International Conference on Corporate Governance
in Asia and China
March 11-13, 2005
Jinjiang Hotel, Shanghai, China
Hosted
by
Center for Institutions and Governance and
School of Accountancy
The Chinese University of Hong Kong
Hong Kong SAR, China
and
The Institute of Accounting and Finance and
School of Accountancy
Shanghai University of Finance and Economics
Shanghai, China
March 11, Friday
9:20 am
Opening Ceremony
T.J. Wong (The Chinese University of Hong Kong)
Zheng Sun (Shanghai University of Finance and Economics)
Stijn Claessens (World Bank)
Morning Paper Sessions
Chair: Robert Bushman (University of North Carolina
每 Chapel Hill)
09:40 am
When No Law Is Better than a Good Law (pdf
file)
* Utpal Bhattacharya (Indiana University 每 Bloomington)
Hazem Daouk (Cornell University)
* denotes presenter.
Discussant: Randall Morck (University
of Alberta) (slides)
10:20 am Coffee Break
10:40 am
Investor Protection and the Information Content of
Annual Earnings Announcements:
International Evidence (pdf
file, slides)
* Mark L. DeFond (University of Southern California)
Mingyi Hung (University of Southern California)
Robert Trezevant (University of Southern California)
Discussant: Danqing Young (The Chinese
University of Hong Kong)(slides)
11:20 am
Do Foreigners Invest Less in Poorly
Governed Firms? (pdf
file, slides)
Christian Leuz (University of Pennsylvania)
* Karl Lins (University of Utah)
Francis E. Warnock (Federal Reserve Board and University
of Virginia)
Discussant: Robert Bushman (University
of North Carolina 每 Chapel Hill)(slides)
12:00 pm Luncheon Speech
Public and Private Banks: Benefits and Costs
Florencio Lopez-de-Silanes (Yale University)
Location: JingYou Room,11th floor, North Tower, Jin
Jiang Hotel
Afternoon Paper Sessions
Chair: Utpal Bhattacharya (Indiana University 每 Bloomington)
02:00 pm
Agency Conflicts, Expropriation and Firm Value: Evidence
from Securities-Market Regulation in China (pdf
file, slides)
Henk Berkman (The University of Auckland)
* Rebel A. Cole (DePaul University)
Jiang Fu (The University of Auckland)
Discussant: Woody Wu (The Chinese University
of Hong Kong)
02:40 pm
The Emergence of Corporate Pyramids in China (pdf
file, slides)
* Joseph P.H. Fan (The Chinese University of Hong
Kong)
T.J. Wong (The Chinese University of Hong Kong)
Tianyu Zhang (The Chinese University of Hong Kong)
Discussant: Utpal Bhattacharya (Indiana
University 每 Bloomington)
03:20 pm Coffee Break
03:40 pm
Does Competition Encourage Unethical Behavior? The
Case of Corporate Profit Hiding in China (pdf
file, slides)
Hongbin Cai (UCLA)
* Qiao Liu (The University of Hong Kong)
Geng Xiao (The University of Hong Kong)
Discussant: Rebel Cole (DePaul University)
04:20 pm
Bank Loans, Managerial Agency Costs, and Government
Ownership (pdf
file)
* Lihui Tian (Peking University)
Discussant: Yupana Wiwattanakantang
(Hitotsubashi University)
March 12, Saturday
08:30 am
Plenary Session I
Financial Reporting Incentives: Law, Politics and
Corporate Discipline (slides)
Robert Bushman (University of North Carolina 每 Chapel
Hill)
09:30 am
Plenary Session II
Corporate Governance outside the United States (pdf
file)
Randall Morck (University of Alberta)
10:30 am Coffee Break
10:50 am
Forum
Government-Business Relations and Corporate Governance |
| Moderator: |
T.J. Wong (The Chinese University of Hong Kong) |
| Panelists: |
Stijn Claessens (World Bank)
Daochi Tong (CSRC)
Joseph P.H. Fan (The Chinese University of Hong
Kong)
Hasung Jang (Korea University) |
12:00 pm Luncheon Speech
Enforcement and Corporate Governance (slides)
Stijn Claessens (World Bank)
Location: JingYou Room,11th floor, North Tower, Jin
Jiang Hotel
Afternoon Paper Sessions
Chair: Stijn Claessens (World Bank)
02:00 pm
Investor Protection and the Demand for Equity (pdf
file, slides)
* Mariassunta Giannetti (Stockholm School of Economics)
Yrjo Koskinen (Boston University)
Discussant: Florencio Lopez-de-Silanes
