2019 WRDS Advanced Research Scholar Program

The second annual WRDS Advanced Research Scholar Program (WARSP) conference was held August 19-21, 2019 at the Penn Wharton China Center (PWCC) in Beijing.

The Advanced Research Scholar Program provides an opportunity for scholars to discuss trends in research, explore efficient ways of handling big data, and foster interaction between scholars.

Faculty, Ph.D. students and practitioners in the Greater China region, the Asia Pacific area, and other countries were invited to participate in this exciting two and half-day seminar and workshop in the financial district of downtown Beijing.

The second annual WARSP presened a half-day overlap with Wharton Analytics Librarian conference, which was designed for librarians and other information specialists supporting researchers in business studies. The objective of the overlapping schedule is to provide an interactive platform for both researchers and librarians to exchange thoughts and facilitate research collaboration.

We welcomed submissions of empirical papers on any topic related to finance and accounting research.

KEYNOTE SPEAKER

Robert Stambaugh, Wharton School, University of Pennsylvania

Robert Stambaugh is the Miller Anderson & Sherrerd Professor of Finance at the Wharton School of the University of Pennsylvania. He is a Fellow and former President of the American Finance Association, a Fellow of the Financial Management Association, and a Research Associate of the National Bureau of Economic Research. More >>

CORPORATE SPEAKER

Simon Jin, Managing Director and President, Greater China, S&P Global, Chief Executive Officer, S&P Global (China) Ratings

WRDS VENDOR SPONSORS 合作数据商展示
Standard & Poor's Global Market Intelligence 标普全球
Bureau van Dijk (BvD)
CSMAR 国泰安
Refinitiv 路孚特（汤森路透）

PROGRAM SUMMARY

MONDAY, AUGUST 19, 2019

8:00 – 8:45 AM | On-site Registration and Breakfast

8:45 – 9:00 AM | Welcome and Opening Remarks

9:00 – 10:30 AM | Session | Financial Intermediation

Banking for the Public Good: Access to Credit and the Nonprofit Sector

G. Nathan Dong, Boston College

Discussant: Haoyu Gao, Central University of Finance and Economics

Bank Relationship, Covenant Enforcement, and Creditor Control

Yong Kyu Gam*, Southwestern University of Finance and Economics

Chunbo Liu, Southwestern University of Finance and Economics

Discussant: Bo Li, PBCSF, Tsinghua University

The Risk-Taking Channel of Monetary Policy: Evidence from Individual Investors in the Peer-to-Peer Lending

Yongqiang Chu, University of North Carolina at Charlotte

Xiaoying Deng*, Shanghai University of Finance and Economics

Discussant: Chunbo Liu, Southwestern University of Finance and Economics

10:30 – 10:45 AM | Coffee Break

10:45 AM – 12:15 PM | Invited Speaker Series

Putting Research to Teaching: My Wharton Experience

Wei Wang, Smith School of Business, Queen’s University

12:15 – 1:45 PM | Lunch Break

1:45 – 3:15 PM | Invited Speaker Series

Characteristics-based Factors

Jianfeng Yu, PBC School of Finance, Tsinghua University

3:15 – 3:30 PM | Coffee Break

3:30 – 5:00 PM | Session | Investment & Transparency

Can Governments Foster the Development of Venture Capital?

Yue Fei, Toulouse School of Economics

Discussant: Ding Ding, The Australian National University

Living with the Frenemy: Common Ownership and Hedge Fund Activism

Zhaoyang Gu, Chinese University of Hong Kong

Chunqiu Zhang*, Fudan University

Discussant: Ying Huang, Zhejiang University

Options Trading and Corporate Voluntary Disclosure

Yangyang Chen*, The Hong Kong Polytechnic University

Jeffrey NG, The Hong Kong Polytechnic University

Xin Yang, The Hong Kong Polytechnic University

Discussant: Chenkai Ni, Fudan University

TUESDAY, AUGUST 20, 2019

8:00 – 8:45 AM | Breakfast

9:00 – 10:30 AM | Keynote Speaker: Robert Stambaugh

Wharton School, University of Pennsylvania

10:30 – 10:45 AM | Coffee Break

10:45 AM – 12:15 PM | Session | Asset Pricing

ESG Preference and Market Efficiency: Evidence from Mispricing and Institutional Trading

