Shanghai University of Finance and Economics currently has three national key disciplines: accounting, finance and the history of economic thought, among which finance is the national key discipline. It has 4 key disciplines of the Ministry of Finance and 6 key disciplines of Shanghai. There are three state-level bases, namely, the National Economic Basic Talents Training Base, the National College Students' Cultural Quality Education Base, and the Institute of Accounting and Finance, the Key Research Base of Humanities and Social Sciences of the Ministry of Education. It also has four first-level disciplines: theoretical economics, applied economics, business administration, management science and engineering, 44 doctoral degree authorization points in two disciplines, and four postdoctoral mobile stations in philosophy, theoretical economics, applied economics and business administration.
The conference was hosted by School of Finance, Shanghai University of Finance and Economics. The guests included Professor Andrew Karolyi from Cornell University, Professor Neng Jiuju from Shanghai Institute of Advanced Finance, Associate Professor Fu from Singapore Management University, Assistant Professor Cao Jie from Chinese University of Hong Kong, Senior Assistant Professor from Business School of National University of Singapore and Professor Li from cheung kong graduate school of business. The meeting was presided over by Wang Neng, Dean of School of Finance, Shanghai University of Finance and Economics, and Professor Chen Xuanjuan, Professor and Vice President of Business School of Columbia University. Welcome speech by Zheng, Assistant President of Shanghai University of Finance and Economics. He introduced the important position of the financial discipline of Shanghai University of Finance and Economics and the outstanding contributions made by alumni in scientific research and teaching in recent years, affirmed the importance of this annual meeting, and looked forward to greater gains at this annual meeting!
The morning meeting was presided over by Professor Wang Neng, Dean of Finance College. First of all, Professor Zhu Xiao Neng from the School of Finance made a report entitled Momentum of News, and thought that news would have a positive or negative impact on the fluctuation of stock price. Through the model established by Professor Zhu Xiaoneng, this paper studies how news flow affects the fluctuation of stock price and tests whether the change of news flow will lead to stock returns. Professor Cao Jie, an assistant professor at the Chinese University of Hong Kong, commented that this paper is of great practical significance and is also of great significance to social media related research and other market research. If we can better explain the spread of news momentum or the future spread of dry knowledge scores, and add an effective estimate of the future basic structure, it will make the paper more meaningful.
Subsequently, Professor Sun from the School of Finance gave a report entitled "Cash Holding and Future Credit Risk Acquisition". According to the existing literature, the company holds cash in order to retain its credit capacity and use its current credit capacity for the future. Professor Sun established three dynamic models in his report, trying to explain quantitatively the reasons why the company holds cash from a new angle. Professor Gao Danzhu from the Business School of the National University of Singapore commented on this report. She pointed out that the model established in this paper has important practical significance, but the analysis of the influence of time hypothesis and incentive mechanism on financing risk needs to be further deepened.
Finally, Professor Shen Beibei from the School of Finance, Shanghai University of Finance and Economics gave a lecture entitled "Cross-border M&A: Do Labor Regulations Affect the Returns of Mergers and Acquirers?" By collecting data of cross-border transactions in 50 countries, the report analyzes the influence of different countries and different labor laws and regulations on cross-border acquisitions, and concludes that labor laws and regulations have a strong correlation with the stock market performance, post-acquisition performance and profitability of the acquirer. Professor Li from cheung kong graduate school of business commented on the report. She pointed out that Shen Beibei's paper expounded the collected information very comprehensively and effectively, but if in-depth analysis of the types of acquisition companies, labor productivity of acquirers, labor protection and compensation can be added to the paper, the views of the paper will be more perfect and credible. Several commentators put forward very valuable views on different papers. Professor Andrew Caroli, Professor Wang Neng and the audience present put forward different opinions one after another, and the discussion was very lively.
At noon, he gave a keynote speech at the annual financial conference. Professor Andrew Caroli of Cornell University published a paper entitled "Are listed companies finally eclipsed?" In his wonderful report, he asked, "What caused the number of listed companies in the United States to drop sharply from more than 8,000 to more than 4,000?" The question is, according to this trend, will listed companies die out? What is the reason? He introduced the changing trend of the number of listed companies in the United States in vivid language through charts, cases and models. Participants expressed their opinions on the reasons behind this problem: Associate Professor Chen Zhihua put forward the hypothesis of "too big to fail"; Associate Professor Feng Ling believes that this is related to the low cost of bond financing. Professor Wang Neng believes that this phenomenon is not caused by a single factor, but there must be many factors behind it. Some participants thought it was related to government supervision ... The discussion was lively, and the questions raised by Professor Andrew Caroli attracted close attention.
The afternoon meeting was presided over by Professor Chen Xuanjuan, Vice President of School of Finance, Shanghai University of Finance and Economics. First of all, Professor Huang Deyuanzhu from the School of Finance gave a report entitled "Long-term $ TERM capital budgeting mechanism of multi-sector companies", in which he established a model to explain the role of external directors in long-term investment projects. Professor Ju Nengjiu from Shanghai Institute of Advanced Finance commented on this report. He pointed out that if we analyze the dynamic model of the paper from the common aspect, the results will be more convincing. Finally, Professor Li Yandezhu from the School of Finance delivered a speech entitled "Directors as Connectors: The Influence of Directors' External Networks on Enterprises". Professor Li Yandezhu pointed out that the personal relationship between a company's directors and presidential candidates will have a great impact on the company's profitability, long-term stock performance, the success rate of obtaining bank loans, leverage ratio and borrowing costs. Fu, an associate professor from Singapore Management University, commented that the sample companies should not be limited to companies with very close personal support for the governor's election, but also define local companies more clearly, which will make the results of the paper more reliable.
School of Finance, Shanghai University of Finance and Economics has held five consecutive annual international financial conferences, each of which invited top international financial scholars to come and give keynote speeches, and the response was enthusiastic. The success of the fifth annual international financial conference has built a platform for domestic scholars to exchange and discuss the frontier issues of international finance, and further expanded the international influence of Shanghai University of Finance and Economics. This forum has attracted more than 100 scholars from home and abroad, and its influence in academic circles at home and abroad has been continuously improved.
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