(Yale University)
02:40 pm
Culture Rules: The Foundations of the Rule of Law
and Other Norms of Governance (pdf
file)
* Amir N. Licht (Boalt Hall School of Law and Interdisciplinary
Center Herzliya, Israel)
Chanan Goldschmidt (Interdisciplinary Center Herzliya,
Israel)
Shalom H. Schwartz (Hebrew University in Jerusalem,
Israel)
Discussant: Mariassunta Giannetti (Stockholm
School of Economics) (slides)
03:20 pm Coffee Break
03:40 pm
Tycoons Turned Leaders: Market Valuation of Political
Connections
Pramuan Bunkanwanicha (University of Paris 1-Panth谷on-Sorbonne)
* Yupana Wiwattanakantang (Hitotsubashi University)
Discussant: Karl Lins (University of
Utah) (slides)
04:20 pm
Reluctant Privatization (pdf
file, slides)
* Bernardo Bortolotti, (Universit角 di Torino and FEEM)
Mara Faccio (Vanderbilt University)
Discussant: Stijn Claessens (World Bank)
(slides)
March 13, Sunday
Morning Paper Sessions
Chair: to be announced
9:00 am
Compensation Regulation and Perquisite Consumption
of SOE (pdf
file, slides)
* Donghua Chen (Shanghai University of Finance and
Economics)
Xinyuan Chen (Shanghai University of Finance and Economics)
Hualin Wan (Shanghai University of Finance and Economics)
Discussant: Qiao Liu (The University
of Hong Kong) (slides)
9:40 am
State Share Sell-off 每 an Empirical Investigation
(pdf
file, slides)
* Zhangkai Huang (Peking University)
Xinzhong Xu (Peking University)
Discussant: Rocco Huang (World Bank)
10: 20 am Coffee Break
10: 40 am
Market Competition, Corporate Governance and Firm
Performance 每 Evidence from Chinese Listed Firms (pdf
file, slides)
* Jianbo Niu (Nankai University)
Shengnai Li (Nankai University)
Discussant: Joseph P.H. Fan (The Chinese
University of Hong Kong) (slides)
11:20 am
The Use of IPO Funds and Its Effects on the Cost of
Capital in Subsequent Equity Financing (English Version,Chinese Version, slides)
* Shuang Xue (Shanghai University of Finance and Economics)
Jing Yang (Shanghai University of Finance and Economics)
Discussant: Jianqiao Hong (Fudan University)
(slides)
12:00 Lunch
Location: JingYou Room,11th floor, North
Tower, Jin Jiang Hotel
Afternoon Paper Sessions
Chair: Xinyuan Chen (Shanghai University of
Finance & Economics)
1:30 pm
Law, Economics, Corporate Governance,
and Corporate Scandals in a Transition Economy: Insight
from China (pdf
file, slides)
* Yi Zhang (Peking University)
Guang Ma (Peking University)
Discussant: T.J. Wong (The Chinese University
of Hong Kong) (slides)
2:10 pm
Board Composition and CPA Firm Dismissal
每 Evidence from China (pdf
file, slides)
* Tao Li (Xiamen University)
Zuyun Xue (Xiamen University)
Discussant: Tianyu Zhang (The Chinese
University of Hong Kong) (slides)
2:50 pm
Optimal Contracting Theory, Firm Performance
and Executive Compensation 每 an Empirical Investigation
(pdf
file, slides)
* Zengquan Li (Shanghai University of Finance and
Economics)
Zheng Sun (Shanghai University of Finance and Economics)
Fengwei Liu (Shanghai University of Finance and Economics)
Discussant: Oliver Rui (The Chinese
University of Hong Kong) (slides)
3:30 pm Coffee Break
3:50 pm
Do Big-Five Audit Firms Have Higher
Audit Quality? 每 Preliminary Evidence from the A-Share
Market (pdf
file, slides)
Feng Liu (Sun Yat-Sen University)
* Fuyuan Zhou (SunYat-Sen University)
Discussant: Kevin Lam (The Chinese University
of Hong Kong) (slides)
4:30 pm
Corporate Cash Holdings and Corporate
Governance: Theory and Empirical Evidence (pdf
file)
* Dong-zhi Yu (Industrial and Commercial Bank of China)
Guo-liu Hu (South Western University of Finance and
Economics)
Hua-cheng Wang (Renmin University of China)
Discussant: Kai Zhu (Shanghai University
of Finance and Economics) (slides)
5:10 pm
Board Size, Board Independence and Earnings
Management 每 Evidence from Chinese Listed Firms (pdf
file, slides)
* Yi-jie Zhang (Shanghai Jiaotong University)
Yan Wang (Xi'an Jiaotong University)
Discussant: Feng Liu (Sun Yat-Sen University)
(slides)
