The First Sun Yat-sen University Finance International Conference Came to A Successful End in Zhuhai
The first Sun Yat-sen University Finance International Conference jointly founded by Sun Yat-sen Business School, Advanced Finance Research Institute of Sun Yat-sen University, and Cornell University, and organized by Professor Li Guangzhong from Sun Yat-sen Business School and Professor Roni Michaely from Cornell University was held at Zhuhai International Convention and Exhibition Center from May 26th to May 27th, 2018. The theme of this conference was “innovation and research of corporate financial theory under the influence of international financial market”, and more than 60 scholars from many top universities all over the world attended the conference. Famous scholars at home and abroad, including Professor Xavier Giroud from Columbia University, Professor Philip H .Dybvin from University of Washington, Professor Lin Chen from University of Hong Kong, Professor Michael Weber from University of Chicago, Professor Hyunseob Kim from Cornell University, Professor Shimon Kogan from Massachusetts Institute of Technology (MIT), Professor Evgeny Lyandres from Boston University, Professor Tian Xuan from Tsinghua University, Professor Utpal Bhattacharya from Hong Kong University Science & Technology, and Professor Roni Michaely from Cornell University, were invited to attend the conference and deliver keynote speech respectively. The conference had created a high level and top-notch academic exchange platform for the scholars in the financial field at home and abroad.
On the morning of May 26th, Professor Li Guangzhong and Professor Roni Michaely respectively delivered a speech for the opening ceremony. Professor Li Guangzhong first expressed a warm welcome to the arrival of Chinese and foreign guests. He pointed out that by relying on the “double first-class” subject of business administration in Sun Yat-sen University and the Advanced Financial Research Institute of Sun Yat-sen University, the academic influence of Sun Yat-sen University’s financial subject was gradually increasing, and it provided important intellectual support and played the role of think-tank in serving the development of state and local economy and society. At the same time, he hoped to provide an open and international academic exchange platform for the financial circles at home and abroad, discuss the latest research trends in the financial field from multiple perspectives, and deal with the risks and challenges faced by financial development through this conference. Professor Roni Michaely expressed his thanks to the Sun Yat-sen Business School, Advanced Finance Research Institute of Sun Yat-sen University for their strong support for the conference, and he encouraged the participating scholars to engage in the in-depth interaction and ideological collision with guest speakers.
During the two days of the conference, 10 top scholars of Finance shared the latest academic achievements and delivered keynote speech. On the morning of May 26th, Professor Xavier Giroud from Columbia University first delivered the speech entitled “Firms Internal Networks and Local Economic Shocks”. Based on the perspective of firms’ internal networks, Professor Giroud analyzed how the demand shock of the consumers in one region generates overflow effect on the branches of the same firm in other regions through the firm’s internal networks in detail, thus revealing the important role of firms’ internal networks in the spread of cross-regional economic shocks.
Around the China’s current anti-corruption policy of “cracking down on tigers and flies”, Professor Philip H .Dybvin from University of Washington analyzed that different combinations of the two anticorruption strategies of “cracking down on tigers” and “cracking down on flies” might have different effects on the improvement of the overall utility of society through theoretical model in the report entitled “Information, Discretion and the Chinese anti-corruption Campaign”.
Professor Chen Lin from University of Hong Kong made a cutting-edge research on the big data of FinTech and the service quality of medium, small and micro enterprises in the report entitled “FinTech Credit and Service Quality”, which caused the extensive interaction between the guests at the scene. Professor Chen Lin pointed out that whether have financing channel is an important factor affecting the service quality of medium, small and micro enterprises, and this effect was sustainable within a certain period of time.
On the afternoon of May 26th, Professor Michael Weber from University of Chicago and Professor Hyunseob Kim from Cornell University respectively gave two wonderful keynote speeches. Professor Michael Weber explained the influence of the administrative penalties imposed by regulatory authorities on the financial behaviors of state-owned enterprises and non state-owned enterprises in the sharing entitled “Punish One, Teach A Hundred: The Sobering Effect of Punishment on the Unpunished”, which sparked a heated discussion at the scene.
Professor Hyunseob Kim discussed the influence of dual-class share structure sought after by foreign listed companies in recent years on company’s operation in the speech entitled “Sticking Around Too Long? Dynamics of the Benefits of Dual-Class Structures”, and Professor Kim found that the benefits obtained from using double-class share structure was more than costs for newly-established enterprises, but as the enterprise cycle went on, double-class share structure might not be the best share structure arrangement for mature enterprises.
On the morning of May 27th, Professor Shimon Kogan from Massachusetts Institute of Technology made the report entitled “Fake News in Financial Markets”. Professor Kogan put forward an effective method to identify the fake news reported by the media, and also made a systematic examination on the recognition effect of this method. Finally, Professor Kogan pointed out that the false news reported by the media would have a significant impact on the share price of the enterprises in financial market.
In the sharing entitled “A Theory of ICOs: Diversification, Agency, and Information Asymmetry”, Professor Evgeny Lyandres from Boston University made a systematic interpretation of the development and characteristics of ICO, and provided reference for enterprise’s financing practice through the analysis and comparison of two financing methods of ICO and VC.
Professor Tian Xuan from Tsinghua University delivered a speech entitled “Do Venture Capital Investors Learn from Public Markets?” to discuss whether VC makes use of the information contained in market price when making investment decisions, as well as the influence of the information content of share price on VC investment behavior and investment performance.
The keynote speeches in the afternoon of May 27 were delivered by Professor Utpal Bhattacharya from Hong Kong University Science & Technology and Professor Roni Michaely from Cornell University. Professor Utpal Bhattacharya made an interesting report about “Spillovers in Asset Prices: The Curious Case of Haunted Houses”. Professor Bhattacharya discussed the influence of “haunted house” on the transaction price of other surrounding houses in Hongkong real estate market, and explained this phenomenon from two sides: supplier side and demander side.
Finally, Professor Roni Michaely shared his latest research finding entitled “Financing Payouts”, and put forward a new viewpoint to understand enterprise’s dividend policy. Professor Michaely first pointed out that a large proportion of companies had distributed dividends and carried out financing activities in the same year, and on this basis, he pointed out through research that the purpose of distributing dividends through financing is to adjust the enterprise’s capital structure, and the adjustment of enterprise’s capital structure is not a by-product of dividend policy, but one of the purposes of dividend policy.
In addition to the wonderful keynote speeches from international well-known scholars, young scholars in the financial field also made paper report. After fierce competition and strict review, 8 papers were selected from more than 80 submission papers to be reported and discussed at this conference finally. Shenje Hshieh from City University of Hong Kong, Hu Jianfeng from Singapore Management University, Lü Yiqing from New York University Shanghai, Karen J. Lin from University of Massachusetts Lowell, Gu Lifeng from Hong Kong University, Zhang Kuo from Xiamen University, and Zhou Tong from Yat-sen University made a wonderful report on the papers and conducted in-depth exchange with the participating scholars.
Finally, Professor Roni Michaely from Cornell University made a concluding speech, and thanked the participating scholars again. He pointed out that the conference was very successful, he expressed great appreciation for the high quality reports of the participating personnel and the in-depth discussions and high interaction of the conference, and he also made a prospect for the next Sun Yat-sen University Finance International Conference.
The success of this annual conference sets up a high-end academic exchange platform for domestic and foreign financial scholars, it has a good international impact on promoting the development of financial subject in our school, and it is also of great significance for promoting the development of China’s financial research and international academic exchange.