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2004 China International Conference in
Finance
Shanghai, China
July 8-10, 2004
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The 2004 China International Conference in Finance £¨CICF 2004 thereafter£© will take place in Shanghai, China on July
8 to 10, 2004. The conference will be organized by China Center for Financial Research (CCFR), Tsinghua University, Sloan
School of Management, Massachusetts Institute of Technology (MIT) and China Europe International Business School (CEIBS).
The conference intends to provide an open platform to bring together researchers from around the world to exchange and
discuss new developments in research, practice and policies finance.
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 China
Center for Financial Research, Tsinghua University
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 Sloan
School of Management, MIT
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 China
Europe International Business School £¨CEIBS)
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CONFERENCE PAPERS:
CICF 2004 follows the standard format of international conferences with open calls for papers and reviews by a program
committee consisted of established scholars in the field. The program committee received 407 high quality papers from
Mainland China (217), North America (92), Europe (23), Australia Area (46), and other Asian countries and areas (29).
After the careful evaluation by the Program Committee, 46 papers have been accepted. Including the 38 papers accepted
by CIFC 2003, which was postponed to this year due to SARS, a total of 84 papers will be presented at the conference.
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CONFERENCE ORGANIZATION:
Conference Chair:
Wang, Jiang, NTU Professor of Finance, MIT; Director, CCFR, Tsinghua University
Organizing Committee (Alphabetical)
Gao, Bin, Associate Professor£¬University of North Carolina; Special Term Professor, Tsinghua University
Ge, Jun, Director of the Dean's Office, CEIBS
Huang, Haizhou, Senior Economist, International Monetary Fund; Special Term Professor, Tsinghua University
Liang, Neng, Professor of Management, CEIBS
Liao, Li, Associate Professor of Finance and Associate Dean, School of Economics and Management, Tsinghua
University; Executive Associate Director, CCFR, Tsinghua University
Song, Fengming, Professor of Finance, Tsinghua University
Wang, Jiang, NTU Professor of Finance, MIT
Xu, Xiaonian, Professor of Economics and Finance, CEIBS
Program Committee Chair:
Gao, Bin
Huang, Haizhou
Program Committee of CICF 2004
Secretary-General:
Liao, Li
CCFR, Tsinghua University
Beijing 100084, P. R. China
Email: liaol@em.tsinghua.edu.cn
Tel: +86 10 6277 3180
Deputy Secretary-General:
Ge, Jun
CEIBS
699 Hongfeng Road, Pudong, Shanghai 201206, P. R. China
Email: gjun@ceibs.edu
Tel: +86 21 2890 5123
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GUEST SPEAKERS:
Keynote Speakers:
Stewart C. Myers
Gordon Billard Finance of Finance, MIT
Former President of American Finance Associate
Research Associate, National Bureau of Economic Research
Jinglian Wu
Bao Steel Professor of Economics, CEIBS
Research Fellow, Development Research Center of the State Council of P. R. China
National Committee Member and Associate Director of Economic Committee, Chinese People's Political Consultative Conference
Research Fellow, China Academy of Social Science
Invited Guest Speakers:
Symposium - China's Financial Reform
Zhou, Xiaochuan Governor, the People's Bank of China
Shang, Fulin Chairman, China Security Regulation Commission (to be confirmed)
Li, Jiange Deputy Director, Development Research Center of the State Council of P. R. China
Feng, Guoqin Vice Mayor of Shanghai
John L. Thornton Professor, Tsinghua University; former COO, Goodman Sachs (to be confirmed)
Lester Thurow Professor and former Dean, MIT Sloan School of Management
Symposium - Financial Institution Innovation
Guan, Guoliang Chairman, New China Insurrance Co. Ltd
Lu, Guanqiu Founder, Zhejiang Commercial Bank and Minsheng Life Insurrance Company
Wang, Jun Chairman, Tailong Credit Company
Yang, Changbo Managing Director, China International Capital Company
Symposium - Real Estate Finance
Xie, Ping Director General of Bureau of Financial Stability, the People's Bank of China
Ji Fengxiang Director, National Statistical Bureau
Wan Daning Chief Executive of Nanwei County, Shanghai
Yang Xiaoping CEO, Shanghai ZhongHai Real Estate Development Co.
