Asian Bureau of Finance and Economic Research (ABFER)

2
nd
Conference, 2629 May 2014, Singapore
The Shangri-La, Hotel Singapore


Updated as of 17 May 2014 (Details subjected to changes)
26 May 2014
(Monday)
27 May 2014
(Tuesday)
28 May 2014
(Wednesday)
29 May 2014
(Thursday)
9.00am-9.30am
Registration and Welcome
Venue: Entrance of Banyan Room
Workshop Track 1: International Macroeconomics, Money & Banking
Takeo Hoshi, Ilian Mihov, Andrew Rose
Venue: Banyan Room
9.30am-10.35am
Real Exchange Rates and Sectoral Productivity in the
Eurozone
Martin Berka (Auckland), Michael B. Devereux (British
Columbia), Charles Engel (Wisconsin)
Discussant: Shu Lin (Fudan), Helen Popper (SCU)
9.30am-10.35am
The Offshore Renminbi Exchange Rate:
Microstructure and Links to the Onshore Market
Yin-Wong Cheung (CUHK),
Dagfinn Rime (BI Norwegian)
Discussant: Charles Engel (Wisconsin), Andrew
Rose (UCB)
9.30am-10.35am
Lending Pro-Cyclicality and Macro-Prudential Policy:
Evidence from Japanese LTV Ratios
Arito Ono (Mizuho), Hirofumi Uchida (Kobe), Gregory
Udell (Indiana), and Iichiro Uesugi (Hitotsubashi)
Discussant: Shu Lin (Fudan), Kim Sun Bae (NUS)
9.30am-10.35am
Lehman Sisters
Renee B. Adams (UNS), Vanitha Ragunathan (Queensland)
Discussant: Ross Levine (UCB), Craig Brown (NUS)
10.35am-10.55am
Coffee Break
Venue: Tower Foyer
10.55am-12.00pm
Global Value Chains and Eective Exchange Rates at
the Country-Sector Level
Nikhil Patel (Columbia), Zhi Wang (USITC), Shang-Jin
Wei (Columbia)
Discussant: Martin Berka (Auckland), Giorgio Valente
(CUHK)
10.55am-12.00pm
China's Growth, Stability, and Use of International
Reserves
Joshua Aizenman (USC), Yothin Jinjarak (UOL),
Nancy P. Marion (Dartmouth)
Discussant: Shang-Jin Wei (Columbia), Helen
Popper (SCU)
10.55am-12.00pm
Investing Like China
Chong-En Bai (Tsinghua), Qing Liu (Tsinghua),
Wen Yao (Tsinghua)
Discussant: Steve Davis (Chicago), Takeo Hoshi (Stanford)
10.55am-12.00pm
Risk Shifting and Excessive Trade Volatility
Assaf Razin (Cornell), Anuk Serechetapongse (IMF)
Discussant: Martin Bodenstein (NUS), Pushan Dutt
(INSEAD)
11:30am2:00pm
Lunch
Venue: The Line
12:00pm1:30pm
Academic Roundtable Luncheon
Human Capital, Labor Markets and Development
Panelists: Steve Davis (Chicago) Chair, Chang-Tai
Hsieh (Chicago), Hongbin Li (Tsinghua)
Venue: Acacia Ballroom
11:30am2:00pm
Lunch
Venue: The Line
11.30am-2.00pm
Lunch
Venue: Acacia Ballroom
Workshop Track 2: Corporate Finance
Jun-Koo Kang, Randall Morck, Bernard Yeung
Venue: Banyan Room
1.00pm-3.30pm

