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2018 JCF Special Issue Conference


JCF Special Issue Conference:
The Role of Institutional Investors in Corporate and Entrepreneurial Finance

December 17th and 18th, 2018 (Mon and Tue)

The Hong Kong Polytechnic University

Co- Organizer: Xiamen University

Keynote Speaker: Mark Grinblatt (UCLA)

Conference Organizers and JCF Special Issue Guest Editors:

Thomas J. Chemmanur (Boston College)
Gang Hu (The Hong Kong Polytechnic University)
K.C. John Wei (The Hong Kong Polytechnic University)


Click HERE for the photo gallery

Click HERE for the Call for Papers (The submission is now closed. Thank you.)
JCF Special Issue expected publication date: December 2019



Organizer:           Co-organizer:  




Please click here to view the program.

Day 1 (December 17, 2018)

Session 1: Institutional Investors, M&A, and Capital Structure

Paper 1  Smart Investments by Smart Money: Evidence from Acquirers’ Projected Synergies
Authors Ahmad Ismail, American University of Beirut
  Samer Khalil, American University of Beirut
  *Assem Safieddine, American University of Beirut
  Sheridan Titman, University of Texas, Austin
Discussant Bing Han, University of Toronto


Paper 2  Governance through Trading on Acquisitions of Public Firms
Authors Eric C. Chang, The University of Hong Kong
  *Tse-Chun Lin, The University of Hong Kong
  Xiaorong Ma, National Taiwan University
Discussant Fangjian Fu, Singapore Management University


Paper 3  What is the Role of Institutional Investors in Corporate Capital Structure Decisions: A Survey Analysis
Authors Stephen Brown, Monash University
  Marie Dutordoir, University of Manchester
  *Chris Veld, Monash University
  Yulia Veld-Merkoulova, Monash University
Discussant Yangyang Chen, The Hong Kong Polytechnic University


Session 2: Institutional Investors, Bonds, and Loans

Paper 4  Follow the Money: Investor Trading Around Investor-Paid Credit Rating Changes
Authors *Utpal Bhattacharya, Hong Kong University of Science and Technology
  Kelsey D. Wei, University of Texas at Dallas
  Han Xia, University of Texas at Dallas
Discussant Dragon Yongjun Tang, The University of Hong Kong


Paper 5 Targeted by an Activist Hedge Fund, Do the Lenders Care?
Authors Sandeep Dahiya, Georgetown University
  Issam Hallak, European Commission DG-Joint Research Centre
  *Thomas Matthys, Vlerick Business School
Discussant Bohui Zhang, The Chinese University of Hong Kong Shenzhen


Paper 6 Does Background Risk Matter? Evidence from Insurers' Corporate Bond Portfolios
Authors *Xuanjuan Chen, Shanghai University of Finance and Economics 
  Zhenzhen Sun, University of Massachusetts Dartmouth
  Tong Yao, University of Iowa
  Tong Yu, University of Cincinnati
Discussant Zhi Jay Wang, University of Oregon


Session 3: Institutional Investors and Corporate Governance

Paper 7  Influence of Institutional Shareholders and Corporate Governance on Issuance and Proceeds
Authors *Shumi Akhtar, University of Sydney
  Farida Akhtar, Macquarie University
  Kose John, New York University
  Ye Ye, University of Sydney
Discussant Si Cheng, The Chinese University of Hong Kong


Paper 8  Insider Trading and Shareholder Investment Horizons
Authors Xudong Fu, University of Louisville
  Lei Kong, University of Alabama
  *Tian (Lori) Tang, University of Louisville
  Xinyan Yan, University of Dayton
Discussant Michael Minye Tang, New York University


Paper 9 Large Shareholder Ownership Types and Board Independence
Authors Joanna Ho, University of California at Irvine
  Cheng Jen Huang, Tunghai University
  *Christo Karuna, Monash University
  Anne Wu, National Chengchi University
Discussant Jing Xie, The Hong Kong Polytechnic University


Day 2 (December 18, 2018)

