2008 TCFA Annual Conference

45 THE CHINESE FINANCE ASSOCIATION
全美华人金融协会
The 14th Annual Conference of

The Chinese Finance Association
The Global Credit Crisis and Its Impact On China

November 1, 2008
New York
Lead Organizer
------------------------
Co-organizer
------------------------
New York University
Chinese Students & Scholars Association
II THE CHINESE FINANCE ASSOCIATION
全美华人金融协会 TCFA08 THE 14th
ANNUAL CONFERENCE 44
1 Welcome Letter from

The Chinese Finance Association Annie Zhou is a client services associate in the Quantitative ANNIE YANG ZHOU
Client Services Associate
2 Welcome Letter from Investment Group at Lehman Brothers Asset Management Lehman Brothers Asset Management
NYU Chinese Students & Scholars Association responsible for client development and marketing. Prior to LBAM,
she was a trading assistant and derivatives analyst with MetLife
3 Conference Agenda
Investments, focusing on fixed income and equity trading support
5 2008 TCFA Best Papers Awards
and building infrastructure for the trading desk. Ms. Zhou holds
6 Introduction of a BBA in International Business and Marketing from the George
The Chinese Finance Association Washington University and is an active member on the Board of
9 Introduction of Sponsors Directors of The Chinese Finance Association.
9 Strategic Sponsor
10 Diamond Sponsors
16 Platinum Sponsor
17 Gold Sponsors
19 Speakers Biographies
19 Robert Engle Jeff has extensive experience in securities offerings, mergers and
acquisitions, and corporate financings in the U.S.. He also provides
20 Dr. Gary L. Bergstrom
advice on corporate issues related to federal securities law, NYSE
21 Edward Altman rules and corporate governance. Jeff is admitted to practice in New
22 Lewis S. Alexander York and is also China Bar qualified.
23 Harvey E. Bines
Jeff had obtained his J.D. from Duke University School of Law and JEFF JINGSONG ZHANG
23 Jack I. Kantrowitz his LL.M. from Case Western Reserve University School of Law. He Associate
Linklaters
24 Scott Sonnenblick has his LL.B. from the China University of Politics and Law.
24 Bjørn Pettersen
25 Jun Qian
25 Li Jin
26 Tan Wang
26 P. Raghavendra Rau
27 Oliver M. Rui
27 Bin Ke
ANNUAL CONFERENCE III
Dr. Guang Guo is currently a credit research analyst in Advanced Bin Qi, PhD 祁斌博士 28
Strategies Research Group of Barclays Global Investors, mainly Houqi Zhang 张后奇博士 29
responsible for developing quantitative Long/Short strategies
Daobing Li 29
on corporate credit instruments. His research mainly covers high
yield and distressed debts. Before joining BGI, he was employed by
Bin Hu, CFA, PhD 29
Moody’s KMV as a research manager for credit risk model development. Tricia Hazelwood 30
GUANG GUO, PhD He holds a PhD in Economics from Pennsylvania State University.
Research Analyst Robert Milam, CFA 30
Barclays Global Investors Guang Guo joined TCFA in 2004. He was elected as the board
Eugene Xu, PhD 31
director in 2006. Right now, he is also co-chairing TCFA California
Chapter. Robert Heidenberg 31
Dajiang Guo 过大江 32
Ching Tan 33
Hao Wu 33
Olivia X. Ouyang 33
Haiyong Cheng 程海泳 34
Yi Yang 杨奕 34
Chen Ding 35
Mr. Fengqi Shen is currently working in the capital structure
arbitrage portfolio management team of Carlson Capital. Before Frank Zhu 35
joining Carlson, he was an associate in Fixed Income department William A. Douglass, III 36
of Citigroup Global Markets. His previous professional experience
Kun Deng, CFA 36
includes full-time and intern positions at Barclays Capital and Bear
Stearns. Mr. Shen holds a Masters of Finance from Princeton Univ., Boris Shrayer 37
and a Master of Science from Purdue Univ. Prior to his overseas Ian Kennedy 37
FENGQI (FRANK) SHEN study, he also got a B.S. in Mathematics from Fudan Univ. Mr. Shen
Analyst Huifeng Chang 张慧峰博士 38
Carlson Capital has been an active member of TCFA in organizing seminars & confer-
ences, and promoting TCFA’s relationship with finance professionals Dr. Jeff (Min) Lu, CFA 陆旻博士 38
in both China and the U.S. He is a board director and chairperson of Tao Liang 38
New York chapter of The Chinese Finance Association.
Hui Fang 方辉 39
Kate Quinn 39
David Francis 39
TCFA Advisors, Directors, and Members 40
William Weng is a Managing Director and Head of Active Quantitative Equities
in UBS Global Asset Management. William joined UBS in its Structured Equities
group in April 2008 to lead the development of the active quantitative equi-
Dear Colleague, ties products and strategy in UBS Global AM.
Prior to joining UBS, William was Head of Quantitative Equities at Credit

Suisse Asset Management in New York. For some three years, William led a
We cordially invite you to attend the 14th Annual TCFA Conference on November 1st 2008 at team of eight investment professionals that developed, managed, and marketed
Directors Guild of America Theater in New York City, New York. quantitative active equity strategies and products, including regional and
global enhanced index strategies, the long-short equity market neutral WILLIAM WENG, PhD
strategy and short-extension portfolios. Prior to this, William spent around Managing Director
The U.S. subprime crisis has had a tremendous impact on many parts of global markets. three years at Banc of America Capital Management in a variety of asset
Head of Active Quantitative Equities
UBS Global Asset Management
Liquidity and the ability to access new capital have become crucial factors to many financial allocation and quantitative equity roles. (Americas) Inc.
institutions’ survival. From the seize-up of the municipal auction rate notes market to the
skyrocketed delinquent option ARM loans; from the virtual shutoff of the leveraged loan William earned his Doctor’s degree in Economics from Boston University and
his Master’s and Bachelor’s degree from Tsinghua University in Beijing. He is
market to the dramatic slowdown of consumer credit securitization; from the U.S. to Europe
a member of the American Economic Association, the Chicago Quantitative
and Asia, every market has felt the effect of the credit crisis. While the central banks of the Alliance, and the Chinese Finance Association.
world now have the unprecedented challenge to fend off inflation and slowing economies,
money managers have a difficult time navigating through the volatile markets and massive
deleveraging that has occurred.
Dr. Chenyang Wei is a research economist at the Federal Reserve Bank of

In the meantime, the fledging Chinese securities market has just gone through a new
New York. His primary research interests are in U.S. credit market and corporate
round of revaluation. The Chinese economy has played an increasingly important role in governance. He currently is working on issues related to the recent U.S. sub-
global markets, and investors and policy makers are closely watching the impact of the prime crisis, the policy design for U.S. mortgage relief, and the implications
credit crisis on China. Through speeches and panel discussions by experts from the U.S. and of financial innovations on defaults and recovery experience in U.S. credit
market. He has done research on the pricing and contracting changes in U.S.
Chinese financial markets, we will discuss the lessons learned, evaluate current strategies
debt market. His work has been published on Review of Financial
and prepare for the future. Studies. Chenyang holds a Ph.D. in Finance from New York University, a M.S.
in Economics from the University of Texas at Austin and a B.S. in Finance
CHENYANG WEI
Economist
With the continued support of our sponsors, we are able to host our conference at the Di- from Tsinghua University. Federal Reserve Bank of New York
rectors Guild of America (DGA) Theater and Le Parker Meridien Hotel in New York City. We
Chenyang was a TCFA board director from 2001 to 2005, and has been serv-
anticipate that this year’s conference will be interesting and engaging. ing a second term since 2007. Since 2006, he has served as the Committee
Chair of the TCFA Best Paper Award in China Capital Market Research.
Thank you for your attendance and support for TCFA.
Ludan Liu is a Portfolio Manager at Morgan Stanley Investment

Management’s Emerging Markets Debt team, which overseas $8 billion
investments in emerging markets fixed income securities. Previously he was
a senior trader/analyst at SAC Capital Management’s Global Macro desk.
TCFA President Elect TCFA Chairman of Board He has a Ph.D. in Finance from Boston College and B.S. in Economics from
Tsinghua University.
Tony Tang Charles Wang LUDAN LIU

Portfolio Manager
Morgan Stanley
ANNUAL CONFERENCE 2
Tony Tang is the President of Great Eastern Advisory, LLC, a financial
consulting firm specialized in analyzing structured products, sub-prime
and ABS related issues. He also works on capital introduction, strategic
partnerships for financial firms in China. He was a Managing Director
at Royal Bank of Scotland’s Greenwich Capital Group, trading corporate
correlation products and synthetic ABS. Before RBS Greenwich, he was a
Principal at Mariner Investment Group, a New York based hedge fund.
He was a Director at ABN AMRO Bank, responsible for its New York exotic
TONY TANG credit derivatives trading operations. Prior to ABN, he traded corporate
President
Great Eastern Advisory CDS at JPMorgan.
Mr. Tang holds an MBA degree from University of Chicago, MS in Physics Dear Friends,
and Computer Science from Drexel University and BS in Physics from
University of Science and Technology of China (USTC). Mr. Tang is a
Charted Financial Analyst (CFA). The New York University Chinese Students and Scholars Association (NYUCSSA) wel-
comes you to the 14th Annual Conference of The Chinese Finance Association! Rep-
Mr. Tang is the President-Elect of the Chinese Finance Association (TCFA). resenting New York City’s home university, we are honored to be the co-organizer
of the conference that has long engaged in facilitating the exchange of intellectual
thoughts and valuable experiences among members of the global Chinese finance
Li Wei is currently the Director of China Institutional Sales and Citigroup. community.
Before Joining Citigroup, Li had worked at NYSE Euronext for 7 years as
Officer, Managing Director, and Director in Trading Market Data, Strategy,
and Research respectively. Li has been a tenure track In an era characterized by rapid growth of financial institutions in China, controver-
assistant professor at Iowa State University. The first Senior Financial sial views on financial innovations in the US and turbulences in the global financial
Advisor for Shanghai Stock Exchange, and the senior research fellow at markets, we observe both the challenges and opportunities confronted by China
Tel Aviv Stock Exchange. In China, Li worked at Shenzhen Government
Investment Corporation as a senior PM and People’s Bank of China as
and the U.S. As current events in the world financial markets require insights from
LI WEI 魏力 a management member. Li has been the chairperson, board member, both practical and theoretical perspectives, we believe that the 14th TCFA Annual
Director of China Institutional Sales
Citigroup Global Markets and Banking accounting committee member, New York Chapter chair of the board of Conference, by connecting industry leaders and scholars between the US and China,
The China Finance Association (TCFA). Li received her Ph.D. in finance from will contribute to the development of the finance world.
the University of Utah, M.S. in management, and B.S. in management
information system from Tsinghua University.
Sincerely,
魏力
现任花旗银行全球金融市场中国区股票业务负责人。曾任职纽约泛欧股票交易所集团公司七年，担
任高级行政人员 (Officer), 董事总经理和董事。负责交易数据，战略和研究工作；曾在衣阿华州立
大学任终身制的助理金融教授；中国上海交易所第一位高级金融专家；以色列特拉维夫股票交易所
高级研究专家。深圳政府投资公司投资部门高级投资人员；中国人民银行统计和支付系统部门管理
人员。曾任全美华人金融协会理事会理事长，理事，纽约分会主席；同时任全美华人金融协会会计
委员会和秘书长。美国犹他大学金融博士；清华大学管理信息系统本科和管理硕士。 Han Wen
President
Chinese Students and Scholars Association
MEI GAO Ms. Mei Gao heads the portfolio management of global credit at Fore
New York University
Partner & Portfolio Manager Research & Management. She is also the portfolio manager of Fore 2007-1
Fore Research & Management CLO, a cash flow collateralized loan obligation that holds 500 million USD
of leveraged loans. Ms. Gao has been with Fore since its inception in 2003
and prior to Fore, she spent five years at Toronto Dominion Bank, where
she traded the bank’s convertible arbitrage portfolio.
Ms. Gao is a graduate of Shantou University, China (BA, Literature) and

Wilfrid Laurier University, Canada (MBA).Ms. Gao is a CFA charter holder.
Currently she is the Board of Director at The Chinese Finance Association
(TCFA).
CONFERENCE
AGENDA TCFA SENIOR ADVISORS,
8:00am - 8:30am REGISTRATION
Directors Guild of America Theater
DIRECTORS AND MEMBERS
8:30am - 8:40am WELCOMING REMARKS
Tony Tang, TCFA President-Elect
8:40am - 9:20am KEYNOTE SPEECH (Intro: Jason Wei)

What is Happening to Financial Market Volatility and Why? Charles H. Wang is the co-director of research and senior portfolio manager
Robert Engle, Professor of Finance, Stern School of Business, NYU at Acadian Asset Management, a leading institutional global equity manager
Nobel Prize Laureate with around $50 billion asset under management. Acadian manages a
broad range of global equity funds, including long-short products, hedge
9:20am - 9:50am GLOBAL INVESTMENT: CRISIS AND OPPORTUNITIES (Intro: Charles Wang) funds and emerging markets strategy.
Gary Bergstrom, Chairman, Acadian Asset Management
9:50am - 10:05am TCFA BEST PAPER AWARD AND RESEARCH SUMMARY (Chair: Jason Wei) Before joining Acadian Charles was a vice president at Putnam Investments
in the global asset allocation team. Charles has fourteen years’ investment
10:05am - 10:15am COFFEE BREAK experience. He has spoken extensively at industry and academic conferences,
been interviewed by major U.S. Charles has translated “Pioneering Portfolio
10:15am - 11:00am SESSION 1
Management” by Yale Endowment CIO David Swensen into Chinese. Charles
BAILOUT PLAN AND THE CHANGING LANDSCAPE OF THE US FINANCIAL INDUSTRY
Chair: Jeff Zhang was most recently featured in The World Journal, the leading Chinese newspa- CHARLES WANG
Directors Guild of America Theater per in North America, and Wall Street Transcript. Co-Director of
Research and Senior Portfolio Manager
1
Harvey Bines, Partner, Sullivan & Worcester LLP Acadian Asset Management
Jack Kantrowitz, Partner, DLA Piper Charles holds a B.S. in mathematics from Peking University, a M.S. from Uni-
Scott Sonnenblick, Partner, Linklaters versity of Massachusetts, and a Ph.D. in finance from Yale School of Manage-
Bjørn Pettersen, Head of Enterprise Risk Management, CRA International
ment. Charles is a member of the Q Group, Chicago Quantitative Alliance
10:15am - 11:45am SESSION 2 (CQA) and Boston Committee on Foreign Relations. Charles is a former
TCFA BEST PAPER PRESENTATION, Sponsored by CICC president of the Chinese Finance Association (www.china-finance.org) and
Chair: Jason Wei/ Prof. Jun Qian, Boston College) currently chairman of the board.
Le Parker 3rd Floor, Azekka Room
Prof. Li Jin, Harvard University
2
Prof. Tan Wang, University of British Columbia
Prof. P. Raghavendra Rau, Purdue University
Prof. Oliver Rui, Chinese University of Hong Kong
Prof. Bin Ke, Penn State University
11:00am- 11:45am SESSION 3

REVIEW AND THE OUTLOOK OF THE FINANCIAL MARKET IN CHINA
Ming Jiang is currently a Managing Director at Harvest Fund. He heads up MING JIANG
Harvest Fund International sales and business development. His group is Managing Director
Chair: Li Wei responsible for developing and marketing products and services that allow Harvest Fund Management Co., Ltd.
domestic investors to invest internationally and foreign investors to invest
3
Bin Qi, Director-in-General of Research Center, China Securities Regulatory Commissions
Houqi Zhang, Deputy CEO, ChinaAMC domestically. Products and services include QFII advisory, QDII products and
Daobing Li, Deputy CEO, Harvest Fund Management hedge funds. Prior to Harvest Fund. Ming was a director at Radian Asset
Bin Hu, CEO, BNY Mellon China Asset Management Assurance. He was a co-head of corporate CDO group. His group was respon-
sible for investing corporate synthetic CDO and other structured products
11:45am - 12:25pm CURRENT CONDITIONS & OUTLOOKS FOR GLOBAL CREDIT MARKETS (Intro: Frank Shen) for Radian. Prior to joining Radian in 2003, Ming was a Vice President at
Edward Altman, Professor of Finance, Stern School of Business, NYU Goldman Sachs from 1998 to 2003. Ming worked on quantitative credit
research and strategy at Credit Derivatives Strategy Division. Prior to Goldman
12:25pm - 1:30pm LUNCH Sachs, Ming also worked in interest rate/commodity derivatives areas at
Le Parker 3rd Floor, Azekka Room Sumitomo Bank Capital Market and Citigroup. Ming holds an MBA from
NYU’s Stern School of Business and a M.S. from Columbia University.
1:30pm - 2:20pm LUNCHEON KEYNOTE SPEECH
PERSPECTIVES ON THE ECONOMIC OUTLOOK & THE CURRENT FINANCIAL CRISIS (Intro: Dajiang Guo)
Lewis Alexander, Chief Economist, Citigroup
ANNUAL CONFERENCE 4
9 4:15pm-5:00pm
CAREER OPPORTUNITIES IN US
Chair: Annie Zhou
SESSION Le Parker 3rd Floor, Azekka Room
2:30pm - 3:15pm SESSION 4
FROM HOUSING WOES TO CREDIT CRISIS
Chair: Mei Gao
Tricia Hazelwood, Global Head of Asset Finance, Credit Suisse
4
Robert Milam, Head of High Grade Trading, JPMorgan
Eugene Xu, Managing Director, Deutsche Bank
Dajiang Guo, Director, Global Markets, Citigroup
Robert Heidenberg, Managing Partner, Lerner Heidenberg
Mr. Hui Fang has been appointed by the Board as General Manager of China
Merchants Bank New York Branch. Mr. Fang started his banking carrier in 1984 2:30pm - 3:15pm SESSION 5
when China had just opened its door to the outside world. In the last 24 years his CHINESE PRIVATE EQUITY INVESTMENT
carrier has been focused on international banking business, as Deputy Manager Chair: Guang Guo
5
of International Department at Bank of China, Wulumuqi Branch from 1984 to Le Parker 3rd Floor, Azekka Room
Ching Tan, Head of China Operations, Siguler Guff
1992; Manager of Trade Settlement Department at Bank of China, London Branch
Olivia Ouyang, Investment Officer, IFC
from 1992 to 1998; Deputy General Manager of Investment Banking Department Hao Wu, Partner, Centenium-Pinetree China Private Equity
from 1998 to 2002 and General Manager, International Department at China
SESSION 6
HUI FANG 方辉 Merchants Bank from 2002 to 2007. 3:20pm - 4:05pm
INVESTMENT STRATEGY IN CHINESE STOCK MARKET
General Manager
China Merchants Bank 方辉先生自1984年起开始其银行职业生涯，在过去的24年间绝大部分的时间里从事国际
Chair: William Weng
New York Branch Directors Guild of America Theater
6
业务。1984年－1992年在中国银行新疆分行任副处长；1992年－1998年在中国银行伦 Haiyong Cheng, Deputy CIO, ChinaAMC
敦分行贸易清算部任经理；1998年进入招商银行，1998年－2002年在招商银行总行商人 Yi Yang, Assistant to the President, China Merchant Fund
银行部任副总经理，2002年－2007年在国际部任总经理，2008年起任纽约分行总经理。 Chen Ding, Head of International Business, China Southern Fund
Frank Zhu, Portfolio Manager, E Fund Management

