(简体)第十五届全球金融年会

1、第十五届全球金融年会The 15th Annual Global Finance Conference 第五届中国(杭州) WTO 与金融工程国际会议The 5th China (Hangzhou) International Conference on WTO& Financial Engineering参会指南Conference Guidebook国际会议组委会The Organizing Committee of GFC & CICFE 20082008 5 18 5 20目录Content List.、八、一前言Preface主办单位Organizers of GFC

2、 & CICFE2008国际会议主席Chair persons of GFC & CICFE2008 国际会议组委会成员Members of GFC & CICFE2008 Organizing Committee 日程安排Agenda of GFC & CICFE2008大会须知Conference Notice 西湖国际金融专业委员会建议名单West Lake Professional Committee of International Finance (Recommendation Namelist)第十五届全球金融年会The 15th Annual G

3、lobal Finance Conference第五届中国(杭州)WTO与金融工程风险投资国际会议The 5th China (Hangzhou) International Conference on WTO& Financial Engineering跨国投融资与全球金融服务论坛Forum Multi-national Investment and Global Financial Service 国际会议组委会The Organizing Committee of International Conference2008 5 185 20中国加入WTC以来,中国的开放经济发展取得

4、了巨大成就。在改革开放30周年 之际，我们迎来了久负盛名的第十五届全球金融年会和第五届中国（杭州）WTO金融工程国际会议的隆重召开， 届时国内外专家学者、 政府机构与实业界人士 400 余人将聚会杭州共同探讨交流全球和中国的资本市场发展与贸易和金融最新学术 成果。全球金融年会是世界金融界的顶级盛会， 前十四届全球金融年会在世界各国成 功举办，在世界范围具有很大的影响。中国（杭州）WTOf金融工程国际会议自2002 年以来已经成功举办了四届， 引起了社会各界的广泛关注， 分别获得西湖博览会优 秀组织奖和优秀项目奖。 本次会议由国家自然科学基金委员会、 浙江省科技厅、杭 州市人民政府金融办公室、

5、浙江工业大学主办， 浙江省金融工程学会、 浙江省民营 企业国际合作促进会、 台州市商业银行承办， 浙江工业大学经贸管理学院、 浙江省 风险创业投资协会、东方教育论坛（澳）协办。本次会议主题： 全球资本市场发展与风险管理中国企业的机遇与挑战。 会议邀请国内外学术界专家教授和实业界金融家、 企业家与创业风险投资家， 探讨 全球资本市场发展与风险管理的理论和政策，寻求企业国际投融资问题的解决路 径，讨论的主要内容有：金融改革与创新、美国次级债、通胀与宏观调控、国际化 与政府服务创新、上市公司监管治理、 WTOf贸易争端、海外投资与风险管理、企 业海外上市、 汇率变动与外汇投资基金、 农村金融创新与私

6、人银行、 国际贸易理论 前沿等。本次会议共收到国内外学者的学术论文 300多篇，其中 200多篇将由东方 教育论坛（澳）编辑出版。 本次会议期间国际与本地金融家和企业家们还将组建成 立“西湖国际金融专业委员会” 。“同聚杭州，共创辉煌”是我们的心愿，真诚欢迎四海宾朋光临！PrefaceAfter China entered into WTO, Chinese open economy has achieved a brilliant accomplishment. The 15th Annual Global Finance Conference and the 5th China (Hang

7、zhou) International Conference on WTO & Financial Engineering are hold in Hangzhou. Around 400 domestic and foreign experts, government officers and entrepreneurs attend the conference to discuss the global and Chinese economic, financial and trade issues as well as to exchange the latest academ

8、ic outcomes.The Global Finance Conference is one of the top finance conferences in the world. The conference, which has been hold 14 times in many different countries, has great influence worldwide. Since 2002, China (Hangzhou) International Conference on WTO & Financial Engineering, which has b

9、een awarded the excellent organizing and the excellent program of Westlake Expo, and has been successful hold four times. It has good reputation and gain much focuses from the society. This conference is hosted by Natural Science Foundation of China, Hangzhou Municipal People 'Gsovernment, Globa

10、l Finance Association, U.S., Institute of Finance banking, Chinese Academy of Social Science, Hangzhou municipal people' GovernSmceiennt,ce and Technology Department of Zhejiang Province,Finance Office of Hangzhou Municipal People ' s GovernmenZth, ejiang University of Technology and US Glob

