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The 19th Annual Conference on PBFEAM
第十九屆亞太財務經濟會計及管理會議
Friday, July 8, 2011
8:30 a.m. – 9: 00 a.m. Registration/報到
9:00 a.m. – 9: 05 a.m. Welcome Remarks/致歡迎詞
Speaker: Cheng Few Lee, Program Director of the conference and Distinguished Professor of Finance and Economics, Rutgers University, USA
9:05 a.m. – 9:20 a.m. Opening Remarks by Special Guest/貴賓致詞
Speaker: Eric Liluan Chu, Mayor of New Taipei City and former Vice Premier of Executive Yuan, Taiwan (新北市市長暨前行政院副院長 朱立倫)
Chairperson: Cheng Few Lee, Rutgers University, USA (美國羅格斯大學教授 李正福)
9:20 a.m. – 10:10 a.m. Keynote Speech I/專題演講1
Speaker: Stephen J. Brown, New York University, USA
Title: The Impact of Mandatory Hedge Fund Portfolio Disclosure
Chairperson: Cheng Few Lee, Rutgers University, USA
10:10 a.m. – 10:20 a.m. Speech by Special Guest I/貴賓演講1
Speaker: Jih-Chu Lee, Political Vice Chairperson, Financial Supervisory Commission, Executive Yuan, Taiwan (行政院金融監督管理委員會政務副主任委員 李紀珠)
Title: 金融海嘯後全球金融改革之方向 (The Trend of Financial Reform after The Financial Crisis)
Chairperson: Cheng Few Lee, Rutgers University, USA (美國羅格斯大學教授 李正福)
10:20 a.m.~10: 30 a.m. Photo Time/團體照
10:30 a.m.~10: 45 a.m. Coffee Break/茶敘
10:45 a.m. – 12:15 p.m. Concurrent Sessions:
Panel Session I. 後ECFA時代台灣資本市場的發展策略 (The Development strategy of Taiwan’s Capital Market in the post-ECFA era)
Chairperson: Chi Schive, Chairman, Taiwan Stock Exchange Corporation (TWSE) and former Deputy Minister of Council for Economic Planning and Development, Taiwan (臺灣證券交易所董事長暨前經建會副主委 薛琦)
Panelists:
1.
台灣證券市場的機會與挑戰
林火燈臺灣證券交易所副總經理
(Michael Lin, Senior Executive Vice President of the Taiwan Stock Exchange
Corporation (TWSE))
2. 證券業發展的機會與挑戰 黃敏助 中華民國證券商業同業公會理事長暨永豐金證券股份有限公司董事長
(Min-Juh Hwang, Chairman, Taiwan Securities Association and Chairman, SinoPac Securities Corp.)
3. 投信業發展的機會與挑戰 林弘立 中華民國證券投資信託暨顧問商業同業公會理事長暨富邦證券投資信託股份有限公司副董事長
(Henry Lin, Chairman, Securities Investment Trust & Consulting Association of the R.O.C. and Vice Chairman, Fubon Asset Management Co., Ltd.)
4. 期貨業發展的機會與挑戰 糜以雍 中華民國期貨業商業同業公會理事長暨凱基期貨股份有限公司董事長
(Falco Mi, Chairman, Chinese National Futures Association and Chairman, KGI Futures Co. Ltd.)
5. 證券期貨業的競爭力檢討 林蒼祥 淡江大學財金系教授兼兩岸金融中心主任
(William T. Lin, Professor of Finance and Director of the Center for Greater China’s Financial Markets, Tamkang University)
Panel Session II. 金融海嘯後的全球財富重分配－宏觀流年 2011 (2011 Global Wealth Redistribution after Financial Tsunami)
Chairperson: Yong Shi, Executive Deputy Director, Research Center on Fictitious Economy and Data Science, Chinese Academy of Science, China/University of Nebraska at Omaha, USA (中國科學院虛擬經濟與數據科學研究中心常務副主任 石勇教授)
Speaker: C. H. Ted Hong, President, Beyondbond, Inc., USA (Beyondbond執行長 洪哲雄博士)
Panelists:
2. Jung Chu, Chief Risk Officer, Shin Kong Financial Holding Co., Ltd., Taiwan (新光金控風控長兼新光人壽風控長 儲蓉)
Panel Session III. 選擇權與期貨產品發展之現況與展望 (The Development of Options and Futures Products: Present and Future)
Chairperson: Edward H. Chow, National Chengchi University, Taiwan (國立政治大學財管系 周行一教授)
1. Naikuan Huang, Senior Executive Vice President, Taiwan Futures Exchange (TAIFEX) , Taiwan (臺灣期貨交易所 黃乃寬副總經理)
2. Ted Ho, Chairman, Polaris MF Global Futures Co. Ltd., Taiwan (寶來曼氏期貨 賀鳴珩董事長)
Panel Session IV. TDR與IPO之現況與展望 (TDR and IPO: Present and Future)
Chairperson: Hsien Hua Huang, Chairman, Grand Fortune Securities Co., Ltd., Taiwan (福邦證券股份有限公司 黃顯華董事長)
Panelists:
1. Wen Jun Pai, Polaris Financial Group, Taiwan (寶來金融集團 白文仁副總裁)
4. Amy Chin, Senior Counselor, LCS & Partners, Taiwan (協合國際法律事務所 金文悅資深顧問)
Academic Session I. Risk Management (A)