COMMODITY, EMERGING MARKET AND ALT INVESTMENT
Chair: Ludan Liu
7
William Douglas, III, Founder, K2 Advisors
Kate Quinn is a partner at Westwood Partners. She has been a dedicated search Kun Deng, Managing Director, Lazard Asset Management
professional since 2002. Boris Shrayer, Global Head of Commodity Marketing, Morgan Stanley
Ian Kennedy, Global Director of Research, Cambridge Associates
Her practice focuses on trading across asset classes and strategies--
both quantitative and discretionary trading. Kate’s and Westwoods clients span 4:05pm - 4:15pm COFFEE BREAK
top banks, asset managers and hedge funds globally. In addition to search, Kate SESSION 8
4:15pm - 5:00pm
does capital introduction and private equity. CAREER OPPORTUNITIES IN CHINA
Chair: Ming Jiang
8
Prior to her experience in search, Kate had a lucrative and longstanding career Directors Guild of America Theater
KATE QUINN in marketing and advertising. Her core specialty was new company and brand Huifeng Chang, CEO, CSOP
Partner Tao Liang, Deputy Head, Institution Accounts, Bosera
Westwood Partners launches. This involved strategic planning, budgeting, branding, customer
Jeff Lu, Portfolio Manager, ChinaAMC
development and training. Her clients included Genentech, Amgen, Genzyme,
AT&T, DuPont, Instinet, among others. 4:15pm - 5:00pm SESSION 9
Chair: Annie Zhou
9
Hui Fang, General Manager, China Merchant Bank, New York
David Francis, Senior Recruiter, Hagan-Ricci Group
DAVID FRANCIS David Francis is a senior recruiter with the Hagan-Ricci Group. He has over 12 Kate Quinn, Partner, Westwood Partners
Senior Recruiter years of executive search experience. He has focused on quantitative resources
Hagan-Ricci Group 5:00pm - 5:30pm TCFA ELECTION
for high frequency trading, algorithmic execution and risk management for Directors Guild of America Theater
financial firms and hedge funds. He holds a BS from The Johns Hopkins University,
Baltimore and a MBA from Suffolk University, Boston. TCFA EVENING RECEPTION (Sponsored by Harvest Fund Management)
6:00pm - 8:00pm Chairman Remarks: Charles Wang
Le Parker 3rd Floor
Daobing Li, Deputy CEO, Harvest Fund Management
8
2008 TCFA BEST PAPERS IN CHINA CAPITAL MARKET
The Chinese Finance Association is pleased to announce the winners of the 2008 TCFA Best Paper Awards. We congratulate the
winners and thank them for the high-quality research on the development of China’s financial market. We would also like to
4:15pm-5:00pm
CAREER OPPORTUNITIES IN CHINA
thank all the invited review committee members for their devotion and the event sponsor for persistent financial support and Chair: Ming Jiang
advice. Directors Guild of America Theater SESSION
INVESTMENT
1
Dr. Huifeng Chang is the CEO of CSOP Asset Management (based in Hong Kong),
“Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China” the first Chinese asset management firm overseas. Before he joined CSOP in
Kai Li Sauder School of Business, University of British Columbia spring 2008, he was at Citigroup Equity Division in New York for over seven years,
Tan Wang Sauder School of Business, University of British Columbia from risk management to equity prop trading to derivatives sales. Prior to
Yan-Leung Cheung City University of Hong Kong coming to Wall Street, Dr. Chang was a researcher/consultant at Kamakura
PRIZE Ping Jiang City University of Hong Kong Corporation (based in Hawaii) specializing in asset liability management.
2
“ Stock Returns and Inflation: 张慧峰博士是香港南方东英资产管理公司的总经理。南方东英是中国基金业走向海外成立的第一个
Decomposition Analysis in Effects of Demand shocks and Supply Shocks” 公司，已获香港证监会颁发资产管理牌照。在2008年春加入南方东英之前，他在花旗纽约股票总部
HUIFENG CHANG
(“股票收益与通货膨胀：需求冲击与供给冲击的效应分解”) 工作七年多,做过风险管理,自营投资和衍生产品销售。来华尔街之前，张博士是镰仓公司的研究顾
张慧峰
问，专长于银行的资产负债管理和信用风险理论模型。他分别在南京农学院,中国科学院和夏威夷大 CEO
Yimig Wang School of Economics, Peking University 学获农业土壤学学士，硕士和博士学位，并在夏威夷珍珠港从事环境工程工作五年。 CSOP Asset Management
PRIZE Liuyan Zhao School of Economics, Peking University
CORPORATE FINANCE & CORPORATE GOVERNANCE
1
“The Helping Hand, the Lazy Hand, or the Grabbing Hand?
Central vs. Local Government Shareholders in Publicly Listed Firms in China” Dr. Lu got his master, MBA and Ph.D degrees from Yale University, bachelor DR. JEFF (Min) LU, CFA
P. Raghavendra Rau Krannert Graduate School of Management of Purdue University and degree from China Second Military Medical University. He has 10 years of equity 陆旻博士 CFA
Barclay Global Investors investment experience. Dr. Lu joined China AMC in February, 2008 as the portfolio Portfolio Manager
Yan-Leung Cheung City University of Hong Kong China Asset Management Co., Ltd.
PRIZE manager, managing part of the China AMC Global Selective Fund. He used to
2
Aris Stouraitis City University of Hong Kong work in Sturvidant & Company, First Union Bank, Fiduciary Trust Company and
AIG.
“ Investor Protection, Ownership Concentration and Tunneling”
(“投资者保护、股权集中与利益侵占的时域研究”) 第二军医大学学士，耶鲁大学硕士、博士、MBA，证券投资经历10年。1998-2000年任Sturvi-
Changjiang Lu Management School of Fudan University dant & Company 分析师，2000-2002年任First Union Bank (Wachovia)分析师，2002-2005年
任 Fiduciary Trust Company (Franklin Templeton) 分析师，2005-2008年任AIG 组合经理/分析
PRIZE Xianhua Zhou Central University of Finance and Economics
3
师。2008年2月加入华夏基金管理有限公司，现任组合经理，管理华夏全球精选基金Global Equity
部分。
“Does Ethnicity Pay? Evidence from Overseas Chinese FDI in China”

Li Jin Harvard Business School
Yasheng Huang MIT Sloan School of Management
PRIZE Yi Qian Kellogg School of Management, Northwestern University Kevin earned his MBA from University of Chicago. He used to work for a couple
of hedge funds in US on strategies. Before he received the MBA degree in US, he
worked on international derivatives trading and Chinese stock markets between
2008 TCFA BEST PAPER AWARD REVIEW COMMITTEE 1992 and 2000 for China International Trust and Investment Corporation and
Huayuan Investment Group. He is currently working for Bosera Fund, which is
Wei, Chenyang (Chair) Federal Reserve Bank of New York Qian, Jun (Co-Chair) Boston College one of the largest Asset Management firms in China.
Zhu, Wuxiang (Co-Chair) Tsinghua University Jiang, Wei Columbia University
Li, Jinliang Tsinghua University Liu, Bo Citigroup
Pan, Hongbo Wuhan University
Wu, Shinong Xiamen University
Wang, Yue University of Minnesota
Wu, Youchang University of Wisconsin at Madison
TAO LIANG
Deputy Head of Institution Accounts
Xie, Fei George Mason University Xu, Nianhang Peking University Bosera Asset Management
Yu, Xiaoyun Indiana University Zhu, Ning University of California at Davis
ANNUAL CONFERENCE 6
THE CHINESE FINANCE ASSOCIATION
全美华人金融协会 FACTS ABOUT TCFA
• Founded in U.S. in 1994 as one of the
Boris ran worldwide investor coverage and strategy in commodities at Morgan
longest and most successfully run
Stanley until becoming head of corporate and investor marketing in July 2008. overseas Chinese professional
He has been working with institutional investors for 15 years after starting that The Chinese Finance Association (TCFA) is a non- associations.
business at Merrill Lynch and coming to Morgan Stanley in early 1997. profit organization comprised of professionals,
scholars, and students in finance and related • We have 1,500 members worldwide.
Boris started his career at Goldman Sachs in Fixed Income Research after getting fields who have a strong interest in China’s finan- Professions include major investment
his degree in mathematics from MIT and a brief research stint in physical cial and economic development. Headquartered
oceanography. banks, money management firms,
BORIS SHRAYER in New York City, TCFA currently has over one
universities, government regulatory
Managing Director, Head of thousand five hundred active members globally
Global Commodities and has local chapters in Boston, Washington bodies and other financial service
Marketing and Strategy
Morgan Stanley D.C., San Francisco, London, Hong Kong, Beijing institutions.
and Shanghai.
• TCFA has local chapters in New York,
Boston, Washington D.C., San Francisco,
WHAT MAKES US DIFFERENT FROM OTHER London, Hong Kong, Beijing and
CHINESE FINANCE GROUPS/ORGANIZATIONS?
Shanghai.
• Our mission: to serve as the central venue for knowledge
and ideas exchange, to promote capital market develop-
• The 13th TCFA Annual Conference was
ment in China, and to serve members worldwide held at Columbia University, New York
• Prestigious leadership: TCFA Advisory Board
City, NY on October 27, 2007. Over 300
--> Zhou, Xiaochuan: Governor, The People’s Bank of China professionals, academics and MBA, PhD
Ian is Global Director of Research at Cambridge Associates, which he joined in --> Ma, Weihua: CEO and President, China Merchants Bank students attended the conference
1989. As the Director of Research, Ian oversees the firm’s research and writes --> Neoh, Anthony: Former Chairman, Hong Kong Securities and
periodic papers on investment planning issues. He has extensive experience
• Regular member activities include
Futures Commission
speaking on these and similar subjects at conferences and seminars, and he --> Wu, Jinglian: Senior Revsearch Fellow, The Development Research
annual conference, best paper award
serves as the firm’s internal resource to other consultants on fundamental
Center of the State Council program, seminars, and career work-
investment planning and asset allocation questions. In addition to his research
responsibilities, Ian has considerable consulting experience with major endow-
--> Chen, Zhiwu: Professor, School of Management, Yale University shops.
ment funds, foundations, pension funds, and international organizations. --> Li, Bo: Legal Affairs Department, The People’s Bank of China
--> Li, Matthew: Founder and CEO, Fore Research & Management
• TCFA sponsored a broad range of
Before Ian joined Cambridge Associates, he held positions at Merrill Lynch and --> Jiang, Ping: Founder/CEO, Ping Capital activities such as primary research
Prudential Securities. He was also a faculty member at Bucknell University and projects, industry specific translations,
IAN KENNEDY the University of Virginia, where he taught English Literature. Ian graduated
--> Huang, Chi-Fu: CEO, Platinum Grove Asset Management
Global Director of Research --> Wang, Jiang: Professor, Sloan School of Management, MIT publications and international confer
Cambridge Associates from Oxford University and has a doctorate in English from the University of
Virginia.
--> Zhang, Xin: Financial Stability Bureau The People’s Bank of China ences.
--> Guo, Dajiang: Director, Citigroup
--> Hu, Jian: Managing Director, Global Head of CDO and Derivatives • We launched the first TCFA Chinese
Surveillance and Research, Moody’s Investors Service Capital Market Best Paper Award in
--> Li, David: Head of Risk Management, CICC 2006.
--> Qian, Jun: Executive Director, Morgan Stanley
• For more information about TCFA,
• Membership profile: TCFA brings together a cross-section
please visit our official website:
of influential players and leaders in both government and
private sectors. http://tcfaglobal.org
MISSION STATEMENT 3:20pm-4:05pm

COMMODITY, EMERGING MARKET
AND ALT INVESTMENT
Chair: Ludan Liu7
Le Parker 3rd Floor, Azekka Room SESSION
The Chinese Finance Association (TCFA) is a government registered non-profit organization

aimed at facilitating the exchange of ideas, knowledge and information on education, research
and practice in finance and related areas between the US and China. TCFA seeks to bring together
the collective wisdom and expertise of scholars and professionals active in the field of finance in William A. Douglass, III, Founding Managing Director has been in the investment
business since graduating from Vanderbilt University in 1984. He then joined
an effort to help the development of capital market in China. TCFA further seeks to serve as the
Donaldson, Lufkin and Jenrette Securities where he worked as an institutional and
central venue to service its members in their professional development. retail salesman. In 1991, Mr. Douglass joined Tiedemann International Research, Ltd.
(“TIR”) (Tokyo) as Director of Sales. He returned to the U.S. in 1992 to become Director
In pursuit of these goals, TCFA and its local chapters organize and sponsor a broad range of of Sales for TIR’s North American operation where he co-managed the firm’s U.S. business
until April 1994. In July 1994, Mr. Douglass founded K2 Advisors. He also worked at
activities including the best paper award, career development workshops, seminars, and annual
Caspian Securities from June 1995 until July 1997, when he devoted his full attention
conferences. to K2. WILLIAM A.
DOUGLASS, III
Mr. Douglass serves on the Board of Advisors of Outward Bound USA; Board of Directors Founder and Managing Director
TCFA PROGRAMS
K2 Advisors
of CitySquash, Inc. and as a special Advisor to the Codman Academy, a charter school
in Dorchester, MA.
Annual Conference: on an annual basis, this TCFA signature program serves as a high-quality communication
platform for TCFA members to learn more about the development in the financial services industry in both
US and China. This conference has attracted many prominent speakers globally over the years and it has
also become a popular event for young professionals to network and learn from established senior members
in the industry.
Best Paper Award Program: launched in 2006, this new program aims to become a great channel for
exchange of knowledge and ideas between the U.S. and China in economic and financial studies. It leverages Kun Deng is a Managing Director at Lazard Asset Management where he is responsible
the unique talent pool within TCFA and the reputation of both TCFA and the program sponsors to help promote for the global, international, and emerging markets discounted assets strategies.
the development of China’s financial market. Among the funds he manages are The World Trust Fund, a closed-end fund listed on
the London Stock Exchange, Lazard Emerging World Fund, a mutual fund listed in
Financial Analytic Workshop: on a quarterly basis, this workshop program utilizes expert resources available Dublin, and Lazard World Alternative Value Fund, a hedge fund. Mr. Deng has degrees
in local areas to serve our members’ interests in learning state-of-art analytic techniques used on the Street from Columbia University and Beijing University. He is Chairman of the Audit
and in major asset management companies. Committee of the Board of Martin Currie China A Ltd and Chairman of the Invest-
ment Committee of the Peking University Education Foundation (USA). In addition,
Employment Assistance Program: this program helps facilitate the career building efforts of members Financial Times ranked him as one of the top global equity managers for the years
who are new to the finance industry. Assistance offered include seminars on job market conditions and 2000-2003, and again ranked him No. 1 in the global equity category for years 2001- KUN DENG, CFA
how to develop one’s interview skills for jobs in the finance industry. TCFA also offers job posting through Managing Director, Portfolio Manager
2004. He was also ranked in Citywire’s “Top 100 European Fund Managers” for the Lazard Asset Management LLC
member-only areas on our website and our email list. Over the years, TCFA has built a strong relationship three consecutive years of 2005, 2006, and 2007. The Lazard Emerging World Fund,
with various headhunters who also serve as great reference and resources for our members in their career for which he is responsible, was recently awarded the “Best Fund Over Five Years” in
development. the emerging markets category by Lipper in the Nordics Region.
Special Topic Seminar & Speaker Event on US and China Financial Market: with a solid reputation and
increasingly growing ties with the Chinese financial market, TCFA now plays an important role in the
communication between US and Chinese financial institutions. TCFA has hosted Chinese securities regulators
and other prominent Chinese financial institutions during their trips to the US to help them learn more
about the US market. TCFA leverages these resources and relationships and has held many seminars and
speaker events covering topics including recent development in China’s financial market, the success story
and experience of Chinese entrepreneurs running financial-service companies and etc.
ANNUAL CONFERENCE 8
Chen Ding is the director of the international business department in China Southern
Fund, one of the largest asset management firms in China. Last September she led her
team to launch the first QDII mutual fund in China with an initial fund size of $4 billion.
Before joining China Southern Fund Management Company, she was an assistant
简介
general manager of China Merchant Security Company.
CHEN DING
Head of International Business
China Southern Fund
全美华人金融协会(The Chinese Finance Association, TCFA) 于一

九九四年在美国成立。协会现有近一千五百余名会员分布在美国、香
港、中国大陆和世界其它国家地区。会员包括世界各大投资银行,基金管
理公司,金融咨询服务公司的研究人员和经理,金融监管机构和政府部门精
英，各个主要学术研究机构的教授和学生及其他关注中国金融发展志愿
Frank Zhu is currently working at E Fund Management as a portfolio manager and 中美金融合作和交流的专家人士。
research analyst, covering its oversea investments. Prior to E Fund, he worked as an
investment manager/buy-side equity analyst at AllianceBernstein L.P. in New York City.
Before that, he was a sell-side equity research analyst (ranked top-3 in IT Hardware by
全美华人金融协会经常性地组织各种研究和交流活动,为广大会员提
Institutional Investors Magazine) at Bear Stearns and CSFB. He also worked as a consul- 供职业和社交服务,并积极为中国金融业的发展提供人才和建议。协会定
tant at AECOM (formerly a unit of KPMG Consulting) as well as an economist/research-
er at Battelle/US DOT in Washington DC before he returned to Business School. Frank
期举行学术年会。协会本部设在纽约，并在波士顿，华盛顿，旧金山，
holds an MBA in Finance from Indiana University, an MS in transportation engineering 伦敦，香港，北京和上海等金融中心设有分会负责接待工作,并组织演讲
from Virginia Tech and a B.S. degree in Real Estate from Tsinghua University.
和联谊活动。
FRANK ZHU
Portfolio Manager 协会接受个人和机构会员. 有兴趣者请到http://tcfaglobal.org/查询
E-Fund Management
和登记。
INTRODUCTION OF SPONSORS
Strategic Sponsor
3:20pm-4:05pm
INVESTMENT STRATEGY IN
CHINESE STOCK MARKET
Chair: William Wang 6
Directors Guild of America Theater SESSION
Mr. Cheng has 11 years of experience in equity investments. He has worked as

portfolio manager in China AMC since 2004. Mr. Cheng is currently Deputy CIO, Head
of Global Investment and the member of the Investment Committee. He used to work
in INVESCO Great Wall Fund Management Co., Ltd. and Baoying Fund Management
FORE RESEARCH & MANAGEMENT, LP Co., Ltd. Mr. Cheng graduated from Peking University.
Company Overview 程海泳，华夏基金管理有限公司投资副总监，毕业于北京大学。证券投资经历11

年。2004年加入华夏基金管理有限公司，至今在华夏基金工作4年，曾任基金经
Fore Research & Management, LP (“Fore”) is a research driven, global invest- 理、组合经理，现任投资副总监、国际投资负责人，投资决策委员会委员。曾任职
于景顺长城基金管理有限公司、宝盈基金管理有限公司。
ment management firm. Fore adopts in-depth fundamental analysis and
HAIYONG CHENG
valuation techniques in search of securities with the best risk-reward potential 程海泳
across a company’s capital structure. Fore will also implement top-down Deputy CIO
China Asset Management Co., Ltd.
views when macro forces are dominant. Fore seeks to capitalize on the most
attractive opportunities across the global capital markets. Fore’s global
approach is complemented by the seamless integration of its trading desks
with fundamental and quantitative research and risk management.
Mr. Yang joined China Merchant Funds in 2003 and had held research positions in the
fund control division and investment department prior to his current role. Mr. Yang
Fore was founded in February 2003 through a spin-out of the proprietary has a broad depth of experience in investments and finance and has his CFA and CPA.
He has an MBA from the University of Chicago Business School.
convertible arbitrage business from TD Securities (USA) Inc. (“TD”).
Mr. Matthew Li, Fore’s CIO and CEO, founded and managed the TD convertible 杨奕，总经理助理兼专户投资部总监兼基金经理，2003年加入招商基金管理有限公
司，曾任基金管理部高级研究员，固定收益投资部副总监，现任总经理助理兼专户
arbitrage group from 1996 to 2003. 投资部总监兼基金经理。
杨奕先生具有丰富的金融证券从业经验，拥有特许金融分析师（CFA）和中国注册会
YI YANG
Fore is a Registered Investment Adviser with the U.S. Securities and Exchange 计师(CPA)资格。芝加哥大学商学院MBA优异毕业生。
杨奕
Commission (SEC). Assistant to the President
China Merchant Fund
5 2:30pm-3:15pm Diamond Sponsor

CHINESE PRIVATE EQUITY INVESTMENT
Chair: Guang Guo
BOSERA ASSET MANAGEMENT Co., LTD.

