CityU International Finance Conference 2025

June 3–4, 2025 | City University of Hong Kong

Venue: 6-207, Level 6, Lau Ming Wai Academic Building (LAU)

June 2 (Monday): Pre-Conference Event

18:00–21:00 | Cruise Dinner along Victoria Harbour (Invitation Only)

• 17:40–18:00: Meet at the ground floor of Lau Ming Wai Academic Building to board the bus.

• 18:00: Bus departs for Kowloon Public Pier.

June 3 (Tuesday): Corporate Finance Sessions

08:30–09:00 | Registration

09:00–09:10 | Opening Remarks

• Professor Stephen Shum, Dean, City University of Hong Kong

09:10–10:40 | Session 1: Financial Intermediaries and Institutions

Chair: Yaxuan Qi, City University of Hong Kong

1. The Cost of Intermediary Market Power for Distressed Borrowers

   • Winston Wei Dou (Wharton School, University of Pennsylvania & NBER)

   • Wei Wang (Smith School of Business, Queen’s University)

   • Wenyu Wang (Kelley School of Business, Indiana University)

   • Discussant: Jonathan Wallen (Harvard Business School)

2. Overallocated Investors and Secondary Transactions

   • Rustam Abuzov (Darden School of Business, University of Virginia)

   • Aleksandar Andonov (Amsterdam School of Business, University of Amsterdam)

   • Josh Lerner (Harvard Business School, Harvard University)

   • Discussant: Yingxiang Li (City University of Hong Kong)

10:40–11:00 | Tea Break

11:00–12:30 | Session 2: Price Formation

Chair: Qianqian Huang, City University of Hong Kong

1. Driving a Bargain: Negotiation Skill and Price Dispersion

   • Kristine W. Hankins (University of Kentucky)

   • Tong Liu (MIT Sloan School of Management)

   • Denis Sosyura (Arizona State University)

   • Discussant: Feng (Jack) Jiang (University at Buffalo)

2. Assessing Assessor

   • Huaizhi Chen (University of Notre Dame)

   • Lauren Cohen (Harvard University & NBER)

   • Discussant: Teng Sun Stephen (City University of Hong Kong)

12:45–14:30 | Lunch

📍 Faculty Lounge, 9/F, Bank of China (Hong Kong) Complex, CityU

14:45–15:45 | Keynote Speech

Moderator: Yue Ma, City University of Hong Kong

• Set in Stone: The Persistence and Origin of Corporate Culture

  • Kai Li (University of British Columbia)

15:50–17:20 | Session 3: Governance and Regulation

Chair: Yangyang Chen, City University of Hong Kong

1. Contagious Deregulation

   • Jakub Hajda (HEC Montreal)

   • Joseph Kalmenovitz (University of Rochester)

   • Billy Xu (University of Rochester)

   • Discussant: Zongbo Huang (CUHK Shenzhen)

2. AI in Corporate Governance: Can Machines Recover Corporate Purpose?

   • Boris Nikolov (Swiss Finance Institute & ECGI)

   • Norman Schürhof (Swiss Finance Institute & CEPR)

   • Sam Wagner (University of Lausanne & Swiss Finance Institute)

   • Discussant: Yan Ji (HKUST)

17:20–17:40 | Tea Break

18:00–20:30 | Dinner (Invitation Only)

📍 Jasmine Restaurant (LG2-40, Festival Walk, 80 Tat Chee Avenue, Kowloon Tong)

• 17:40–18:00: Walk to the restaurant from Lau Ming Wai Academic Building.

June 4 (Wednesday): Asset Pricing Sessions

08:30–09:00 | Registration

09:10–10:40 | Session 1: Risk of Stocks and Bonds

Chair: Lei Zhang, City University of Hong Kong

1. Technology Adoption, Market Power, and the Dual Dynamics of Value Premium and Markups

   • Xiaoji Lin (University of Minnesota)

   • Chao Ying (Chinese University of Hong Kong)

   • Terry Zhang (Australian National University)

   • Discussant: Jincheng Tong (University of Toronto)

2. Leverage Dynamics and Learning about Economic Crises

   • Artur Anschukov (Imperial College Business School)

   • Harjoat Singh Bhamra (Imperial College Business School)

   • Lars-Alexander Kuehn (Carnegie Mellon University)

   • Discussant: Kai Li (Peking University HSBC Business School)

10:40–11:00 | Tea Break

11:00–12:30 | Session 2: Monetary Policy

Chair: Tao Shu, CUHK

1. The Fed and the Wall Street Put

   • Jan Harren (University of Münster)

   • Mete Kilic (USC Marshall School of Business)

   • Zhao Zhang (International Monetary Fund)

   • Discussant: Zhengyang Xu (City University of Hong Kong)

2. Dissecting Bond Market Transmission of Monetary Policy

   • Chuck Fang (Drexel University)

   • Kairong Xiao (Columbia University & NBER)

   • Discussant: David Yang (City University of Hong Kong)

12:45–14:30 | Lunch

📍 Faculty Lounge, 9/F, Bank of China (Hong Kong) Complex, CityU

14:45–15:45 | Keynote Speech

Moderator: Zhiyao Chen, City University of Hong Kong

• Treasury Demand

  • Lukas Schmid (University of Southern California)

15:50–17:20 | Session 3: Currency and Exchange Rates

Chair: Jay Cao, Hong Kong Polytechnic University

1. Option-Implied Local Currency Credit Spreads

   • Patrick Augustin (McGill University)

   • Alexandre Jeanneret (UNSW Business School)

   • Ella Patelli (University of British Columbia)

   • Jose-Manuel Sanchez-Martinez (McGill University)

   • Discussant: Jaewon Choi (Seoul National University)

2. Beyond Bilateral Flows: Indirect Connections and Exchange Rates

   • Saleem Bahaj (UCL & Bank of England)

   • Pasquale Della Corte (Imperial College London & CEPR)

   • Daniele Massacci (King’s College London)

   • Eduard Seyde (Imperial College London)

   • Discussant: Yang Liu (Hong Kong University)

17:20–17:30 | Closing Remarks

• Professor Junbo Wang, Department Head

17:30–17:50 | Break

18:30–21:00 | Dinner (Invitation Only)

📍 Deng G Sichuan (412-413, 4/F, K11 MUSEA, 18 Salisbury Rd, Tsim Sha Tsui)

• 17:40–18:00: Board bus at Lau Ming Wai Academic Building.

• 18:00: Bus departs for the restaurant.

June 5 (Thursday): Optional Activity

08:30–12:00 | Morning Hike

• Depart from Exit C1 of Admiralty Metro Station at 8:30 am

• You can go to Admiralty Metero Station directly or meet at the grond floor of Lau Ming Wai Academic Building at 7:45 am. 

Format for Each Paper

• Presentation: 25 minutes

• Discussion: 15 minutes

• Floor Q&A: 5 minutes