中国证监会博士后科研工作站
招收首批博士后研究人员公告

为加强对资本市场监管工作重要问题的研究，提高监管工作的质量和水平，培养高层次科研人才，经国家人力资源和社会保障部批准，中国证券监督管理委员会设立博士后科研工作站，现面向国内外公开招收首批博士后研究人员。

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2011 TCFA Best Paper Awards

October 1, 2011

The Chinese Finance Association is pleased to announce the following winners of its 2011 TCFA Best Paper Awards:

Best Paper on Global Financial Markets

"The seeds of a crisis: a theory of bank liquidity," by Viral Acharya (New York University) and Hassan Naqvi (National University of Singapore)

"Differential access to price information in financial markets," by David Easley (Cornell University), Maureen O’Hara (Cornell University), and Liyan Yang (University of Toronto)

"On externalities and incentives: the role of the market power and organizational form of financial intermediaries," by Kose John (New York University) and David Ross (Columbia University)

"Dynamics of entrepreneurship under incomplete markets," by Chong Wang (Naval Postgraduate School), Neng Wang (Columbia University), and Jinqiang Yang (Shanghai University of Finance and Economics and Columbia University)

Best Paper on Chinese Capital Markets

"Lack of comovement and property rights protection: firm-level evidence," by Pengjie Gao (University of Notre Dame) and Yongxiang Wang (University of Southern California)

"The Role of foreign investors in stock liquidity around the world," by Lilian Ng (University of Wisconsin-Milwaukee), Fei Wu (Jiangxi University of Finance and Economics), Jing Yu (University of Western Australia), and Bohui Zhang (University of New South Wales)

"Does informal finance help formal finance? Evidence from 3rd party loan guarantees in China," by Susan Shan and Dragon Tang (University of Hong Kong)

Best Paper on Chinese Capital Market (written in Chinese)

"农村中小企业信用评估的模型构建与实证检验," 刘莉亚 (上海财经大学), 胡乃红 (上海财经大学), 马晓青 (上海电力学院), 王静 (上海财经大学);

"系统性定价偏误：中国A 股盈余公告后的价格漂移研究," 陆婷 (中国人民银行金融研究所).

Awards and award winning papers will be presented at the Second Annual TCFA Best Paper Symposium to be held at the Le Parker Meridien Hotel in New York City on Saturday, October 29, 2011.

The symposium will also feature a keynote speech by Franklin Allen, the Nippon Life Professor of Finance and Economics at the Wharton School, and a panel discussion on “Academic Research and Careers in Finance in China.” Confirmed panelists include Professors Franklin Allen (Wharton School), Henry Cao (Cheung Kong Graduate School of Business), Kose John (New York University), and Neng Wang (Columbia University).

We congratulate all winners and thank them for their high-quality research in global and Chinese financial markets. We would also like to thank the program committee for their hard work in reviewing a record number of high quality submissions, and thank all the authors who submitted their papers to the symposium this year. Finally, we gratefully acknowledge the continuing support from the sponsor of the TCFA Best Paper Awards.

Agenda Download:

TCFA Best Paper Symposium Organization Committee:

Jingzhi Huang (Chair) Penn State University

Jun Qian (Co-Chair) Boston College

Chenyang Wei (Co-Chair) Federal Reserve Bank of Philadelphia

An Yan (Co-Chair) Fordham University

Wuxiang Zhu (Co-Chair) Tsinghua University

TCFA Best Paper Program Committee:

Yingmei Cheng Florida State University

Ping He Tsinghua University

Jingzhi Huang Penn State University

Lin Ping Baruch College-CUNY

Jun Qian Boston College

Yiming Qian University of Iowa

Tie Su University of Miami

Ashley Wang Board of Governors of the Federal Reserve System

Jun Wang Baruch College-CUNY

Tan Wang University of British Columbia

Chenyang Wei Federal Reserve Bank of Philadelphia

An Yan Fordham University

Tong Yu University of Rhode Island

Xiaoyun Yu Indiana University

Yi Zhang Peking University

Guofu Zhou Washington University-St. Louis

Ning Zhu Shanghai Advanced Institute for Finance

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中信证券股份有限公司（以下简称“中信证券”，“公司”）是一家以证券业务为核心，提供证券经纪、承销与保荐、证券自营、资产管理、证券投资咨询、融资融券等金融服务的综合性证券公司。在中国证券行业中，中信的总资产、净资本和盈利规模最大，业务牌照最齐全，综合实力最强。

公司成立于1995 年10 月，总部位于深圳市。2003 年1 月，公司在上海证券交易所挂牌上市交易，股份名称“中信证券”，股票代码为 600030。中信证券第一大股东为中国中信集团公司。截至2010 年底，中信集团公司持有中信证券的股份为23.45%。中信证券秉承中信集团勇于创新的精神，与中信银行、中信信托等公司共同组成综合经营模式，积极为客户提供境内外全面金融服务。

成立15 年来，中信证券伴随着中国经济的快速成长，以及资本市场的发展壮大，不断扩展业务领域，创新产品与服务。由一家净资产规模仅3 亿元、18 家证券营业部、450 余名员工组成的专业证券公司，发展成为净资产700 多亿元、140 余家营业网点、逾万名员工的大型证券集团公司，为国内外众多客户提供全方位的证券金融服务。截止到2010 年，公司收入和净利润均居全国证券公司首位，占全行业比例均为14.6%截至2010 年底，中信证券共控股6 家子公司：中信金通证券有限责任公司、中信万通证券有限责任公司、华夏基金管理有限公司、中证期货有限公司、金石投资有限公司和中信证券国际有限公司。中信证券在境内外合计拥有135 家证券营业部、6 家期货营业部及8 家海外分支营业部。公司总资产1,532 亿元，净资本410 亿元。

公司投资银行业务、债券业务、企业发展融资业务、经纪业务、资产管理业务等业务均保持行业领先的市场地位。公司以业务持续成功为导向，追求卓越的客户服务、员工发展、股东回报三大目标，长期坚持管理创新、业务创新、产品创新的理念。