Conference Program

The conference will feature keynote speech by Professor Geert Bekaert from Columbia University Business School. It will also include Prof. Josef Zechner from Vienna University of Economics and Business, Prof. David McLean from Georgetown University, Prof. Aleh Tsyvinski from Yale University, Prof. Michael Goldstein from Babson College, Prof, Debarshi Nandy from Brandeis University and Prof. Evgeny Lyandres from Tel Aviv University. 

Please watch the live streams of 2021 CFRIC: Here

We would also like to introduce you our fun activity #bewithcfric2021. You can easily join in this activity by simply sending us a photo of yours attending the 2021 CFRIC sessions on 27thNov, happy face, big smiles are welcomed. If the photo you submitted meets the requirements, you will get the Certificate of Participation. Students Participation are also welcomed (Students can join by watching the Live Streams here). Photos should be sent via http://bewithcfric2021.mikecrm.com/8aywQmc before 10th Dec, 2021. Alternatively, you can scan the QR code to fill out the form and get your Certificate of Participation.





2021 China Finance Review International Conference

November 27 (Saturday) China Standard Time


Opening Remark

Wenfeng Wu (Shanghai Jiao Tong University)


Keynote Speech

Emerging Markets in a Globalizing World

Speaker: Geert Bekaert (Columbia University Business School)

Chair: Jun Tu (Singapore Management University)


Transition Break   (10 min)

Distinguished Scholar Speech A

Chair: Qing   He (Renmin University of China)

Distinguished Scholar Speech B

Chair:   Shaun Wang (SUSTech)


Short Sellers in the Realm of Social Media: Arbitrageurs or Manipulators

Speaker: David McLean (Georgetown University)

Dealer behavior and the trading of newly issued corporate bonds

Speaker: Michael Goldstein (Babson College)


Economics for Cryptocurrencies


Speaker: Yukun Liu (University of Rochester)

The Going Public Decision and Retail Investors

in SPACs vs. IPOs

Speaker: Debarshi Nandy (Brandeis University)


Transition Break   (10 min)

Concurrent Session A

Concurrent Session B



Asset pricing

Chair: Nan Li (Shanghai Jiao Tong University)

Corporate finance

Chair: Ruo Jia (Peking University)


What Drives Closed-End Fund Discounts?   Evidence from COVID-19

Presenter: Liang Ma (University of South Carolina)

Discussant: Vigdis Boasson (Central Michigan university)

In Search of a Unicorn

Presenter: Felix Zhiyu Feng (University of Washington)

Discussant: Shuyan Liu (Shanghai University of Finance and Economics)


Asset Growth Anomaly of Corporate Bonds: A   Decomposition Analysis

Presenter: Tong Yu (University of Cincinnati)

Discussant: Hui Guo (University of Cincinnati)

Ordeal by Innocence in the Big-data Era:   Intended Data Breach Disclosure, Unintended Real Activities Manipulation

Presenter: Jinyu Liu (University of  International Business and Economics)

Discussant: Kai Wu (Central University of Finance and Economics)


Feedback, Flow-induced Fire Sales, and Option   Returns

Presenter: Han Xiao (Pennsylvania State University)

Discussant: Yuxi Wang (Shanghai Jiao Tong University)

Foreign Business Exposure, Policy Uncertainty,   and Capital Flight from Home: Evidence from China

Presenter: Dongxu Li (Xiamen University)

Discussant: Jinyu Liu (University of International Business and Economics) 


Real-Time Predictability of Mutual Fund   Performance Predictors

Presenter: Yu Xia (McGill University)

Discussant: Ran Chang (shanghai Jiao Tong University)

The Cost of Capital, Adjustment Costs, and   Corporate Employment

Presenter: Kai Wu (Central University   of Finance and Economics)

Discussant: Dongxu Li (Xiamen University)


Transition Break (10 min)

Concurrent Session  A

Concurrent  Session B



Asset pricing

Chair: Xiangwei Wan (Shanghai Jiao Tong University)

