w88 casino News Network (Correspondent Zhao Hongtao）10month186105_6168

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This year is the establishment of the w88 casino of International Economics and w8860anniversary, this seminar is also one of the series of academic activities to celebrate the anniversary. The "Financial Youth Academic Elite Roundtable Seminar" is an academic exchange platform voluntarily organized by young scholars in the field of finance in China. It aims to promote exchanges and cooperation among young scholars in the field of finance in Chinese universities and is committed to promoting the internationalization of research in the field of finance in China. Different from the model of large-scale academic conferences, this seminar emphasizes in-depth discussions of papers by participants and focuses on in-depth exchanges of academic ideas. The participants are all young elites in the field of domestic finance, and are not older than40years old. Although they are young, they include professors who have been promoted by famous domestic universities and have papers published in top international journalsReview of Financial Studies, Journal of Financial Quantitative and Analysis, Review of Economics and Statistics7957_7979“Ministry of Education New Century Excellent Talents Support Plan”, winner of the National 100 Excellent Blog Nomination Award.

Vice Dean Cui Fan of the w88 casino of International Economics and w88 and Professor Wei Weixian, Dean of the Department of Finance, delivered welcome speeches respectively, expressing a warm welcome to the scholars. Vice President Cui said that international w88 research increasingly needs to be combined with relevant knowledge in the financial field. The w88 casino of International Economics and w88 hosting this event will help strengthen the intersection and integration of finance and international w88 disciplines. As an expert in financial research, Professor Wei Weixian affirmed and appreciated the research of the young scholars attending the meeting, and looked forward to the smooth publication of their papers in first-class international journals.

Cui Fan, Wei Weixian

The papers presented are mainly based on China's special institutional background, using rigorous and standardized research paradigms to conduct in-depth research on major issues in China's capital market. Dr. Chen Daixi of Peking University presented their paper on behalf of their supervisor Dr. Tang Ya. Their paper studied the impact of China's macroeconomic news on the stock futures market from the perspective of investors' concerns and found that the consumer price indexCPIThe most likely to attract investors’ attention, especially regardingCPIBad news, therefore, the short-term reaction of stock index futures is mainly related toCPI10117_10139CPIMore significant when it gets worse, announced on FridayCPIThe message is relatively inconspicuous. Associate Professor Xue Yi from the w88 casino of International Economics and w88 of w88 casino made wonderful comments on the paper and made many helpful suggestions for the paper, including how to distinguish between price changes caused by the news itself and price changes caused by investors' attention. And triggered a lively discussion among the participants; Professor Chen Yugang of Sun Yat-sen University’s paper studied the impact of the cumulative voting system on Chinese family businesses. The original intention of the cumulative voting system is to protect the interests of small and medium-sized investors, but Professor Chen's research found that adopting a cumulative voting system may scare away potential acquirers and reduce the governance function of mergers and acquisitions. Dr. Jiang Fuwei's paper from the Central University of Finance and Economics proposed that the growth of operating costs can well predict the subsequent low stock returns. Even if the traditional three-factor, four-factor, and five-factor models are controlled, the results are still very robust.

Panorama of the venue

Associate Professor Jiang Ping of the w88 casino of International Economics and w88 of w88 casino reported on a collaborative paper with colleagues Xue Yi and Shao Xinjian of the Department of Finance, which was found in ChinaIPO中，IPOCompanies can attract investors' attention and arouse investor optimism by actively managing media reports, so that they can gain market shareIPOHigher pricing in the process. The authors of the paper are all teachers from the Department of Finance. The paper was well received by the participants and reflects the teamwork spirit and research capabilities of the Department of Finance of the w88 casino of Economics and Business. Research by Associate Professor Kong Dongmin of South China University of Science and Technology found that executives with overseas backgrounds can bring overseas sales and customers to companies. This result is still very robust after using different instrumental variables to control endogeneity. ; Professor Li Zhisheng of Zhongnan University of Economics and Law found that after short selling was allowed in the Chinese stock market, stock price volatility showed a downward trend. They further studied several mechanisms that produced this phenomenon; the paper by Associate Professor Shi Xinzheng of Tsinghua University used policy changes as instrumental variables to study the additional stock issuance of Chinese listed companies on the premise of controlling endogeneity (SEO); Dr. Tam Wai-keung of Hong Kong Baptist University conducted a cross-national study and found that a country’s institutional background, especially the orientation of stakeholders, will affect the countryCSRThe relationship between (corporate social responsibility) and loan treaties; Professor Wu Chaopeng of Xiamen University studied how venture capital affects the corporate governance of family businesses. Specifically, venture capital will increase the chances of family members leaving management positions, and will reduce the control rights, cash flow rights and separation of two rights of family businesses; Professor Wu Wenfeng of Shanghai Jiao Tong University expanded the paperChen, Hong and Stein (2002)’s model, and tested the model using China’s unique exogenous policy changes;

Experts attending the meeting

Associate Professor Jing Ran, Dr. He Chaohua, Dr. Li Li, Dr. Liu Xuejiao, Associate Professor Tang Dan, Dr. Wang Xingchun, Associate Professor Yu Baimin, Dr. Zhou Lanyue, Associate Professor Zhu Jigao and20Many graduate students attended the meeting and discussed and gave speeches. The atmosphere of the meeting was warm. Participants shared each other's latest scientific research results and put forward valuable opinions on other papers. Everyone said they benefited a lot.

The complete success of this seminar reflects the research strength of the w88 casino of International Economics and w88 in the field of finance, and also demonstrates the continuous development and steady progress and achievements of the w88 casino of International Economics and w88 in its 60th anniversary.