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CONFERENCE PROGRAM:
2004£®07£®08
08:30 - 10:00 Opening Ceremony
Opening Remarks, Jiang Wang, Conference Chair
Welcome Remarks, Mayor of Shanghai
Remarks of Representatives from Tsinghua University, MIT, and CEIBS
Remarks of Guest Speakers
Keynote Speech - Professor Stewart C. Myers
10:10 - 10:20 Break
10:30 - 11:50 Symposium on China's Financial Reform
Chair: Huang, Haizhou
Guest Speakers:
Zhou, Xiaochuan Governor, the People's Bank of China
Shang, Fulin Chairman, China Security Regulation Commission (to be confirmed)
Li, Jiange Deputy Director, Development Research Center of the State Council of P. R. China
Feng, Guoqin Vice Mayor of Shanghai
John L. Thornton Professor, Tsinghua University; former COO, Goodman Sachs (to be confirmed)
Lester Thurow Professor and former Dean, MIT Sloan School of Management
12:00 - 12:50 Lunch
13:00 - 14:00 Keynote Speech - Professor Jinglian Wu
14:15 - 15:45 Symposia
Financial Institutions Innovation
Chair: Xu, Xiaonian
Guest Speakers:
Guan, Guoliang Chairman, New China Insurrance Co. Ltd
Lu, Guanqiu Founder, Zhejiang Commercial Bank and Minsheng Life Insurrance Company
Wang, Jun Chairman, Tailong Credit Company
Yang, Changbo Managing Director, China International Capital Company
Real Estate Finance
Chair: Professor Jianping Mei
Guest Speakers:
Xie, Ping Director General of Bureau of Financial Stability, the People's Bank of China
Ji Fengxiang Director, National Statistical Bureau
Wan Daning Chief Executive of Nanwei County, Shanghai
Yang Xiaoping CEO, Shanghai ZhongHai Real Estate Development Co.
15:45 - 16:00 Break
16:00 - 18:00 Academic Session I
Session 1/Room 1 Market Manipulation and Speculation
Stock Market Manipulation - Theory and Evidence
Rajesh K. Aggarwal, Dartmouth College
Guojun Wu, University of Michigan
Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia
Jianping Mei, New York University
Jose A. Scheinkman and Wei Xiong, Princeton University
Fooling all of the people some of the time: A theory of endogenous sequencing in confidential negotiations
Thomas H. Noe, Tulane University
Jun Wang, SAS Institute Inc.
The stabilizing and welfare analysis of speculation
Qihan Su, Weizhong Chen, Tongji University
Session 1/Room 2 Banking and Regulation
Financial Crisis, Economic Recovery and Banking
Haizhou Huang, International Monetary Fund
Dalia Martin, University of Munich
Chenggang Xu, London School of Economics
Banking Regulation around the World: Patterns, Determinants, and Impact
Li, Tao, University of Michigan & Hong Kong University of Science and
Technology
Financial Infrastructure, Underwriter Reputations, and Securities Fraud
Wei-Ling Song, Drexel University
Corruption and international valuation: does virtue pay?
Charles M. C. Lee, Ng, David, Cornell University
Session 1/Room 3 Stock Returns
Empirical Studies about the Return of China Stock Market
Baotong Su, Wei Chen, Xiamen University
The Cross-section of Volatility and Expected Returns
Andrew Ang, Robert J. Hodrick, Columbia University
Yuhang Xing, Rice University
Xiaoyan Zhang, Cornell University
What Determines Chinese Stock Returns?
Fenghua Wang, Shanghai Stock Exchange
Yexiao Xu, University of Texas at Dallas
Studies about the Haircut of China Stock market
Fred Song, Hui Tan, Tsinghua University
Session 1/Room 4 Futures and Options
The Rise and Fall of the Government Bond Futures Market in China
Chao Chen, Zhongguo Zhou, California State University, Northridge
The Information in Option Volume for Stock Prices
Pan, Jun - Massachusetts Institute of Technology
Allen M. Poteshman, University of Illinois at Urbana-Champaign
The Volatility Risk Premium Embedded in Currency Options
Buen Sin Low, Shaojun Zhang, Nanyang Technological University
Differences of Opinion of Public Information
H. Henry Cao, University of North Carolina
Hui Ou-Yang, Duke University
18:00 - 19:30 Cocktails
2004£®07£®09
08:30 - 10:30 Academics Session II
Session 2/Room 1 Trading Behavior and Stock Return Predictability
Optimal Transaction Filters under Transitory Trading Opportunities: Theory and Empirical Illustration
Ronald J. Balvers, West Virginia University
Yangru Wu, Newark & New Brunswick Rutgers University
An Empirical Study on Momentum and Contrarian Strategies in China Stock Market
Xin Yang, Zhanhui Chen, Tsinghua University
Investing for the Short Run when Return Volatility is Predictable
Leping Wang, University of Pennsylvania
What impacts the trading?
