The CUHK-RAPS-RCFS Conference on Asset Pricing and Corporate Finance

 

 

Download Programme (PDF)

 

DAY 1: 8 December 2025 (Monday)
8:45 - 9:15
Registration & Tea/Coffee
9:15 - 9:30

Welcome Remarks

Tao Shu (Chairman, Department of Finance, CUHK)

Corporate Finance Programme
              Session I: Corporate Governance
              Chair: Ling Cen (The Chinese University of Hong Kong)
9:30 - 10:15

Shareholder Empowerment and Ownership Structure in a Free-Contracting Environment
Mike Burkart (London School of Economics)
Salvatore Miglietta (BI Norwegian Business School)
Charlotte Ostergaard (Copenhagen Business School)

 

Discussant: Joanne (Juan) Chen (Boston University)
10:15 - 11:00

Remotely Productive: The Efficacy of Remote Work for Executives
Ran Duchin (Boston College)
Denis Sosyura (Arizona State University)

 

Discussant: Elena Pikulina (University of British Columbia)
11:00 - 11:15
Tea/Coffee Break
              Session II:  Products and Patents
              Chair: John Kuong (The Chinese University of Hong Kong)
11:15 - 12:00

New Products
Abhiroop Mukherjee (The Hong Kong University of Science and Technology)
Bruno Pellegrino (Columbia University)
Alminas Zaldokas (National University of Singapore)
Yiman Ren (University of Michigan)
Tomas Thornquist (Abu Dhabi Investment Authority)

 

Discussant: Wing Wah Tham (University of New South Wales)
12:00 - 12:45

The Value of Corporate Patent Utilization
Jarrad Harford (The University of Washington)
Qiyang He (Deakin University)
Buhui Qiu (The University of Sydney)

 

Discussant: Xing Liu (Tsinghua University)
12:45 - 14:15
Buffet Lunch (Cafe, Lobby Level, Hyatt Regency Hong Kong, Sha Tin)
14:15 - 15:15

Keynote Speech: Family Ties, Worker Careers and Firm Productivity

Marco Pagano (Professor of Finance and Director of Centre for Studies in Economics and Finance at University of Naples Federico II)

 

Moderator: Sudipto Dasgupta (The Chinese University of Hong Kong)

              Session III:  Financial Innovation and AI
              Chair: Wensi Xie (The Chinese University of Hong Kong)
15:15 - 16:00

How Does Human-Machine Collaboration Work? — Evidence From Auto Finance Leasing Transactions
Yao Lu (Tsinghua University)
Hanqing Shi (Tsinghua University)
Yanling Sun (Politecnico di Milano)
Zhishu Yang (Tsinghua University)

 

Discussant: Manish Jha (Georgia State University)

16:00 - 16:15
Tea/Coffee Break
16:15 - 17:00

Financial Innovation and Perceptions of Existing Financial Products
Deniz Okat (The Hong Kong University of Science and Technology)
Mikael Paaso (Erasmus University Rotterdam)
Vesa Pursiainen (University of St. Gallen)
George Mulingi Mugabe (Kepler College)
Jean Shirimpaka (Kepler College)

 

Discussant: Tianyue Ruan (National University of Singapore)
18:00

Conference Dinner (By Invitation)

DAY 2: 9 December 2025 (Tuesday)
9:00 - 9:30
Registration & Tea/Coffee
              Session IV: ESG
              Chair: Zhenyu Gao (The Chinese University of Hong Kong)
9:30 - 10:15

Opening the Brown Box: Production Responses to Environmental Regulation
Rebecca De Simone (University of Michigan)
S. Lakshmi Naaraayanan (London Business School)
Kunal Sachdeva (University of Michigan)

 

Discussant: Dong Yan (Shanghai Jiao Tong University)
10:15 - 11:00

Corporate Benevolence and Societal Impact: Evidence fromIndia's CSR Reform
Vidhi Chhaochharia (University of Miami)
Rik Sen (University of Georgia)
Jing Xu (University of Technology Sydney)

 

Discussant: Hongyu (Derek) Shan (China Europe International Business School)
11:00 - 11:15
Tea/Coffee Break
11:15 - 12:00

Does Corporate Social Responsibility Impact the Market for New Issues?
Taylan Mavruk (University of Gothenburg)
Russ Wermers (University of Maryland)