Chairperson: Chee Yeow Lim, Singapore Management University, Singapore
1. Effects of National Culture on Bank Risk Taking
Kiridaran Kanagaretnam, McMaster University, Canada
Chee Yeow Lim, Singapore Management University, Singapore
Gerald J. Lobo, University of Houston, USA
2. Alternative Risk Transfer for Longevity and Mortality
Tomas Cipra, Charles University of Prague, Czech Republic
3. Pricing Deposit Insurance: An Adapted Structural Model
Cheng-Few Lee, Rutgers University, USA
Tzu Tai, Rutgers University, USA
4. How Has Capital Affected Bank Risk Since Implementation of the Basel Accords?
Robert L. Porter, Quinnipiac University, USA
Wan-Jiun Paul Chiou, Shippensburg University, USA
Academic Session II. Financial Accounting (A)
Chairperson: YingChou Lin, Missouri University of Science and Technology, USA
Sung-Il Jeon, Chonnam National University, Korea
Young S. Kwak, Delaware State University, USA
2. Earnings Management and Corporate Spin-offs
YingChou Lin, Missouri University of Science and Technology, USA
Kenneth Yung, Old Dominion University, USA
3. Accounting Quality, Earnings Management and Cross-listings: Evidence from China
Li Li Eng, Missouri University of Science and Technology, USA
YingChou Lin, Missouri University of Science and Technology, USA
4. Cross-Listing and Capital Investment Decisions
Sam Han, Korea University, Korea
Don Herrmann, Oklahoma State University, USA
Tony Kang, Oklahoma State University, USA
Michael Wolfe, Oklahoma State University, USA
Academic Session III. Financial Market and Institution
Chairperson: Chao-Cheng Mai, Tamkang University and Academia Sinica, Taiwan
Lie-Jane Kao, KaiNan University, Taiwan
Po-Cheng Wu, KaiNan University, Taiwan
Tai-Yuan Chen, KaiNan University, Taiwan
Cheng-Few Lee, Rutgers University, USA
2. Does First Financial Reform in Taiwan Improve the Performance of Focused Financial Firms?
Chien-Ting Lin, National Taiwan University of Science and Technology, Taiwan and University of Adelaide Business School, Australia
Meng-Chun Kao, Yuanpei University of Science and Technology, Taiwan
Claudia Champagne, Université de Sherbrooke, Canada
Frank Coggins, Université de Sherbrooke, Canada
4. Cross-country Comparison of Efficiency: Evidence from Banks in China and Taiwan
Yi-Cheng Liu, Tamkang University, Taiwan
Wen Yang, Tamkang University, Taiwan
Chao-Cheng Mai, Tamkang University and Academia Sinica, Taiwan
Academic Session IV. Asian Stock Market
Chairperson: Lee J. Yao, Loyola University New Orleans, USA
1. Stock Prices and the Location of Trade: Evidence from China-backed ADRs
Xue Wang, Loyola University New Orleans, USA
Lee J. Yao, Loyola University New Orleans, USA
2. The Investigation of the Idiosyncratic Volatility: Evidence from the Hong Kong Stock Market
Ji Wu, Lincoln University, New Zealand
Gilbert V. Nartea, Lincoln University, New Zealand
Christopher Gan, Lincoln University, New Zealand
3. Profitability of Short Run Contrarian Strategy: Evidence from Hong Kong Stock Exchange
Zhang Haomin, Hong Kong Baptist University, Hong Kong
4. Short-run and long-run oil price sensitivity of Chinese stocks
Mohan Nandha, Monash University, Australia
Harminder Singh, Deakin University, Australia
5. Testing the efficacy of Information Transmission: Is equity style index better than sectoral index?
Wee-Yeap Lau, University of Malaya, Malaysia
Lee Chin, Universiti Putra Malaysia, Malaysia
Academic Session V. Corporate Finance (A)
Chairperson: Sheng-Syan Chen, National Taiwan University, Taiwan
1. Corporate Hedging and the High Idiosyncratic Volatility Low Return Puzzle
Michael Chng, Deakin University, Australia
Victor Fang, Monash University, Australia
2. Labor Union and Share Repurchases
Sheng-Syan Chen, National Taiwan University, Taiwan
Yan-Shing Chen, National Yunlin University of Science and Technology, Taiwan
Yanzhi Wang, Yuan Ze University, Taiwan
Sheng-Syan Chen, National Taiwan University, Taiwan
Robin K. Chou, National Chengchi University, Taiwan
Yun-Chi Lee, National Central University, Taiwan
4. Defensive Repurchases: The Managerial Entrenchment versus Shareholder Interests
Sheng-Syan Chen, National Taiwan University, Taiwan
Chia-Wei Huang, Yuan Ze University, Taiwan
5. Capital Structure and Managerial Compensation Contract Design: Theory and Evidence
Hsuan-Chu Lin, National Cheng Kung University, Taiwan
Ting-Kai Chou,National Chung Cheng University, Taiwan
Wen-Gine Wang, National Cheng Kung University, Taiwan
12:15 p.m. – 14:00 p.m. Lunch & Luncheon Speech/午餐暨午餐演講
Speaker：Chi Schive, Chairman, Taiwan Stock Exchange Corporation (TWSE) and former Deputy Minister of Council for Economic Planning and Development, Taiwan (臺灣證券交易所董事長暨前經建會副主委 薛琦)
Title：台灣資本市場展望 (Outlook of Taiwan Capital Market)
Chairperson：Min-Juh Hwang, Chairman, Taiwan Securities Association and Chairman, SinoPac Securities Corp., Taiwan (中華民國證券商業同業公會理事長暨永豐金證券股份有限公司董事長 黃敏助)
14:00 p.m. – 15:30 p.m. Concurrent Sessions:
Panel Session V. EMBA教育之回顧與未來變革 (Reflection and Future Revolution in EMBA Education)
Chairperson: Po-Young Chu, National Chiao Tung University, Taiwan (國立交通大學管科系朱博湧教授)
Panelists:
2. Huimin Chung, Director, Executive MBA Program, National Chiao Tung University, Taiwan (國立交通大學EMBA執行長 鍾惠民教授)
4. An-Pin Chen, Former Director, Executive MBA Program, National Chiao Tung University, Taiwan (國立交通大學管理學院金融中心執行長暨前EMBA執行長 陳安斌教授)
5. Yang-pin Shen, Director, Executive MBA Program, Yuan Ze University, Taiwan (元智大學EMBA執行長 沈仰斌教授)
Panel Session VI. 全球資產證券化趨勢－新巴塞爾協定風險管理之挑戰 (Global Securitization Trend – Risk Management Challenge for BASEL II & III)
Chairperson: Chung-Hua Shen, Professor, National Taiwan University, Taiwan (國立臺灣大學財金系 沈中華教授)
Panelists:
1. Ming-Daw Chang, President, Bank of Taiwan, Taiwan (臺灣銀行 張明道總經理)
3. Da-Bai Shen, Professor, Soochow University, Taiwan (東吳大學會計系教授 沈大白教授)
4. Patrick Chang, Executive Vice President & Chief Risk Officer of Fubon Financial Holding Company and Senior Executive Vice President of Taipei Fubon Bank, Taiwan (富邦金控風控長暨台北富邦銀行執行副總經理 張麗鵬)
Panel Session VII. How to Publish Papers in High Quality Journals (如何在高品質期刊發表文章)
Chairperson: Cheng Few Lee, Rutgers University, USA
Panelists:
1. Stephen J. Brown, New York University, USA
2. Carl R. Chen, University of Dayton, USA
3. Edward H. Chow, National Chengchi University, Taiwan
4. Joshua Ronen, New York University, USA
Panel session VIII. 經濟預測 (Economic Forecasting)
Chairperson: David Hong, Taiwan Institute of Economic Research, Taiwan (台灣經濟研究院 洪德生院長)
Panelists:
1. Cheng-Mount Cheng, Citi Bank, Taiwan (花旗銀行 鄭貞茂董事)
2. Ming-Te Sun, Taiwan Institute of Economic Research, Taiwan (台灣經濟研究院預測中心 孫明德副主任)
3. Kuo-Yuan Liang, Polaris Research Institute (寶華綜合經濟研究院 梁國源院長)
4. Chung Shu Wu, Chinatrust Commercial Bank, Taiwan (中國信託首席經濟學家 吳中書博士)
Academic Session VI. Financial Accounting (B)