Jibao He, Shenzhen Stock Exchange
Session 2/Room 2 Corporate Governance and Executive Compensation
Repricing Alternatives, Optimal Repricing Policy, and Early Exercise of Executive Stock Options
Yang, Jerry T., University of Arizona
Willard T. Carleton, National Tsinghua University, Tsinchu, Taiwan
When to Fire a CEO: Optimal Termination in Dynamic Contracts
Stephen E. Spear, Carnegie Mellon University
Cheng Wang, Iowa State University & Carnegie Mellon University
Shareholders Structure, Investors Protection and Corporate Performance
Kemin Wang, Jingyong Chen, Jilin University
Block Equity Transfers and Corporate Control
Zhicheng Wang, Yi Zhang, Peking University
Session 2/Room 3 Corporate Finance I
Why Do Firms Disguise Their Profits? Theory and Evidence from China
Qiao Liu, Geng Xiao, University of Hong Kong
Ultimate Corporate Ownership Structure and Capital Structure: Evidence from East Asia
Julan Du, Yi Dai, Chinese University of Hong Kong
Expropriation, Regulation, and Firm Value: Evidence from Events in China
Henk Berkman, University of Auckland
Rebel A. Cole, DePaul University
Jiang Fu, University of Auckland
CEO selection and compensation with asymmetric information and moral hazard
Jiang Luo, James J.D. Wang, Hong Kong University of Science & Technology
Session 2/Room 4 Interest Rate and Credit Market
Predictability of Interest Rates and Interest-Rate Portfolios
Turan Bali, Baruch College
Massoud Heidari, Caspian Capital Management, LLC
Liuren Wu, Baruch College
How Much of the Corporate-Treasury Yield Spread is Due to Credit Risk
Jingzhi Huang, Penn State University
Ming Huang, Stanford University
Collateral Channel and Credit Cycle: Evidence from the Land-Price Collapse in Japan
Jie Gan, Hong Kong University of Science and Technology
Studies about the Credit Risk Valuation of China Non-performing Asset
Hongyan Cai, China Huarong Asset Management Corporation
10:30 - 11:00 Break
11:00 - 12:30 Academics Session III
Session 3/Room 1 Behavioral Finance
Rational Panics, Absorbing Regime Switching and Stock Market Crashes: Empirical Evidence From The
State-Share Paradox
Yinggang Zhou, Cornell University
Dengta Chen, Peking University
Difference of Behavior among Insiders, Institutions, and Individual Investors: Evidence from Ownership Structure
Honghui Zhu, China Europe International Business School
Why Stocks May Disappoint
Andrew Ang, Geert Bekaert, Columbia University
Liu, Jun - University of California - Los Angeles
Session 3/Room 2 Earnings Quality and Management
The Valuation of Domestic and Foreign Earnings and the Impact of Investor
Sophistication
Callen, Jeffrey L.- University of Toronto
Ole-Kristian Hope, Dan Segal
Earnings Quality, Insider Trading, and Cost of Capital
David Aboody, John Hughes, Jing Liu, University of California - Los Angeles
Cash Dividend in China: Earnings Management, Liquidating, and Tunneling
Chi-Wen Jevons Lee, Tulane University
Xing Xiao, Tsinghua University
Session 3/Room 3 IPO and SEO
Pricing Taiwan's Initial Public Offerings
Chang, Kuo-Ping, Yu-Min Tang, National Tsinghua University, Tsinchu, Taiwan
On The Anticipation of IPO Underpricing: Evidence From Equity Cave-outs
Lawrence M. Benveniste, Huijing Fu, Paul J. Seguin, University of Minnesota
Xiaoyun Yu, Indiana University
Product Market Advertising and New Equity Issues: Theory and Empirical Evidence
Thomas Chemmanur, Boston College
An Yan, Fordham University
Session 3/Room 4 Exchange Rates and Monetary Policy
The Internal Instability of RMB Exchange Rate: its Structural and Institutional Causes
Yingli Pan, East China Normal University
The Conducting Mechanism of the China's Monetary Policy and the Empirical Analysis
Ning Xie, Shanghai University of Finance and Economics
Emerging Market Exchange-Rate Exposure
Chue, Timothy K., David Cook, Hong Kong University of Science & Technology
12:30 - 14:30 Lunch Break
14:30 - 16:30 Academics Session IV
Session 4/Room 1 Asset Pricing