Company Overview
Mr. Tan is a senior member of the firm’s investment staff and sits on the BRIC
Opportunities Fund’s Investment Committee and responsible Siguler Guff’s operation Established in 1998, Bosera was one of the first five mutual fund companies in China. Our mission
in China. Prior to joining Siguler Guff, Ching was a Vice President and General Manager
is to create wealth for the investing public. During the 9 years from 1998 to date, the number of the
of GE Healthcare in China, responsible for managing its medical imaging business.
In his ten year tenure with GE, Ching worked in various functions in healthcare and
funds managed by Bosera has increased from only one closed-end fund with RMB2 billion (approxi-
transportation industries both in China and the U.S. He also worked as a management mately USD260 million) in 1998 to 13 funds in total at present, including 4 closed-end funds and 9
consultant with Booz Allen Hamilton in Chicago and at an Asia-based venture capital open-end funds. By June 30 2007, the aggregate amount of assets managed by Bosera has exceeded
firm in Beijing RMB135 billion (approximately USD18 billion), which makes Bosera one of the largest fund management
companies in China. Over the past few years, Bosera funds have paid dividends of more than RMB17.7
CHING TAN Ching holds an M.S.E. degree in Biomedical Engineering from Johns Hopkins University, billion (approximately USD2 billion) in total to investors.
Managing Director and an M.B.A. with Honors from the University of Chicago.
Siguler Guff, Shanghai Office
Funds under Management
Bosera offers a full spectrum of fixed income and equity products, including 4 closed-end funds (Yuy-
ang Fund, Yulong Fund, Yuhua Fund and Yuze Fund) and 9 open-end funds (Bosera Value
Appreciation Fund, Bosera FTSE/Xinhua A200 Fund, Bosera Cash Income Money Market Fund, Bosera
Select Equity Fund, Bosera Thematic Sectors Equity Fund, Bosera Stable Value Short-term Bond Fund,
Dr. Wu was born in China and educated in both China and the U.S. Dr. Wu received
his B.S. in Physics from Fudan University in Shanghai and his Ph.D. degree in Electrical
Bosera Balanced Fund, Bosera Value Appreciation Fund II and Bosera Services Sector Fund).
Engineering and MBA in Finance both from University of Southern California in Los
Bosera Philosophy
Angeles. He also attended Executive Education Programs at Harvard Business School.
Before co-founding Pinetree Capital and re-launching Sino-Century along with Dr. Bosera is a knowledge-driven organization, always advocating standardized, streamlined and systematic
Chang to invest high-growth private companies in China in 2005, Dr. Wu worked at a
operation. We impose great importance on teamwork and knowledge-sharing and require our employees
number of financial service firms, including AIG Global Investment where he advised
AIG companies in Asia and in Europe. He is a Chartered Financial Analyst (CFA) and is a
to be responsible professionals with integrity. We firmly believe that only when we have made contri-
member of Institute of Electrical and Electronics Engineers (IEEE). butions to society can our firm become an eligible participant in the industry and survive in the modern
society with long-term sustainability.
HAO WU
Partner Bosera Team
Centenium-Pinetree
China Private Equity
Bosera is powered by an open-minded and target-oriented management team consisting of personnel
with different backgrounds, professional knowledge and skills to support each other, who enable the
company to respond in a timely and effective manner to the drastic changes and ultimately achieve
our goals.
Figure 1: Assets under management of Bosera (as of Jun 30, 2007)
OLIVIA X. OUYANG Olivia is an investment officer with the private equity and investment funds group at
Private Equity & Investment Funds the IFC, where she has covered fund investments in China, Southeast Asia and India.
International Finance Corporation Prior to IFC, she was the CFO of Jupiter partners, a New York-based private equity firm
focused on mid-market growth and buyout opportunities. She is a graduate of the
Harvard Business School and Stanford University.
Diamond Sponsor
CHINA ASSET MANAGEMENT Co., LTD.

Company Overview
Leading the Industry

Dajiang Guo is working for the Global Markets of Citigroup, as a Director, with respon-
• Established in 1998, ChinaAMC is one of the first fund management companies approved by CSRC. sibilities in the areas of distressed asset portfolio management and risk management,
structured product modeling and analytics, secondary market trading and hedging
• The biggest fund management company in China, with AUM of over RMB 250 billion by the end of strategies and analysis, as well as new products development. Prior to that, he was
2007. working for the structured credit group of RBS Greenwich Capital, where he worked
on structured credit products primary market new issue and secondary markets trading.
• Managing the greatest number of funds in China: 2 closed-end funds, 13 open-end funds, 2 ETFs, 1 Prior to that, Mr. Guo was working with Centre Group of Zurich Financial Services,
QDII fund and several mandates. where he worked on various structured finance principal transactions, exotic deriva-
tives, and structured finance products investment.
• The first and only fund management company approved to establish a post-doctorate working
station. Mr. Guo also was an adjunct assistant professor of economics and finance at The College DAJIANG GUO
of Insurance in New York, and assistant professor of economics at the University of 过大江
• Launched one of China’s first enhanced index funds in 1999. Guelph in Canada. Mr. Guo has had several articles published in various financial Journals, Director
Global Markets,
including Journal of Business & Economics Statistics, Journal of Fixed Incomes, Review Citigroup
• The first and only fund management company approved by the National Council for Social Security
of Derivative Studies, Journal of Futures Markets, Canadian Journal of Economics, etc.
Fund to manage pension funds as a pilot program in China in 2001. Mr. Guo holds a Ph.D. in Financial Economics from the University of Toronto, and a
Chartered Financial Analyst (CFA) from The Association of Investment Management
• Launched China’s first pure bond fund in Oct. 2002.
and Research (AIMR).
• Among the first 6 qualified fund management companies to manage the National Social Security
Mr. Guo was the president of TCFA for the year of 2004/2005; as well as director and
Fund in 2002.
member of accounting committee of TCFA.
• Launched the first ETF in Mainland China: the China 50 ETF in December 2004.
• Designated by EMEAP (which is comprised of 11 central banks and monetary authorities in the East
过大江先生现就职于花旗集团全球金融市场，负责债券新产品构造、债券发行、债券交易
Asia and Pacific region) as the sole manager for ABF China Bond Index Fund in January 2005.
战略、投资风险管理及债务抵押债券建模及分析。曾就职于Royal Bank of Scotland, Green-
• One of the first fund management companies to be licensed to manage corporate annuities in wich Capital 集团，主要负责债务抵押债券发行及次级交易业务。曾就职于苏黎士金融服务集
团 (Zurich Financial)，主要负责各种结构性金融交易及债务抵押债券投资业务。过大江先生在
July 2005.
纽约保险大学的经济及金融专业及加拿大圭尔夫大学经济学专业任兼职副教授。在多伦多大学
• In 2007, ChinaAMC successfully launched one of the first QDII funds in China, which investing in 获得了金融经济博士学位和投资管理研究协会的注册金融分析师资格。2004、2005年担任全美
华人金融协会会长，现担任全美华人金融协会会计委员会委员。
global equity market.
International Awards
• “CEO of the Year”, “QDII Manager of the Year”, “Most Innovative Award for Investor Education”,
“Most Improved House”(2007), “Regional Awards/Best Client Servicing Award” (2006 & 2007),
“Best Community Service Award, China” (2006) (By Asia Asset Management)
• “Most Innovative ETF, Asia Pacific” (By exchangetradedfunds.com and IFI 2005-2007)
• “China Fund House of the Year“ (2005 & 2008) and “China Equity: One Year Performance” (2008)
(By Asian Investor)
Diamond Sponsor
Eugene Xu joined Deutsche Bank in 2000. Before joining the Trading, he was the Head
of Deutsche Bank’s Residential Real Estate Asset Backed Securities (ABS) Research. He
and his team have produced research works on subprime mortgage and manufactured
housing securitizations, primary and secondary market opportunities that are sought
by investors and issuers, as well as Deutsche Bank’s trading desk. His recent work
regarding the impact of the US housing market on the subprime mortgage credit
performance and home equity ABS was featured in Bloomberg’s top news and was
extensively quoted by Barron’s and the Wall Street Journal. Besides his work on the
US products, Eugene has also worked on non-US mortgage assets such as Australian,
EUGENE XU, PhD Hong Kong and Mexican mortgages. Eugene was also one of the key members of the
CHINA INTERNATIONAL CAPITAL CORPORATION

Managing Director, ABS, Deutsche Bank team that brought into fruition the first securitizations of Taiwanese
CDO and Correlation Trading Strategy residential mortgage assets.
Deutsche Bank, New York Company Overview
Before joining Deutsche Bank, Eugene worked for Credit Suisse First Boston as a Vice
President in its Asset Securitization Department, where he was responsible for quantitative
Established in 1995 as a strategic partnership among prestigious Chinese and international financial
analysis, the strategies for subordinate ABS as well as other research projects. Prior to institutions and corporations, CICC is the first joint venture investment bank in China and has a registered
this, Eugene worked in the Mortgage Backed Securities Research in Chase Securities capital of US$125 million.
from 1996 to 1997, and the Mortgage Backed Securities Research in Smith Barney from
1993 to 1996. Eugene also worked as a Research Member for the Institute for Advanced The founding shareholders are:
Study, in Princeton, New Jersey. Eugene holds a BSc and an MSc in Mathematics from
Fudan University in Shanghai, China and holds a PhD from the University of California,
• China Jianyin Investment Limited
Los Angeles.
• Morgan Stanley International Incorporated
• China National Investment & Guaranty Co., Ltd.
• The Government of Singapore Investment Corporation
• Mingly Corporation
Robert Heidenberg, a co-founder of Lerner-Heidenberg Properties, has been the owner,
developer and manager of shopping centers and retail properties since 1985. The
company specializes in acquiring and repositioning under-performing shopping cen- Headquartered in Beijing ,CICC has established offices in strategic in china, such as Hong Kong,
ters primarily in New York, New Jersey, Pennsylvania, and Michigan, with its current Shanghai and Shenzhen. With such a domestic service network close to the Chinese stock exchanges,
portfolio consisting of 4 million square feet of retail space. Mr. Heidenberg earned a CICC is well positioned to feel the pulse of the capital market and best serve its clients in China.
Bachelor’s Degree from the University of Pennsylvania and a law degree from Yeshiva
University’s Benjamin N. Cardozo School of Law. Before venturing into the real estate CICC’s business has been expanding since its incorporation. Today its core business departments
investment business, he practiced law in New York. include Investment banking, Capital Markets, Sales & Trading, Research, Fixed Income, Asset Management
and Private Equity. These core businesses are enhanced by internal risk control and information tech-
Mr. Heidenberg serves on the board of overseers of the University of Pennsylvania’s
nology systems as well as other supporting departments.
ROBERT HEIDENBERG School of Design, and is a Research Sponsor of the Zell/Lurie Real Estate Center at the
Managing Partner Wharton School. He is also on the board of trustees of his alma mater, Horace Mann
Lerner-Heidenberg Properties CICC is licensed or authorized by the governmental to engage in domestic and foreign stock/bond
School, where he serves as Board Secretary, member of the Executive Committee, and
co-chair of the physical facilities committee. He has been a member of the board of
trading (brokerage, proprietary and underwriting); fund and asset management; advice on corporate
trustees of Temple Emanu-el, Closter, NJ, since 1992, and from 1992-2002 served as restructuring, mergers and acquisitions, financing transactions and investments; foreign currency
co-chair of the board’s real estate committee. trading and asset management; inter-bank lending and borrowing.
Diamond Sponsor 2:30pm-3:15pm
Chair: Mei Gao 4
CHINA MERCHANTS FUND

Company Overview
• 1987年创建于深圳，原为招商局集团独资拥有。 Tricia Hazelwood is a Managing Director of Credit Suisse and Global Head of the Asset
Established in Shenzhen in 1987 as a wholly owned subsidiary of China Merchants Group. Finance Capital Markets group within the Investment Banking division, based in New
York. She has been involved in the finance industry for 16 years. Ms. Hazelwood currently
• 2002年4月9日，招商银行A股（600036）在上海证券交易所挂牌交易。 has responsibility for Asset Backed Origination, Syndication and Capital Markets. Prior
Listed on Shanghai Stock Exchange on April 9, 2002. to her current role, Ms. Hazelwood was Head of ABS Syndicate for 7 years and was
involved in the structuring, pricing and distribution of all ABS products. She joined
• 2006年9月22日，招商银行H股在香港联合交易所挂牌交易。 Credit Suisse First Boston (CSFB) in New York as a Vice President in July of 2000 from
Listed on Hong Kong Stock Exchange on Sept. 22, 2006. CSFB in Australia, where she had worked in the Investment Banking team since August
of 1995. Prior to this, Ms. Hazelwood worked at Salomon Brothers where she was an
• 2007年11月8日，招商银行获批在美国纽约设立分行。 analyst in the mergers and acquisitions team. Ms. Hazelwood holds a degree in
Application of setting up New York Branch approved on Nov. 8, 2007. Economics from the University of South Australia. TRICIA HAZELWOOD
Managing Director,
Global Head of Asset
• 2007年底，公司总资产RMB13105亿元，在中国商业银行排名第六。 Finance Capital Markets
Credit Suisse
By the end of 2007, the total assets were RMB 1310.5 billion, ranked No.6 among the commercial banks in
China.
• 2007年底，公司在职员工28971人。
By the end of 2007, 28971 employees.
• 公司初步搭建了综合化经营平台，旗下拥有招银国际、招商信诺保险、招商基金、招银金融租赁公司等全
资或控股子公司，并入股台州市商业银行。
The Company is setting up the framework of universal operation platform; Now the company
Rob Milam is Head of High Grade Credit Trading for JPMorgan’s North American ROBERT MILAM, CFA
Credit Trading businesses. The High Grade desk is responsible for trading and making Managing Director
has wholly-owned or partially-owned subsidiaries such as CMB International Capital Corp., J.P. Morgan Securities, Inc.
Ltd., CIGNA & CMC, China Merchants Fund Management Co., CMB Financial Leasing Co. and also acquired markets for clients in investment grade corporate bonds and credit derivatives. Rob
certain shares of Taizhou City Commercial Bank. also recently took over management of the preferred stock and hybrid capital trading
business.
• 全国40多个主要城市设立机构网点总数570多家。
Over 570 branches and offices in over 40 major domestic cities. Rob has been with JPMorgan since 1998, and prior to moving to the High Grade desk
spent almost eight of those years in the Loan Trading business where he most recently
Market Recognition/近年取得的荣誉 he headed the par loan and loan credit derivative trading business. Prior to Loan Trading,
• 被《欧洲货币》评为“中国最佳银行”。 Rob held positions in Emerging Markets, Credit Derivatives Marketing and the JPMorgan
Credit Portfolio.
Best Bank in China by Euromoney.
Rob is a CFA charter holder and a graduate of Princeton University where he earned
• 在《亚洲银行家》主办的亚洲零售金融服务卓越大奖评选中，荣膺“中国最佳零售银行”等四项大奖。
a B.S.E. in Chemical Engineering. Rob is currently serving a two year term as a board
Best Retail Bank in China by Asian Banker. member of the LSTA (Loan Syndications and Trading Association).
• 2007年一举荣获英国《投资者关系》杂志评选颁发的最佳公司治理、最佳投资者关系、最佳投资者关系
CEO、最佳年报等六项大奖。
Awarded The Best Corporate Governance, The Best Investor Relations CEO, and the best Annual Report, etc.
by Investor Relations.
Diamond Sponsor
HOUQI ZHANG Dr. Zhang has over 14 years of experience in the securities industry. He joined China
张后奇 AMC in 2002 and is currently the Deputy CEO, member of the Management Committee and
Deputy CEO member of the Investment Committee. He is in charge of the institutional investment
China Asset Management Co., Ltd. and institutional client businesses. He has worked as the Assistant to CEO and Head
of Research at Great Wall Securities Co., Ltd. and Deputy Head of Research at China
Securities Co., Ltd. Dr. Zhang received his Ph.D in Finance at Peking University, Master
in Economics at Fudan University and Bachelor in Economics at Nanjing University.
张后奇博士
华夏基金管理有限公司副总裁
北京大学金融学博士，复旦大学经济学硕士，南京大学经济学学士。证券从业经历
14年。2002年加入华夏基金管理有限公司，至今在华夏基金工作6年，现任公司副总
裁，公司管理委员会成员，投资决策委员会委员；分管机构投资、机构客户等业务。
曾任长城证券总裁助理、研究所所长，华夏证券公司研究所副所长。
CHINA SOUTHERN FUND MANAGEMENT Co., LTD.
公司简介
南方基金管理有限公司成立于1998年3月6日，为国内首批获中国证监会批准的三家基金管
Daobing Li has been the Deputy General Manager of Harvest Fund Manager for the 理公司之一，成为中国证券投资基金行业的起始标志。
past 8 years and has over 15 years of industry experience. Mr. Li held positions in the
marketing department prior to his current role and was in charge of the retail markets, 公司注册资本1.5亿元，股东结构为：华泰证券股份有限公司（45%），深圳市机场（集
organizing sales channels and promotions. He has grown the company tremendously 团）有限公司（30%），厦门国际信托有限公司（15%），兴业证券股份有限公司（10%）。
under his direction and successfully expanded distribution and presence in all of
China and Taiwan. Prior to Harvest, he ran operations for the China Xiamen Corp for 公司从事基金的发起、发行、设立与管理业务，吸收、培养了一支高度专业化的人才队伍。
International Techno-Economic Cooperation and worked for the Xiamen Overseas
Chinese Museum. 公司现有员工190多人，硕士以上学历超过55%，近70%的员工具有5年以上证券从业经验，超
过30%的员工具有海外学习与工作经验，成为公司持续快速发展的坚实基础。
Mr. Li has a B.A. in History and M.A. in International Trade from Xiamen University and
DAOBING LI a Ph.D. in Political Economy from Tsinghua University in China. 南方基金继发起、设立、管理国内首只证券投资基金之后，又首批获得全国社保基金投资
Deputy General Manager
Harvest Fund Management 管理人、企业年金基金投资管理人资格。目前，公司业务覆盖公募基金、全国社保基金、企业年
金基金，是我国业务领域最广的基金管理公司之一。公司管理着14只公募基金，4个全国社保基
金组合，企业年金签约客户超过70家。公司管理的公募基金包括12只开放式基金和2只封闭式基
Dr. Hu will be the CEO for the new joint venture Fund Management Company of BNY 金，在品种上覆盖股票、债券、保本、货币市场基金等各种风险收益特征，在形式上覆盖LOF、
Mellon at China. Dr. Hu has been working for BNY Mellon Asset Management for 复制、封转开、QDII等多种特色，是我国产品创新能力最强的基金管理公司之一。
about 9 years. He was one of founders of Coefficient Global LLP, a hedge subsidiary of
BNY Mellon at San Francisco, where he worked as co-Portfolio manager of Coefficient 公司以“一切为了客户，做受人敬重的理财专家”为长期奋斗目标，坚持“专业、稳健、规范”
Select fund (a global macro fund) and co-Portfolio manager of Coefficient Credit fund 的经营理念，以持续优秀的管理业绩、完善周到的客户服务，赢得了800多万客户的信赖，向基
(a credit and equity security selection fund). Before that, he was a Vice President and
senior quantitative analyst at Standish Mellon, a subsidiary of Mellon at Boston.
金持有人累计分红达到230亿元，资产管理规模超过2400亿元。(2007年12月)
Mr. Hu obtained an M.B.A. from the University of Illinois at Urbana-Champaign, a