11、al Finance Association; undertaken by Zhejiang Society of Financial Engineering, Zhejiang International Business Cooperation Association for Private Companies China, Taizhou Commercial Bank and Zhejiang Association for Venture Capital Investment; also co-undertaken by College of Business Administrat

12、ion of ZJUT, Oriental Education Forum.The theme of this conference: The development and risk management of global capital market- The opportunity and challenge of Chinese enterprises. Many experts, bankers, entrepreneurs, venture capitalists home and aboard are invited to discuss the theories and po

13、licies of global capital market and risk management, to find out the solutions of international investment and financing issues. The main content includes: Finance reformation and innovation, American subprime lending, Control of inflation and macro-economy, International and government services inn

14、ovation, supervision of listed companies governance, WTO and trade disputes, Overseas investment and risk management, Enterprises go to be listed overseas, Exchange rate changes and foreign exchange investment funds, Rural area financial innovation and private banks, Forefront theories of internatio

15、nal trade and so on. The conference received more than 300 academic papers, of which over 200 articles will be published by Oriental Education Forum (Australia). During the conference time, the international and local financiers and entrepreneurs will set up "West Lake Professional Committee of

16、 International Finance." “ Assembly together in Hangzhou. Create the brightest future” is our wish. We sincerely welcome allfriends from different countries.主办单位：国家自然科学基金委员会浙江省科学技术厅 杭州市人民政府金融工作办公室 浙江工业大学美国全球金融协会承办单位：浙江省金融工程学会浙江省民营企业国际合作促进会台州市商业银行协办单位：浙江工业大学经贸管理学院浙江省风险创业投资协会 东方教育论坛（澳）支持单位：中国银行浙江

17、省分行独家网络直播浙江在线支持媒体：人民日报、 浙江日报、 杭州日报、 中国证券 报、经济观察报、 东方早报、第一财经日报、 21 世纪经济报道、钱江晚报、今日早报、 浙江卫视、杭州电视台西湖明珠频道Host:National Natural Science Foundation of ChinaScience and Technology Department of Zhejiang ProvinceFinance Office of Hangzhou Municipal People' s GovernmentZhejiang University of TechnologyUS

18、Global Finance AssociationOrganizer ：Zhejiang Society of Financial EngineeringZhejiang International Business Cooperation Association forPrivate CompaniesTaizhou Commercial BankZhejiang Association for Venture Capital InvestmentCo-organizer ：College of Business Administration, Zhejiang University of

19、 TechnologyOriental Education Forum (Australia)Supporter:Zhejiang Branch, Bank of ChinaSole-Media BroadcastLiveZhejiang OnlineSupporting Medias ：People s'Daily, Zhejiang Daily, Hangzhou Daily, Chinese Securities Journal, Oriental Morning PostChina Business News, 21st century Business Herald Qian

20、jiang Evening, Dushi Express Daily Business, ZTV, Hangzhou TV West Lake Pearl Channel 国际会议主席国际会议名誉主席：陈敏尔浙江省常务副省长Mike Moore 王洛林 蔡奇 国际会议执行主席：新西兰前总理，世界贸易组织前总干事 原中国社会科学院常务副院长，教授，博士生导师 杭州市人民政府市长Manuchehr Shahrokhi美国加州州立大学金融学教授、博士生导师，全球金融协会会长、全球金融杂志主编程惠芳浙江工业大学经贸管理学院院长，教授，博士生导师，浙江省金融工程学会理事长Chairpersons of

21、International ConferenceHonorary Chairmen:Chen Min ErExecutive Vice Governor of Zhejiang Provincial People's GovernmentMike MooreFormer Premier Minister of New Zealand， Former Director General of WTOWang LuolinFormer Executive Vice-Chairman of Chinese Academy of Social ScienceCai QiExecutive Cha

22、irpersons:Mayor of Hangzhou Municipal People' s GovernmentManuchehr ShahrokhiProfessor of Finance California State University, USA, Chairman of Global Finance Society, Editor in chief of Global Finance JournalCheng HuifangDean, College of Business Administration, Zhejiang University of Technolog

23、y, Professor, Doctoral Tutor, Chairperson of Zhejiang Society of Financial EngineeringChen Guop ing 成员：Members:丁敏哲Ding Min zhe 孟繁明Meng Fanming 程惠芳Cheng Huifang吴建杭Wu Jia nhang曾小平Zeng Xiaop ing余静波's Government's GovernmentUn iversity of国际会议组委会成员Members of the Conference Organizing Committee顾问：

