Fourth Annual Conference
Time and Place
Time and Place
Fourth Annual Conference
of the Chinese Finance Association (CFA)
August 16-17, 1997
Haas School of Business, University of California
Berkeley, California
Featured Speakers
Mr. Gifford Fong President, Gifford Fong & Associates
Prof. Hayne Leland Haas School of Business, University of
California at Berkeley
President, American Finance Association
Mr. Eric Li Principal, Orchard Asia Partners, LLC
Prof. Ronald McKinnon Department of Economics, Stanford University
Dr. Barr Rosenberg President, Rosenberg Institutional Equity
Management
Prof. Mark Rubinstein Haas School of Business, University of
California at Berkeley
Former President, American Finance Association
Prof. Fu, Feng-Xiang, Guang Hua Management School, Beijing University
General Secretary, China Stock Exchange
Executive Council
Former Executive Vice Chairman, China Securities
Regulatory Commission
Prof. Qin, Chi-Jiang Central University of Finance and Economics
Former Director, Institute of Finance and
Banking, People's Bank of China
Past CFA speakers include:
Mr. Huang Da Vice Chairman, Finance and Economics Committee,
National People's Congress
Prof. Weiping Huang Director, Pacific Economic Institute at
People's University of China
Prof. Yining Li Deputy Director, Legislation Committee of the
People's Congress and Dean, Business School of
Beijing University
Mr. Jiashu Luo Vice General Manager, Bank of China (New York)
Mr. Jinglian Wu Senior Research Fellow, Development and Research
Center of the State Council of China
Prof. Kenneth Arrow Nobel Economics Laureate, Stanford University
Dr. Susumu Awanohara Advisor, Nikko Securities and Former Bureau
Chief for Washington, Tokyo, and Singarpore,
Far Eastern Economic Review
Prof. Michael Boskin Former Chairman, Council of Economic Advisors to
the President of the United States and Senior
Fellow, Hoover Institution
Mr. Richard Farrell Managing Director, Guinness Flight China Fund
Dr. Chi-Fu Huang Long Term Capital Management
Dr. Kevin Kime Senior Economist, Federal Reserve Bank
of New York
Mr. Mark Kritzman Founding partner, Windham Capital Management
Dr. Joe Langsam Principal and Head of the Fixed Income
Research, Morgan Stanley
Prof. Merton H. Miller Nobel Economics Laureate, University of Chicago
Prof. Franco Modigliani Nobel Economics Laureate, MIT
Dr. Yan Wang Economist, World Bank
Mr. Shengman Zhang Vice President, The World Bank
Conference Program
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CONFERENCE PROGRAM (as of July 28, 1997)
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The Chinese Finance Association (TCFA) Fourth Annual Conference
August 16-17, 1997
Haas School of Business, University of California
Berkeley, California
August 16 (Saturday)
Morning:
8:00 - 9:00 Registration
9:00 - 9:30 Welcoming remarks
Bo LI, TCFA President
9:30 - 12:00 Academic speakers
(Chair: Yanfang YAN, TCFA Director)
9:30 - 10:30
Professor Ronald McKinnon
Department of Economics, Stanford University
"The Overborrowing Syndrome: Are East Asian
Economies Different?"
10:45 - 11:45
Professor Mark Rubinstein
Haas School of Business, University of California
Former President, American Finance Association
"Recovering Probabilities from Option Prices"
Luncheon:
12:00 - 1:30
Keynote Speaker: Professor Hayne Leland
Haas School of Business, University of California
President, American Finance Association
"Measuring Investment Performance: Beyond
Mean-Variance"
(Introduced by Hong YAN, TCFA Chairman)
Afternoon:
2:00 - 4:30 Industry speakers
(Chair: Dongwei SU, TCFA Director)
Dr. Barr Rosenberg
President, Barr Rosenberg Investment Management
"The Impact of Business Competition and Financial
Disclosure upon Common Stock Investment"
Mr. Gifford Fong
President, Gifford Fong Associates
"Perspectives in Fixed Income Analysis"
Mr. Eric Li
Principal, Orchid Holdings, LP
"Private Equity Investment in China"
Dinner:
6:00 Views from China
(Chair: Guojun WU, TCFA President-elect)
Professor Fu, Feng-Xiang
Guang Hua Management School, Beijing University
General Secretary, China Stock Exchange Executive Council
Former Executive Vice Chairman, China Securities
Regulatory Commission
Professor Qin, Chi-Jiang
Central University of Finance and Economics
Former Director, Institute of Finance and Banking, POBC
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August 17 (Sunday)
Morning:
8:30 - 12:00 Paper presentation session
(Chair: Changneng XUAN, TCFA Director)
1. Fan, Hua, "Debt Valuation, Strategic Debt
Service and Optimal Dividend Policy"
Columbia University
2. Ju, Nengjiu, "Fourier Transformation,
Martingale, and the Pricing of Average-Rate
Derivatives"
University of California at Berkeley.
3. Wu, Guojun, "Determinants of Asymmetric
Volatility"
Stanford University
4. Zhou, Chunsheng, "Comovements in Stock and Bond
Markets"
Federal Reserve Board.
Afternoon:
1:30 - 2:30 Member's Forum
(Chair: Jun QIAN, TCFA Director)
2:30 - 4:00 Organizational matters and elections,
Concluding Remarks and board report
(Chair: Hong YAN, TCFA Chairman)
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The Chinese Finance Association gratefully acknowledges the following
sponsors for our fourth annual conference:
Ford Foundation Haas School of Business
Orchid Holdings, LP Robertson Stephens & Company
Gifford Fong Associates Nikko Securities
Jun Qian, Esq.
Registration and Local Information
****** Registration Fees ******
Before August 5, 1997
Members: Non-members
students/non-students students/non-students
$25/$45 $45/$65
After August 5, 1997
Members: Non-members
students/non-students students/non-students
$45/$65 $65/$85
Send your check to either of the following two addresses. Please Make your
Check payable to 'The Chinese Finance Association':
Chi Su
Fulton Hall, Finance Department
Boston College, Chestnut Hill
MA 02167
Yanfang Yan
Fulton Hall, Finance Department
Boston College, Chestnut Hill
MA 02167
Questions? Contact:
Chi SU: 617-552-2033 (O), suc@bc.edu
Yanfang Yan: 617-552-2024 (O), yany@fmrisc.bc.edu
****** Local Hotels ******
Hotel Durant
2600 Durant Ave. (One block to campus, two blocks to Haas School of Business)
(800) 2-durant, (510) 845-8981
(Direct shuttle service $10-12 between Durant and SF Airport/Oakland Airport)
Rates: $129/single, $139/double
Beau Sky Hotel
2520 Durant Ave. (One block to campus, three blocks to Haas)
(510)540-7688
(Small, newly renovated hotel) Half-block to Hotel Durant, so same airport
transportation applies.
Rates: $80/single, $90/double
Because the weekend of conference is also the weekend before the school
starts at Berkeley, so hotels are filling up quickly. You are encouraged
to make your arrangements ASAP.
Berkeley Marina Marriott (***)
200 Marina Blvd.
(510)548-7920, (800)243-0625
Rates: $99+
Claremont Resort, Spa & Tennis Club (****)
41 Tunnel Road (near Ashby)
(510)843-3000
Rates: $175+