Masters degree of science in information management from NanKai University, and a
BIN HU, CFA, PhD Ph.D. in management engineering/finance from the Management School of Shanghai
CEO
BNY Mellon China Asset Management JV JiaoTong University. He conducted post-doctoral research on equity investment strategies
in Asia-Pacific stock markets at the Department of Economics and Finance, City University
of Hong Kong. Mr. Hu’s Ph.D. dissertation, Anomalies in Asia-Pacific Stock Markets, was
published as a book. Dr. Hu is a CFA designation holder, and a board director of TCFA
(from 2005-present). Dr. Hu was the Chairman of the TCFA Boston Chapter (2005-
2006).
Diamond Sponsor 11:00am-11:45am
REVIEW AND THE OUTLOOK OF THE
FINANCIAL MARKET IN CHINA
Chair: Li Wei3
Dr. Bin Qi is the Director-in-General of Research Center, the think-tank of the China
Securities Regulatory Commission. Prior to his current position, Dr. Qi was a Deputy
Director of the Fund Supervision Department of CSRC for five years, supervising mutual
fund industry and QFII’s in Chinese capital market. Dr. Qi joined CSRC in 2000 as a
member of its Strategy and Planning Committee. Before joining CSRC in 2000, Dr. Qi
HARVEST FUND MANAGEMENT Co., LTD. was a partner of a New York-based venture capital firm. Prior to that, Dr. Qi worked
Company Overview with Goldman Sachs Asset Management and Paribas Capital Market in New York and
London.
Harvest is one of China’s top four fund management companies with more than 40 billion yuan
of assets under management at the end of 2004. The company was founded in March 1999 as one Dr. Qi holds a Ph. D. in Economics from Tsinghua University, an MBA from the University BIN QI, PhD
of the first 10 fund management institutions authorized by the Chinese government as part of its of Chicago and an MS in Biophysics from the University of Rochester. From 1991 to 1992, 祁斌
Dr. Qi lectured physics at Tsinghua University, where he received his BS in physics. Director-in-General of
strategy to open up and develop its financial sector. Research Center
China Securities Regulatory Commission
Harvest was among the first six fund managers chosen by the Chinese government in December In 2005, Dr. Qi translated The Great Game, The Emergence of Wall Street as a World
Power, into Chinese, which became a best-seller in China and has been reprinted more
2002 to manage the National Social Security Fund, which provides basic pension and welfare insurance
than 20 times since then. In 2007, Dr. Qi led a joint-team of CSRC and The World Bank
to millions of Chinese people. As a prominent and trusted investment manager, Harvest was one of and drafted China Capital Markets Development Report, the first of the sort, which
the first companies to gain government authorization in August 2005 to conduct Enterprise Annuity provides a comprehensive review of the history of Chinese Capital Markets, and full
business —— a market that is expected to grow rapidly over the next two decades as millions of analysis of the challenges of the market, and development strategies for the years to
companies improve the benefits they offer to their employees. Harvest has already gained an early come (till 2020). The Report is available in both Chinese and English.
lead in this market with innovative products and services.
Harvest is the fastest growing fund management company in China in terms of assets under man- 祁斌，中国证监会研究中心主任，中共中央党校客座教授。
agement. Our success has attracted investment from one of Europe’s leading banks. In June 2005,
Deutsche Asset Management (DeAM), a subsidiary of Deutsche Bank AG, took a 19.5 percent stake in 1991年毕业于清华大学物理系并留校任教。1992年赴美留学，分别获罗切斯特大学生物物
Harvest, with the option to increase its holding to 49 percent. DeAM’s investment, technology and 理学硕士和芝加哥大学商学院MBA学位。2006年获清华大学数量经济学博士学位。
1996至2000年，就职于华尔街高盛集团等投资银行，并曾任风险投资基金公司合伙人。2000
management expertise combined with Harvest’s in-depth understanding of China’s capital markets
年，应中国证监会邀请回国工作，任中国证监会战略发展委委员。2001至2006年，任中国证监
will improve our competitiveness and help us maintain our leading position in China’s fund man- 会基金监管部副主任。2006年至今，任中国证监会研究中心主任。
agement industry.
2005年，编译出版的专著《伟大的博弈——华尔街金融帝国的崛起》被多种报刊评为年
Harvest offers a wide range of investment funds. We currently manage two closed-end funds, eight 度最佳经济管理类和金融类图书，迄今已二十多次重印。2007年，主笔《中国资本市场发展报
mutual funds and four Investment Portfolios for the National Social Security Fund. We also provide 告》，总结了过去十几年中国资本市场发展的经验，分析了现状与不足，为未来发展制定了战
direct and indirect fund management services to Enterprise Annuity funds and supplementary 略和措施，并对2020年中国资本市场的前景进行了展望。
pensions for some of China’s biggest insurers including China Life Insurance Asset Management
Co., Ltd. and Ping An Insurance (Group) Company Of China, Ltd.
According to the latest research by TX Investment Consulting Co., Ltd, one of the largest investment
consultancies in China, Harvest is the only fund management company whose investment performance
has beaten the industry average every year for the past four years. Harvest has also achieved the
highest average annual return on investment of any fund management company during the same
period.
Platinum Sponsor
Oliver M. Rui is an associate professor at the School of Accountancy of The Chinese
University of Hong Kong. He holds a B.S. degree in International Economics (1990)
from the Institute of International Relations in Beijing, a Msc. degree in Economics
(1993) from Oklahoma State University and an MBA in Statistics (1995) and a Ph.D.
in Finance (1997), both from the University of Houston. Prior to joining The Chinese
University of Hong Kong, he taught at the University of Houston and the Hong Kong
Polytechnic University. Dr. Rui has published more than 30 papers in reputable
international journals including Journal of Financial and Quantitative Finance, Journal
OLIVER M. RUI of Banking and Finance, Journal of Comparative Economics, Journal of Corporate
Finance, Financial Review, Journal of Financial Research, Journal of International
E FUND MANAGEMENT Co., LTD.
Associate Professor Company Overview
School of Accountancy Money and Finance, Journal of Accounting and Public Policy, Review of Quantitative
The Chinese University of Hong Kong Finance and Accounting, Journal of Management Studies, Journal of Behavioral Decision
Making, Journal of Multinational Financial Management, Pacific Basin Finance Founded in April 2001, E Fund Management Co., Ltd. (“E Fund”) is a fund management company
Journal, Journal of Business Research, and Emerging Markets Review. He has also licensed with China Securities Regulatory Commission. It is owned by five Guangdong-based
published in top domestic refereed journals including Economics Research《经济研 shareholders, including Guangdong Finance Trust Comany and GF Securities Co., Ltd.
究》, Management Science Review《管理科学学报》, Management World《管理世
界》, China Soft Science《中国软科学》, Journal of System Engineering《系統工程 The shareholders of E Fund have a profound understanding of the asset management business.
学报》, Systems Engineering – Theory & Practice,《系統工程理論與實踐》 Statistics
Research 《统计研究>> and World Economy《世界经济》. He has two textbooks Their understanding of the asset management business and trust in the management of E Fund
published in Chinese 《中國股票市場實証研究 A Collection of Empirical Researches has been vital to E Funds fast growth in the past as an independent asset manager.
on Chinese Stock Market》and 《公司理財 Corporate Finance》.
Within the past seven years, E Fund Management has grown tremendously and ascended to top
Dr. Rui is a Charted Financial Analyst. He serves as a member of the Panel of Ex- industry ranking thanks to its trustworthy, disciplined management style, value investment
aminers of the Securities Industry Examination of the Hong Kong Stock Exchange,
a Member of American Finance Association, Financial Management Association,
philosophy and fundamental research driven investment approach. By the end of June, 2008,
American Accounting Association, Hong Kong Securities Institute. He is a member assets under E Fund’s management exceeded RMB 130 billion, making it one of the largest asset
of the Advisory Board of the Business Valuation Forum in Hong Kong. He is a visiting managers in China.
financial economist at Shanghai Stock Exchange and research fellow at Hong Kong
Institute for Monetary Research. He is also a vice president of Hong Kong Financial E Fund has received numerous industry accolades in recent years. It has been a constant occupant
Engineering Association. He is the Program Director of Master of Accountancy.
of the Morningstar Best Fund Manager list; it has won the most Golden Bull prizes from China Securities
Journal, the dominant domestic securities publication; and it has been ranked as the country’s
top manager for overall investment capability and performance of open-end and closed-end
funds over the past three years.
Dr. Bin Ke is an associate professor of Accounting at the Pennsylvania State University.
He received his B.S. degree from the Institute of International Relations (Beijing) and
Ph.D. degree in Accounting from the Michigan State University. Before pursuing his
doctoral studies, he worked as a marketing analyst for Sony Corporation’s China
Representative Office. Dr. Ke teaches financial reporting and financial statement
analysis. His research covers a broad range of topics, including insider trading,
institutional investors, financial analysts, earnings management and corporate
governance. Dr. Ke is a regular visitor to major universities in mainland China, Hong
Kong, and Singapore.
BIN KE
Associate Professor of Accounting
The Smeal College of Business
The Pennsylvania State University
Gold Sponsors
Professor Wang is the Peter Lusztig Professor of Finance at Sauder School of Business,
University of British Columbia. His current research interests include intertemporal
asset pricing theory, decision under uncertainty, and investment. His research papers
BANK OF COMMUNICATIONS/SCHRODER ASSET MANAGEMENT have been published in top academic journals including Econometrica, Journal of
Economic Theory, Review of Financial Studies, Journal of Finance, Stochastic Models,
公司简介
Mathematical Finance, Journal of Economic Dynamics and Control, Theory and Decision,
交银施罗德基金管理有限公司（以下简称“交银施罗德”）于2005年8月4日成立，由交通银行股份有限公司和施 etc.. Professor Wang was a visiting Assistant Professor at MIT Sloan School of
罗德投资管理有限公司、中国国际集装箱海运(集团)股份有限公司共同发起设立的合资基金管理公司，三方持股比 Management, and a visiting scholar to International Monetary Fund and Federal Re-
例分别为65%、30%、5%。经中国证监会证监基金字[2005]128号文批准，交银施罗德注册于上海，注册资本为2 serve Bank of Cleveland. He is the former Associate Editor of Management Science and
亿元。2005年9月29日，交银施罗德首只基金产品——交银施罗德精选股票证券投资基金成立并开始运作；2006年 the Associate Editor of Annals of Economics and Finance. Professor Wang received
1月19日，首只银行号货币市场基金—交银施罗德货币市场基金正式成立；2006年6月14日，交银稳健基金正式成 his Ph.D. and M.A. in Economics from University of Toronto, M.Sc in Operations TAN WANG
立；2006年10月23日，交银成长基金开始运作；2007年8月8日，交银蓝筹基金成立；2008年3月31日，交银增利 Research from Chinese Academy of Sciences and his B.Sc. in Computer Science from Peter Lusztig Professor in Finance,
Beijing Institute of Economics Sauder School of Business
债券基金开始运作；2008年8月22日，交银环球基金正式成立。从公司成立三年有余的时间里，交银施罗德凭借优 University of British Columbia
良的业绩和稳健的运作，荣膺“中国最佳基金公司·最具潜力奖”、“最受市场关注金奖”、“最具增长潜力基金公司奖”等
各项殊荣，赢得了各方的广泛关注。
交银施罗德以“诚信百年，专业理财”为经营宗旨，公司中外方股东精诚合作，通过构建严谨的公司治理结构、建
立高素质的员工团队、引入先进国际经验，全力打造一家诚信、专业的基金管理公司，与投资者共同成长。
交银施罗德建立了公司股东会、董事会、监事会独立运作，相互制衡的良好公司治理结构，并通过市场化的招
聘方式，聚集了一批基金行业的优秀人才，组成一支高素质的员工团队，以“诚信、专业、投资者利益至上”为共同理
念，全心全意为投资者服务。
交银施罗德作为一家具有国际视野的专业基金管理公司，在投资研究和风险管理方面引入公司外方股东施罗德
投资管理有限公司及其母公司施罗德集团的先进经验。在投资研究方面，交银施罗德利用施罗德集团的全球投资研
究网络和分析方法，充分发挥专业研究与管理能力，在有效控制下行风险的前提下，通过纪律化的投资流程管理，
Raghavendra Rau is a professor of finance at Purdue University and a principal at Barclays
最大程度实现基金资产的长期稳定增长。在风险控制方面，公司引入施罗德集团在业界享有盛誉、全球领先的投资
Global Investors. His current research areas are in the fields of empirical corporate
组合风险管理系统（PRISM）和公司运营风险管理技术（SWORD），以有效管理投资组合风险和基金管理公司的运
finance and the economics of information. His research focuses on the acquisition
营风险。 and utilization of information by participants in a market framework. His most recent
major publications are “Good stewards, cheap talkers, or family men? The impact of
mutual fund closures on fund managers, flows, fees, and performance,” in the Review
of Financial Studies and “The impact of all-star analyst job changes on their coverage
choices and investment banking deal flow,” in the Journal of Financial Economics.
THE HAGAN-RICCI GROUP Professor Rau has taught at Purdue University, UCLA, and the Institut d’Etudes
Politiques de Paris among other places. In 1996, he won the Competitive Award for P. RAGHAVENDRA RAU
Company Overview Business Finance and the Best of the Best Award from the Financial Management Professor of Finance,
Krannert Graduate School
Welcome to HRG. We are a 20 year old executive search and recruiting firm hired by the top tier investment banks Association for the paper “Glamour, Value and Post-Acquisition Performance of Acquir- of Management of Purdue University
ing Firms.” In 2000, he won the Barclays Global Investors Award from the European Barclay Global Investors
and a selected group of hedge funds. We identify and evaluate the strongest candidates for the front-office to help
our clients hire the best. Finance Association for the paper “A Rose.com by any other name.” He received
Krannert’s Outstanding Undergraduate Teaching Award in 2001, and also won a John and
HRG’s Structured Finance Team is hired by some of the strongest banking, trading and syndicate desks on Wall Street. Mary Willis Young Faculty Scholar Award. Professor Rau is a member of the American
HRG’s Quantitative Team recruits the quantitative analysts and analytical programmers that clearly stand out among Finance Association, European Finance Association, the Financial Management Asso-
their peers. HRG’s Asset Management Team recruits the best buy side talent for our clients’ portfolio management ciation, the French Finance Association, and the Western Finance Association.
and analysis opportunities. HRG’s Trading Team recruits the top tier Traders, Sales and Financial Engineers for the
financial industry. HRG’s Technology Team recruits the top tier technology professionals with the strong technical
expertise, hard business knowledge and superior communication skills.
2 10:15am-11:45am
TCFA BEST PAPER PRESENTATION
SPONSORED BY CICC
Chair: Jason Wei/Prof. Jun Qian
Gold Sponsors
Professor Qian is an associate professor of finance at Boston College. He received his

Ph.D. from University of Pennsylvania and his B.S. degree from University of Iowa. WESTWOOD PARTNERS, LLC
He also attended Fudan University in Shanghai, China as an undergraduate. His Company Overview
research interests span many topics of theoretical and empirical corporate finance
and financial institutions. His research papers have been published in top aca- Westwood Partners values long-term relationships above the short-term gain. We place our
demic journals including the Journal of Finance, Journal of Financial Economics, and clients’ interests first and foremost and are relentlessly dedicated to providing quality service that
Journal of International Economics. He also applies financial economic theories to exceeds their expectations. Based in New York, with an affiliate office in London, Westwood Part-
the development of financial systems in emerging markets. Some of his recent work
ners is committed to providing its clients with high quality, differentiated executive search and
explains how China and India have achieved their impressive economic growth without
strong legal and political institutions or an efficient, ‘standard’ financial system advisory services.
that includes a stock market and a banking sector. He is a member of the American
JUN QIAN Westwood is comprised of four senior partners, each of whom has pertinent work experience in
Finance Association and Western Finance Association, and a Research Fellow at the
Associate Professor of Finance Wharton Financial Institutions Center. the financial services industry, extensive subject matter knowledge and a successful track record
Carroll School of Management working with clients and understanding their critical business needs. Our experiential platform
Boston College
Professor Qian teaches the core corporate finance course (MF127) at the undergraduate allows us to identify and recruit superior talent achieving unparalleled results on behalf of our
level and the corporate finance theory course (MF881) at the graduate level in the clients. As trusted advisors we work closely with our clients to increase their understanding of the
Carroll School of Management. He also taught at MIT’s Sloan School of Management competitive landscape, to identify areas of strategic advantage and investment, and to structure
(2007-2008), where he developed a new MBA elective course entitled “Corporate
their businesses to compete most effectively.
Finance in Emerging Markets.”
Founded in 2001, Westwood Partners maintains a close affiliation with Sainty Hird & Partners,
the premier London-based executive search firm servicing clients in the financial services indus-
try throughout Europe. This affiliation provides Westwood Partners with direct insight into the
European marketplace and offers seamless cross-border execution.
Westwood Partners provides world class executive search and advisory services in the following
key areas:
Li Jin is an associate professor in the vfinance area at the Harvard Business School.
He currently teaches the required finance course in the first year MBA program. His
primary research interest is in empirical corporate finance and asset pricing. His
current researches study trading patterns of institutional investors such as hedge
Equities Investment Banking Private Equity
funds, mutual funds and pension. He has also studied compensations of corporate
Hedge Funds Risk Management Derivatives
managers and the comparison of securities markets across countries.
Credit Asset Management Fixed Income
LI JIN
Associate Professor
of Business Administration
Harvard Business School
SPEAKERS BIOGRAPHIES
Scott focuses his practice on corporate transactions. He has extensive experience in
KEYNOTE 8:40am-9:20am mergers and acquisitions across a wide range of transactions, representing buyers,
SPEECH
WHAT IS HAPPENING TO
FINANCIAL MARKET VOLATILITY AND WHY? sellers, special committees, financial advisors and investors in public and private
Directors Guild of America Theater mergers, acquisitions, tender offers, hostile contests, leveraged buyouts, spin-offs
and venture capital transactions. Scott’s M&A practice has spanned a variety of in-
dustries with a particular emphasis on complex financial joint ventures and cross-border
M&A transactions. He advises clients on corporate and securities laws, governance
issues and SEC compliance and reporting. He has recently represented:
Robert Engle, the Michael Armellino Professor of Finance at New York University
-- CITIC Securities on its proposed US$2 billion cross investment and joint venture SCOTT SONNENBLICK
with Bear Stearns Partner
Stern School of Business, was awarded the 2003 Nobel Prize in Economics for his -- Compagnie Générale de Géophysique in its $3.1 billion acquisition of Veritas Linklaters
research on the concept of autoregressive conditional heteroskedasticity (ARCH). He DGC Inc.;
developed this method for statistical modeling of time-varying volatility and demon- -- Tom Group, Inc. in its going private bid for Tom Online Inc.;
strated that these techniques accurately capture the properties of many time series. -- Critical Care Systems International, Inc., in its sale to Accredo Health Systems,
Professor Engle shared the prize with Clive W. J. Granger of the University of California Inc.;
at San Diego. -- Visa Europe Ltd. in connection with the reorganization and proposed initial
public offering of Visa International; and
Professor Engle is an expert in time series analysis with a long-standing interest -- CITIC Group, in its proposed bid for the public float of Asia Satellite Telecom-
in the analysis of financial markets. His ARCH model and its generalizations have munications Holdings Ltd. and subsequent mandatory offer.
become indispensable tools not only for researchers, but also for analysts of financial
ROBERT ENGLE markets, who use them in asset pricing and in evaluating portfolio risk. His research Scott also regularly advises on executive compensation matters and the securities,
Professor of Finance
Stern School of Business has also produced such innovative statistical methods as cointegration, common tax and ERISA laws impacting employee benefits in the context of corporate transactions
New York University features, autoregressive conditional duration (ACD), CAViaR and now dynamic conditional and initial public offerings.
correlation (DCC) models.
Before joining NYU Stern in 2000, Professor Engle was Chancellor’s Associates Professor
and Economics Department Chair at the University of California, San Diego, and
Associate Professor of Economics at the Massachusetts Institute of Technology.
He received his bachelor of science in physics from Williams College and his master
of science in physics and doctor of philosophy in economics from Cornell University. Mr. Pettersen is a practice leader of the Risk Management practice of CRA International
Born in Syracuse, NY, he grew up in Media, Pennsylvania, spent 25 years in San Diego, and has more than 15 years of experience building significant strategic and enterprise
and now lives in New York. risk management capabilities in the financial services industry. Prior to joining CRA,
Mr. Pettersen was Head of BearingPoint’s North America Risk Management practice
where he was responsible for developing and delivering world-class consulting
services for one of the largest and fastest growing consulting firms in the United
States. In addition to his work at BearingPoint and other firms, he has served as an
adjunct professor at the Illinois Institute of Technology’s Stuart School of Business
and lectured on capital markets and derivatives in IIT’s innovative Financial Markets
and Trading Program.
BJØRN PETTERSEN
Head of Enterprise Risk Management
CRA International
1 10:15am-11:00am
BAILOUT PLAN AND THE CHANGING
LANDSCAPE OF THE US FINANCIAL INDUSTRY
Chair: Jeff Zhang
SESSION Directors Guild Of America Theater
9:20am-9:50am
GLOBAL INVESTMENT: SPEECH
CRISIS AND OPPORTUNITIES
Harvey E. Bines is a partner in the Corporate Finance and Investment Management