24、浙江省人民政府副秘书长Consultant:陈国平Deputy Secretary-Ge neral, Zhejia ng Provi ncial People's Gover nment浙江省人民政府金融工作办公室主任Director, Finance Office of Zhejia ng Prov in cial People杭州市人民政府金融工作办公室主任Director, Finance Office of Han gzhou Muni cipal People 浙江工业大学经贸管理学院院长，博士生导师 浙江省金融工程学会理事长Dean, College of Bus in

25、ess Adm ini strati on,Zhejia ngTech no logy. Professor, Doctoral Tutor, Chairpers on of Zhejia ng Society of Finan cial Engin eeri ng 中国建设银行建信金融租赁公司总裁 浙江省金融工程学会常务副理事长Preside nt, China Con struct ion Bank Jia nyin Leas ing Co. Ltd.Executive Vice Chairma n of Zhejia ng Society of Finan cial Engin eeri

26、 ng中国银行浙江省分行行长浙江省金融工程学会副理事长Preside nt of China Bank Zhejia ng BranchVice Chairma n of Zhejia ng Society of Finan cial Engin eeri ng中国建设银行浙江省分行行长浙江省金融工程学会副理事长Yu JingboPreside nt of Chi na Con struction Ba nk, Zhejia ng BranchVice Chairma n of Zhejia ng Society of Finan cial Engin eeri ng陈小军台州市商业银行行长C

27、he n Xiaoju nPreside nt of Taizhou Commercial Bank沈毅俊浙江省民营企业国际合作促进会秘书长She n YijunSecretary-Ge neral, Zhejia ng Intern ati onal Busin ess Cooperati on Associati onfor Private Compa nies姚利民浙江工业大学经贸管理学院教授浙江金融工程学会秘书长Yao LiminProfessor, College of Busin ess Adm ini strati on, Zhejia ng Un iversity ofTech

28、 no logySecretary-Ge neral, Zhejia ng Society of Finan cial Engin eeri ng18日星期日 日程安排18th May Agenda跨国投融资与全球金融服务论坛-Forum for MultinationalInvestment and Global FinancialServices13:0013:30会议签到地点：杭州凯悦大酒店RegistrationPlace: Hyatt Regency Hangzhou论坛主持：Host:浙江省民营企业国际合作促进会沈毅俊秘书长Mr. Shen Yijun, Secretary-Gen

29、eral, Zhejia ng Intern ati onal Busin ess Cooperation Association for Private Compa nies13:30-13:40领导致辞LeadersAddresses杭州市人民政府金融办公室孟繁明主任Mr. Meng Fanming, Director, Finance Office of Hangzhou Municipal People Government第15届全球金融年会执行主席、浙江工业大学经贸管理学院院长程惠芳教授Prof. Cheng Huifang, Executive Chair of 15th Ann

30、ual Global Finance Conference, Dea n of College of Busin ess Adm ini strati on, Zhejia ng Uni versity of Tech no logy时间Time演讲题目Topic演讲 人Speaker单位职务Title &Positi on13:4014:10协助中国企业 在欧交所上市Assist Chin ese En terprises on Goi ng Public at Euro-Next吴婷 婷Tin gti ngWu维迪阿投资 银行总裁CEO,VestasiaIn vestme ntBa

31、nking14:10 -14:4 0能源类企业融 资之路The Financing StrategyofEn ergy Resources王晓 滨XiaobinWang高能资本有 限公司董事 长Chair ofBoard,PowerCompa niesCapital Co., Ltd ,14:4015:10理财与风险管 理Finance and RiskMan ageme nt杨德 行Dexi n g Yang恒生银行中 国业务处投 资顾问服务 部总裁CEO, Dept. of In vestme nt Con sulta nt Services, China, Hang Seng Bank1

32、5:1015:40茶歇Tea Break15:4016:10澳大利亚商机 无限投资好去 处Busin essOpport un ities inAustralia王恒MU岩HenryWang澳大利亚投 资署驻大中 华地区首席 代表Director of Chi na,In vest inAustralia16:1016:40海外置业与金 融地产OverseasPropertyandFinan cial Real EstateRossBendix英国莱斯银 行首席代表Chief Represe ntati ve, Llodys TSB ba nk plc16:4017:00海外技术转移 及新兴产

33、业投 资OverseaTech no logicalTran sferandEmergi ngIn dustrialin vestme ntGusJones爱尔兰投资 发展局中国 区总裁Director of Chi na, IDA, Irela nd17:0017:30初创企业的全 球化创新案例 分析Case Study of GlobalInno vati onofStart-upCompa niesJossShe nYoyoor Inc. 总裁（前网 迅公司副总裁）Preside nt,Yoyoor Inc.20日会议分会场安排20 May session Agenda地点：浙江工业大学

