Embedded Files
2023 Spring
Upcoming meetings:
Meeting 9: June 26, 2023, Monday, 10:20AM-12:30 PM, PHBS Room 211/212
[10:20-11:25AM] Tianye Lin, "Banking on Deposits: Maturity Transformation without Interest Rate Risk" by Itamar Drechsler, Alexi Savov, and Philipp Schnabl (2021, Journal of Finance)
[11:25AM-12:30PM] Qi Li, "Why Does Education Reduce Crime?" by Brian Bell, Rui Costa, and Stephen Machin (2022, Journal of Political Economy)
Participating faculty members: TBD
Meeting 8: June 19, 2023, Monday, 10:20AM-12:30 PM, PHBS Room 211/212
[10:20-11:25AM] Lianghao Shen, "Monetary Stimulus amidst the Infrastructure Investment Spree: Evidence from China's Loan-Level Data" by Kaiji Chen, Haoyu Gao, Patrick Higgins, Daniel F. Waggoner, Tao Zha (2023, Journal of Finance)
[11:25AM-12:30PM] Nan Su, "Tracking Retail Investor Activity" by Ekkehart Boehmer, Charles M. Jones, Xiaoyan Zhang, and Xinran Zhang (2021, Journal of Finance)
Participating faculty members: TBD
Meeting 7: May 29, 2023, Monday, 10:20AM-12:30 PM, PHBS Room 211/212
[10:20-11:25AM] Ziying Chen, "The Limits of Limited Liability: Evidence from Industrial Pollution" by Pat Akey and Ian Appel (2021, Journal of Finance)
[11:25AM-12:30PM] Shuocen Liu, "Social Media, News Consumption, and Polarization: Evidence from a Field Experiment" by Ro'ee Levy (2021, American Economic Review)
Participating faculty members: TBD
Meeting 6: May 15 , 2023, Monday, 10:20AM-12:30 PM, PHBS Room 211/212
[10:20-11:25AM] Chuan Hu: "The Life Cycle of Products: Evidence and Implications" by David Argente, Munseob Lee and Sara Moreira (2023, Journal of Political Economy)
[11:25AM-12:30PM] Yizou Wu: "A Theory of Housing Demand Shocks", by Ding Dong, Zheng Liu, Pengfei Wang, and Tao Zha (2022, Journal of Economic Theory)
Meeting 5: Apr 24 , 2023, Monday, 10:00AM-12:30 PM, PHBS Room 211/212
[10:00-11:20AM] Qi Li: "Political Constraints, Organizational Forms, and Privatization Performance: Evidence from China" by Jianping Deng, Jie Gan, and Jia He (2006, working paper); "State Capitalism vs. Private Enterprise" by Donghua Chen, Dequan Jiang, Alexander Ljungqvist, Haitian Lu and Mingming Zhou (2017, working paper).
[11:30AM-12:30PM] Weimin Zhou: "Banking Innovations in China: Evidence and Welfare Implications", with Yicheng Wang, Zhiwei Xu.
Participating faculty members: Prof. Weiwei Hu (PHBS), Prof. Yicheng Wang (PHBS), Prof. Jin Xie (PHBS), Prof. Zhiwei Xu (PHBS)
Meeting 4: Apr 11, 2023, Tuesday, 3:30-6:00 PM, PHBS Room 321/322
[3:30-4:40PM] Lianghao Shen: "State Ownership and Monetary Supply Shocks: A Tale of Two Sectors ", by Frederico Belo, Dapeng Hao, Xiaoji Lin, Zhigang Qiu and Jincheng Tong (2022, working paper)
[4:50-6:00PM] Tianye Lin: "Loan Prime Rate, Interbank Financing Cost and China Banking System"
Participating faculty members: Prof Calvin Dun Jia (PHBS)
Meeting 3: Mar 28, 2023, Tuesday, 3:30-6:00 PM, PHBS Room 321/322
[3:30-4:50PM] Ziying Chen: "Pricing Climate Change Exposure", by Zacharias Sautner, Laurence van Lent, Grigory Vilkov, Ruishen Zhang (2022, working paper)
[5:00-6:00PM] Shuocen Liu: "The Welfare Effects of Social Media", by Allcott, et. al. (2019, AER)
Participating faculty members: Prof. Chenjie Xu (SUFE), Dr. Tingyu Yu (UZH), Prof. Baixiao Liu (PHBS)
Meeting 2: Mar 14, 2023, Tuesday, 3:30-6:00 PM, PHBS Room 321/322
[3:30-4:30PM] Kaihong Song: “Who Bears Firm-Level Risk? Implications for Cash Flow Volatility”, by Mindy Z.Xiaolan (Working Paper)
[4:35-5:35PM] Chuan Hu: "The Extensive Margin of Aggregate Consumption Demand", by Andres Donangelo, François Gourio, Matthias Kehrig, Miguel Palacios, (2022, Review of Economic Studies)
[5:40-6:00PM] Nan Su: "A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management" by Bolton, Chen and Wang (2011, Journal of Finance)
Meeting 1: Feb 28, 2023, Tuesday, 3:30-6:00 PM, PHBS Room 321/322
[3:30-4:50PM] Nan Su: "A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management" by Bolton, Chen and Wang (2011, Journal of Finance)
[5:00-6:00PM] (Cancelled) Shuocen Liu: "The Welfare Effects of Social Media", by Allcott, et. al. (2019, AER)
Participating faculty members: Prof. Jaekyuk Choi (PHBS)