Chairperson: Kun-Chih Chen, Singapore Management University, Singapore
1. Managerial Incentives and Real Earnings Management: Evidence from Dual-class Firms
Huishan Wan, University of Nebraska at Lincoln, USA
Yixin Liu, University of New Hampshire, USA
Seong Y. Cho, Oakland University, USA
H. T. Hao, McMaster University, Canada
3. Investor sentiment and the valuation relevance of accounting information
Kun-Chih Chen, Singapore Management University, Singapore
4. Do firm-to-segment reconcilable earnings differences affect stock prices?
Dana Hollie, Louisiana State University, USA
Shaokun Carol Yu, Northern Illinois University, USA
Academic Session VII. Asset Pricing
Chairperson: Emilio Venezian, Rutgers University, USA
Emilio Venezian, Rutgers University, USA
2. Idiosyncratic Risk and Higher-Order Cumulants: A Note
Frederik Lundtofte, Lund University, Sweden
Anders Wilhelmsson, Lund University, Sweden
Tsong-Yue Lai, California State University –Fullerton, USA
4. Alternative Errors-in-Variables Estimation Methods in Testing CAPM
Hong-Yi Chen, Rutgers University, USA
Cheng-Few Lee, Rutgers University, USA
Academic Session VIII. Macro Economics and Finance (A)
Chairperson: Hilton L. Root, George Mason University, USA
1. Equity market comovements and financial contagion: a study of Latin America and the United States
Mohamed El Hedi Arouri, LEO, University of Orléans & EDHEC Business School, France
Amine Lahiani, LEO, University of Orléans & Rennes Business School, France
Duc Khuong Nguyen, ISC Paris School of Management, France
2. The Policy Conundrum of Financial Market Complexity
Hilton L. Root, George Mason University, USA
3. Negative Book Equity Stocks and Enhanced Value Premium
Bob Li, Deakin University, Australia
4. Announcement Effects: Taxation of Real Estate Capital Gains in Seoul
Patric H. Hendershott, University of Aberdeen, UK
Kyung-Hwan Kim, Sogang University, Korea
Jin Man Lee, DePaul University, USA
James D. Shilling, DePaul University, USA
Academic Session IX. Corporate Finance (B)
Chairperson: Lee-Hsien Pan, National Chiao Tung University, Taiwan
1. ADR Characteristics and Corporate Governance from the Greater China Region
Lee-Hsien Pan, National Chiao Tung University, Taiwan
Tom Barkley, Syracuse University, USA
Chien-Ting Lin, National Taiwan University of Science and Technology, Taiwan and University of Adelaide Business School, Australia
2. The Influence of Corporate Governance on Innovative Success: A Life Cycle Analysis
Shuling Chiang, Soochow University, Taiwan
Picheng Lee, Pace University, USA
Asokan Anandarajan, New Jersey Institute of Technology, University Heights, USA
Fang Hu, Griffith University, Australia
Sidney C. M. Leung, City University of Hong Kong, Hong Kong
4. Do corporate governance mechanisms affect the value of cross-listed firms?
Lixian Liu, UNISA, Australia
Vikash Ramiah, RMIT University, Australia
Tony Naughton, RMIT University, Australia
15:30p.m. – 15:45 p.m. Coffee Break/茶敘
15:45 p.m. – 17:15 p.m. Concurrent Sessions:
Panel Session IX. 中國十二五計畫人民幣與金融國際化及商機 (A Window of Opportunity: The Reform and Opening-up Drive of Chinese Yuan and Direct Financing in the China’s 12th Five-Year Plan)
Chairperson: Sheng-Cheng Hu, Academician of Academia Sinica; former Chairperson of Financial Supervisory Commission, Executive Yuan, and former Minister of Council for Economic Planning and Development, Taiwan (中央研究院院士,前金管會主委暨前經建會主委 胡勝正)
Panelists:
1. Sheng-Yann Li, Honorable Consultant, Center for Asian Studies, National Taipei University, Taiwan (國立臺北大學亞洲研究中心榮譽顧問 李勝彥)
2. Chung Shu Wu, Chief Economist, Chinatrust Commercial Bank, Taiwan (中國信託首席經濟學家 吳中書)
5. Yong Shi, Executive Deputy Director, Research Center on Fictitious Economy and Data Science, Chinese Academy of Science, China/University of Nebraska at Omaha, USA (中國科學院虛擬經濟與數據科學研究中心常務副主任 石勇)
Panel Session X. 保險產業之發展策略 (Strategy of Developing Insurance Industry)
Chairperson: Mark C. C. Lai, Chairman, Taiwan Insurance Institute (保險事業發展中心 賴清祺董事長)
Panelists:
1. Jack E. S. Tai, Chairman, The Non-Life Insurance Association (中華民國產險公會 戴英祥理事長)
2. Pen-Tui Lai, Honorary Chairman, The Life Insurance Association of the Republic of China (中華民國壽險公會名譽理事長暨台灣人壽保險公司獨立董事 賴本隊名譽理事長)
3. Bill Shih-Chieh Chang, Professor, Dept. of Risk Management and Insurance, National Chengchi University (政治大學風險管理與保險學系教授暨中華民國風險管理學會理事長張士傑教授)
4. Wen-Chuan Wang, Chairman, Insurance Brokerage Association of Taiwan (中華民國保險經紀人公會 王文全理事長)
Special Speech A1. Asset Allocation in Financial Crises (15: 45-16:30)
Chairperson: Cheng-few Lee, Rutgers University, USA
Speaker: Terry Marsh, U.C. Berkeley and Quantal International Inc., USA
Title: Asset Allocation in Financial Crises
By Terry Marsh, U.C. Berkeley and Quantal International Inc., USA
Paul Pfleiderer, Stanford University, USA
Special Speech A2. The Efficient Markets Hypothesis: The Demise of the Demon of Chance? (16:30~17:15)
Chairperson: Cheng-few Lee, Rutgers University, USA
Speaker: Stephen J. Brown, New York University, USA
Title: The Efficient Markets Hypothesis: The Demise of the Demon of Chance?