34、屏峰校区Location: Pingfeng Campus, Zhejiang University of Technology会场 1: Meeting Room 1 地点：博易 A 楼 209经贸学院会议室Place: Room A 209, Boyi Building执行主席 Executive Chairs : Fengmin Song, Andrew Worthington时间TIME题目TOPIC姓名NAME单位UNIVERSITY职务TITLE8:30-8:50Improve the Core Competitiveness of Banking Financial Intust

35、ries of ChinaSong FengmingQinghua UniversityProf.8:50-9:10The Pricing and Performance of Initial Public Offerings in Australia， 1996-2007 : A Comparison of Ord ； Multivariate Evidence of Stock Market Integration and Interdependence in Asia， 1993-2006Andrew WorthingtonGriffith University FinanceandEc

36、onomics CollegeProf.9:10-9:30In-Sample and Out-of-Sample Properties of Stock Returns Dynamics Conditional on Equilibrium PricingLeonardo Morales-AriasKiel universityDr.9:30-9:50An Examination of the Long Run Performance of Greek Acquiring FirmsKaterina LyroudiPetros Christodoulou; Michail PazarskisU

37、niversityofMacedoniaAssistant Prof; Associate Prof.;Dr. Candidate9:50-10:10中场休息Break10:10-10:30Identifying Good Inflation ForecasterJarita Duasa; Nursilah Ahmad; Zaiti Akma ZainuddinInternational Islamic University Malaysia10:30-10:50Predicting the Dynamics of Implied Volatility Surfaces： A New Appr

38、oach with Evidence from OTC Currency OptionsAndrianos TsekrekosAthens Univertisy of Economics & BusinessDr.10:50-11:10REITs Performance and Macroeconomic Factors： A Stochastic Dominance ApproachChih-Chiang HsuNational Central UniversityatTaiwan11:10-11:30The Role of Large Players in a Dynamic Cu

39、rrency Attack ModelMei LiUniversityofGuelphAssistant Prof.12:00中餐地点：浙江工业大学家和西苑接待餐厅三楼Lunch Place: The Third floor of West Jiahe Garden Restaurant, ZJUT会场1: Meeting Room 1 地点：博易A楼209经贸学院会议室 Plac 执行主席 Executive Chairs Benjamin Tai, Y,e: Room A 209, Boyi Building 'u Xiaofen1:30-1:50Analyzing the Unk

40、nown Factors in the APT Model : Evidence from U.S. and JapanKeng-Yu HoNational Central UniversityAssociate Prof.1:50-2:10Interactive Relationship between Debt Financing and Corporate Investment from the Perspective of Bankruptcy Risk: Evidence from ChinaBenjamin TaiCalifornia State UniversityProf.2:

41、10-2:30Price and Trading Volume Reactions to Index Reconstitutions in ChinaWeibo Wang ;Mei QiuMasseyUniversity New ZealandSenior Lecturer; PhD Student2:30-2:50International Diversification Strategies Revisited : Are Emerging Markets Different?YeBaiChristopher J. GreenandLawrence LegerNapier Universi

42、tyDr.2:50-3:10Information Content of Stock Recommendation Revisions and Target Price Changes in Security AnalystYi-Shuan Chen; Shin-Herng Michelle ChuFungChiaUniversity,TaiwanDr.3:10-3:30The Prediction of Financial Distress based on Credit CycleBi-Huei TsaiCollegeofManagement; NationalChiaoTung Univ

43、ersityDr.3:403点40分，西湖游览3: 40 PM,Local Tour, West Lake会场 2： Meeting Room 2 地点：博易楼 A 104会议室 Place: Room A 104, Boyi Building执行主席 Executive Chairs : Krishnan Dandapani , Yao Limin时间TIME题目TOPIC姓名NAME单位UNIVERSITY职务TITLE8:30-8:50A Study on the Microfinance Internation in China ； or Preventing Fraud in Cyb

44、er SpaceKrishnan DandapaniFlorida International UniversityProf.8:50-9:10The Intraday and Intraweek Volatility Patterns: Exchange-traded Fund vs. Cash Index in Hong KongGordon Y. N. Tang;KarenH.Y.WongHongKongBaptistUniversity; Open UniversityofHongKongProf.; Lecturer; Dr.9:10-9:30Microeconomic Stress