Financial intermediation

Chair: Xiao Qin (Shanghai Jiao Tong University)


The impact of investor network and herd   behavior on

market stability: Social learning, network   structure, and


Presenter: Xundi Diao (Shanghai Jiao Tong University)

Discussant: Junli Yu (Shanghai Jiao Tong University)

Are Two Heads Better than One? Wisdom of the   Crowd in Loan Screening  

Presenter: Xiaoyang Li (Jinan University)

Discussant: Zhengyi Zhou (Shanghai University of Finance and Economics)


Third-Party Cookies, Data Sharing and Return   Comovement

Presenter: Ruichang Lu (Peking University)

Discussant: Xundi Diao (Shanghai Jiao Tong University)

Digital Financial Inclusion and Household   Vulnerability to Poverty: Evidence from China

Presenter: Yichen Guo (Zhongnan University of Economics and Law)

Discussant: Lei Ming (Hunan University)


Presidential Economic Approval Rating and the   Cross-Section of Stock Returns

Presenter: Zilin Chen (Southwestern University of Finance and Economics)

Discussant: Xin Liu (Renmin University of China)

The impact of direct financial market   participation on retirement income sufficiency in Australia 

Presenter: Sandra (Xiaobo) Xu (Massey University)

Discussant: Ruo Jia (Peking University)


Does Liquidity Management Induce Fragility in   Treasury Prices? Evidence from Bond Mutual Funds

Presenter: Xin Liu (Renmin University of  China)

Discussant: Zilin Chen (Southwestern  University of Finance and Economics

Regulatory Differences and Shadow Insurance:

Cross-border Impact of Insurance Prudential   Regulation

Presenter: Ruo Jia (Peking University)

Discussant: Kun Fan (East China Normal University)


Transition Break (10 min)

Distinguished Scholar Speech C

Chair: Youchang Wu  (University of Oregon)

Distinguished Scholar Speech D

Chair: Songtao Wang (Shanghai Jiao Tong University)


Disaster Resilience and Asset Prices

Speaker: Josef Zechner (WU Vienna University of Economics and Business)

Competition and Product Quality: Fake Trading   on Crypto Exchanges

Speaker: Evgeny Lyandres (Tel Aviv University)


Transition Break (10 min)

Concurrent  Session A

Concurrent  Session B



Trading and   Performance

Chair: Wenjian Xu (Shanghai Jiao Tong University)


Chair: Ran   Chang (Shanghai Jiao Tong University)


How do insider trading incentives shape   non-financial disclosures? Evidence from product and business expansion   disclosures

Presenter: Guanming He (Durham University)

Discussant: Ming-Hua Hsieh (National Chengchi University)

An Index of Cryptocurrency Environmental   Attention (ICEA)

Presenter: Yizhi Wang (Trinity College Dublin)

Discussant: Chuanhai Zhang (Zhongnan  University of Economics and Law)


Specialist CEO versus Generalist CEO: CEO Type   and Firm performance following IPO

Presenter: Wei Hua (Nanjing Audit University)

Discussant: Guanming He (Durham University)

Cryptocurrency Factor Portfolios: Performance,   Decomposition and Pricing Models

Presenter: Weihao Han (University of Bath)

Discussant: Yizhi Wang (Trinity College Dublin)


Ensemble Algorithms for Option Sell-side Trading   Strategies Presenter:   Ming-Hua Hsieh (National Chengchi University)

Discussant: Wei Hua (Nanjing Audit University)

Futures trading activity and jump risk:   Evidence from the Bitcoin market

Presenter: Chuanhai Zhang (Zhongnan University of Economics and Law)

Discussant: Weihao Han (University of Bath)


Award Ceremony

                                                               Room ID: 991398999   Password: 497292



Deadline for Conference Submission



Notification of Conference Acceptance



Conference Date


Shanghai Financial Engineering Association

China Young Finance Scholars Society

Ms. Huixia Lu