By Stephen J. Brown, New York University, USA
Academic Session X. Auditing
Chairperson: Jugpao Kang, National Chengchi University, Taiwan
1. International transfer pricing audits in Malaysia: an evidence based analysis
Ming Ling Lai, Universiti Teknologi MARA, Malaysia
Muzairi Shaikh Osman, Multinational Tax Division, Inland Revenue Board Malaysia, Malaysia
2. A Dynamic Partial Adjustment Model of Audit Pricing
Meng-Chun Kao, Yuanpei University of Science and Technology, Taiwan
Edward Chien-Ting Lin, National Taiwan University of Science and Technology, Taiwan and University of Adelaide Business School, Australia
Bang-Han Chiu, Yuan-Ze University, Taiwan
3. Auditor Selection within a Business Group: Evidence from Taiwan
Yan-Jie Yang, Yuan Ze University, Taiwan
Joshua Ronen, New York University, USA
Jugpao Kang, National Chengchi University, Taiwan
Ruey-Ching Lin, Fu Jen Catholic University, Taiwan
4. Is there Threshold of Economic Bonding That Would Compromise Audit Quality?
Fang-Chi Lin, Tamkang University, Taiwan
Chin-Chen Chien, National Cheng Kung University, Taiwan
Cheng-Few Lee, Rutgers University, USA
Hsuan-Chu Lin, National Cheng Kung University
Yu-Cheng Lin, National Chi Nan University
5. Does the Performance of Non-Audit Services by Auditors Impair Independence? Evidence from Firms Post-Service Performance
Yaw M. Mensah, Rutgers University, USA
Academic Session XI. Options and Futures
Chairperson: Gerard L. Gannon, Deakin University, Australia
Wing Hung Yip, Deakin University, Australia
Hoa Nguyen, Deakin University, Australia
Michael T. Chng, Deakin University, Australia
Gerard L. Gannon, Deakin University, Australia
3. The Time Varying Property of Financial Derivatives in Enhancing Firm Value
Bach Dinh, Deakin University, Australia
Hoa Nguyen, Deakin University, Australia
4. Robust Hedging Performance and Volatility Risk in Option Markets
Chuan-Hsiang Han, National Tsing-Hua University, Taiwan
Academic Session XII. Mutual Fund and Stock Recommendation
Chairperson: Carl R. Chen, University of Dayton, USA
1. Stock Picking and Firm Performance
Anders Ekholm, Hanken School of Economics, Finland
Benjamin Maury, Hanken School of Economics, Finland
2. Mutual Fund Governance and Fund Performance
Rand Martin, Bloomsburg University, USA
D.K. Malhotra, Philadelphia University, USA
3. Mutual Fund Governance and Performance: An Analysis of Morningstar’s Stewardship Grade
Carl R. Chen, University of Dayton, USA
Ying Huang, Zhejiang University, China and Northern Kentucky University, USA
4. Market Timing and Selectivity Performance – A Cross-Sectional Analysis of Malaysian Unit Trust Funds
Soo-Wah Low, National University of Malaysia, Malaysia
5. Asset Performance Evaluation with Mean-Variance Ratio
Zhidong Bai, North East Normal University, China
Kok Fai Phoon, Singapore Management University, Singapore
Keyan Wang, Shanghai Finance University, China
Wing-Keung Wong, Hong Kong Baptist University, Hong Kong
Academic Session XIII. Corporate Finance (C)