Session 4: Institutional Investors and Entrepreneurial Finance

Paper 10  Do Institutional Investors Play Hide-and-Sell in the IPO Aftermarket?
Authors *Tamara Nefedova, Université Paris-Dauphine
  Giuseppe Pratobeveraz, Università della Svizzera italiana
Discussant Chuan-Yang Hwang, Nanyang Technological University


Paper 11 Venture Capital Certification in Product Market: Evidence from P2P Lending Platforms
Authors *Emma Li, Deakin University
  Li Liao, Tsinghua University
  Zhengwei Wang, Tsinghua University
  Hongyu Xiang, Tsinghua University
Discussant Jianfeng Hu, Singapore Management University


Paper 12 Politically Connected Venture Capitalists and IPOs: Evidence from China 
Authors Rouzhi Wang, Rutgers University
  *Chaopeng Wu, Xiamen University
Discussant Shan He, Oregon State University


Session 5: Institutional Investors and Relationships

Paper 13 Does Institutional Trading Affect Underwriting?
Authors Amber Anand, Syracuse University
  *Paul Irvine, Texas Christian University
  Tingting Liu, Iowa State University
Discussant Jianfeng Shen, UNSW


Paper 14 The Relationship Insurance Role of Financial Conglomerates: Evidence from Earnings Announcements
Authors Jiun-Lin Chen, Valparaiso University
  Gary C. Sanger, Louisiana State University
  *Wei-Ling Song, Louisiana State University
Discussant Xintong Zhan, The Chinese University of Hong Kong


Paper 15 Institutional Trading around Repurchase Announcements: An Uphill Battle
Authors Pankaj Jain, University of Memphis
  Suchismita Mishra, Florida International University
  *Vinh Huy L. Nguyen, California State University, Fresno
Discussant Christine Jiang, Fudan University


Session 6: Institutional Investors, Behavior, Disclosure, and Regulation

Paper 16 On Institutional Trading and Behavioral Bias
Authors Sugato Chakravarty, Purdue University
  *Rina Ray, University of Colorado Denver 
Discussant Jing Zhao, The Hong Kong Polytechnic University


Paper 17 Corporate Disclosure Quality and Institutional Investors’ Holdings During Market Downturns
Authors Hua Cheng, Nankai University
  Dayong Huang, University of North Carolina at Greensboro
  *Yan Luo, Fudan University
Discussant Grantley Taylor, Curtin University


Paper 18  The Rise and Fall of Portfolio Pumping Among U.S. Mutual Funds
Authors Truong X. Duong, Iowa State University
  *Felix Meschke, University of Kansas
Discussant Christo Pirinsky, University of Central Florida


* Presenting author

As with any large city, Hong Kong has many wonderful accommodation choices to fit your needs. Please see below for details or feel free to make reservations at the hotel of your choice. All three hotels are within 10-15 minutes walking distance from the campus.

Hotel ICON

Address: 17 Science Museum Rd,Kowloon 
Email: (for reservation) /
Telephone: (852) 3400 1688 (for reservation)/ (852) 3400 1000 
Fax: (852) 3400 1001 
Location information:

*Reservation link for JCF attendees:

Harbour Plaza Metropolis 

Address: 7 Metropolis Drive, Hunghom, Kowloon, Hong Kong 
Telephone: (852) 3160 6888 
Fax: (852) 3160 6999 
Location information: 

*Reservation link for JCF attendees (Reservation deadline: Nov 30, 2018):

Regal Kowloon Hotel
Address: 71 Mody Road, Tsimshatsui, Hong Kong 
Telephone: (852) 2722 1818 
Fax: (852) 2369 6950 
Location information: 

*These special room rates are reserved on a first-come-first-served basis and subject to availability. Attendees are responsible for bookings and commitments made with the hotel(s). 

Passport and Visa

Visitors to Hong Kong must hold a passport that is valid for at least six months after the planned departure date from Hong Kong.