45、 Testing of Real Credit PortfoliosChristian SchmiederDeutsche Bundesbank & European Investment BankDr.9:30-9:50The Value Relevance of Corporate Taxation in EuropeChristosA.GrambovasUniversityofManchester， UK9:50-10:10中场休息Break10:10-10:30The Signature of Sentiment in Conditional Multi-factor Mode

46、l EstimatesDengLi WangDublinCityUniversity;IrelandSenior Lecturer10:30-10:50Investment Choices and Risk-adjusted Performance MeasuresGeorge XiangStateStreetFinance CenterDr.10:50-11:10Dynamic Relationship between Stock Prices and Unit Investment Trust Flows in the UK MarketHeung-Joo ChaSt.TomasUnive

47、rsity USADr.11:10-11:30Corporate Governance， Cash Holdings， and Firm Value： The Role of Board Composition， Political ConnectionYuanto KusnadiCity University of Hong KongAssistant Prof.12:00中餐地点：浙江工业大学家和西苑接待餐厅三楼Lunch Place: The Third floor of West Jiahe Garden Restaurant, ZJUT会场 2： Meeting Room 2 地点：

48、博易楼 A 104会议室 Place: Room A 104, Boyi Building 执行主席 Executive Chairs : Laurence Copeland， Zhang Yi1:30-1:50Long-Term Performance of Additions and Deletions of Hang Seng Index Constituent Stocks ； Price Reactions to Corporate Name ChangesHung Wan KotHongKongBaptist UniversityDr., Associate Prof.1:50-2

49、:10Value of your IPO Advisor ' Advice: M&A PerspectiveEvgeny PlakesnSFI, University of Zurich2:10-2:30China's Resolution of Non -performing LoansJennifer FooStetson University Finance Department U.S.AAssistant Prof.2:30-2:50Overvaluation and Earnings ManagementJianxin( Daniel) ChiArizona

50、StateUniversityAssistant Prof.2:50-3:10A Model of Foreign Aid and Foreign Direct Investment： Can Aid be Beneficial to both Donor and Recipient Countries ?Jin YiKansasUniversity USAAssistant Prof.3:10-3:30Bancassurance Models : ChinaPotential for Success inKaren Hamilton -Rongrong ZhangGeorgia Southe

51、rnUniversity USAAssistant Prof.3:403点40分，西湖游览3： 40 PM,Local Tour,West Lake会场 3: Meeting Room 3 地点：博易楼 C 304专用教室 Place: Class Room C 304, Boyi Building 执行主席 Executive Chairs : Du Qunyang , Rafael Solis时间TIME题目TOPIC姓名NAME单位UNIVERSITY职务TITLE8:30-8:50Visualizing Stock-mutual Fund Relationships through S

52、ocial Network AnalysisRafael SolisCaliforniaStateUniversity; FresnoProf.8:50-9:10The International Evidence of Pecking Order and Trade-off PredictionsRobin LuoAucklandUniversityofTechnology9:10-9:30Determinants of Risk Arbitrage SpreadsBenBranchDr. Jia WangUniversityofMassachusetts, USADr.9:30-9:50D

53、oes Initial Placement Matter for Equity Analysts' Forecast Accuracy？Lin ZouUniversityofTexas at DallasDr.9:50-10:10中场休息Break10:10-10:30Central Bank Transparency， Financial Markets and the Crowding out of Private InformationMenno MiddeldorpUniversity Utrecht NetherlandsMr.10:30-10:50Multiple List

54、ing and Stock Valuation ； Higher-moment Risk in Optimal PortfoliosLeyuan YouUniversityofAlaska AnchorageDr.10:50-11:10Foreign Portfolio Investment in Malaysia : Blessing or Curse?SalinaH.KassimInternationalIslamic University MalaysiaDr.11:10-11:30Financial and Trade Liberalization and its Impact on

55、Turkish EconomySima Motamen-Sam adianWestminster Business SchoolDr.12:00中餐地点：浙江工业大学家和西苑接待餐厅三楼Lunch Place: The Third floor of West Jiahe Garden Restaurant, ZJUT会场 3: Meeting Room 3 地点：博易楼 C 304专用教室 Place: Class Room C304, Boyi Buildi 执行主席 Executive Chairs M.Ishaq Bhatti，Shen Yijun1:30-1:50Minimax Asset Price Bounds in Incomplete MarketsUnyong PyoBrock University CanadaDr. Assistant Prof.1:50-2:10Determining and Forecasting High-frequency Value-at-Risk by Using L'evy Processes ； Unconditional Copula-based Simulation of Tail Dependence for Co-movement of International