order flow dynamics, price impact, and flow of information around stock splits

5 Dec
Jiang WangMIT
Trading Volume: Definitions, Data Analysis, and Implications of Portfolio Theory

12 Dec
Jean-Guy SimonatoHEC (Montreal)
An Analytical Approximation for the GARCH Option Pricing Model

16 Dec
Learning Dynamics, Genetic Algorithms, and Corporate Takeovers

19 Dec
Risk Management in the Gold Mining Industry


6 Sept
Chu ZhangUniversity of Alberta
Two-pass Tests of Asset Pricing Models with Useless Factors

9 Sept
John MooreLondon School of Economics
Credit Chains and Systemic Risk

13 Sept
Bhagwan ChowdhryUCLA
Why Real Interest Rates, Cost of Capital and Price/Earnings Ratios Vary Across Countries

27 Sept
Richard StapletonUniversity of Lancaster
The Valuation of American Options with Stochastic Interest Rates: A Generalization of the Geske-Johnson technique

4 Oct
Tom BerglundHong Kong University of Science & Technology
Exchange Rate Devaluation and Peso Phenomena in Stock Returns

11 Oct
Peter RitchkenCase Western Reserve University
Empirical Tests of Two State-Variable Heath-Jarrow-Morton Models

18 Oct
Sudipto DasguptaHong Kong University of Science & Technology
Tender Offers, Proxy Contests and Large Shareholder Activism

25 Oct
Sanjiv Das , Havard Business School
A Theory of Optimal Timing and Selectivity

1 Nov
Joseph FanHong Kong University
Corporate Governance and Investment Policy: A Study of U.S. Petrochemical Firms

8 Nov
James B. KauUniversity of Georgia
An Option-Theoretic Model of Catastrophes Applied to Mortgage Insurance

15 Nov
Goufu TanHong Kong University of Science & Technology
Complements, Substitutes, and Strategic Divestiture (joint seminar with Economics Dept)

22 Nov
Stuart L. GillanThe University of Hong Kong
Shareholder Activism and Institutional Investors: The Effects of Corporate-Governance-Related Proposals

29 Nov
Jin C. DuanHong Kong University of Science & Technology
American GARCH Option Pricing by a Markov Chain Approximation

6 Dec
Jhinyoung ShinHong Kong University of Science & Technology
Public Disclosures: Strategic Donation of Information

13 Dec
Keiichi KubotaMusashi University
Income Risk and the Cross-section of Average Returns on Stocks: Some Insights from the Japanese Stock Market

20 Dec
Andrew CarverhillHong Kong University of Science & Technology
Interest Rate Dynamics: the Volatility and Shape at the Long End