Chairperson: James S. Ang, Florida State University, USA
1. The Financial Outcome of Hiring a CEO from Outside the Firm
James S. Ang, Florida State University, USA
Gregory L. Nagel, Middle Tennessee State University, USA
2. Debt Covenants, Bankruptcy Risk, and Issuance Costs
Sattar A. Mansi, Virginia Tech, USA
Yaxuan Qi, Concordia University, Canada
John K. Wald, University of Texas, San Antonio, USA
3. Beyond Friendly Mergers - the Case of REITs
Yangpin Shen, Yuan Ze University, Taiwan
Tzujui Mao, Yuan Ze University, Taiwan
Chiuling Lu, National Taiwan University, Taiwan
Hong-Yi Chen, Rutgers University, USA
Manak C. Gupta, Temple University, USA
Alice C. Lee, State Street Corp., USA
Cheng-Few Lee, Rutgers University, USA
Academic Session XIV. International Finance
Chairperson: Ji-Chai Lin, Louisiana State University, USA
1. International evidence on the link between quality of governance and stock market performance
Soo-Wah Low, National University of Malaysia, Malaysia
Si-Roei Kew, National University of Malaysia, Malaysia
Lain-Tze Tee, National University of Malaysia, Malaysia
2. What Drives International Equity Investments?
Charmen Loh, Rider University, USA
3. Analyst Activities and Short-Term Price Momentum: Evidence from the U.K. Market
Chia-Hsing Fu, Yuan Ze University, Taiwan
Chin-Wen Hsin, Yuan Ze University, Taiwan
4. Do SEO Underwriters Charge Firms with Weak Shareholder Rights More?
Ji-Chai Lin, Louisiana State University, USA
Bahar Ulupinar, West Chester University, USA
18:30 p.m. – 20:30 p.m. Dinner & Dinner Speech/晚餐暨晚餐演講：
Speaker: Min-Juh Hwang, Chairman, Taiwan Securities Association and Chairman, SinoPac Securities Corp., Taiwan (中華民國證券商業同業公會理事長暨永豐金證券股份有限公司董事長 黃敏助)
Title: 金融海嘯後全球金融監理改革的方向 (The Directions of Global Financial Supervisory Reform after Financial Tsunami)
Chairperson：Hong-Chang Chang, Fubon Financial Holding Co., Ltd. and Former Dean of College of Management of National Taiwan University, Taiwan (富邦金控獨立董事暨前臺大管理學院院長 張鴻章)
Saturday, July 9, 2011
8:30 a.m. – 9: 00 a.m. Registration/報到
9:00 a.m. – 9:25 a.m. Speech by Special Guest II/貴賓演講 2
Speaker: Rong-i Wu, Chairman of Taiwan Brain Trust and former Vice Premier of Executive Yuan, Taiwan (新台灣國策智庫董事長暨前行政院副院長 吳榮義)
Title: 台灣經濟與兩岸經貿 (Taiwan Economy and cross-strait Relations)
Chairperson: Cheng-Few Lee, Rutgers University, USA
9:25 a.m. – 10:00 a.m. Keynote Speech II/專題演講2
Speaker: Chun-Yen Chang, Foreign Associate, National Academy of Engineering, USA and Chair Professor, National Chiao-Tung University, Taiwan (美國國家工程院院士暨立國立交通大學講座教授 張俊彥教授)
Title: New Thinking about the Post PC era : Taiwan's High Tech, Economy and Life (從後PC時代的新思維 : 淺談科技、經濟和生活)
Chairperson: Jen-Hung Huang, National Chiao Tung University, Taiwan (國立交通大學 黃仁宏教授)
10:00 a.m. – 10:45 a.m. Keynote Speech III/專題演講3
Speaker: Cheng-Few Lee, Rutgers University, USA
Title: Dividend Policy and Dividend Payment Behavior: Theory and Evidence
Chairperson: William T. Lin, Professor of Finance and Director of the Center for Greater China’s Financial Markets, Tamkang University, Taiwan (淡江大學金融系教授兼兩岸金融研究中心主任 林蒼祥)
10:45 a.m. – 11:00 a.m. Coffee Break/茶敘
11:00 a.m. – 12:30 p.m. Concurrent Sessions:
Panel Session XI. 現在與未來的指數股票型基金產品與市場 (ETF Product and Market: Present and Future)
Chairperson: Mike S.E. Chang, Chairman of the Board, Polaris International Securities Investment Trust Co., Ltd., Taiwan (寶來證券投資信託股份有限公司董事長 張嵩峨)
Panelists:
1. Alex Huang, CEO, Index Investment Center, Polaris International Securities Investment Trust Co., Ltd., Taiwan (寶來投信指數投資中心執行長 黃昭棠)
2. Mark Wang, CMO, Fubon Asset Management, Taiwan (富邦投信業務處資深協理 王世方)
3. Carl R. Chen, Professor, University of Dayton, USA
4. Allen Wu, Senior Vice President, Yuanta Securities, Taiwan (元大證券資深副總 吳敬堂)
Panel Session XII. 劇變環境下之投資策略與資產管理 (Asset Management and Investing Strategy under Extreme Changing Environment)
Chairperson: Kehluh Wang, National Chiao Tung University, Taiwan (國立交通大學財金所所長 王克陸教授)
Panelists:
1. Joseph C.P. Shieh, Chunghwa Investment Co., Ltd., Taiwan (中華投資股份有限公司 謝劍平董事長)
2. Masson Li, Taishin Securities Investment Advisory Co., Ltd., Taiwan (台新投顧股份有限公司 李鎮宇協理)
3. Jenher Jeng, G5 Capital Mnagement. Ltd., Taiwan (鉅融資本管理股份有限公司執行長 鄭振和博士)
4. Chi-Ming Peng, WeatherRisk Explore Inc., Taiwan (天氣風險管理開發股份有限公司 彭啟明總經理)
Panel Session XIII. 兩岸銀行競爭力之比較 (Comparison of Bank Competiveness between Taiwan and China)
Chairperson: Thomas M. F. Yeh, Polaris Financial Group, Taiwan (寶來金融集團 葉明峯副總裁)
Panelists:
1. Thomas M. F. Yeh, Polaris Financial Group, Taiwan (寶來金融集團 葉明峯副總裁)
2. Michael C.S. Chang, Ace Venture Consulting Corporation, Taiwan (朝順創業投資顧問股份有限公司 張兆順董事長)
3. Simon Dzeng, President in China Development Industrial Bank, Taiwan (中華開發金融控股公司 曾垂紀總經理)
Panel Session XIV. 人民幣國際化及其投資機會 (The Internationalization of RMB and Investment Opportunities)
Chairperson: Zhao-Song Huang, Shih Hsin University, Taiwan (世新大學新聞學系 黃肇松教授)
Panelists:
1. Kuo-Ann Lyou, Polaris Securities (HK) Limited, Hong Kong (寶來證券(香港)有限公司 劉國安總經理)
2. Eric W. T. Chow, Deputy Head of Business Development Asia Pacific, HSBC (滙豐證券服務 亞太區業務發展部 鄒偉達副總監)
3. Yili Lee, Standard Chartered Bank (Taiwan) Limited, Taiwan (渣打國際商業銀行環球企業部 李伊俐資深副總經理)
4. Sheng Fen Wang, Head of Marketing Planning Dept, Ping An UOB Fund Management Co., Ltd., China (平安大華基金管理有限公司市場策劃部負責人 汪聖芬)
