Symposium on China’s Financial Markets

Sponsored by

Bendheim Center for Finance, Princeton University

Guanghua School of Management, Peking University

Academy of Finance and Development, Peking University

July 7, 2012

Beijing, China



Co-Chairs of the Symposium


·         Wei Xiong: Professor of Economics, Department of EconomicsandBendheim Center for Finance, Princeton University

·         Yu-Jane Liu:Professor of Finance, and Chair of Finance Department, Guanghua School of Management, Peking University


Program Committee

·         Franklin Allen: University of Pennsylvania

·         Joseph Fan: Chinese University of Hong Kong

·         Joseph Gyourko: University of Pennsylvania

·         David Hirshleifer: University of California, Irvine

·         Harrison Hong:Princeton University

·         Tim Jenkinson: Oxford University

·         Li Jin: Harvard University

·         Andrew Karolyi: Cornell University

·         Qiao Liu: Peking University

·         Terrance Odean:University of California, Berkeley

·         Jay Ritter:University of Florida

·         Shang-Jin Wei:Columbia university

·         Ning Zhu: Shanghai Advanced Institute of Finance




Guanghua School of Management, Peking University



201276 下午      地点:光华管理学院1号楼202会议室

                         主持人:北京大学光华管理学院金融系主任 刘玉珍

 15:00 – 15:30   开幕式    致辞人:北京大学党委副书记 于鸿君教授                      

 15:30 – 16:30   主题演讲  中国银行业监督管理委员会国际部主任 范文仲

16:30 – 17:30   圆桌讨论  议题:中小企业融资

                        引言人:中信金控副总经理 任正龙


北京大学光华管理学院教授  李怡宗、杨云红、张峥

201277           Classroom 110, Building 2, Guanghua School

                         Session Chair: Wei Xiong, Princeton University

8:20 – 8:55

Conference Registration

8:55 – 9:00

Welcome Remarks by Hongbin Cai, Dean of Guanghua School 

Session 1

9:00 – 9:40








9:40 – 10:20








10:20 – 11:00



Session 1:  Chinese Financial Markets and Economic Development

Paper 1: Banking Structure, Labor Intensity, and Industrial Growth: Evidence from China

Justin Y. Lin, World Bank

Xifang Sun, Seoul National University

Harry X. Wu, Hitotsubashi University


Discussant: Qiao Liu, Peking University


Paper 2: Should We Fear an Adverse Collateral Channel Effect on Investment in China?

Yongheng Deng, National University of Singapore

Joseph Gyourko, University of Pennsylvania

Jing Wu, Tsinghua University


Discussant: Jie Gan, Cheung Kong Graduate School of Business


Paper 3: Political Motivation, Overinvestment and Firm Performance

Qiao Liu, Peking University

Wei Luo, Peking University

Nianhang Xu, Renmin University of China

Discussant: Ning Zhu, Shanghai Advanced Institute of Finance

11:00 – 11:20

Tea Break

11:20 – 12:10

Keynote Speech

Franklin Allen, University of Pennsylvania

Session 2

13:20 – 14:00







14:00 – 14:40








14:40 – 15:20








Session 2:  Chinese Investor Behavior and Market Dynamics

Paper 4: Speculation Spillover

Jane Liu, Peking University

Zheng Zhang, Peking University

Longkai Zhao, Peking University


Discussant: Martin Schmalz, University of Michigan


Paper 5: New Investors and Bubbles: An Analysis of the Baosteel Call Warrant Bubble

Binglin Gong, Fudan University

Deng Pan, Fudan University

Donghui Shi, Shanghai Stock Exchange


Discussant: Lin Peng, City University of New York


Paper 6: In Search of Concepts: Returns, Trading Volume and Speculative Demand

Owainap Gwilym, Bangor Business School

Iftekhar Hasan, Fordham University

Qingwei Wang, Bangor Business School

Ru Xie, Bangor Business School


Discussant: Chunxin Jia, Peking University

15:20 –15:40

Tea Break

Session 3

15:40 –16:20







16:20 –17:00







17:00 – 17:40

Session 3: Household Finance

Paper 7: Trading for Status

Harrison Hong, Princeton University

Wenxi Jiang, Yale University

Bin Zhao, Shanghai Advanced Institute of Finance


Discussant: Bing Han, University of Texas-Austin


Paper 8: Status Competition and Housing Prices

Shang-Jin Wei, Columbia University

Xiaobo Zhang, International Food Policy Research Institute

Yin Liu, Tsinghua University


Discussant: Hao Zhou, U.S. Federal Reserve Board


Paper 9: The Life Cycle Model and Household Savings: Micro Evidence from Urban China

Abhijit Banerjee, MIT

Xin Meng, Australia National University

Nancy Qian, Yale University


Discussant: Kelly Shue, University of Chicago

18:00 –19:30

Dinner       Dining room in Building #2 of Guanghua School