** Each meeting's program will be announced approximately one week in advance of the event!
2022 Fall
Meeting 1: Aug 29, 2022, Monday, 10.30-1PM, PHBS Room 229
Welcome new participants and organizational lecture, by Prof. Kai Li
Leverage, Risk Taking, and the Medium -Leverage Safety Trap (Tobias Berg and Florian Heider), presented by Kaihong Song
Size and Value in China (Jianan Liu, Robert F. Stambaugh and Yu Yuan, JFE 2019), presented by Lianghao Shen
Meeting 2: Sep 14, 2022, Monday, 10.30-1PM, PHBS Room 229
The Informational Role of Ownership Networks in Bank Lending (Gao, Haoyu, Hong Ru, and Xiaoguang Yang, JFQA 2021), presented by Tianye Lin; discussed by Hongpan Zhang
China's Shadow Banking and Asset Management Regulation (Peng Yuchao and Shan He, Journal of World Economy 2020), presented by Yuan Wang
What a difference a (birth) month makes: The relative age effect and fund manager performance (Bai, John Jianqiu, Linlin Ma, Kevin A. Mullally, and David H. Solomon, JFE 2019), presented by Chuan Hu
Meeting 3: Oct 10, 2022, Monday, 10.30-1PM, PHBS Room 229
[10.30-11.30AM] A Unified Framework for Monetary Theory and Policy Analysis (Largos, Ricardo, and Randall Wright, JPE 2005), presented by Chuan Hu
[11.40-12.40PM] Overreaction in Macroeconomic Expectations (Bordalo, Pedro, Nicola Gennaioli, Yueran Ma, and Andrei Shleifer, AER 2020), presented by Zijun Yang
[12.45-1.05PM] Credit Market Disruptions and Liquidity Spillover Effects in the Supply Chain (Anna M. Costello, JPE 2020), presented by Hongpan Zhang
Participating faculty members: Prof. Dun Jia (PHBS), Prof. Zhiwei Xu (PHBS), and Prof. Shengxing Zhang (PHBS and LSE)
Meeting 4: Oct 24, 2022, Monday, 10.30-1PM, PHBS Room 229
[10.30-11.30AM] Digesting Anomalies: An Investment Approach (Hou, Kewei, Chen Xue, and Lu Zhang, RFS 2015), presented by Lianghao Shen
[11.40-1PM] "Investor Sentiment and Stock Returns" (presented by Bixiao Chen), which consists of three papers:
Main paper: Investor Sentiment and the Cross-Section of Stock Returns (Baker, Malcolm, and Jeffrey Wurgler , JF 2006)
Related papers: Investor Sentiment and Stock Returns: Global Evidence (Wang, Wenzhao, Chen Su, and Darren Duxbury , Journal of Empirical Finance 2021); and Investor Sentiment Aligned: A Powerful Predictor of Stock Returns (Huang, Dashan, Fuwei Jiang, Jun Tu, and Guofu Zhou, 2015 RFS)
Participating faculty members: Prof. Aoxiang Yang (PHBS)
Meeting 5: Nov 8, 2022, Tuesday, 3.30-6PM, Room 229
[3.30-4.30PM] Ziying Chen: A Quantity-Based Approach to Constructing Climate Risk Hedge Portfolios, by Georgij Alekseev, Stefano Giglio, Quinn Maingi, Julia Selgrad and Johannes Stroebel
[4.45-6PM] Yuan Wang: Financial Lease and Capital Allocation Efficiency in China
Participating faculty members: Prof. Zhiwei Xu (PHBS), Prof. Shengxing Zhang (PHBS and LSE), Prof. Yifei Zhang (PHBS)
Meeting 6: Nov 22, 2022, Tuesday, 3.30-6PM, Room 229
[3.30-4.45PM] Tianye Lin: Knowing What Others Know: Coordination Motives in Information Acquisition, Hellwig and Veldkamp (2009, RES). His talk will also connect to other related papers, including:
Morris and Shin (2002): Social Value of Public Information;
Myatt and Wallace (2012): Endogenous Information Acquisition in Coordination Games
[5-6PM] Zhaorui Li: A Theory of Micro-finance
Participating faculty members: Prof. Dun Jia (PHBS), Prof. Zhiwei Xu (PHBS)
Meeting 7: Dec 6, 2022, Tuesday, 3.30-6PM, Room 229
[3.30-4.40PM] Qi Li : "Migrants and Firms: Evidence from China" by Imbert, Seror, Zhang and Zylberberg, AER 2022
[4.50-6PM] Kaihong Song: "Leasing and Firms' Risk-Shifting Behavior", working paper
Participating faculty members: Prof. Weiwei Hu (PHBS), Prof. Zhiming Li (PHBS) and Prof. Yicheng Wang (PHBS)
Meeting 8: Dec 20, 2022, Tuesday, 3.30-6PM, Room 229
[3.30-4.50PM] Nan Su: "A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management" by Bolton, Chen and Wang (2011, Journal of Finance)
[5-6PM] Shuocen Liu: "The Welfare Effects of Social Media", by Allcott, et. al. (2019, AER)
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