Academic Session XV. Risk Management (B)
Chairperson: Imad Moosa, RMIT University, Australia
1. Effectiveness of Copula-Extreme Value Theory in Estimating Value-at-Risk: Empirical Evidence from Asian Emerging Markets
Chun-Pin Hsu, The City University of New York, USA
Chin-Wen Huang, Western Connecticut State University, USA
Wan-Jiun Paul Chiou, Shippensburg University of Pennsylvania, USA
2. Some Evidence on the Cyclical Behaviour of Operational Risk
Imad Moosa, RMIT University, Australia
3. The implied convenience yields of precious metals: Safe haven versus industrial usage
Michael T. Chang, Deakin University, Australia
Grant Foster, ANZ Risk Management, Australia
4. A New Method for Early Warning System of Commercial Banks: Hybrid of Trait Recognition and SVM
Yinhua Li, Graduate University of Chinese Academy of Sciences, China
Jianping Li, Chinese Academy of Sciences, China
Yong Shi, Chinese Academy of Sciences, China and University of Nebraska at Omaha, USA
Academic Session XVI. Financial Econometrics and Statistics
Chairperson: Vikash Ramiah, RMIT University, Australia
1. TVICA－Time Varying Independent Component Analysis
Ray-Bing Chen, National Cheng Kung University, Taiwan
Ying Chen, National University of Singapore, Singapore
Wolfgang K. Härdle, Humboldt-Universität zu Berlin, Germany, and National Central University, Taiwan
2. Applied Rough Set Logics for Multi-criteria Decision Analysis in Stock Market Prediction
Wen-Rong Jerry Ho, Chinese Culture University, Taiwan
3. The influence of systematic risk factors and econometric adjustments in event studies
Marie-Anne Cam, RMIT University, Australia
Vikash Ramiah, RMIT University, Australia
4. Regional Stochastic Dynamics and Market Integration of Emerging Market Sovereign Eurobonds
Kannan Thuraisamy, Deakin University, Australia
Gerard Gannon, Deakin University, Australia
Academic Session XVII. Corporate Finance (D)
Chairperson: Yue-Cheong Chan, Hong Kong Polytechnic University, Hong Kong
1. Credit Rating Transitions, Investor Sentiment and Corporate Investment Decisions
Ferdinand A. Gul, The Hong Kong Polytechnic University, Hong Kong and Monash University-Sunway Campus, USA
Xuezhou (Rachel) Zhao, The Hong Kong Polytechnic University, Hong Kong
Gaoguang (Stephen) Zhou, The Hong Kong Polytechnic University, Hong Kong
2. Negative Net Debt, Agency Cost, and Firm Value- Evidence from US
Sue-Fung Wang, National Chiao Tung University, Taiwan
Yow-Jen Jou, National Chiao Tung University, Taiwan
Szu-Jung Wu, National Chiao Tung University, Taiwan
3. Does Retail Sentiment Affect the Medium-Term Abnormal Returns of U.S. IPOs?
Yue-Cheong Chan, Hong Kong Polytechnic University, Hong Kong
4. Takeover Protection and Managerial Myopia
Yijiang Zhao, American University, USA
Kung H. Chen, University of Nebraska – Lincoln, USA
Academic Session XVIII. Microstructure and Investment Decision
Chairperson: William T. Lin, Tamkang University, Taiwan
1. Searching out of Trading Noise: A Study of Intraday Transactions Cost
William T. Lin, Tamkang University, Taiwan
David S. Sun, Kainan University, Taiwan
Shih-Chuan Tsai, National Taiwan Normal University, Taiwan
Ngoc Duc Duong, Deakin University, Australia
Huu Nhan Duong, Deakin University, Australia
Charles Corrado, Deakin University, Australia
3. Value-at-Risk estimation in stock markets: a semi-parametric approach
Jung-Bin Su, China University of Science and Technology, Taiwan
Cheng-Few Lee, Rutgers University, USA and National Chiao Tung University, Taiwan
Yang Sun, Deakin University, Australia
Huu Nhan Duong, Deakin University, Australia
Harminder Singh, Deakin University, Australia
5. Revisit Expiration-Day Effects
Emily Lin, St. John’s University, Taiwan and National Chiao Tung University, Taiwan
Chyan Yang, National Chiao Tung University, Taiwan
12:30 p.m. – 14:15 p.m. Lunch and Luncheon Speech/午餐暨午餐演講
Speaker: Cheng Hsiung Chiu, Chairman, Bank SinoPac and former Vice Premier of Executive Yuan, Taiwan (永豐銀行董事長暨前行政院副院長 邱正雄)
Title: 台灣經濟發展的階段－其過去、展望及與ECFA的關係 (The Stages of Taiwan Economic Development: Its Past, Prospects and Relations with ECFA)
Chairperson：Kehluh Wang, National Chiao Tung University, Taiwan (國立交通大學財務金融研究所所長 王克陸教授)
14:15 p.m. – 15:45 p.m. Concurrent Sessions:
Panel Session XV. 奢侈稅成效分析與房市未來發展 (The impact of luxury tax and the outlook of housing market in Taipei)
Chairperson: Chiuling Lu, National Taiwan University, Taiwan (國立臺灣大學國企系 盧秋玲教授)
Panelists:
1. Chung Shu Wu, Chief Economist, Chinatrust Commercial Bank, Taiwan (中國信託首席經濟學家 吳中書博士)
2. Fong-Yao Chen, National Chengchi University, Taiwan (國立政治大學地政學系 陳奉瑤教授)
3. Tzung-Yi Tsai, Vice Chairperson, Farglory Group, Taiwan (遠雄建設 蔡宗易副總經理)
4. Stanley Su, Sinyi Realty Inc., Taiwan (信義房屋不動產企研室 蘇啟榮經理)
Panel Session XVI. Business Education: Past, Present, and Future (商業教育之過去現在與未來)
Chairperson: Joseph S. Lee, National Central University, Taiwan (國立中央大學副校長 李誠教授)
Panelists:
1. Carl R. Chen, University of Dayton, USA
2. Shu-Hsing Li, National Taiwan University, Taiwan (國立臺灣大學管理學院院長 李書行教授)
3. Yaw M. Mensah, Rutgers University, USA
4. Chihuang Lin, Academic Vice President, Kainan University, Taiwan (開南大學學術副校長 林基煌教授)
5. William T. Lin, Professor of Finance and Director of the Center for Greater China’s Financial Markets, Tamkang University, Taiwan (淡江大學金融系教授兼兩岸金融研究中心主任 林蒼祥)