Practice Groups in Sullivan & Worcester, LLP’s Boston office. He practices primarily in
the areas of corporate finance, mergers and acquisitions, investment management law,
Gary is Chairman of Acadian Asset Management LLC, a global asset management
securities law, including the Investment Company Act and Investment Advisers Act,
firm with offices in Boston, Singapore and London.
and corporation, limited liability company and partnership law. Mr. Bines counsels
domestic and foreign clients, and advises clients respecting domestic and offshore
As of 2008, Gary has 39 years of continuous experience in global investing. He spent
investments and transactions. He was formerly an associate professor of law at The
nine years at the Putnam Companies and started the Putnam International Fund in
University of Virginia School of Law (investment law, torts) and an adjunct professor
HARVEY E. BINES at Boston College Law School (corporate finance). Mr. Bines has advised and lectured 1971. During the five years in which he managed the fund, it consistently outperformed
Partner global market indices.
in Israel, Ireland, and Central and Eastern Europe. He has served as a board member
Sullivan & Worcester, LLP
of an NYSE-listed company and of an NASD company.
Gary founded Acadian Financial Research, predecessor of Acadian Asset Management,
in 1977. Acadian worked closely with the State Street Bank and Trust Company to
launch and manage their first international index fund. In 1987 Acadian ended its
formal relationship with State Street and began managing institutional assets
DR. GARY L. BERGSTROM
Chairman
directly. Since then, the firm has continued to be a pioneer in developing advanced Acadian Asset Management, LLC.
active strategies for global investing.
Gary has been a member of the editorial board of the Journal of Portfolio Management.
His article, “A New Route to Higher Returns and Lower Risks,” published in the
Jack I. Kantrowitz has represented companies and investment banks on a broad
journal in 1975, was one of the first to advocate major allocations of the assets of
range of securities law and corporate finance matters, including initial public offer-
U.S.-based funds to international equities. Other publications include articles in the
ings, secondary equity offerings (including offerings by selling securities holders),
Financial Analysts Journal, The Columbia Journal of World Business, and The Sloan
domestic and cross-border sales of high-yield and investment-grade debt, offerings
Management Review, as well as chapters of many books.
of structured products, and stock and asset acquisitions. These transactions have
involved issuers in Europe, Latin America, and Asia, as well as in the United States
Gary has a particular interest in development economics and emerging markets,
and Canada.
gained in part from his extensive research in India during his graduate work at MIT
Sloan. He holds a doctorate from the Massachusetts Institute of Technology, where
In another significant component of his practice, he advises companies and investors
he also served on the faculty.
JACK I. in the venture and technology area, notably in the fields of electronics, telecommunications,
KANTROWITZ and life sciences. In addition to capital markets transactions, these activities have
Partner included corporate structuring and human resources elements and the negotiation
DLA Piper
of joint venture and licensing agreements.
Mr. Kantrowitz represented France Telecom in the issuance and sale of $16.4 billion
of its debt, in three currencies and seven tranches of from two to 30 years, for which
the American Lawyer named him a “Deal Maker of the Year.” He also has represented
financial institutions in a series of highly structured future flow transactions for
major international commodities corporations and assisted major investment banks
in the development of innovative financing vehicles involving intricate swap and
derivative components and structured equity products.
Mr. Kantrowitz is fluent in French

SPEECH 11:45am-12:25pm CURRENT CONDITIONS AND OUTLOOK

Directors Guild of America Theater FOR GLOBAL CREDIT MARKETS
1:30pm-2:20pm LUNCHEON
AND THE CURRENT
KEYNOTE SPEECH
PERSPECTIVES ON THE ECONOMIC OUTLOOK
FINANCIAL
Directors Guild of AmericaCRISIS
Theater
Edward Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New
York University. Since 1990, he has directed the research effort in Fixed Income and Credit
Markets at the NYU Salomon Center and is currently the Vice-Director of the Center. Prior to
serving in his present position, Professor Altman chaired the Stern School’s MBA Program for
12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite
de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the
Lewis S. Alexander was appointed Chief Economist at Citi in April 2005. In this
Australian Graduate School of Management in Sydney and Luigi Bocconi University in Milan.
capacity, Lewis regularly presents Citi economists’ analysis to clients, policymakers,
EDWARD ALTMAN Prof. Altman has an international reputation as an expert on corporate bankruptcy, high
and senior leaders of Citi around the world.
Professor of Finance yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the
Stern School of Business Previously, Lewis served as the Global Head for Emerging Markets within Economie
New York University Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate
and Market Analysis from 1999 until 2005. In that role, Lewis directed the work of
distress prediction models and procedures for firm financial rehabilitation and awarded the
economics teams covering Latin America, Central and Eastern Europe, the Middle
Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default
East, Africa, and Asia (excluding Japan). Lewis joined Citi in September 1999 as a
Rates on High Yield Corporate Debt and was named “Profesor Honorario” by the University
Managing Director.
of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to
several foreign central banks. Prof. Altman is also the Chairman of the Academic Council of the
Prior to joining Citi, Lewis had a long career at the Board of Governors of the Federal
Turnaround Management Association. Prof. Altman was named to the Max L. Heine endowed
Reserve System, where he served most recently as Deputy Director of the Division of
professorship at Stern in 1988. He was inducted into the Fixed Income Analysts Society Hall of
International Finance. As Deputy Director, Lewis directed the Federal Reserve Board’s
LEWIS S. ALEXANDER
Fame in 2001 and elected President of the Financial Management Association (2002). Professor Chief Economist
analysis of foreign financial markets and international banking, represented the Federal Citigroup
Altman was named one of the 100 most influential people in the world in 2005 by the
Reserve in key international forums, and worked closely with the U.S. Treasury on a
publication Treasury and Risk Management. He received his MBA and Ph.D. in Finance from
variety of policy issues. Lewis also was an Associate Economist of the Federal Open
the University of California, Los Angeles.
Market Committee. Earlier, he served as Chief Economist of the U.S. Department of
Commerce (1993-96) and was a consultant to the Bank for International Settlements
Professor Altman is one of the founders and was an Executive Editor of the international
(1988-89).
publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the
John Wiley Frontiers in Finance Series. Professor Altman has published or edited almost two
Lewis received his Ph.D. in Economics from Yale University in 1987, after obtaining an
dozen books and well over 100 articles in scholarly finance, accounting and economic journals.
M.Phil. from Yale in 1985. Previously, he obtained an A.M. (1979) and an A.B. (1978) in
He is the current editor of the Handbook of Corporate Finance and the Handbook of Financial
Economics from Stanford University.
Markets and Institutions and the author of a number books, including Recent Advances in
Corporate Finance; Investing in Junk Bonds; Distressed Securities: Analyzing and Evaluating
Market Potential and Investment Risk; and his most recent works on Corporate Financial Distress
and Bankruptcy(2005); Managing Credit Risk: The Next Great Financial Challenge (2007);
Recovery Risk (2005); Bankruptcy, Credit Risk and High Yield Junk Bonds (2002). His work has
appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese
and Spanish.
Prof. Altman’s primary areas of research include bankruptcy analysis and prediction, credit
and lending policies, risk management in banking, corporate finance and capital markets.
He has been a consultant to several government agencies, major financial and accounting
institutions and industrial companies and has lectured to executives in North America, South
America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress,
the New York State Senate and several other government and regulatory organizations and is
a Director and a member of the Advisory Board of a number of corporate, publishing, academic
and financial institutions.
Dr. Altman is a member of the Board and past Chairman of the Board of Trustees of the Inter-
School Orchestras of New York and was a founding member of the Board of Trustees of the
Museum of American Financial History.
SPEECH 11:45am-12:25pm CURRENT CONDITIONS AND OUTLOOK

Directors Guild of America Theater FOR GLOBAL CREDIT MARKETS
1:30pm-2:20pm LUNCHEON
AND THE CURRENT
KEYNOTE SPEECH
PERSPECTIVES ON THE ECONOMIC OUTLOOK
FINANCIAL
Directors Guild of AmericaCRISIS
Theater
Edward Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New
York University. Since 1990, he has directed the research effort in Fixed Income and Credit
Markets at the NYU Salomon Center and is currently the Vice-Director of the Center. Prior to
serving in his present position, Professor Altman chaired the Stern School’s MBA Program for
12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite
de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the
Lewis S. Alexander was appointed Chief Economist at Citi in April 2005. In this
Australian Graduate School of Management in Sydney and Luigi Bocconi University in Milan.
capacity, Lewis regularly presents Citi economists’ analysis to clients, policymakers,
EDWARD ALTMAN Prof. Altman has an international reputation as an expert on corporate bankruptcy, high
and senior leaders of Citi around the world.
Professor of Finance yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the
Stern School of Business Previously, Lewis served as the Global Head for Emerging Markets within Economie
New York University Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate
and Market Analysis from 1999 until 2005. In that role, Lewis directed the work of
distress prediction models and procedures for firm financial rehabilitation and awarded the
economics teams covering Latin America, Central and Eastern Europe, the Middle
Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default
East, Africa, and Asia (excluding Japan). Lewis joined Citi in September 1999 as a
Rates on High Yield Corporate Debt and was named “Profesor Honorario” by the University
Managing Director.
of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to
several foreign central banks. Prof. Altman is also the Chairman of the Academic Council of the
Prior to joining Citi, Lewis had a long career at the Board of Governors of the Federal
Turnaround Management Association. Prof. Altman was named to the Max L. Heine endowed
Reserve System, where he served most recently as Deputy Director of the Division of
professorship at Stern in 1988. He was inducted into the Fixed Income Analysts Society Hall of
International Finance. As Deputy Director, Lewis directed the Federal Reserve Board’s
LEWIS S. ALEXANDER
Fame in 2001 and elected President of the Financial Management Association (2002). Professor Chief Economist
analysis of foreign financial markets and international banking, represented the Federal Citigroup
Altman was named one of the 100 most influential people in the world in 2005 by the
Reserve in key international forums, and worked closely with the U.S. Treasury on a
publication Treasury and Risk Management. He received his MBA and Ph.D. in Finance from
variety of policy issues. Lewis also was an Associate Economist of the Federal Open
the University of California, Los Angeles.
Market Committee. Earlier, he served as Chief Economist of the U.S. Department of
Commerce (1993-96) and was a consultant to the Bank for International Settlements
Professor Altman is one of the founders and was an Executive Editor of the international
(1988-89).
publication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the
John Wiley Frontiers in Finance Series. Professor Altman has published or edited almost two
Lewis received his Ph.D. in Economics from Yale University in 1987, after obtaining an
dozen books and well over 100 articles in scholarly finance, accounting and economic journals.
M.Phil. from Yale in 1985. Previously, he obtained an A.M. (1979) and an A.B. (1978) in
He is the current editor of the Handbook of Corporate Finance and the Handbook of Financial
Economics from Stanford University.
Markets and Institutions and the author of a number books, including Recent Advances in
Corporate Finance; Investing in Junk Bonds; Distressed Securities: Analyzing and Evaluating
Market Potential and Investment Risk; and his most recent works on Corporate Financial Distress
and Bankruptcy(2005); Managing Credit Risk: The Next Great Financial Challenge (2007);
Recovery Risk (2005); Bankruptcy, Credit Risk and High Yield Junk Bonds (2002). His work has
appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese
and Spanish.
Prof. Altman’s primary areas of research include bankruptcy analysis and prediction, credit
and lending policies, risk management in banking, corporate finance and capital markets.
He has been a consultant to several government agencies, major financial and accounting
institutions and industrial companies and has lectured to executives in North America, South
America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress,
the New York State Senate and several other government and regulatory organizations and is
a Director and a member of the Advisory Board of a number of corporate, publishing, academic
and financial institutions.
Dr. Altman is a member of the Board and past Chairman of the Board of Trustees of the Inter-
School Orchestras of New York and was a founding member of the Board of Trustees of the
Museum of American Financial History.
1 10:15am-11:00am
BAILOUT PLAN AND THE CHANGING
LANDSCAPE OF THE US FINANCIAL INDUSTRY
Chair: Jeff Zhang
SESSION Directors Guild Of America Theater
9:20am-9:50am
GLOBAL INVESTMENT: SPEECH
CRISIS AND OPPORTUNITIES
Harvey E. Bines is a partner in the Corporate Finance and Investment Management

Practice Groups in Sullivan & Worcester, LLP’s Boston office. He practices primarily in
the areas of corporate finance, mergers and acquisitions, investment management law,
Gary is Chairman of Acadian Asset Management LLC, a global asset management
securities law, including the Investment Company Act and Investment Advisers Act,
firm with offices in Boston, Singapore and London.
and corporation, limited liability company and partnership law. Mr. Bines counsels
domestic and foreign clients, and advises clients respecting domestic and offshore
As of 2008, Gary has 39 years of continuous experience in global investing. He spent
investments and transactions. He was formerly an associate professor of law at The
nine years at the Putnam Companies and started the Putnam International Fund in
University of Virginia School of Law (investment law, torts) and an adjunct professor
HARVEY E. BINES at Boston College Law School (corporate finance). Mr. Bines has advised and lectured 1971. During the five years in which he managed the fund, it consistently outperformed
Partner global market indices.
in Israel, Ireland, and Central and Eastern Europe. He has served as a board member
Sullivan & Worcester, LLP
of an NYSE-listed company and of an NASD company.
Gary founded Acadian Financial Research, predecessor of Acadian Asset Management,
in 1977. Acadian worked closely with the State Street Bank and Trust Company to
launch and manage their first international index fund. In 1987 Acadian ended its
formal relationship with State Street and began managing institutional assets
DR. GARY L. BERGSTROM
Chairman
directly. Since then, the firm has continued to be a pioneer in developing advanced Acadian Asset Management, LLC.
active strategies for global investing.
Gary has been a member of the editorial board of the Journal of Portfolio Management.
His article, “A New Route to Higher Returns and Lower Risks,” published in the
Jack I. Kantrowitz has represented companies and investment banks on a broad
journal in 1975, was one of the first to advocate major allocations of the assets of
range of securities law and corporate finance matters, including initial public offer-
U.S.-based funds to international equities. Other publications include articles in the
ings, secondary equity offerings (including offerings by selling securities holders),
Financial Analysts Journal, The Columbia Journal of World Business, and The Sloan
domestic and cross-border sales of high-yield and investment-grade debt, offerings
Management Review, as well as chapters of many books.
of structured products, and stock and asset acquisitions. These transactions have
involved issuers in Europe, Latin America, and Asia, as well as in the United States
Gary has a particular interest in development economics and emerging markets,
and Canada.
gained in part from his extensive research in India during his graduate work at MIT
Sloan. He holds a doctorate from the Massachusetts Institute of Technology, where
In another significant component of his practice, he advises companies and investors
he also served on the faculty.
JACK I. in the venture and technology area, notably in the fields of electronics, telecommunications,
KANTROWITZ and life sciences. In addition to capital markets transactions, these activities have
Partner included corporate structuring and human resources elements and the negotiation
DLA Piper
of joint venture and licensing agreements.
Mr. Kantrowitz represented France Telecom in the issuance and sale of $16.4 billion
of its debt, in three currencies and seven tranches of from two to 30 years, for which
the American Lawyer named him a “Deal Maker of the Year.” He also has represented
financial institutions in a series of highly structured future flow transactions for
major international commodities corporations and assisted major investment banks
in the development of innovative financing vehicles involving intricate swap and
derivative components and structured equity products.
Mr. Kantrowitz is fluent in French

SPEAKERS BIOGRAPHIES
Scott focuses his practice on corporate transactions. He has extensive experience in
KEYNOTE 8:40am-9:20am mergers and acquisitions across a wide range of transactions, representing buyers,
SPEECH
WHAT IS HAPPENING TO
FINANCIAL MARKET VOLATILITY AND WHY? sellers, special committees, financial advisors and investors in public and private
Directors Guild of America Theater mergers, acquisitions, tender offers, hostile contests, leveraged buyouts, spin-offs
and venture capital transactions. Scott’s M&A practice has spanned a variety of in-
dustries with a particular emphasis on complex financial joint ventures and cross-border
M&A transactions. He advises clients on corporate and securities laws, governance
issues and SEC compliance and reporting. He has recently represented:
Robert Engle, the Michael Armellino Professor of Finance at New York University
-- CITIC Securities on its proposed US$2 billion cross investment and joint venture SCOTT SONNENBLICK
with Bear Stearns Partner
Stern School of Business, was awarded the 2003 Nobel Prize in Economics for his -- Compagnie Générale de Géophysique in its $3.1 billion acquisition of Veritas Linklaters
research on the concept of autoregressive conditional heteroskedasticity (ARCH). He DGC Inc.;
developed this method for statistical modeling of time-varying volatility and demon- -- Tom Group, Inc. in its going private bid for Tom Online Inc.;
strated that these techniques accurately capture the properties of many time series. -- Critical Care Systems International, Inc., in its sale to Accredo Health Systems,
Professor Engle shared the prize with Clive W. J. Granger of the University of California Inc.;
at San Diego. -- Visa Europe Ltd. in connection with the reorganization and proposed initial
public offering of Visa International; and
Professor Engle is an expert in time series analysis with a long-standing interest -- CITIC Group, in its proposed bid for the public float of Asia Satellite Telecom-
in the analysis of financial markets. His ARCH model and its generalizations have munications Holdings Ltd. and subsequent mandatory offer.
become indispensable tools not only for researchers, but also for analysts of financial
ROBERT ENGLE markets, who use them in asset pricing and in evaluating portfolio risk. His research Scott also regularly advises on executive compensation matters and the securities,
Professor of Finance
Stern School of Business has also produced such innovative statistical methods as cointegration, common tax and ERISA laws impacting employee benefits in the context of corporate transactions
New York University features, autoregressive conditional duration (ACD), CAViaR and now dynamic conditional and initial public offerings.
correlation (DCC) models.
Before joining NYU Stern in 2000, Professor Engle was Chancellor’s Associates Professor
and Economics Department Chair at the University of California, San Diego, and
Associate Professor of Economics at the Massachusetts Institute of Technology.
He received his bachelor of science in physics from Williams College and his master
of science in physics and doctor of philosophy in economics from Cornell University. Mr. Pettersen is a practice leader of the Risk Management practice of CRA International
Born in Syracuse, NY, he grew up in Media, Pennsylvania, spent 25 years in San Diego, and has more than 15 years of experience building significant strategic and enterprise
and now lives in New York. risk management capabilities in the financial services industry. Prior to joining CRA,
Mr. Pettersen was Head of BearingPoint’s North America Risk Management practice
where he was responsible for developing and delivering world-class consulting
services for one of the largest and fastest growing consulting firms in the United
States. In addition to his work at BearingPoint and other firms, he has served as an
adjunct professor at the Illinois Institute of Technology’s Stuart School of Business
and lectured on capital markets and derivatives in IIT’s innovative Financial Markets
and Trading Program.
BJØRN PETTERSEN
Head of Enterprise Risk Management
CRA International
2 10:15am-11:45am
TCFA BEST PAPER PRESENTATION
SPONSORED BY CICC
Chair: Jason Wei/Prof. Jun Qian
Gold Sponsors
Professor Qian is an associate professor of finance at Boston College. He received his

