key visual

The Five-Star Asia Pacific Workshop in Finance aims to provide an open platform to bring together scholars from top research institutions in the Asia Pacific region. It extends the scope of the Five-Star Workshop in Finance in China, which has been organized for 11 years covering 10 leading finance research institutions in China. This year, the inaugural Five-Star Asia Pacific Workshop will be co-organized by the Cheung Kong Graduate School of Business (CKGSB), Sim Kee Boon Institute for Financial Economics (SKBI) at Singapore Management University's (SMU) Lee Kong Chian School of Business (LKCSB), PBC School of Finance at Tsinghua University (PBCSF), and the University of Toronto. Presenters are from the above institutions.


Date & Time:
17 May 2024 (Fri) | 8:45am - 5:30pm
18 May 2024 (Sat) | 9am - 2pm


Conference Style:
The workshop will adopt a seminar-style research discussion (e.g., 30-minute presentation + 15-minute floor discussion) to promote in-depth engagements of all participants.


Singapore Management University
50 Stamford Road, Singapore 178899
Lee Kong Chian School of Business, Seminar Room 1-1



Day 1: May 17 (Friday)

8:45am -
Registration & Welcome

Session 1: Investment and Capital Formation 

Chaired by Hong Zhang (Professor of Finance, LKCSB)

9:15am -

Leverage dynamics under costly equity issuance, by Patrick Bolton, Neng Wang, and Jinqiang Yang. [Slides]

neng wang    Neng Wang (Dean’s Distinguished Chair Professor of Finance, CKGSB)

10:00am -

Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?, by Zhiguo He, Bibo Liu, Feifei Zhu.

bibo liu Bibo Liu (Associate Professor, PBCSF)

10:45am -
Coffee Break
11:15am -

What Doesn’t Work in Securities Law: Blue Sky laws and Capital Formation, by Paul Mahoney and Jianping Mei. [Slides]

jianping mei Jianping Mei (Professor of Finance, CKGSB)

12:00pm - 


Session 2: Green Finance

Chaired by Erica Li (Professor of Finance, CKGSB)
erika li

2:00pm - 

Consumers’ Reaction to Corporate ESG Performance: Evidence from Store Visits, by Tinghua Duan, Frank Weikai Li, and Roni Michaely. [Slides]

weikai li Frank Weikai Li (Assistant Professor of Finance, LKCSB)

2:45pm -

The Externalities of ESG Disclosure, by Yi Jiang, Ya Kang, and Hao Liang. [Slides]

hao liang Hao Liang (Associate Professor of Finance, LKCSB)

3:30pm -
Coffee Break

Session 3: Treasury Bonds and Government Funds

 Chaired by Erica Li (Professor of Finance, CKGSB)
erika li

4:00pm - 

A Two-Tier System of Government Guided Funds, by Zhao Jin.

zhao jin Zhao Jin (Assistant Professor of Finance, CKGSB)

4:45pm -

The Stock-Bond Correlation A Tale of Two Days in the Treasury Bond Market, Grace Xing Hu, Zhao Jin, and Jun Pan. [Slides]

grace xing hui Grace Xing Hui (Associate Professor, PBCSF)

Day 2: May 18 (Saturday)

Section 4: FinTech and Machine Learning

Chaired by Zhan Shi (Associate Professor, PBCSF)
Zhan Shi

9:00am -

Social Learning and Sentiment Contagion in the Bitcoin Market, by Bing Han, Haoyang Liu, and Pengfei Sui.

bing han Bing Han (Professor of Finance, University of Toronto)

9:45am -

Machine Learning vs. Dynamic Trading: Can Economics Help Explain AI?, Huahao Lu, Matthew Spiegel, and Hong Zhang.

Hong Zhang Hong Zhang (Professor of Finance, LKCSB)

10:30am -
Coffee Break

Section 5: Corporate Biases and Regulatory Impact

 Chaired by Zhan Shi (Associate Professor, PBCSF)
Zhan Shi

11:00am -


Randomized On-Site Inspections and Shareholder Value, by Fangjian Fu, Pingui Rao, Cen Wu, and Heng Yue.

fangjian fu Fangjian Fu (Associate Professor of Finance, LKCSB)

11:45am -

Corporate Basis and Demand for U.S. Dollar Assets, by Grace Xing Hu, Zhan Shi, Ganesh Viswanath-Natraj, Junxuan Wang. [Slides]

Zhan Shi Zhan Shi (Associate Professor, PBCSF)

12:30pm -


Organised By



Be alerted on SKBI news and forthcoming events.

Newsletter checkboxes

*Please note that upon providing your consent to receive marketing communications from SMU SKBI, you may withdraw your consent, at any point in time, by sending your request to skbi_enquiries [at] (subject: Withdrawal%20consent%20to%20receive%20marketing%20communications%20from%20SMU) . Upon receipt of your withdrawal request, you will cease receiving any marketing communications from SMU SKBI, within 30 (thirty) days of such a request.