Comparative Analysis of Two Factors Influencing the Short-term Price Behavior of Financial Assets
Ping Li, Yong Zeng, University of Electronic Science and Technology of Chendu
On the Explanatory Power of Asset Pricing Models Across and Within Portfolios
Raymond Kan, University of Toronto
Liquidity and Asset Pricing: Empirical Analysis of the Turnover and Expected Return of China Stock
Market
Dongwei Su, Yuanxun Mai, Jinan University
Model Uncertainty, Limited Market Participation and Asset Prices
Henry H. Cao, University of North Carolina
Tan Wang, University of British Columbia
Harold H. Zhang, University of North Carolina
Session 4/Room 2 Corporate Finance II
Empirical Analysis of China List Companies M&A Performance
Xindan Li, Hongliang Zhu, Bing Zhang, Hao Luo, Nanjing University
Why Does Analysts' Forecast Dispersion Predict Stock Returns? A Corporate Guidance Perspective
Mark Liu, Boston College
Danielle Xu, Tong Yao, University of Arizona
The Cost of Capital and the Return on Corporate Investment of A-Share Listed Company
Zheng Zhang, Xiaojing Meng, Li Liu, Peking University
Financial Intervention in Early Development: A Theory
Chun Chang, Yijiang Wang, University of Minnesota & Tsinghua University
Session 4/Room 3 Corporate Behavior and Capital Market
Anomy of the Regulation and Deregulation of IPO and Market Shrink
Wuxiang Zhu, Chengyan Jiu, Tsinghua University
Governance Mechanisms and Equity Prices
K. J. Martijn Cremers, Yale School of Management
Vinay B Nair, New York University
The Roles of Government against Stock Market Manipulation
Yongdong Shi, Xianfeng Jiang, Dongbei University of Finance & Economics
Privatization via Overseas Listing: Evidence from China's H-Share Firms
Jin Jia, Motorola Innovation Centre
Qian Sun, Nanyang Technological University
Wilson Tong, Hong Kong Polytechnic University
Session 4/Room 4 Fund Management
Information Content and Market Reaction of the Change of Closed-end Managers
Minlei Ye, Renmin University of China
Weizheng Yu, Tsinghua University
Is Penny Trading Optimal for Closed-end Funds in China?
Li Wei, New York Stock Exchange
Donghui Shi, Shanghai Stock Exchange
Information Content for the Index Componential Stock
LIqiang Sun, Chao Chen, Tsinghua University
Do Hedge Funds Have Enough Capital? A Value-at-Risk Approach*
Anurag Gupta, Bing Liang, Case Western Reserve University
2004£®07£®10
08:30 - 10:30 Academic Session V
Session 5/Room 1 Investor Behavior and Asset Pricing
International Evidence on Institutional Trading Behavior and Price Impact
Chiraphol N. Chiyachantana, Pankaj K. Jain, Christine Jiang, Robert A. Wood,
University of Memphis
Transaction and Price Duration in China Stock Market
Wei Chen, Xiamen University
Are domestic investors more informed than foreign investors? Evidence from the Perfectly Segmented
Market in China
Kalok Chan, Hong Kong University of Science and Technology
Albert J. Menkveld, Vrije Universiteit Amsterdam
Zhishu Yang, Tsinghua University
Session 5/Room 2 Risk and Return
The Determinant Factors of the Cross-Section Return: Risk Factors and Stock Characteristics
Xu, Nianxing, Shinong Wu, Xiamen University
Risk, Dispersion of Analysts Forecasts and Stock Returns
Shisheng Qu, Laura Starks and Hong Yan, University of Texas at Austin
Empirical Analysis for Calculating VaR Using Adjusted Hill Estimation
Wuyi Ye, Baiqi Miao, University of Science & Technology of China
Session 5/Room 3 Market Liquidity and Information Asymmetry
The Effects of Investor Protection on the Information Asymmetry of the Securities Market
Yihui Wang, Li Liao, Tsinghua University
Xiaotie Deng, City University of Hong Kong
Institutional Equity Flows, Liquidity Risk and Asset
Ashley W. Wang, University of California - Los Angeles
IPO underpricing and after-market liquidity
Andrew Ellul, Indiana University
Marco Pagano, Universit¨¤ di Napoli Federico II
Session 5/Room 4 Venture Capital and IPO
Venture capital investments by IPO underwriters: Certification or conflict of interest?