Ph.D. from University of Pennsylvania and his B.S. degree from University of Iowa. WESTWOOD PARTNERS, LLC
He also attended Fudan University in Shanghai, China as an undergraduate. His Company Overview
research interests span many topics of theoretical and empirical corporate finance
and financial institutions. His research papers have been published in top aca- Westwood Partners values long-term relationships above the short-term gain. We place our
demic journals including the Journal of Finance, Journal of Financial Economics, and clients’ interests first and foremost and are relentlessly dedicated to providing quality service that
Journal of International Economics. He also applies financial economic theories to exceeds their expectations. Based in New York, with an affiliate office in London, Westwood Part-
the development of financial systems in emerging markets. Some of his recent work
ners is committed to providing its clients with high quality, differentiated executive search and
explains how China and India have achieved their impressive economic growth without
strong legal and political institutions or an efficient, ‘standard’ financial system advisory services.
that includes a stock market and a banking sector. He is a member of the American
JUN QIAN Westwood is comprised of four senior partners, each of whom has pertinent work experience in
Finance Association and Western Finance Association, and a Research Fellow at the
Associate Professor of Finance Wharton Financial Institutions Center. the financial services industry, extensive subject matter knowledge and a successful track record
Carroll School of Management working with clients and understanding their critical business needs. Our experiential platform
Boston College
Professor Qian teaches the core corporate finance course (MF127) at the undergraduate allows us to identify and recruit superior talent achieving unparalleled results on behalf of our
level and the corporate finance theory course (MF881) at the graduate level in the clients. As trusted advisors we work closely with our clients to increase their understanding of the
Carroll School of Management. He also taught at MIT’s Sloan School of Management competitive landscape, to identify areas of strategic advantage and investment, and to structure
(2007-2008), where he developed a new MBA elective course entitled “Corporate
their businesses to compete most effectively.
Finance in Emerging Markets.”
Founded in 2001, Westwood Partners maintains a close affiliation with Sainty Hird & Partners,
the premier London-based executive search firm servicing clients in the financial services indus-
try throughout Europe. This affiliation provides Westwood Partners with direct insight into the
European marketplace and offers seamless cross-border execution.
Westwood Partners provides world class executive search and advisory services in the following
key areas:
Li Jin is an associate professor in the vfinance area at the Harvard Business School.
He currently teaches the required finance course in the first year MBA program. His
primary research interest is in empirical corporate finance and asset pricing. His
current researches study trading patterns of institutional investors such as hedge
Equities Investment Banking Private Equity
funds, mutual funds and pension. He has also studied compensations of corporate
Hedge Funds Risk Management Derivatives
managers and the comparison of securities markets across countries.
Credit Asset Management Fixed Income
LI JIN
Associate Professor
of Business Administration
Harvard Business School
Gold Sponsors
Professor Wang is the Peter Lusztig Professor of Finance at Sauder School of Business,
University of British Columbia. His current research interests include intertemporal
asset pricing theory, decision under uncertainty, and investment. His research papers
BANK OF COMMUNICATIONS/SCHRODER ASSET MANAGEMENT have been published in top academic journals including Econometrica, Journal of
Economic Theory, Review of Financial Studies, Journal of Finance, Stochastic Models,
公司简介
Mathematical Finance, Journal of Economic Dynamics and Control, Theory and Decision,
交银施罗德基金管理有限公司（以下简称“交银施罗德”）于2005年8月4日成立，由交通银行股份有限公司和施 etc.. Professor Wang was a visiting Assistant Professor at MIT Sloan School of
罗德投资管理有限公司、中国国际集装箱海运(集团)股份有限公司共同发起设立的合资基金管理公司，三方持股比 Management, and a visiting scholar to International Monetary Fund and Federal Re-
例分别为65%、30%、5%。经中国证监会证监基金字[2005]128号文批准，交银施罗德注册于上海，注册资本为2 serve Bank of Cleveland. He is the former Associate Editor of Management Science and
亿元。2005年9月29日，交银施罗德首只基金产品——交银施罗德精选股票证券投资基金成立并开始运作；2006年 the Associate Editor of Annals of Economics and Finance. Professor Wang received
1月19日，首只银行号货币市场基金—交银施罗德货币市场基金正式成立；2006年6月14日，交银稳健基金正式成 his Ph.D. and M.A. in Economics from University of Toronto, M.Sc in Operations TAN WANG
立；2006年10月23日，交银成长基金开始运作；2007年8月8日，交银蓝筹基金成立；2008年3月31日，交银增利 Research from Chinese Academy of Sciences and his B.Sc. in Computer Science from Peter Lusztig Professor in Finance,
Beijing Institute of Economics Sauder School of Business
债券基金开始运作；2008年8月22日，交银环球基金正式成立。从公司成立三年有余的时间里，交银施罗德凭借优 University of British Columbia
良的业绩和稳健的运作，荣膺“中国最佳基金公司·最具潜力奖”、“最受市场关注金奖”、“最具增长潜力基金公司奖”等
各项殊荣，赢得了各方的广泛关注。
交银施罗德以“诚信百年，专业理财”为经营宗旨，公司中外方股东精诚合作，通过构建严谨的公司治理结构、建
立高素质的员工团队、引入先进国际经验，全力打造一家诚信、专业的基金管理公司，与投资者共同成长。
交银施罗德建立了公司股东会、董事会、监事会独立运作，相互制衡的良好公司治理结构，并通过市场化的招
聘方式，聚集了一批基金行业的优秀人才，组成一支高素质的员工团队，以“诚信、专业、投资者利益至上”为共同理
念，全心全意为投资者服务。
交银施罗德作为一家具有国际视野的专业基金管理公司，在投资研究和风险管理方面引入公司外方股东施罗德
投资管理有限公司及其母公司施罗德集团的先进经验。在投资研究方面，交银施罗德利用施罗德集团的全球投资研
究网络和分析方法，充分发挥专业研究与管理能力，在有效控制下行风险的前提下，通过纪律化的投资流程管理，
Raghavendra Rau is a professor of finance at Purdue University and a principal at Barclays
最大程度实现基金资产的长期稳定增长。在风险控制方面，公司引入施罗德集团在业界享有盛誉、全球领先的投资
Global Investors. His current research areas are in the fields of empirical corporate
组合风险管理系统（PRISM）和公司运营风险管理技术（SWORD），以有效管理投资组合风险和基金管理公司的运
finance and the economics of information. His research focuses on the acquisition
营风险。 and utilization of information by participants in a market framework. His most recent
major publications are “Good stewards, cheap talkers, or family men? The impact of
mutual fund closures on fund managers, flows, fees, and performance,” in the Review
of Financial Studies and “The impact of all-star analyst job changes on their coverage
choices and investment banking deal flow,” in the Journal of Financial Economics.
THE HAGAN-RICCI GROUP Professor Rau has taught at Purdue University, UCLA, and the Institut d’Etudes
Politiques de Paris among other places. In 1996, he won the Competitive Award for P. RAGHAVENDRA RAU
Company Overview Business Finance and the Best of the Best Award from the Financial Management Professor of Finance,
Krannert Graduate School
Welcome to HRG. We are a 20 year old executive search and recruiting firm hired by the top tier investment banks Association for the paper “Glamour, Value and Post-Acquisition Performance of Acquir- of Management of Purdue University
ing Firms.” In 2000, he won the Barclays Global Investors Award from the European Barclay Global Investors
and a selected group of hedge funds. We identify and evaluate the strongest candidates for the front-office to help
our clients hire the best. Finance Association for the paper “A Rose.com by any other name.” He received
Krannert’s Outstanding Undergraduate Teaching Award in 2001, and also won a John and
HRG’s Structured Finance Team is hired by some of the strongest banking, trading and syndicate desks on Wall Street. Mary Willis Young Faculty Scholar Award. Professor Rau is a member of the American
HRG’s Quantitative Team recruits the quantitative analysts and analytical programmers that clearly stand out among Finance Association, European Finance Association, the Financial Management Asso-
their peers. HRG’s Asset Management Team recruits the best buy side talent for our clients’ portfolio management ciation, the French Finance Association, and the Western Finance Association.
and analysis opportunities. HRG’s Trading Team recruits the top tier Traders, Sales and Financial Engineers for the
financial industry. HRG’s Technology Team recruits the top tier technology professionals with the strong technical
expertise, hard business knowledge and superior communication skills.
Platinum Sponsor
Oliver M. Rui is an associate professor at the School of Accountancy of The Chinese
University of Hong Kong. He holds a B.S. degree in International Economics (1990)
from the Institute of International Relations in Beijing, a Msc. degree in Economics
(1993) from Oklahoma State University and an MBA in Statistics (1995) and a Ph.D.
in Finance (1997), both from the University of Houston. Prior to joining The Chinese
University of Hong Kong, he taught at the University of Houston and the Hong Kong
Polytechnic University. Dr. Rui has published more than 30 papers in reputable
international journals including Journal of Financial and Quantitative Finance, Journal
OLIVER M. RUI of Banking and Finance, Journal of Comparative Economics, Journal of Corporate
Finance, Financial Review, Journal of Financial Research, Journal of International
E FUND MANAGEMENT Co., LTD.
Associate Professor Company Overview
School of Accountancy Money and Finance, Journal of Accounting and Public Policy, Review of Quantitative
The Chinese University of Hong Kong Finance and Accounting, Journal of Management Studies, Journal of Behavioral Decision
Making, Journal of Multinational Financial Management, Pacific Basin Finance Founded in April 2001, E Fund Management Co., Ltd. (“E Fund”) is a fund management company
Journal, Journal of Business Research, and Emerging Markets Review. He has also licensed with China Securities Regulatory Commission. It is owned by five Guangdong-based
published in top domestic refereed journals including Economics Research《经济研 shareholders, including Guangdong Finance Trust Comany and GF Securities Co., Ltd.
究》, Management Science Review《管理科学学报》, Management World《管理世
界》, China Soft Science《中国软科学》, Journal of System Engineering《系統工程 The shareholders of E Fund have a profound understanding of the asset management business.
学报》, Systems Engineering – Theory & Practice,《系統工程理論與實踐》 Statistics
Research 《统计研究>> and World Economy《世界经济》. He has two textbooks Their understanding of the asset management business and trust in the management of E Fund
published in Chinese 《中國股票市場實証研究 A Collection of Empirical Researches has been vital to E Funds fast growth in the past as an independent asset manager.
on Chinese Stock Market》and 《公司理財 Corporate Finance》.
Within the past seven years, E Fund Management has grown tremendously and ascended to top
Dr. Rui is a Charted Financial Analyst. He serves as a member of the Panel of Ex- industry ranking thanks to its trustworthy, disciplined management style, value investment
aminers of the Securities Industry Examination of the Hong Kong Stock Exchange,
a Member of American Finance Association, Financial Management Association,
philosophy and fundamental research driven investment approach. By the end of June, 2008,
American Accounting Association, Hong Kong Securities Institute. He is a member assets under E Fund’s management exceeded RMB 130 billion, making it one of the largest asset
of the Advisory Board of the Business Valuation Forum in Hong Kong. He is a visiting managers in China.
financial economist at Shanghai Stock Exchange and research fellow at Hong Kong
Institute for Monetary Research. He is also a vice president of Hong Kong Financial E Fund has received numerous industry accolades in recent years. It has been a constant occupant
Engineering Association. He is the Program Director of Master of Accountancy.
of the Morningstar Best Fund Manager list; it has won the most Golden Bull prizes from China Securities
Journal, the dominant domestic securities publication; and it has been ranked as the country’s
top manager for overall investment capability and performance of open-end and closed-end
funds over the past three years.
Dr. Bin Ke is an associate professor of Accounting at the Pennsylvania State University.
He received his B.S. degree from the Institute of International Relations (Beijing) and
Ph.D. degree in Accounting from the Michigan State University. Before pursuing his
doctoral studies, he worked as a marketing analyst for Sony Corporation’s China
Representative Office. Dr. Ke teaches financial reporting and financial statement
analysis. His research covers a broad range of topics, including insider trading,
institutional investors, financial analysts, earnings management and corporate
governance. Dr. Ke is a regular visitor to major universities in mainland China, Hong
Kong, and Singapore.
BIN KE
Associate Professor of Accounting
The Smeal College of Business
The Pennsylvania State University
Diamond Sponsor 11:00am-11:45am
REVIEW AND THE OUTLOOK OF THE
FINANCIAL MARKET IN CHINA
Chair: Li Wei3
Dr. Bin Qi is the Director-in-General of Research Center, the think-tank of the China
Securities Regulatory Commission. Prior to his current position, Dr. Qi was a Deputy
Director of the Fund Supervision Department of CSRC for five years, supervising mutual
fund industry and QFII’s in Chinese capital market. Dr. Qi joined CSRC in 2000 as a
member of its Strategy and Planning Committee. Before joining CSRC in 2000, Dr. Qi
HARVEST FUND MANAGEMENT Co., LTD. was a partner of a New York-based venture capital firm. Prior to that, Dr. Qi worked
Company Overview with Goldman Sachs Asset Management and Paribas Capital Market in New York and
London.
Harvest is one of China’s top four fund management companies with more than 40 billion yuan
of assets under management at the end of 2004. The company was founded in March 1999 as one Dr. Qi holds a Ph. D. in Economics from Tsinghua University, an MBA from the University BIN QI, PhD
of the first 10 fund management institutions authorized by the Chinese government as part of its of Chicago and an MS in Biophysics from the University of Rochester. From 1991 to 1992, 祁斌
Dr. Qi lectured physics at Tsinghua University, where he received his BS in physics. Director-in-General of
strategy to open up and develop its financial sector. Research Center
China Securities Regulatory Commission
Harvest was among the first six fund managers chosen by the Chinese government in December In 2005, Dr. Qi translated The Great Game, The Emergence of Wall Street as a World
Power, into Chinese, which became a best-seller in China and has been reprinted more
2002 to manage the National Social Security Fund, which provides basic pension and welfare insurance
than 20 times since then. In 2007, Dr. Qi led a joint-team of CSRC and The World Bank
to millions of Chinese people. As a prominent and trusted investment manager, Harvest was one of and drafted China Capital Markets Development Report, the first of the sort, which
the first companies to gain government authorization in August 2005 to conduct Enterprise Annuity provides a comprehensive review of the history of Chinese Capital Markets, and full
business —— a market that is expected to grow rapidly over the next two decades as millions of analysis of the challenges of the market, and development strategies for the years to
companies improve the benefits they offer to their employees. Harvest has already gained an early come (till 2020). The Report is available in both Chinese and English.
lead in this market with innovative products and services.
Harvest is the fastest growing fund management company in China in terms of assets under man- 祁斌，中国证监会研究中心主任，中共中央党校客座教授。
agement. Our success has attracted investment from one of Europe’s leading banks. In June 2005,
Deutsche Asset Management (DeAM), a subsidiary of Deutsche Bank AG, took a 19.5 percent stake in 1991年毕业于清华大学物理系并留校任教。1992年赴美留学，分别获罗切斯特大学生物物
Harvest, with the option to increase its holding to 49 percent. DeAM’s investment, technology and 理学硕士和芝加哥大学商学院MBA学位。2006年获清华大学数量经济学博士学位。
1996至2000年，就职于华尔街高盛集团等投资银行，并曾任风险投资基金公司合伙人。2000
management expertise combined with Harvest’s in-depth understanding of China’s capital markets
年，应中国证监会邀请回国工作，任中国证监会战略发展委委员。2001至2006年，任中国证监
will improve our competitiveness and help us maintain our leading position in China’s fund man- 会基金监管部副主任。2006年至今，任中国证监会研究中心主任。
agement industry.
2005年，编译出版的专著《伟大的博弈——华尔街金融帝国的崛起》被多种报刊评为年
Harvest offers a wide range of investment funds. We currently manage two closed-end funds, eight 度最佳经济管理类和金融类图书，迄今已二十多次重印。2007年，主笔《中国资本市场发展报
mutual funds and four Investment Portfolios for the National Social Security Fund. We also provide 告》，总结了过去十几年中国资本市场发展的经验，分析了现状与不足，为未来发展制定了战
direct and indirect fund management services to Enterprise Annuity funds and supplementary 略和措施，并对2020年中国资本市场的前景进行了展望。
pensions for some of China’s biggest insurers including China Life Insurance Asset Management
Co., Ltd. and Ping An Insurance (Group) Company Of China, Ltd.
According to the latest research by TX Investment Consulting Co., Ltd, one of the largest investment
consultancies in China, Harvest is the only fund management company whose investment performance
has beaten the industry average every year for the past four years. Harvest has also achieved the
highest average annual return on investment of any fund management company during the same
period.
Diamond Sponsor
HOUQI ZHANG Dr. Zhang has over 14 years of experience in the securities industry. He joined China
张后奇 AMC in 2002 and is currently the Deputy CEO, member of the Management Committee and
Deputy CEO member of the Investment Committee. He is in charge of the institutional investment
China Asset Management Co., Ltd. and institutional client businesses. He has worked as the Assistant to CEO and Head
of Research at Great Wall Securities Co., Ltd. and Deputy Head of Research at China
Securities Co., Ltd. Dr. Zhang received his Ph.D in Finance at Peking University, Master
in Economics at Fudan University and Bachelor in Economics at Nanjing University.
张后奇博士
华夏基金管理有限公司副总裁
北京大学金融学博士，复旦大学经济学硕士，南京大学经济学学士。证券从业经历
14年。2002年加入华夏基金管理有限公司，至今在华夏基金工作6年，现任公司副总
裁，公司管理委员会成员，投资决策委员会委员；分管机构投资、机构客户等业务。
曾任长城证券总裁助理、研究所所长，华夏证券公司研究所副所长。
CHINA SOUTHERN FUND MANAGEMENT Co., LTD.
公司简介
南方基金管理有限公司成立于1998年3月6日，为国内首批获中国证监会批准的三家基金管
Daobing Li has been the Deputy General Manager of Harvest Fund Manager for the 理公司之一，成为中国证券投资基金行业的起始标志。
past 8 years and has over 15 years of industry experience. Mr. Li held positions in the
marketing department prior to his current role and was in charge of the retail markets, 公司注册资本1.5亿元，股东结构为：华泰证券股份有限公司（45%），深圳市机场（集
organizing sales channels and promotions. He has grown the company tremendously 团）有限公司（30%），厦门国际信托有限公司（15%），兴业证券股份有限公司（10%）。
under his direction and successfully expanded distribution and presence in all of
China and Taiwan. Prior to Harvest, he ran operations for the China Xiamen Corp for 公司从事基金的发起、发行、设立与管理业务，吸收、培养了一支高度专业化的人才队伍。
International Techno-Economic Cooperation and worked for the Xiamen Overseas
Chinese Museum. 公司现有员工190多人，硕士以上学历超过55%，近70%的员工具有5年以上证券从业经验，超
过30%的员工具有海外学习与工作经验，成为公司持续快速发展的坚实基础。
Mr. Li has a B.A. in History and M.A. in International Trade from Xiamen University and
DAOBING LI a Ph.D. in Political Economy from Tsinghua University in China. 南方基金继发起、设立、管理国内首只证券投资基金之后，又首批获得全国社保基金投资
Deputy General Manager
Harvest Fund Management 管理人、企业年金基金投资管理人资格。目前，公司业务覆盖公募基金、全国社保基金、企业年
金基金，是我国业务领域最广的基金管理公司之一。公司管理着14只公募基金，4个全国社保基
金组合，企业年金签约客户超过70家。公司管理的公募基金包括12只开放式基金和2只封闭式基
Dr. Hu will be the CEO for the new joint venture Fund Management Company of BNY 金，在品种上覆盖股票、债券、保本、货币市场基金等各种风险收益特征，在形式上覆盖LOF、
Mellon at China. Dr. Hu has been working for BNY Mellon Asset Management for 复制、封转开、QDII等多种特色，是我国产品创新能力最强的基金管理公司之一。
about 9 years. He was one of founders of Coefficient Global LLP, a hedge subsidiary of
BNY Mellon at San Francisco, where he worked as co-Portfolio manager of Coefficient 公司以“一切为了客户，做受人敬重的理财专家”为长期奋斗目标，坚持“专业、稳健、规范”
Select fund (a global macro fund) and co-Portfolio manager of Coefficient Credit fund 的经营理念，以持续优秀的管理业绩、完善周到的客户服务，赢得了800多万客户的信赖，向基
(a credit and equity security selection fund). Before that, he was a Vice President and
senior quantitative analyst at Standish Mellon, a subsidiary of Mellon at Boston.
金持有人累计分红达到230亿元，资产管理规模超过2400亿元。(2007年12月)
Mr. Hu obtained an M.B.A. from the University of Illinois at Urbana-Champaign, a

Masters degree of science in information management from NanKai University, and a
BIN HU, CFA, PhD Ph.D. in management engineering/finance from the Management School of Shanghai
CEO
BNY Mellon China Asset Management JV JiaoTong University. He conducted post-doctoral research on equity investment strategies
in Asia-Pacific stock markets at the Department of Economics and Finance, City University
of Hong Kong. Mr. Hu’s Ph.D. dissertation, Anomalies in Asia-Pacific Stock Markets, was
published as a book. Dr. Hu is a CFA designation holder, and a board director of TCFA
(from 2005-present). Dr. Hu was the Chairman of the TCFA Boston Chapter (2005-
2006).
Diamond Sponsor 2:30pm-3:15pm
Chair: Mei Gao 4
CHINA MERCHANTS FUND