Hong Kong has a liberal visa policy, allowing visa-free entry to nationals of more than 170 countries and territories. For country-specific visa information, please visit

For delegates from countries for which visas are required for entry to Hong Kong, please check with the Chinese Embassy or Consulate in your country.

For delegates traveling to other cities in China, an entry visa to China is required. Please obtain your visa from the Chinese Embassy or Consulate within your current place of residence. The travel documents must be valid for at least 6 months from the date of traveling.
China entry visa information


Hong Kong has a sub-tropical climate with seasonal changes. To obtain a nine-day weather forecast around the conference period, please visit the Hong Kong Observatory website at:


Time Zone

Hong Kong is situated in the GMT +8 time zone.



The Standard electrical voltage in Hong Kong is 220 V AC, 50 HZ. The British Standard 1363 plug (13 A plug, three-pronged UK-type) is most commonly used in Hong Kong. Delegates are advised to bring an adaptor and/or transformer if their countries of origin follow different standards.


Explore Hong Kong

Please explore Hong Kong while you are attending the conference. For the most updated tourist information, please visit the website of the Hong Kong Tourism Board at It is Hong Kong’s official tourism guide includes tourist information on attractions, events, shopping and dining etc.


Victoria Peak is the highest peak on Hong Kong Island with an altitude of 552 meters (1,811 feet) and is a landmark of the island. The Peak Tram is a funicular railway in Hong Kong, which carries both tourists and residents to the upper levels of Hong Kong Island. 
The Peak Tower is a leisure and shopping complex located at Victoria Gap. It also houses the upper terminal of the Peak Tram. 

Sky100 is a 360-degree indoor observation deck on the 100th floor of the International Commerce Centre, in West Kowloon. 


The Clock Tower is a landmark in Hong Kong. It is located on the southern shore of Tsim Sha Tsui, Kowloon. It is the only remnant of the original site of the former Kowloon Station on the Kowloon-Canton Railway. 

The Hong Kong Museum of History is a museum which preserves Hong Kong's historical and cultural heritage. It is located next to the Hong Kong Science Museum, in Tsim Sha Tsui, Kowloon, Hong Kong. 

The Hong Kong Science Museum is a science museum in Tsim Sha Tsui East, Kowloon, Hong Kong, located next to the Hong Kong Museum of History. 


Wong Tai Sin Temple is a well known shrine and major tourist attraction in Hong Kong. It is dedicated to Wong Tai Sin, or the Great Immortal Wong. 

Tian Tan Buddha, also known as the Big Buddha, is a large bronze statue of Buddha Shakyamuni completed in 1993, and located at Ngong Ping in Lantau Island. 

Ngong Ping is a highland in the western part of Lantau Island. It hosts Po Lin Monastery and Tian Tan Buddha amidst the hills which is about 34 m tall. There are several hills nearby which are also an attraction to tourists. 

Po Lin Monastery is a Buddhist monastery located on Ngong Ping Plateau. 


Hong Kong UNESCO Global Geopark, formerly Hong Kong National Geopark, was inaugurated on 3 November 2009. It is a single entity of land area over 150 km² across parts of the eastern and northeastern New Territories. 

Cheung Chau is an island 10 kilometres southwest of Hong Kong Island. It is nicknamed the 'dumbbell island' due to its shape. 

Repulse Bay is a bay in the southern part of Hong Kong Island. 

Stanley Market is a street market in Stanley on Hong Kong Island. The street is a typical example of a traditional old open-air market in Hong Kong and has since become a major tourist attraction, well known for its bargains. 

Family/Theme Parks

Hong Kong Disneyland is a theme park located on reclaimed land in Penny's Bay, Lantau Island. It is located inside the Hong Kong Disneyland Resort and it is owned and managed by Hong Kong International Theme Parks. 

Ocean Park is a marine mammal park, oceanarium, animal theme park and amusement park situated in Wong Chuk Hang and Nam Long Shan in the Southern District of Hong Kong. 

Other Resources

-Hong Kong Tourism Board
-51 things to do in Hong Kong
-TripAdvisor Things to Do in Hong Kong‎
-Hong Kong on a Budget