Jie Cao, Chinese University of Hong Kong Business School

Sheridan Titman, University of Texas at Austiní

Xintong Zhan*, Chinese University of Hong Kong Business School

Weiming Elaine Zhang, Chinese University of Hong Kong

Discussant: Jie Li, SAIF, Shanghai Jiao Tong University

Mutual Fund Stochastic Dominance

Lei Jiang, Tsinghua University

Quan Wen, Georgetown University

Ke Wu, Renmin University

Mengfan Yin*, Tsinghua University

Discussant: Hongxun Ruan, Peking University

Trend Factor in China

Yang Liu, Tsinghua University

Guofu Zhou, Washington University in St. Louis

Yingzi Zhu*, Tsinghua University

Discussant: Xin Chen, Southwestern University of Finance and Economics

12:15 – 1:45 PM | Lunch Break

1:45 – 3:15 PM | WRDS Workshop

Research Frontier and New Analytics Tools

Rui Dai, WRDS, University of Pennsylvania

Qingyi (Freda) Song Drechsler, WRDS, University of Pennsylvania

3:15 – 3:30 PM | Coffee Break

3:30 – 5:00 PM | Invited Speaker Series

Firm News and Market Views: Textual Analysis of Official and Non-Official Newspapers in China

Tianyu Zhang, Chinese University of Hong Kong Business School

WEDNESDAY, AUGUST 21, 2019

8:00 – 8:45 AM | Breakfast

9:00 – 10:30 AM | Corporate Finance

Enforcement without Enforcement - A Difference-in-Difference Study of US Private Enforcements

Massimo Massa, INSEAD

Xiaoqiao Wang*, Chinese University of Hong Kong, Shenzhen

Bohui Zhang, Chinese University of Hong Kong, Shenzhen

Hong Zhang, PBCSF, Tsinghua University

Discussant: Sheng Huang, CEIBS

Market Structure and Corporate Payout Policy: Evidence from a Controlled Experiment

Xiongshi Li*, Guangxi University

Mao Ye, University of Illinois at Urbana-Champaign

Miles Zheng, University of Illinois at Urbana-Champaign

Discussant: Steven Ho, Columbia University

Powerful CEOs and Corporate Governance

Mark Humphery-Jenner, UNSW Business School

Emdad Islam, University of New South Wales

Lubna Rahman, University of New South Wales

Jo-Ann Suchard*, UNSW Business School

Discussant: Tao Shen, Tsinghua University

10:30 – 10:45 AM | Coffee Break

10:45 AM – 12:15 PM | Invited Speaker Series
Thinking of Good Ideas for Finance and Economics Research: My Experience

Huasheng Gao, Fanhai International School of Finance, Fudan University

12:15 – 1:45 PM
Lunch Break
WARSP Best Paper Award
S&P Global (China) Ratings Session | A Journey Into Serving China’s Domestic Bond Market
Simon Jin, S&P Global, Chief Executive Officer

1:45 – 3:15 PM | Invited Speaker Series

Textual Data: The Power of News

Bohui Zhang, Chinese University of Hong Kong, Shenzhen

3:15 – 3:30 PM | Coffee Break

3:30 – 5:00 PM | Session | Research Frontier

Media-based Inter-Industry Network and Information Transmission

Li Guo*, Fudan University

Frank Weikai Li, Singapore Management University

Jun Tu, Singapore Management University

Discussant: Fuwei Jiang, Central University of Finance and Economics

The Network of Firms Implied by the News

Gustavo Schwenkler*, Boston University

Hannan Zheng, Boston University

Discussant: Jie Cao, Chinese University of Hong Kong Business School

Sensitivity to Sentiment: News vs Social Media

Baoqing Gan*, UTS Business School

Vitali Alexeev, UTS Business School

Ron Bird, UTS Business School

Danny Yeung, UTS Business School

Discussant: Tianyu Zhang, Chinese University of Hong Kong Business School

(*) denotes Presenter

REVIEW COMMITTEE

John (Jianqiu) Bai, Northeastern University

Ding Ding, Australian National University

Haoyu Gao, Central University of Finance and Economics

Huasheng Gao , Fundan University

Lei Jiang, Tsinghua University

Dan Li, Chinese University of Hong Kong, Shenzhen

Di Li, Peking University HSBC Business School

Pei Shao, University of Lethbridge

Tao Shen, Tsinghua University

Keke Song, Melbourne Business School

Hongping Tan, McGill University

Jun Wang, Western University

Xiaoqiao Wang, Chinese University of Hong Kong, Shenzhen

Mengfan Yin, Tsinghua University

Feng Zhan, John Carroll University

Feng Zhang, University of Utah

Tianyu Zhang, Chinese University of Hong Kong

Yijia "Eddie" Zhao, University of Massachusetts Boston

PROGRAM COORDINATORS

Rui Dai, WRDS, University of Pennsylvania

Qingyi (Freda) Song Drechsler, WRDS, University of Pennsylvania

BEST PAPER AWARD (1, US$1,000), sponsored by Wharton Data Research Services.

FURTHER INFORMATION

For queries, please contact the organizers at wrds-warsp@wharton.upenn.edu