Company Overview
• 1987年创建于深圳，原为招商局集团独资拥有。 Tricia Hazelwood is a Managing Director of Credit Suisse and Global Head of the Asset
Established in Shenzhen in 1987 as a wholly owned subsidiary of China Merchants Group. Finance Capital Markets group within the Investment Banking division, based in New
York. She has been involved in the finance industry for 16 years. Ms. Hazelwood currently
• 2002年4月9日，招商银行A股（600036）在上海证券交易所挂牌交易。 has responsibility for Asset Backed Origination, Syndication and Capital Markets. Prior
Listed on Shanghai Stock Exchange on April 9, 2002. to her current role, Ms. Hazelwood was Head of ABS Syndicate for 7 years and was
involved in the structuring, pricing and distribution of all ABS products. She joined
• 2006年9月22日，招商银行H股在香港联合交易所挂牌交易。 Credit Suisse First Boston (CSFB) in New York as a Vice President in July of 2000 from
Listed on Hong Kong Stock Exchange on Sept. 22, 2006. CSFB in Australia, where she had worked in the Investment Banking team since August
of 1995. Prior to this, Ms. Hazelwood worked at Salomon Brothers where she was an
• 2007年11月8日，招商银行获批在美国纽约设立分行。 analyst in the mergers and acquisitions team. Ms. Hazelwood holds a degree in
Application of setting up New York Branch approved on Nov. 8, 2007. Economics from the University of South Australia. TRICIA HAZELWOOD
Managing Director,
Global Head of Asset
• 2007年底，公司总资产RMB13105亿元，在中国商业银行排名第六。 Finance Capital Markets
Credit Suisse
By the end of 2007, the total assets were RMB 1310.5 billion, ranked No.6 among the commercial banks in
China.
• 2007年底，公司在职员工28971人。
By the end of 2007, 28971 employees.
• 公司初步搭建了综合化经营平台，旗下拥有招银国际、招商信诺保险、招商基金、招银金融租赁公司等全
资或控股子公司，并入股台州市商业银行。
The Company is setting up the framework of universal operation platform; Now the company
Rob Milam is Head of High Grade Credit Trading for JPMorgan’s North American ROBERT MILAM, CFA
Credit Trading businesses. The High Grade desk is responsible for trading and making Managing Director
has wholly-owned or partially-owned subsidiaries such as CMB International Capital Corp., J.P. Morgan Securities, Inc.
Ltd., CIGNA & CMC, China Merchants Fund Management Co., CMB Financial Leasing Co. and also acquired markets for clients in investment grade corporate bonds and credit derivatives. Rob
certain shares of Taizhou City Commercial Bank. also recently took over management of the preferred stock and hybrid capital trading
business.
• 全国40多个主要城市设立机构网点总数570多家。
Over 570 branches and offices in over 40 major domestic cities. Rob has been with JPMorgan since 1998, and prior to moving to the High Grade desk
spent almost eight of those years in the Loan Trading business where he most recently
Market Recognition/近年取得的荣誉 he headed the par loan and loan credit derivative trading business. Prior to Loan Trading,
• 被《欧洲货币》评为“中国最佳银行”。 Rob held positions in Emerging Markets, Credit Derivatives Marketing and the JPMorgan
Credit Portfolio.
Best Bank in China by Euromoney.
Rob is a CFA charter holder and a graduate of Princeton University where he earned
• 在《亚洲银行家》主办的亚洲零售金融服务卓越大奖评选中，荣膺“中国最佳零售银行”等四项大奖。
a B.S.E. in Chemical Engineering. Rob is currently serving a two year term as a board
Best Retail Bank in China by Asian Banker. member of the LSTA (Loan Syndications and Trading Association).
• 2007年一举荣获英国《投资者关系》杂志评选颁发的最佳公司治理、最佳投资者关系、最佳投资者关系
CEO、最佳年报等六项大奖。
Awarded The Best Corporate Governance, The Best Investor Relations CEO, and the best Annual Report, etc.
by Investor Relations.
Diamond Sponsor
Eugene Xu joined Deutsche Bank in 2000. Before joining the Trading, he was the Head
of Deutsche Bank’s Residential Real Estate Asset Backed Securities (ABS) Research. He
and his team have produced research works on subprime mortgage and manufactured
housing securitizations, primary and secondary market opportunities that are sought
by investors and issuers, as well as Deutsche Bank’s trading desk. His recent work
regarding the impact of the US housing market on the subprime mortgage credit
performance and home equity ABS was featured in Bloomberg’s top news and was
extensively quoted by Barron’s and the Wall Street Journal. Besides his work on the
US products, Eugene has also worked on non-US mortgage assets such as Australian,
EUGENE XU, PhD Hong Kong and Mexican mortgages. Eugene was also one of the key members of the
CHINA INTERNATIONAL CAPITAL CORPORATION

Managing Director, ABS, Deutsche Bank team that brought into fruition the first securitizations of Taiwanese
CDO and Correlation Trading Strategy residential mortgage assets.
Deutsche Bank, New York Company Overview
Before joining Deutsche Bank, Eugene worked for Credit Suisse First Boston as a Vice
President in its Asset Securitization Department, where he was responsible for quantitative
Established in 1995 as a strategic partnership among prestigious Chinese and international financial
analysis, the strategies for subordinate ABS as well as other research projects. Prior to institutions and corporations, CICC is the first joint venture investment bank in China and has a registered
this, Eugene worked in the Mortgage Backed Securities Research in Chase Securities capital of US$125 million.
from 1996 to 1997, and the Mortgage Backed Securities Research in Smith Barney from
1993 to 1996. Eugene also worked as a Research Member for the Institute for Advanced The founding shareholders are:
Study, in Princeton, New Jersey. Eugene holds a BSc and an MSc in Mathematics from
Fudan University in Shanghai, China and holds a PhD from the University of California,
• China Jianyin Investment Limited
Los Angeles.
• Morgan Stanley International Incorporated
• China National Investment & Guaranty Co., Ltd.
• The Government of Singapore Investment Corporation
• Mingly Corporation
Robert Heidenberg, a co-founder of Lerner-Heidenberg Properties, has been the owner,
developer and manager of shopping centers and retail properties since 1985. The
company specializes in acquiring and repositioning under-performing shopping cen- Headquartered in Beijing ,CICC has established offices in strategic in china, such as Hong Kong,
ters primarily in New York, New Jersey, Pennsylvania, and Michigan, with its current Shanghai and Shenzhen. With such a domestic service network close to the Chinese stock exchanges,
portfolio consisting of 4 million square feet of retail space. Mr. Heidenberg earned a CICC is well positioned to feel the pulse of the capital market and best serve its clients in China.
Bachelor’s Degree from the University of Pennsylvania and a law degree from Yeshiva
University’s Benjamin N. Cardozo School of Law. Before venturing into the real estate CICC’s business has been expanding since its incorporation. Today its core business departments
investment business, he practiced law in New York. include Investment banking, Capital Markets, Sales & Trading, Research, Fixed Income, Asset Management
and Private Equity. These core businesses are enhanced by internal risk control and information tech-
Mr. Heidenberg serves on the board of overseers of the University of Pennsylvania’s
nology systems as well as other supporting departments.
ROBERT HEIDENBERG School of Design, and is a Research Sponsor of the Zell/Lurie Real Estate Center at the
Managing Partner Wharton School. He is also on the board of trustees of his alma mater, Horace Mann
Lerner-Heidenberg Properties CICC is licensed or authorized by the governmental to engage in domestic and foreign stock/bond
School, where he serves as Board Secretary, member of the Executive Committee, and
co-chair of the physical facilities committee. He has been a member of the board of
trading (brokerage, proprietary and underwriting); fund and asset management; advice on corporate
trustees of Temple Emanu-el, Closter, NJ, since 1992, and from 1992-2002 served as restructuring, mergers and acquisitions, financing transactions and investments; foreign currency
co-chair of the board’s real estate committee. trading and asset management; inter-bank lending and borrowing.
Diamond Sponsor
CHINA ASSET MANAGEMENT Co., LTD.

Company Overview
Leading the Industry

Dajiang Guo is working for the Global Markets of Citigroup, as a Director, with respon-
• Established in 1998, ChinaAMC is one of the first fund management companies approved by CSRC. sibilities in the areas of distressed asset portfolio management and risk management,
structured product modeling and analytics, secondary market trading and hedging
• The biggest fund management company in China, with AUM of over RMB 250 billion by the end of strategies and analysis, as well as new products development. Prior to that, he was
2007. working for the structured credit group of RBS Greenwich Capital, where he worked
on structured credit products primary market new issue and secondary markets trading.
• Managing the greatest number of funds in China: 2 closed-end funds, 13 open-end funds, 2 ETFs, 1 Prior to that, Mr. Guo was working with Centre Group of Zurich Financial Services,
QDII fund and several mandates. where he worked on various structured finance principal transactions, exotic deriva-
tives, and structured finance products investment.
• The first and only fund management company approved to establish a post-doctorate working
station. Mr. Guo also was an adjunct assistant professor of economics and finance at The College DAJIANG GUO
of Insurance in New York, and assistant professor of economics at the University of 过大江
• Launched one of China’s first enhanced index funds in 1999. Guelph in Canada. Mr. Guo has had several articles published in various financial Journals, Director
Global Markets,
including Journal of Business & Economics Statistics, Journal of Fixed Incomes, Review Citigroup
• The first and only fund management company approved by the National Council for Social Security
of Derivative Studies, Journal of Futures Markets, Canadian Journal of Economics, etc.
Fund to manage pension funds as a pilot program in China in 2001. Mr. Guo holds a Ph.D. in Financial Economics from the University of Toronto, and a
Chartered Financial Analyst (CFA) from The Association of Investment Management
• Launched China’s first pure bond fund in Oct. 2002.
and Research (AIMR).
• Among the first 6 qualified fund management companies to manage the National Social Security
Mr. Guo was the president of TCFA for the year of 2004/2005; as well as director and
Fund in 2002.
member of accounting committee of TCFA.
• Launched the first ETF in Mainland China: the China 50 ETF in December 2004.
• Designated by EMEAP (which is comprised of 11 central banks and monetary authorities in the East
过大江先生现就职于花旗集团全球金融市场，负责债券新产品构造、债券发行、债券交易
Asia and Pacific region) as the sole manager for ABF China Bond Index Fund in January 2005.
战略、投资风险管理及债务抵押债券建模及分析。曾就职于Royal Bank of Scotland, Green-
• One of the first fund management companies to be licensed to manage corporate annuities in wich Capital 集团，主要负责债务抵押债券发行及次级交易业务。曾就职于苏黎士金融服务集
团 (Zurich Financial)，主要负责各种结构性金融交易及债务抵押债券投资业务。过大江先生在
July 2005.
纽约保险大学的经济及金融专业及加拿大圭尔夫大学经济学专业任兼职副教授。在多伦多大学
• In 2007, ChinaAMC successfully launched one of the first QDII funds in China, which investing in 获得了金融经济博士学位和投资管理研究协会的注册金融分析师资格。2004、2005年担任全美
华人金融协会会长，现担任全美华人金融协会会计委员会委员。
global equity market.
International Awards
• “CEO of the Year”, “QDII Manager of the Year”, “Most Innovative Award for Investor Education”,
“Most Improved House”(2007), “Regional Awards/Best Client Servicing Award” (2006 & 2007),
“Best Community Service Award, China” (2006) (By Asia Asset Management)
• “Most Innovative ETF, Asia Pacific” (By exchangetradedfunds.com and IFI 2005-2007)
• “China Fund House of the Year“ (2005 & 2008) and “China Equity: One Year Performance” (2008)
(By Asian Investor)
5 2:30pm-3:15pm Diamond Sponsor

CHINESE PRIVATE EQUITY INVESTMENT
Chair: Guang Guo
BOSERA ASSET MANAGEMENT Co., LTD.

Company Overview
Mr. Tan is a senior member of the firm’s investment staff and sits on the BRIC
Opportunities Fund’s Investment Committee and responsible Siguler Guff’s operation Established in 1998, Bosera was one of the first five mutual fund companies in China. Our mission
in China. Prior to joining Siguler Guff, Ching was a Vice President and General Manager
is to create wealth for the investing public. During the 9 years from 1998 to date, the number of the
of GE Healthcare in China, responsible for managing its medical imaging business.
In his ten year tenure with GE, Ching worked in various functions in healthcare and
funds managed by Bosera has increased from only one closed-end fund with RMB2 billion (approxi-
transportation industries both in China and the U.S. He also worked as a management mately USD260 million) in 1998 to 13 funds in total at present, including 4 closed-end funds and 9
consultant with Booz Allen Hamilton in Chicago and at an Asia-based venture capital open-end funds. By June 30 2007, the aggregate amount of assets managed by Bosera has exceeded
firm in Beijing RMB135 billion (approximately USD18 billion), which makes Bosera one of the largest fund management
companies in China. Over the past few years, Bosera funds have paid dividends of more than RMB17.7
CHING TAN Ching holds an M.S.E. degree in Biomedical Engineering from Johns Hopkins University, billion (approximately USD2 billion) in total to investors.
Managing Director and an M.B.A. with Honors from the University of Chicago.
Siguler Guff, Shanghai Office
Funds under Management
Bosera offers a full spectrum of fixed income and equity products, including 4 closed-end funds (Yuy-
ang Fund, Yulong Fund, Yuhua Fund and Yuze Fund) and 9 open-end funds (Bosera Value
Appreciation Fund, Bosera FTSE/Xinhua A200 Fund, Bosera Cash Income Money Market Fund, Bosera
Select Equity Fund, Bosera Thematic Sectors Equity Fund, Bosera Stable Value Short-term Bond Fund,
Dr. Wu was born in China and educated in both China and the U.S. Dr. Wu received
his B.S. in Physics from Fudan University in Shanghai and his Ph.D. degree in Electrical
Bosera Balanced Fund, Bosera Value Appreciation Fund II and Bosera Services Sector Fund).
Engineering and MBA in Finance both from University of Southern California in Los
Bosera Philosophy
Angeles. He also attended Executive Education Programs at Harvard Business School.
Before co-founding Pinetree Capital and re-launching Sino-Century along with Dr. Bosera is a knowledge-driven organization, always advocating standardized, streamlined and systematic
Chang to invest high-growth private companies in China in 2005, Dr. Wu worked at a
operation. We impose great importance on teamwork and knowledge-sharing and require our employees
number of financial service firms, including AIG Global Investment where he advised
AIG companies in Asia and in Europe. He is a Chartered Financial Analyst (CFA) and is a
to be responsible professionals with integrity. We firmly believe that only when we have made contri-
member of Institute of Electrical and Electronics Engineers (IEEE). butions to society can our firm become an eligible participant in the industry and survive in the modern
society with long-term sustainability.
HAO WU
Partner Bosera Team
Centenium-Pinetree
China Private Equity
Bosera is powered by an open-minded and target-oriented management team consisting of personnel
with different backgrounds, professional knowledge and skills to support each other, who enable the
company to respond in a timely and effective manner to the drastic changes and ultimately achieve
our goals.
Figure 1: Assets under management of Bosera (as of Jun 30, 2007)
OLIVIA X. OUYANG Olivia is an investment officer with the private equity and investment funds group at
Private Equity & Investment Funds the IFC, where she has covered fund investments in China, Southeast Asia and India.
International Finance Corporation Prior to IFC, she was the CFO of Jupiter partners, a New York-based private equity firm
focused on mid-market growth and buyout opportunities. She is a graduate of the
Harvard Business School and Stanford University.
INTRODUCTION OF SPONSORS
Strategic Sponsor
3:20pm-4:05pm
INVESTMENT STRATEGY IN
CHINESE STOCK MARKET
Chair: William Wang 6
Mr. Cheng has 11 years of experience in equity investments. He has worked as

portfolio manager in China AMC since 2004. Mr. Cheng is currently Deputy CIO, Head
of Global Investment and the member of the Investment Committee. He used to work
in INVESCO Great Wall Fund Management Co., Ltd. and Baoying Fund Management
FORE RESEARCH & MANAGEMENT, LP Co., Ltd. Mr. Cheng graduated from Peking University.
Company Overview 程海泳，华夏基金管理有限公司投资副总监，毕业于北京大学。证券投资经历11

年。2004年加入华夏基金管理有限公司，至今在华夏基金工作4年，曾任基金经
Fore Research & Management, LP (“Fore”) is a research driven, global invest- 理、组合经理，现任投资副总监、国际投资负责人，投资决策委员会委员。曾任职
于景顺长城基金管理有限公司、宝盈基金管理有限公司。
ment management firm. Fore adopts in-depth fundamental analysis and
HAIYONG CHENG
valuation techniques in search of securities with the best risk-reward potential 程海泳
across a company’s capital structure. Fore will also implement top-down Deputy CIO
China Asset Management Co., Ltd.
views when macro forces are dominant. Fore seeks to capitalize on the most
attractive opportunities across the global capital markets. Fore’s global
approach is complemented by the seamless integration of its trading desks
with fundamental and quantitative research and risk management.
Mr. Yang joined China Merchant Funds in 2003 and had held research positions in the
fund control division and investment department prior to his current role. Mr. Yang
Fore was founded in February 2003 through a spin-out of the proprietary has a broad depth of experience in investments and finance and has his CFA and CPA.
He has an MBA from the University of Chicago Business School.
convertible arbitrage business from TD Securities (USA) Inc. (“TD”).
Mr. Matthew Li, Fore’s CIO and CEO, founded and managed the TD convertible 杨奕，总经理助理兼专户投资部总监兼基金经理，2003年加入招商基金管理有限公
司，曾任基金管理部高级研究员，固定收益投资部副总监，现任总经理助理兼专户
arbitrage group from 1996 to 2003. 投资部总监兼基金经理。
杨奕先生具有丰富的金融证券从业经验，拥有特许金融分析师（CFA）和中国注册会
YI YANG
Fore is a Registered Investment Adviser with the U.S. Securities and Exchange 计师(CPA)资格。芝加哥大学商学院MBA优异毕业生。
杨奕
Commission (SEC). Assistant to the President
China Merchant Fund
ANNUAL CONFERENCE 8
Chen Ding is the director of the international business department in China Southern
Fund, one of the largest asset management firms in China. Last September she led her
team to launch the first QDII mutual fund in China with an initial fund size of $4 billion.
Before joining China Southern Fund Management Company, she was an assistant
简介
general manager of China Merchant Security Company.
CHEN DING
Head of International Business
China Southern Fund
全美华人金融协会(The Chinese Finance Association, TCFA) 于一

九九四年在美国成立。协会现有近一千五百余名会员分布在美国、香
港、中国大陆和世界其它国家地区。会员包括世界各大投资银行,基金管
理公司,金融咨询服务公司的研究人员和经理,金融监管机构和政府部门精
英，各个主要学术研究机构的教授和学生及其他关注中国金融发展志愿
Frank Zhu is currently working at E Fund Management as a portfolio manager and 中美金融合作和交流的专家人士。
research analyst, covering its oversea investments. Prior to E Fund, he worked as an
investment manager/buy-side equity analyst at AllianceBernstein L.P. in New York City.
Before that, he was a sell-side equity research analyst (ranked top-3 in IT Hardware by
全美华人金融协会经常性地组织各种研究和交流活动,为广大会员提
Institutional Investors Magazine) at Bear Stearns and CSFB. He also worked as a consul- 供职业和社交服务,并积极为中国金融业的发展提供人才和建议。协会定
tant at AECOM (formerly a unit of KPMG Consulting) as well as an economist/research-
er at Battelle/US DOT in Washington DC before he returned to Business School. Frank
期举行学术年会。协会本部设在纽约，并在波士顿，华盛顿，旧金山，
holds an MBA in Finance from Indiana University, an MS in transportation engineering 伦敦，香港，北京和上海等金融中心设有分会负责接待工作,并组织演讲
from Virginia Tech and a B.S. degree in Real Estate from Tsinghua University.
和联谊活动。
FRANK ZHU
Portfolio Manager 协会接受个人和机构会员. 有兴趣者请到http://tcfaglobal.org/查询
E-Fund Management
和登记。
MISSION STATEMENT 3:20pm-4:05pm