Panel Discussion
Information for Better Markets: How do we improve
market efficiency?
Presenters: Charles Lee (Stanford),
Randall Morck (Alberta)
Discussants: Ke Bin (NTU),
Harrison Hong (Princeton)
1.30pm-2.15pm
Busted! Now What? Effects of Cartel Enforcement
on Firm Value and Policies
Ailin Dong (HKUST), Massimo Massa (INSEAD),
Alminas aldokas (HKUST)
Discussant: Per Stromberg (Chicago)
1.00pm-1.45pm
Do More Transparency & Disclosure Necessarily Enhance
Firm Performance?
Suman Banerjee (NTU), Ronald Masulis (UNSW),
Sarmistha Pal (Surrey)
Discussant: T J Wong (CUHK)
12.30pm-1.15pm
The Impact of Governance Reform on Board Functioning
and Firm Value: Evidence from the Post-SOX Directorial
Labor Market
Jun-Koo Kang (NTU), Jungmin Kim (NTU), Angie Low (NTU)
Discussant: Alexander Ljungqvist (NYU)
2.20pm-3.05pm
Product Market Competition Shocks, Firm
Performance, and CEO Turnover
Sudipto Dasgupta (HKUST), Xi Li (HKUST), Albert
Wang (CUHK)
Discussant: Sun Qian (Fudan)
1.50pm-2.35pm
CEO Turnover and Earnings Management in Banks:
Evidence Using Age-based Retirement Policies
Arkodipta Sarkar (ISB), Krishnamurthy Subramanian (ISB),
Prasanna Tantri (ISB)
Discussant: Anand Srinivasan (NUS)
1.20pm-2.05pm
Financial Flexibility and Corporate Cash Policy
Tao Chen (CUHK), Jarrad Harford (Washington), Chen Lin
(UHK)
Discussant: Vidhan K. Goyal (HKUST)
3.10pm-3.55pm
Harnessing CEO Overconfidence
Suman Banerjee (NTU), Mark Humphery-Jenner
(UNSW), Vikram Nanda (Rutgers)
Discussant: Kasper Meisner Nielsen (HKUST)
2.40pm-3.25pm
Public Debate and Stock Prices: Evidence from the Voting
Premium
Fabio Braggion (Tilburg), Mariassunta Giannetti
(Stockholm)
Discussant: Yupana Wiwattanakantang (NUS)
2.10pm-2.55pm
Smart and Illicit: Who Becomes an Entrepreneur and Does
it Pay?
Ross Levine (UCB), Yona Rubinstein (LSE)
Discussant: Renee B. Adams (UNS)
3.00pm-4.00pm
Coffee Break
Venue: Tower Foyer
3.30pm-4.30pm
Coffee Break
Venue: Tower Foyer
3.00pm-4.30pm
Coffee Break
Venue: Tower Foyer
2.30pm-3.30pm
Coffee Break
Venue: Tower Foyer
Workshop Track 3: Investment Finance
Allaudeen Hameed, Deng Yong Heng, Massimo Massa, Melvyn Teo
Venue: Banyan Room
3.30pm-4.15pm
Who are the Sentiment Traders? Evidence from the
Cross-section of Stock Returns and Demand
Luke DeVault (Arizona), Richard Sias (Arizona), Laura
Starks (Texas)
Discussant: Gennaro Bernile (SMU)
4.00pm-4.45pm
When Real Estate is the Only Game in Town
Hyun-Soo Choi (SMU), Harrison Hong (Princeton),
Jeffrey D. Kubik (Syracuse), Jeffrey P. Thompson
(FRB)
Discussant: Sing Tien Foo (NUS)
3.30pm-4.15pm
The Information Value of Credit Rating Reports
Sumit Agarwal (NUS), Vincent Chen (NUS),
Weina Zhang (NUS)
Discussant: Lei Zhang (NTU)
3.00pm-3.45pm
Low Latency Trading and Comovement of Order Flow and
Prices
Ekkehart Boehmer (EDHEC),R. L. Shankar (EDHEC)
Discussant: Qing Tong (SMU)
4.20pm-5.05pm
Short-Term Reversals and the Efficiency of Liquidity
Provision
Si Cheng (QUM), Allaudeen Hameed (NUS), Avanidhar
Subrahmanyam (UC), Sheridan Titman (Texas)
Discussant: Tarun Chordia (Emory)
4.50pm-5.35pm
One Fundamental and Two Taxes: When Does a
Tobin Tax Reduce Financial Price Volatility?
Yongheng Deng (NUS), Xin Liu (NUS),
Shang-Jin Wei (Columbia)
Discussant: Wenlan Qian (NUS)
4.20pm-5.05pm
How Fast Can the Market Get It? Evidence from Alliance
Synergies
Massimo Massa (INSEAD), Chengwei Wang (INSEAD), Hong
Zhang (INSEAD)
Discussant: Baolian Wang (HKUST)
3.50pm-4.35pm
Till Death Do Us Part: Marital Events and Hedge Funds
Melvyn Teo (SMU), Sugata Ray (Florida), Yan Lu (UF)
Discussant: Bruce D. Grundy (Melbourne)
5.10pm-5.55pm
The Pricing of Corporate Foreign Trade Risk
Yakov Amihud (NYU), Eli Bartov (NYU), Baolian Wang
(HKUST)
Discussant: Sugata Ray (Florida)
5.40pm-6.25pm
Preferred Habitats and Safe-Haven Effects:
Evidence from the London Housing Market
Cristian Badarinza (Oxford), Tarun Ramadorai
(Oxford)
Discussant: Tu Yong (NUS)
5.10pm-5.55pm
How Binding are Limits to Arbitrage?
Alexander Ljungqvist (NYU), Wenlan Qian (NUS)
Discussant: Charles Lee (Stanford)
4.40pm-5.25pm
Mutual Fund Competition, Managerial Skill, and Alpha
Persistence
Gerard Hoberg (Maryland), Nitin Kumar (Maryland),
Nagpurnanand Prabhala (Maryland)
Discussant: Clemens Sialm (Texas)
5.45pm-6.15pm
Reception & Registration
Venue: Casuarina / Acacia Ballroom
6.30pm-7.00pm
Break
5.45pm-6.15pm
Reception & Registration
Venue: Casuarina / Acacia Ballroom
5.30pm
End of Conference
6.15pm-7.30pm
Industry Panel and Round Table
The Use of Research in Risk Management :
Perspectives from Industry Practitioners
Panelists: Elbert Pattijn (DBS), Paul Bernard, CFA (TTS),
Kate Chiew (NTUC Income), Sung Cheng Chih
(MOF/MAS/GIC) Chair
Venue: Casuarina / Acacia Ballroom
7.00pm-9.00pm
ABFER Senior Fellow Meeting
Venue: Acacia Ballroom
6.15pm-7.30pm
Industry Panel and Round Table
Investments in Asia Forum: Has Asia Reached its Full
Potential?
Panelists: Timothy Zee (PAG), Michael Syn (SGX), Charles
Lee (Standford), Liew Tzu Mi (GIC), Madhabi Puri Buch
(Agora), Joseph Cherian (NUS/CAMRI) Chair
Venue: Casuarina / Acacia Ballroom
7.30pm-9.30pm
Welcome Speech
Bernard Yeung (NUS)

Keynote Speech and Welcome Dinner
The Why, What and How of Long-term Investing
Sung Cheng Chih (MOF/MAS/GIC)
Venue: Casuarina / Acacia Ballroom
7.30pm-9.30pm
Welcome Speech
Tan Chorh Chuan (NUS)

Keynote Speech and Gala Dinner
What we are learning about Sustainable and Defective
Growth Patterns: Experience in Developed and
Developing countries
Michael Spence (NYU)
Venue: Casuarina / Acacia Ballroom