Panel Session XVII. 從財務規劃，資本市場與創投面向談生技新藥製藥產業 (Capital Planning and Capital Market of Biotech Industry)
Topic to be discussed:
1) 創投 (Venture Capital) 與生技新藥製藥產業的相輔相成共生關係
2) 生技新藥製藥產業的公司價值建立及投資評估
3) 生技新藥製藥產業的特性
Moderator: K. C. Chen, Maywufa Biopharma Group, Taiwan (美吾華懷特生技集團 陳寬墀總裁)
Panelist Chair: Howard S. Lee, Easy Life Science Management, Inc., Taiwan (浩理生技管理顧問股份有限公司 李世仁董事總經理)
Panelists:
1. Mark Fu, Allianz Global Investors, Taiwan (德盛安聯證券投資信託股份有限公司 傅子平資深基金經理人)
2. Jeff Lee, PhytoHealth Corporation, Taiwan (懷特生技新藥股份有限公司 李向康副總經理)
Academic Session XIX. Financial Crisis
Chairperson: Joung-Yol Lin, Asia University, Taiwan
1. Dynamic Cross-currency Linkages of the LIBOR-OIS Spreads
Philip Inyeob Ji, Monash University, Australia
2. Contagion and Globalization meets in the crisis
Karen H.Y. Wong, The Open University of Hong Kong, Hong Kong
Chun-Chun Lin, National Chengchi University, Taiwan
Kehluh Wang, National Chiao Tung University, Taiwan
Joung-Yol Lin, Asia University, Taiwan
Kam C. Chan, Western Kentucky University, USA
Joanne Li, Towson University, USA
Weining Zhang, National University of Singapore, Singapore
Academic Session XX. Corporate Finance (E)
Chairperson: Vincent Y.S. Chen, National University of Singapore, Singapore
1. The Value Relevance of Management Expectation in New Issues
Yanthi Hutagaol-Martowidjojo, BINUS University, Indonesia
2. Network Linkages and Financial Leverage－The Group Governance View
Dan Lin, Takming University of Science and Technology, Taiwan
Hsien-Chang Kuo, Takming University of Science and Technology, Taiwan
Lie-Huey Wang, Ming Chuan University, Taiwan
3. A Study of Employee Stock Options and the Exercise Decision
Li-jiun Chen, National Taiwan University, Taiwan
Cheng-der Fuh, National Central University, Academia Sinica and National Chiao Tung University, Taiwan
4. Management Estimates of Cost of Capital
Vincent Y.S. Chen, National University of Singapore, Singapore
Bin Miao, National University of Singapore, Singapore
Academic Session XXI. Corporate Governance and Human Resources
Chairperson: Tom Nohel, Loyola University – Chicago, USA
1. Earnings Quality and Board Structure: Evidence from South East Asia
Kin-Wai Lee, Nanyang Technological University, Singapore
2. Activism and the Move Away From Staggered Boards
Re-Jin Guo, University of Illinois – Chicago, USA
Timothy A. Kruse, Xavier University, USA
Tom Nohel, Loyola University – Chicago, USA
3. The Impact of CEO Compensation on Analyst Coverage
Shin-Rong Shiah-Hou, Yuan Ze University, Taiwan
4. Human Capital Information: demand and supply
Ching Choo Huang, Universiti Teknologi MARA, Malaysia
Robert Luther, University of the West of England, United Kingdom
Michael E. Tayles, University of Hull, United Kingdom
Roszaini Haniffa, University of Hull, United Kingdom
5. Diversification Effect: Stocks, Human Capital, and Real Estate
John L. Glascock, University of Cincinnati, USA
Szu-Yin Hung, California State University-Bayside, USA
Academic Session XXII. Financial Accounting (C)
Chairperson: Chin-Chen Chien, National Cheng Kung University, Taiwan
1. Costs or Benefits of Accruals Management and Real Activity Manipulation around Mergers and Acquisitions
Yenn-Ru Chen, National Cheng Kung University, Taiwan
Jeng-Ren Chiou, National Cheng Kung University, Taiwan
Ting-Chiao Joey Huang, National Cheng Kung University, Taiwan
2. Does SFAS 151 Provide Perverse Incentive to Induce Manager’s Over-production Behavior?
Chin-Chen Chien, National Cheng Kung University, Taiwan
Chaur-Shiuh Young, National Cheng Kung University, Taiwan
Chih-Wei Peng, Asia University, Taiwan
3. Institutional Ownership Composition and Earnings Management
Ling Lin, University of Massachusetts Dartmouth, USA
Pavinee Manowan, Chulalongkorn University, Thailand
4. Analysts’ Long-Term Earnings Growth Forecasts and Past Firm Growth
Kotaro Miwa, Tokio Marine Asset Management Co., Ltd, Japan
Kazuhiro Ueda, University of Tokyo, Japan
5. Executive Equity Compensation and Earnings Management: A Quantile Regression Analysis
Chih-Ying Chen, Singapore Management University, Singapore
Ming-Yuan Li, National Cheng-Kung University, Taiwan
Academic Session XXIII. Macro Economics and Finance (B)
Chairperson: Chiung-Min Tsai, Central Bank of the Republic of China, Taiwan
1. Credit Crunch and Saving Glut in Taiwan: Empirical Evidences
Cheng-Few Lee, Rutgers University, USA
Chiung-Min Tsai, Central Bank of the Republic of China, Taiwan
2. Financial Crisis of 2007–2010
Winston W. Chang, SUNY at Buffalo, USA
Chao-Hung Yu, National Sun Yat-sen University, Taiwan
Chung-Jian Huang, National Kaohsiung University of Hospitality and Tourism, Taiwan
Chau-Jung Kuo, National Sun Yat-sen University, Taiwan
Jin-Long Huang, Kaohsiung Medical University, Taiwan
Chao-Hsien Sung, National Pingtung University of Science and technology, Taiwan
Tzu-Hang Chen, National Sun Yat-sen University, Taiwan
4. Role of Trade Unions in New Economy: How to Have the Cake and Eat it at the Same Time
Chew Soon Beng, Nanyang Technological University, Singapore
Rosalind Chew, Nanyang Technological University, Singapore
15:45 p.m. – 16:00 p.m. Coffee Break/茶敘
16:00 p.m. – 17:30 p.m. Concurrent Sessions:
Panel Session XVIII. 國際會計準則 (International Financial Reporting Standards (IFRS))
