??2019 SAIF-CAFR Financial Research Summer Camp

2019 SAIF-CAFR Financial Research Summer Camp

July 13 -14, 2019

Shanghai, China

Shanghai Advanced Institute of Finance (SAIF) and China Academy of Financial Research (CAFR) at Shanghai Jiao Tong University are pleased to announce the Second SAIF-CAFR Financial Research Summer Camp, to be held on July 13-14, 2019 in Shanghai, China. The theme of this year’s summer camp is "Corporate Finance and Banking".

Designed for emerging scholars in China and beyond, the SAIF-CAFR Financial Research Summer Camp introduces the participants to the frontiers of academic research in finance and provides them with cutting-edge research methodologies and fresh perspectives, with the objective of inspiring their future academic careers and enhancing the overall quality of research and teaching in finance in China. This year’s Summer Camp consists of lectures given by three renowned finance scholars. They are (listed in alphabetical order):

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Sudipto Dasgupta
Professor of Finance at the Chinese University of Hong Kong

Prof. Sudipto Dasgupta has broad research interests in finance with a focus on Corporate Finance.

https://www.bschool.cuhk.edu.hk/staff/dasgupta-sudipto/

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Yongxiang Wang
Associate Professor of Finance at Marshall School of Business, University of Southern California;
Full-time Visiting Professor of Finance at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Prof. Yongxiang Wang has a broad range of interests in empirical corporate finance, political economy, organizational economics, behavioral economics, and corporate strategy in emerging markets, with a main focus on China’s economy and Chinese financial markets.

https://www.marshall.usc.edu/personnel/yongxiang-wang

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Andrew Winton
Professor of Finance and Minnesota Banking Industry Endowed Chair at Carlson School of Management, University of Minnesota;
Special-term Professor, Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Prof. Andrew Winton’s teaching and research focus on corporate finance, financial contracts, and financial institutions.

https://carlsonschool.umn.edu/faculty/andrew-winton

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The SAIF Summer Camp lectures are provided free of charge, although it is necessary to go through a screening process and register in advance. If you are interested in participating in the Camp, please email your CV to summercamp@saif.sjtu.edu.cn by July 5. We will inform you whether you have successfully registered in due time.

Please note that expenses related to participation in the conference such as travel and accommodation are the responsibility of the participant. Click here to view the Guide to Travel and Accommodation around the SAIF Xuhui Campus.

We look forward to seeing you at the Camp soon.

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Preliminarily Program

Time: July 13 -14, 2019
Venue: Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University
211, West Huaihai Road, Shanghai

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2:00PM - 5:00PM, July 13, 2019

Empirical Corporate Finance and Political Economy in China

Professor Yongxiang Wang
University of Southern California, and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

Politics matters for corporate finance, both in developing countries and in developed economies. This 3-hour lecture is focused on the interaction between empirical corporate finance and political economy. While we are going to talk about economic stories in other emerging markets like India, our main setting will be the Chinese economy and capital markets. The first part of the lecture will cover business groups in India and in China, and we aim to understand why business group is an important research topic in emerging markets and what lessons we can take from prior studies. We then discuss the role of social ties in emerging markets in three steps. First, we will exam the value of political connections (Fisman, AER, 2001); second, we will talk about the social cost of political connections (Fisman and Wang, ReStud, 2015); and last but not the least, we move to discuss the resource misallocation effect of social ties (Fisman et.al., 2018, JPE). Please read these papers before the lecture.

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9:00AM - 12:00PM, July 14, 2019

The Economics of Bank Capital: Theories, Evidence, and Calibrations

Professor Andrew Winton
University of Minnesota, and Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University

This lecture will survey recent research on bank capital and its economic effects. After a brief historical background, the first part of the lecture will focus on theories of what banks do and how bank capital fits into this. Next, I will discuss recent empirical research that relates to these models. I will then discuss recent work that seeks to combine theory and evidence to create calibrated models of bank capital levels. I will conclude with avenues for future research.

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2:00PM - 5:00PM, July 14, 2019

Competition and Corporate Policy

Professor Sudipto Dasgupta
The Chinese University of Hong Kong

This lecture will explore how competitive pressure affects corporate policy. It will start with an overview of the classic theoretical literature on product markets and capital structure, and then review the empirical literature. It will then consider the interactions of competition and other aspects of corporate policy, including innovation and corporate governance.

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