Xi Li, University of Miami
Ronald W. Masulis, Vanderbilt University
The Accuracy of IPO Profit Forecasts in Thailand and their Relationships with Stock Market Valuation
Ravi Lonkani, Chiang Mai University
Michael Firth, Hong Kong Polytechnic University
Venture Capital in China: Investment Decision-making Processes and Success Factors
Paul Vega, Li Choy Chong, University of St. Gallen, University of St. Gallen
Wei Zhang, Tsinghua University
10:30 - 11:00 Break
11:00 - 12:00 Academic Session VI
Session 6/Room 1 Stock Price Process
Predictability of Chinese Stock Returns: Contrarian or Momentum?
Yang Li, Yuhui Liu, China Academy of Social Security
Empirical Test of the Inter-day Volatility of China Stock Market
Libin Tao, Zhaoben Fang, University of Science and Technology of China
Understanding the Sources of Momentum Profits: Stock-Specific Component versus Common-Factor
Component
Qiang Kang, University of Hong Kong
Canlin Li, University of California - Riverside
Session 6/Room 2 Corporate Finance III
Corporate Governance and Firm Valuations in China
Chong-En Bai, Qiao Liu, Joe Lu, Frank M. Song, and Junxi Zhang,
University of Hong Kong
Comparative Study on Forecast Approaches of Corporate Financial Distress
Changjiang Lu, Xianhua Zhang, Jilin University
Ownership Control and Capital Structure
Zheng Sun, Baohua Chen, Shanghai University of Finance & Economics
Session 6/Room 3 Term Structure of Interest Rates
An Empirical Study on Multi-factor Interest Rate Models with Yield Curve data in the Shanghai Stock
Exchange
Longzhen Fan, Fudan University
Forecasting the Joint Probability Density of Bond Yields: Can Affine Models Beat Random Walk?
Alexei V. Egorov, Yongmiao Hong, Haitao Li, Cornell University
Dynamic Behavior of Interest Rates in China
Hai Lin, Zhenlong Zheng, Xiamen University
Session 6/Room 4 Real Estate Finance
Real Estate Market Integration in Europe: Evidence from the Stock Market
Jian Yang, Prairie View A&M University
James W. Kolari, Guozhong Zhu, Texas A&M University
Optimal Life-Cycle Asset Allocation with Housing as a Collateral
Rui Yao, Baruch College
Harold Zhang, the University of North Carolina at Chapel Hill
What Explains Household Stock Holdings?
Miquel Faig, University of Toronto
Pauline M. Shum, York University
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FINANCIAL ASSISTANCE:
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Limited financial assistance is available
for paper presenters/discussants on need basis.
Applications for financial assistance need to be completed with
paper submissions.
Download Financial Application
Completed applications shall be submitted by E-Mail, address:
cicf2004@ccfr.org.cn
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REGISTRATION:
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Speakers, Discussants, and Session Chairs
Please complete the forms and send it back to the Organizing Committee before June 15, 2004:
CICF2004
China Center for Financial Research, Tsinghua University
Beijing 100084, P.R.China
Tel: +86-10-62773180/62788163
Fax: +86-10-62773180
Email: cicf2004@ccfr.org.cn, ccfr@em.tsinghua.edu.cn
Download The Registration Form
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Audience
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GENERAL INFORMATION:
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The City
Shanghai, the largest city in China, attracts people at home and abroad like a magnet. People come here for its culture, its history, its people and all the vigor and vitality it shows in its rush to international metropolis status. Like a pearl set in the west coast of the Pacific Ocean, Shanghai is the showcase of China's fast growth and a bonanza of tourist attractions, business opportunities and cultural activities. Today's Shanghai is designed with the aim of letting more people all over the world have a better understanding of Shanghai, especially of its current developments.
Conference Dates and Venue
The Conference will be held at Shanghai International Convention Center from July 8 to 10, 2004.
Shanghai International Convention Center, having another name as Oriental Riverside Hotel, is a 5-star Convention Hotel located in the heart of Lujia zui---Shanghai's Financial & Trade Zone.
Add: 2727 Riverside Avenue Pudong, Shanghai,China 200120
Coffee and Tea
The participants will be supplied with coffee and tea during breaks.