Chairperson: Rebecca Chung Fern Wu, Professor of Accounting and Director of Financial Econmic Intelligence and Regulation Research Center, National Taiwan University (Pre-commissioner, Financial Superviosry Commssion) (臺灣大學會計系曁財經智慧法規研究中心主任 吳琮璠教授(前首任金管會委員))
Speaker: Yui-Chun Wu, President, GreTai Securities Market, Taiwan (中華民國證券櫃檯買賣中心 吳裕群總經理)
Panelists:
2. Yi Hsin Wang, Vice President, and Professor of Department of Accountancy, National Taipei University (王怡心副校長 臺北大學會計系教授暨國際會計準則翻譯覆審委員會)
3. James Wang, Chairman and CEO, Ernst & Young Taiwan (王金來董事長 安永會計師事務所)
Panel Session XIX. ECFA對兩岸經濟關係的影響 (Economic Cooperation Framework Agreement's Influence to the Cross-Strait Economic Relationship)
Chairperson: An-Pang Kao, Kainan University, Taiwan (開南大學 高安邦校長)
Panelists:
1. Chao-Cheng Mai, Academia Sinica, Taiwan (中央研究院院士 麥朝成教授)
2. Chia-Yan Yang, Taiwan Institute of Economic Research, Taiwan (台灣經濟研究院研究六所 楊家彥所長)
3. Chien-Fu Jeff Lin, National Taiwan University, Taiwan (臺灣大學經濟系 林建甫教授)
4. Jr-Tsung Huang, School of Humanities and Social Sciences, Kainan University, Taiwan (開南大學人文社會學院 黃智聰院長)
Special Speech B1. The Sub-Prime Lending Debacle: Competitive Private Markets are the Solution, not the Problem (16:00~16:45)
Chairperson: Sheng-Cheng Hu, Academician of Academia Sinica; former Chairperson of Financial Supervisory Commission, Executive Yuan, and former Minister of Council for Economic Planning and Development, Taiwan (中央研究院院士,前金管會主委暨前經建會主委 胡勝正)
Speaker: Patric H Hendershott, University of Aberdeen, UK
Title: The Sub-Prime Lending Debacle: Competitive Private Markets are the Solution, not the Problem
By
Patric H Hendershott, University of Aberdeen, UK
Kevin Villani, consultant and former Freddie Mac Chief Economist residing in La Jolla, Ca., USA
Special Speech B2. A Mechanism for Improving Corporate Reprting Quality (16: 45~17: 30)
Chairperson: Sheng-Cheng Hu, Academician of Academia Sinica; former Chairperson of Financial Supervisory Commission, Executive Yuan, and former Minister of Council for Economic Planning and Development, Taiwan (中央研究院院士,前金管會主委暨前經建會主委 胡勝正)
Speaker: Joshua Ronen, New York University, USA
Title: A Mechanism for Improving Corporate Reporting Quality
By
Alex Dontoh, New York University, USA
Joshua Ronen, New York University, USA
Bharat Sarath, Baruch College, USA
Academic Session XXIV. Financial Market
Chairperson: Yasuo Hoshino, Aichi University and University of Tsukuba, Japan
1. The Performance of Japanese Subsidiaries in Malaysia
Norhidayah Binti Mohamad, Aichi University, Japan and Universiti Teknikal Malaysia Melaka (UTeM), Malaysia
Yasuo Hoshino, Aichi University and University of Tsukuba, Japan
2. The Effect of Takeover Defenses on the Japanese Firms’ Value
Tsungming Yeh, Akita International University, Japan
Tsung-Cheng Chen, National Changhua University of Education, Taiwan
4. Funding Liquidity and Equity Liquidity in the Subprime Crisis Period: Evidence from the ETFs Market
Junmao Chiu, National Chiao Tung University, Taiwan
Huimin Chung, National Chiao Tung University, Taiwan
Keng-Yu Ho, National Taiwan University, Taiwan
George H. K. Wang, George Mason University, USA
5. Stock Market Reaction to Good and Bad Political News
Muhammad Tahir Suleman, Hanken - Swedish School of Economics and Business Administration, Finland
Academic Session XXV. Corporate Finance and Financial Accounting
Chairperson: Wan-Jiun Paul Chiou, Shippensburg University of Pennsylvania, USA
1. Executive Stock Options and Financial Analysts’ Forecast Behaviors
Jia-Chi Cheng, Yuan Ze University, Taiwan
Chin-Chen Chien, National Cheng Kung University, Taiwan
Jengfang Chen, National Cheng Kung University, Taiwan
2. Wealth Effects and Operating Performance of Spin-Offs: International Evidence
Apostolos Dasilas, International Hellenic University, Greece
Stergios Leventis, International Hellenic University, Greece
3. Financing of SMEs: Do They Match Their Assets and Liabilities?
Jan Bartholdy, Aarhus School of Business, Denmark
Cesario Mateus, University of Greenwich Business School, United Kingdom
Dennis Olson, American University of Sharjah, UAE
4. Where are the Potential Clients for Global Wealth Management? A Perspective from Asset Allocation
Wan-Jiun Paul Chiou, Shippensburg University of Pennsylvania, USA
Wun-Jhih Jheng, National Pingtung Institute of Commerce, Taiwan
Jhih-Sian Sun, National Kaohsiung Marine University, Taiwan
Academic Session XXVI. Real Option
Chairperson: Pai-Ta Shih, National Taiwan University, Taiwan
1. Default Option and Optimal Capital Structure in Real Estate Investments
Jyh-Bang Jou, National Taiwan University, Taiwan
Tan Lee, University of Auckland, New Zealand
2. Asymmetric Competition, Capital Structure and Agency Cost: A Real Option approach
Chuang-Chang Chang, National Central University, Taiwan
Min-Hung Tsay, National Central University, Taiwan
Pai-Ta Shih, National Taiwan University, Taiwan
3. The Analysis of Investment-Uncertainty Relationship under Levy and CEV Processes
Chuang-Chang Chang, National Central University, Taiwan
Miao-Ying Chen, Ching-Yu University, Taiwan
4. Real Options and Performance-Based Compensations
Hsin-Hwa Huang, National Chiao Tung University, Taiwan
Hongming Huang, National Central University, Taiwan
Pai-Ta Shih, National Taiwan University, Taiwan