 

Discussant: Ilona Babenko (Arizona State University)
12:00 - 13:30

Buffet Lunch (Cafe, Lobby Level, Hyatt Regency Hong Kong, Sha Tin)

Asset Pricing Programme
              Session I:  Investment
              Chair: Tao Shu (The Chinese University of Hong Kong)
13:30 - 14:15

Set it and Forget it: Engineering Investment Habits with FinTech
Antonio Gargano (University of Houston)
Alberto G. Rossi (Georgetown University)

 

Discussant: Yukun Liu (University of Rochester)
14:15 - 15:00

More than Money: The Role of Preferences on Wealth Mobility
Mehran Ebrahimian (Stockholm School of Economics)
Paolo Sodini (Stockholm School of Economics and CEPR)

 

Discussant: Akash Raja (Copenhagen Business School)
15:00 - 15:15

Tea/Coffee Break

              Session II: Asset Pricing I
              Chair: Chen Yao (The Chinese University of Hong Kong)
15:15 - 16:00

The Cumulant Risk Premium
Albert S. (Pete) Kyle (University of Maryland)
Karamfil Todorov (Bank for International Settlements)

 

Discussant: Sicong Li (The Chinese University of Hong Kong)
16:00 - 16:45

Movements in Yields, not the Equity Premium: Bernanke-Kuttner Redux
Stefan Nagel (University of Chicago)
Zhengyang Xu (City University of Hong Kong)

 

Discussant: Yoshio Nozawa (University of Toronto)
17:30
Conference Dinner (By Invitation)
DAY 3: 10 December 2025 (Wednesday)
9:00 - 9:30
Registration & Tea/Coffee
              Session III:  Asset Management
              Chair: Paul Whelan (The Chinese University of Hong Kong)
9:30 - 10:15

Generative AI and Asset Management
Jinfei Sheng (University of California, Irvine)
Zheng Sun (University of California, Irvine)
Baozhong Yang (Georgia State University)
Alan Zhang (Iowa State University)

 

Discussant: Matti Suominen (Aalto University)
10:15 - 11:00

Mimicking Finance
Lauren H. Cohen (Harvard Business School and NBER)
Yiwen Lu (University of Pennsylvania)
Quoc H. Nguyen (DePaul University)

 

Discussant: Ron Kaniel (University of Rochester)
11:00 - 11:15
Tea/Coffee Break
11:15 - 12:15

Keynote Speech: Retail Investors and the New Market Landscape

Anna Pavlova (Professor of Finance, London Business School)

Moderator: Wenxi Griffin Jiang (The Chinese University of Hong Kong)
12:15 - 13:45

Buffet Lunch (Cafe, Lobby Level, Hyatt Regency Hong Kong, Sha Tin)

              Session IV:  Asset Pricing II
              Chair: Charles Cao (The Chinese University of Hong Kong)
13:45 - 14:30

Asset Pricing with Supply Shocks
Shidong Shao (The Chinese University of Hong Kong)
Chen Yao (The Chinese University of Hong Kong)
Mao Ye (Cornell University and NBER)
Jason J. Zou (Cornell University)

 

Discussant: Manav Chaudhary (London School of Economics)
14:30 - 15:15

The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates
Jun Pan (Shanghai Jiao Tong University)
Qing Pen (Shanghai Jiao Tong University)

 

Discussant: Paul Whelan (The Chinese University of Hong Kong)
15:15 - 15:30
Tea/Coffee Break
15:30 - 16:15

Trading on Tension: Geopolitical Motives and Market Distortions
Ben Hines (Harvard University)
Claire Liu (The University of Sydney)
Yancheng Qiu (The University of Sydney)
Joakim Westerholm (The University of Sydney)

 

Discussant: Jane (Jingxuan) Chen (The Chinese University of Hong Kong, Shenzhen)
16:15 - 16:25

Conference Concludes

Zhiguo He (Society of Financial Studies)

17:30
Conference Dinner (By Invitation)

 

 

 

Format: 45 mins per paper, presentation (20 mins), discussion (15 mins), and floor (10 mins)

 

 

 

Sponsors

 

Department of Finance, CUHK Business School, The Chinese University of Hong Kong

Society of Financial Studies