Passport and Visa
A valid passport and visa for visiting China are required. Upon receiving your Registration Form, CCFR, Tsinghua University will send you an official invitation letter with which you can apply for an entry visa at the Chinese Embassy or the nearest consulate general. Please send the Registration Form before June 15, 2004.
Weather
The weather in Shanghai in July is hot and rainy. To bring an umbrella is advisable. The average daily temperature is about 28¡ãC (82.4¡ãF), with the high at around 32¡ãC (89.6¡ãF) and low at around 24¡ãC (75.2¡ãF). All meeting rooms are air conditioned.
Insurance
The Organization Committee cannot accept any liability for personal accidents or loss of or damage to the private property of participants, students and accompanying persons during the conference or indirectly arising from the conference. It is advisable that participants take out adequate travel and health insurance before leaving their own countries.
Electricity
The electricity is supplied at 220V, 50Hz in China.
Currency Exchange
In China, only RMB is used. However, exchange centers can be found at airports, most hotels and large shopping centers. The exchange rate is about US$ 1 = RMB 8.30 Yuan. When exchanging money, please keep your receipt by which you can change any remaining RMB back to foreign currency when leaving China. Visa, Master, American Express, Diners Club and JCB are accepted in many department stores and hotels. It may be difficult to draw cash with credit cards.
The Bank of China and most hotels can cash travelers check issued by any foreign bank or financial institution. Participants will need to show a passport and pay a 0.75 percent commission. Travelers' check signed over to a third party cannot be cashed in China, but can be presented for collection through the Bank of China.
Arrival in Shanghai
Taxi service is available at both Shanghai Pudong International Airport and Hongqiao Airport (domestic flights only) the whole day.
The cost from Pudong International Airport to Shanghai International Convention Center is about US$25, or RMB 200 Yuan.
The cost form Hongqiao Airport to Shanghai International Convention Center is about $13, or RMB 100 Yuan.
Please find the Taxi Note in this announcement to help you to the hotel and venue.
Reconfirmation of Air Ticket
Departure air ticket (both international and domestic) should be reconfirmed 72 hours in advance. Calling the airline office in Shanghai could make it. But these offices do not work in weekend.
Airport Tax
Domestic flights requests RMB 50 Yuan per person and international flights requests RMB 90 Yuan per person.
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HOTEL INFORMATION:
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Reservations could be made through completing that form and sent (fax/email) it to CCFR. To guarantee the room reservation, the please sent it out before June 20, 2004. The period of preferential price is from July 7 to July 11, 2004. Accommodation will be allotted based upon availability at the time your registration is received according to a first-come first-served basis. Any change made to the reservation prior to arrival must be communicated to CCFR, but not to the hotel.
1.The hotels accept major credit card payment.
2.Unless upon request, the hotels will only keep the reservation till 18:00.
3.For those who intend to share rooms, please write down your roommate's name on the Hotel Reservation Form.
4.Shuttle bus from hotels to the conference hall will be provided in morning and after the sessions every day.
| Accommodation |
Daily Rate |
Address |
Distance from
Convention Center |
Oriental Riverside
Hotel Shanghai
[Booked Out] |
US$130-US$150 Net |
2727 Riverside Avenue |
Conference Hotel |
Holiday Inn
Pudong(4*) |
Superior Queen:RMB665 Net
Superior Twin: RMB750 Net
(inclusive of one breakfast/per room) |
899 Dongfang Rd. |
20 Minutes by driving |
Ramada
Pudong(4*) |
Superior Queen/Twin: RMB550 Net
(inclusive of one breakfast) |
18 Xinjinqiao Rd. |
30 Minutes by driving |
| Motel 168 |
Standard Room: RMB258 Net |
179 Xinjianqiao Rd. |
30 Minutes by driving |
Yin Biao Garden
(Service Apartment) |
Single Room: RMB250 Net
(inclusive of one breakfast)
Double Room: RMB280
(inclusive of two breakfast) |
450 Hongfeng Rd. |
30 Minutes by driving |
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CONFERENCE CONMMUNICATION£º
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Mr. Feng ZHAO
China Center for Financial Research (CCFR), Tsinghua University
Beijing 100084, P. R. China£¨100084£©
Email: ccfr@em.tsinghua.edu.cn
Tel: +86 10 6278 8163
Fax: +86 10 6277 3180
Ms. Flora ZHU
China Europe International Business School
699 Hongfeng Road, Pudong, Shanghai 201206, P. R. China
Email:zflora@ceibs.edu
Tel: +86 21 2890 5205
Fax: +86 21 2890 5108
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