COMMODITY, EMERGING MARKET
AND ALT INVESTMENT
Chair: Ludan Liu7
Le Parker 3rd Floor, Azekka Room SESSION
The Chinese Finance Association (TCFA) is a government registered non-profit organization

aimed at facilitating the exchange of ideas, knowledge and information on education, research
and practice in finance and related areas between the US and China. TCFA seeks to bring together
the collective wisdom and expertise of scholars and professionals active in the field of finance in William A. Douglass, III, Founding Managing Director has been in the investment
business since graduating from Vanderbilt University in 1984. He then joined
an effort to help the development of capital market in China. TCFA further seeks to serve as the
Donaldson, Lufkin and Jenrette Securities where he worked as an institutional and
central venue to service its members in their professional development. retail salesman. In 1991, Mr. Douglass joined Tiedemann International Research, Ltd.
(“TIR”) (Tokyo) as Director of Sales. He returned to the U.S. in 1992 to become Director
In pursuit of these goals, TCFA and its local chapters organize and sponsor a broad range of of Sales for TIR’s North American operation where he co-managed the firm’s U.S. business
until April 1994. In July 1994, Mr. Douglass founded K2 Advisors. He also worked at
activities including the best paper award, career development workshops, seminars, and annual
Caspian Securities from June 1995 until July 1997, when he devoted his full attention
conferences. to K2. WILLIAM A.
DOUGLASS, III
Mr. Douglass serves on the Board of Advisors of Outward Bound USA; Board of Directors Founder and Managing Director
TCFA PROGRAMS
K2 Advisors
of CitySquash, Inc. and as a special Advisor to the Codman Academy, a charter school
in Dorchester, MA.
Annual Conference: on an annual basis, this TCFA signature program serves as a high-quality communication
platform for TCFA members to learn more about the development in the financial services industry in both
US and China. This conference has attracted many prominent speakers globally over the years and it has
also become a popular event for young professionals to network and learn from established senior members
in the industry.
Best Paper Award Program: launched in 2006, this new program aims to become a great channel for
exchange of knowledge and ideas between the U.S. and China in economic and financial studies. It leverages Kun Deng is a Managing Director at Lazard Asset Management where he is responsible
the unique talent pool within TCFA and the reputation of both TCFA and the program sponsors to help promote for the global, international, and emerging markets discounted assets strategies.
the development of China’s financial market. Among the funds he manages are The World Trust Fund, a closed-end fund listed on
the London Stock Exchange, Lazard Emerging World Fund, a mutual fund listed in
Financial Analytic Workshop: on a quarterly basis, this workshop program utilizes expert resources available Dublin, and Lazard World Alternative Value Fund, a hedge fund. Mr. Deng has degrees
in local areas to serve our members’ interests in learning state-of-art analytic techniques used on the Street from Columbia University and Beijing University. He is Chairman of the Audit
and in major asset management companies. Committee of the Board of Martin Currie China A Ltd and Chairman of the Invest-
ment Committee of the Peking University Education Foundation (USA). In addition,
Employment Assistance Program: this program helps facilitate the career building efforts of members Financial Times ranked him as one of the top global equity managers for the years
who are new to the finance industry. Assistance offered include seminars on job market conditions and 2000-2003, and again ranked him No. 1 in the global equity category for years 2001- KUN DENG, CFA
how to develop one’s interview skills for jobs in the finance industry. TCFA also offers job posting through Managing Director, Portfolio Manager
2004. He was also ranked in Citywire’s “Top 100 European Fund Managers” for the Lazard Asset Management LLC
member-only areas on our website and our email list. Over the years, TCFA has built a strong relationship three consecutive years of 2005, 2006, and 2007. The Lazard Emerging World Fund,
with various headhunters who also serve as great reference and resources for our members in their career for which he is responsible, was recently awarded the “Best Fund Over Five Years” in
development. the emerging markets category by Lipper in the Nordics Region.
Special Topic Seminar & Speaker Event on US and China Financial Market: with a solid reputation and
increasingly growing ties with the Chinese financial market, TCFA now plays an important role in the
communication between US and Chinese financial institutions. TCFA has hosted Chinese securities regulators
and other prominent Chinese financial institutions during their trips to the US to help them learn more
about the US market. TCFA leverages these resources and relationships and has held many seminars and
speaker events covering topics including recent development in China’s financial market, the success story
and experience of Chinese entrepreneurs running financial-service companies and etc.
ANNUAL CONFERENCE 6
THE CHINESE FINANCE ASSOCIATION
全美华人金融协会 FACTS ABOUT TCFA
• Founded in U.S. in 1994 as one of the
Boris ran worldwide investor coverage and strategy in commodities at Morgan
longest and most successfully run
Stanley until becoming head of corporate and investor marketing in July 2008. overseas Chinese professional
He has been working with institutional investors for 15 years after starting that The Chinese Finance Association (TCFA) is a non- associations.
business at Merrill Lynch and coming to Morgan Stanley in early 1997. profit organization comprised of professionals,
scholars, and students in finance and related • We have 1,500 members worldwide.
Boris started his career at Goldman Sachs in Fixed Income Research after getting fields who have a strong interest in China’s finan- Professions include major investment
his degree in mathematics from MIT and a brief research stint in physical cial and economic development. Headquartered
oceanography. banks, money management firms,
BORIS SHRAYER in New York City, TCFA currently has over one
universities, government regulatory
Managing Director, Head of thousand five hundred active members globally
Global Commodities and has local chapters in Boston, Washington bodies and other financial service
Marketing and Strategy
Morgan Stanley D.C., San Francisco, London, Hong Kong, Beijing institutions.
and Shanghai.
• TCFA has local chapters in New York,
Boston, Washington D.C., San Francisco,
WHAT MAKES US DIFFERENT FROM OTHER London, Hong Kong, Beijing and
CHINESE FINANCE GROUPS/ORGANIZATIONS?
Shanghai.
• Our mission: to serve as the central venue for knowledge
and ideas exchange, to promote capital market develop-
• The 13th TCFA Annual Conference was
ment in China, and to serve members worldwide held at Columbia University, New York
• Prestigious leadership: TCFA Advisory Board
City, NY on October 27, 2007. Over 300
--> Zhou, Xiaochuan: Governor, The People’s Bank of China professionals, academics and MBA, PhD
Ian is Global Director of Research at Cambridge Associates, which he joined in --> Ma, Weihua: CEO and President, China Merchants Bank students attended the conference
1989. As the Director of Research, Ian oversees the firm’s research and writes --> Neoh, Anthony: Former Chairman, Hong Kong Securities and
periodic papers on investment planning issues. He has extensive experience
• Regular member activities include
Futures Commission
speaking on these and similar subjects at conferences and seminars, and he --> Wu, Jinglian: Senior Revsearch Fellow, The Development Research
annual conference, best paper award
serves as the firm’s internal resource to other consultants on fundamental
Center of the State Council program, seminars, and career work-
investment planning and asset allocation questions. In addition to his research
responsibilities, Ian has considerable consulting experience with major endow-
--> Chen, Zhiwu: Professor, School of Management, Yale University shops.
ment funds, foundations, pension funds, and international organizations. --> Li, Bo: Legal Affairs Department, The People’s Bank of China
--> Li, Matthew: Founder and CEO, Fore Research & Management
• TCFA sponsored a broad range of
Before Ian joined Cambridge Associates, he held positions at Merrill Lynch and --> Jiang, Ping: Founder/CEO, Ping Capital activities such as primary research
Prudential Securities. He was also a faculty member at Bucknell University and projects, industry specific translations,
IAN KENNEDY the University of Virginia, where he taught English Literature. Ian graduated
--> Huang, Chi-Fu: CEO, Platinum Grove Asset Management
Global Director of Research --> Wang, Jiang: Professor, Sloan School of Management, MIT publications and international confer
Cambridge Associates from Oxford University and has a doctorate in English from the University of
Virginia.
--> Zhang, Xin: Financial Stability Bureau The People’s Bank of China ences.
--> Guo, Dajiang: Director, Citigroup
--> Hu, Jian: Managing Director, Global Head of CDO and Derivatives • We launched the first TCFA Chinese
Surveillance and Research, Moody’s Investors Service Capital Market Best Paper Award in
--> Li, David: Head of Risk Management, CICC 2006.
--> Qian, Jun: Executive Director, Morgan Stanley
• For more information about TCFA,
• Membership profile: TCFA brings together a cross-section
please visit our official website:
of influential players and leaders in both government and
private sectors. http://tcfaglobal.org
8
2008 TCFA BEST PAPERS IN CHINA CAPITAL MARKET
The Chinese Finance Association is pleased to announce the winners of the 2008 TCFA Best Paper Awards. We congratulate the
winners and thank them for the high-quality research on the development of China’s financial market. We would also like to
4:15pm-5:00pm
CAREER OPPORTUNITIES IN CHINA
thank all the invited review committee members for their devotion and the event sponsor for persistent financial support and Chair: Ming Jiang
advice. Directors Guild of America Theater SESSION
INVESTMENT
1
Dr. Huifeng Chang is the CEO of CSOP Asset Management (based in Hong Kong),
“Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China” the first Chinese asset management firm overseas. Before he joined CSOP in
Kai Li Sauder School of Business, University of British Columbia spring 2008, he was at Citigroup Equity Division in New York for over seven years,
Tan Wang Sauder School of Business, University of British Columbia from risk management to equity prop trading to derivatives sales. Prior to
Yan-Leung Cheung City University of Hong Kong coming to Wall Street, Dr. Chang was a researcher/consultant at Kamakura
PRIZE Ping Jiang City University of Hong Kong Corporation (based in Hawaii) specializing in asset liability management.
2
“ Stock Returns and Inflation: 张慧峰博士是香港南方东英资产管理公司的总经理。南方东英是中国基金业走向海外成立的第一个
Decomposition Analysis in Effects of Demand shocks and Supply Shocks” 公司，已获香港证监会颁发资产管理牌照。在2008年春加入南方东英之前，他在花旗纽约股票总部
HUIFENG CHANG
(“股票收益与通货膨胀：需求冲击与供给冲击的效应分解”) 工作七年多,做过风险管理,自营投资和衍生产品销售。来华尔街之前，张博士是镰仓公司的研究顾
张慧峰
问，专长于银行的资产负债管理和信用风险理论模型。他分别在南京农学院,中国科学院和夏威夷大 CEO
Yimig Wang School of Economics, Peking University 学获农业土壤学学士，硕士和博士学位，并在夏威夷珍珠港从事环境工程工作五年。 CSOP Asset Management
PRIZE Liuyan Zhao School of Economics, Peking University
CORPORATE FINANCE & CORPORATE GOVERNANCE
1
“The Helping Hand, the Lazy Hand, or the Grabbing Hand?
Central vs. Local Government Shareholders in Publicly Listed Firms in China” Dr. Lu got his master, MBA and Ph.D degrees from Yale University, bachelor DR. JEFF (Min) LU, CFA
P. Raghavendra Rau Krannert Graduate School of Management of Purdue University and degree from China Second Military Medical University. He has 10 years of equity 陆旻博士 CFA
Barclay Global Investors investment experience. Dr. Lu joined China AMC in February, 2008 as the portfolio Portfolio Manager
Yan-Leung Cheung City University of Hong Kong China Asset Management Co., Ltd.
PRIZE manager, managing part of the China AMC Global Selective Fund. He used to
2
Aris Stouraitis City University of Hong Kong work in Sturvidant & Company, First Union Bank, Fiduciary Trust Company and
AIG.
“ Investor Protection, Ownership Concentration and Tunneling”
(“投资者保护、股权集中与利益侵占的时域研究”) 第二军医大学学士，耶鲁大学硕士、博士、MBA，证券投资经历10年。1998-2000年任Sturvi-
Changjiang Lu Management School of Fudan University dant & Company 分析师，2000-2002年任First Union Bank (Wachovia)分析师，2002-2005年
任 Fiduciary Trust Company (Franklin Templeton) 分析师，2005-2008年任AIG 组合经理/分析
PRIZE Xianhua Zhou Central University of Finance and Economics
3
师。2008年2月加入华夏基金管理有限公司，现任组合经理，管理华夏全球精选基金Global Equity
部分。
“Does Ethnicity Pay? Evidence from Overseas Chinese FDI in China”

Li Jin Harvard Business School
Yasheng Huang MIT Sloan School of Management
PRIZE Yi Qian Kellogg School of Management, Northwestern University Kevin earned his MBA from University of Chicago. He used to work for a couple
of hedge funds in US on strategies. Before he received the MBA degree in US, he
worked on international derivatives trading and Chinese stock markets between
2008 TCFA BEST PAPER AWARD REVIEW COMMITTEE 1992 and 2000 for China International Trust and Investment Corporation and
Huayuan Investment Group. He is currently working for Bosera Fund, which is
Wei, Chenyang (Chair) Federal Reserve Bank of New York Qian, Jun (Co-Chair) Boston College one of the largest Asset Management firms in China.
Zhu, Wuxiang (Co-Chair) Tsinghua University Jiang, Wei Columbia University
Li, Jinliang Tsinghua University Liu, Bo Citigroup
Pan, Hongbo Wuhan University
Wu, Shinong Xiamen University
Wang, Yue University of Minnesota
Wu, Youchang University of Wisconsin at Madison
TAO LIANG
Deputy Head of Institution Accounts
Xie, Fei George Mason University Xu, Nianhang Peking University Bosera Asset Management
Yu, Xiaoyun Indiana University Zhu, Ning University of California at Davis
ANNUAL CONFERENCE 4
9 4:15pm-5:00pm
Chair: Annie Zhou
Chair: Mei Gao
Tricia Hazelwood, Global Head of Asset Finance, Credit Suisse
4
Robert Milam, Head of High Grade Trading, JPMorgan
Eugene Xu, Managing Director, Deutsche Bank
Dajiang Guo, Director, Global Markets, Citigroup
Robert Heidenberg, Managing Partner, Lerner Heidenberg
Mr. Hui Fang has been appointed by the Board as General Manager of China
Merchants Bank New York Branch. Mr. Fang started his banking carrier in 1984 2:30pm - 3:15pm SESSION 5
when China had just opened its door to the outside world. In the last 24 years his CHINESE PRIVATE EQUITY INVESTMENT
carrier has been focused on international banking business, as Deputy Manager Chair: Guang Guo
5
of International Department at Bank of China, Wulumuqi Branch from 1984 to Le Parker 3rd Floor, Azekka Room
Ching Tan, Head of China Operations, Siguler Guff
1992; Manager of Trade Settlement Department at Bank of China, London Branch
Olivia Ouyang, Investment Officer, IFC
from 1992 to 1998; Deputy General Manager of Investment Banking Department Hao Wu, Partner, Centenium-Pinetree China Private Equity
from 1998 to 2002 and General Manager, International Department at China
SESSION 6
HUI FANG 方辉 Merchants Bank from 2002 to 2007. 3:20pm - 4:05pm
INVESTMENT STRATEGY IN CHINESE STOCK MARKET
General Manager
China Merchants Bank 方辉先生自1984年起开始其银行职业生涯，在过去的24年间绝大部分的时间里从事国际
Chair: William Weng
New York Branch Directors Guild of America Theater
6
业务。1984年－1992年在中国银行新疆分行任副处长；1992年－1998年在中国银行伦 Haiyong Cheng, Deputy CIO, ChinaAMC
敦分行贸易清算部任经理；1998年进入招商银行，1998年－2002年在招商银行总行商人 Yi Yang, Assistant to the President, China Merchant Fund
银行部任副总经理，2002年－2007年在国际部任总经理，2008年起任纽约分行总经理。 Chen Ding, Head of International Business, China Southern Fund
Frank Zhu, Portfolio Manager, E Fund Management

COMMODITY, EMERGING MARKET AND ALT INVESTMENT
Chair: Ludan Liu
7
William Douglas, III, Founder, K2 Advisors
Kate Quinn is a partner at Westwood Partners. She has been a dedicated search Kun Deng, Managing Director, Lazard Asset Management
professional since 2002. Boris Shrayer, Global Head of Commodity Marketing, Morgan Stanley
Ian Kennedy, Global Director of Research, Cambridge Associates
Her practice focuses on trading across asset classes and strategies--
both quantitative and discretionary trading. Kate’s and Westwoods clients span 4:05pm - 4:15pm COFFEE BREAK
top banks, asset managers and hedge funds globally. In addition to search, Kate SESSION 8
4:15pm - 5:00pm
does capital introduction and private equity. CAREER OPPORTUNITIES IN CHINA
Chair: Ming Jiang
8
Prior to her experience in search, Kate had a lucrative and longstanding career Directors Guild of America Theater
KATE QUINN in marketing and advertising. Her core specialty was new company and brand Huifeng Chang, CEO, CSOP
Partner Tao Liang, Deputy Head, Institution Accounts, Bosera
Westwood Partners launches. This involved strategic planning, budgeting, branding, customer
Jeff Lu, Portfolio Manager, ChinaAMC
development and training. Her clients included Genentech, Amgen, Genzyme,
AT&T, DuPont, Instinet, among others. 4:15pm - 5:00pm SESSION 9
Chair: Annie Zhou
9
Hui Fang, General Manager, China Merchant Bank, New York
David Francis, Senior Recruiter, Hagan-Ricci Group
DAVID FRANCIS David Francis is a senior recruiter with the Hagan-Ricci Group. He has over 12 Kate Quinn, Partner, Westwood Partners
Senior Recruiter years of executive search experience. He has focused on quantitative resources
Hagan-Ricci Group 5:00pm - 5:30pm TCFA ELECTION
for high frequency trading, algorithmic execution and risk management for Directors Guild of America Theater
financial firms and hedge funds. He holds a BS from The Johns Hopkins University,
Baltimore and a MBA from Suffolk University, Boston. TCFA EVENING RECEPTION (Sponsored by Harvest Fund Management)
6:00pm - 8:00pm Chairman Remarks: Charles Wang
Le Parker 3rd Floor
Daobing Li, Deputy CEO, Harvest Fund Management
CONFERENCE
AGENDA TCFA SENIOR ADVISORS,
8:00am - 8:30am REGISTRATION
DIRECTORS AND MEMBERS
8:30am - 8:40am WELCOMING REMARKS
Tony Tang, TCFA President-Elect
8:40am - 9:20am KEYNOTE SPEECH (Intro: Jason Wei)

What is Happening to Financial Market Volatility and Why? Charles H. Wang is the co-director of research and senior portfolio manager
Robert Engle, Professor of Finance, Stern School of Business, NYU at Acadian Asset Management, a leading institutional global equity manager
Nobel Prize Laureate with around $50 billion asset under management. Acadian manages a
broad range of global equity funds, including long-short products, hedge
9:20am - 9:50am GLOBAL INVESTMENT: CRISIS AND OPPORTUNITIES (Intro: Charles Wang) funds and emerging markets strategy.
Gary Bergstrom, Chairman, Acadian Asset Management
9:50am - 10:05am TCFA BEST PAPER AWARD AND RESEARCH SUMMARY (Chair: Jason Wei) Before joining Acadian Charles was a vice president at Putnam Investments
in the global asset allocation team. Charles has fourteen years’ investment
10:05am - 10:15am COFFEE BREAK experience. He has spoken extensively at industry and academic conferences,
been interviewed by major U.S. Charles has translated “Pioneering Portfolio
10:15am - 11:00am SESSION 1
Management” by Yale Endowment CIO David Swensen into Chinese. Charles
BAILOUT PLAN AND THE CHANGING LANDSCAPE OF THE US FINANCIAL INDUSTRY
Chair: Jeff Zhang was most recently featured in The World Journal, the leading Chinese newspa- CHARLES WANG
Directors Guild of America Theater per in North America, and Wall Street Transcript. Co-Director of
Research and Senior Portfolio Manager
1
Harvey Bines, Partner, Sullivan & Worcester LLP Acadian Asset Management
Jack Kantrowitz, Partner, DLA Piper Charles holds a B.S. in mathematics from Peking University, a M.S. from Uni-
Scott Sonnenblick, Partner, Linklaters versity of Massachusetts, and a Ph.D. in finance from Yale School of Manage-
Bjørn Pettersen, Head of Enterprise Risk Management, CRA International
ment. Charles is a member of the Q Group, Chicago Quantitative Alliance
10:15am - 11:45am SESSION 2 (CQA) and Boston Committee on Foreign Relations. Charles is a former
TCFA BEST PAPER PRESENTATION, Sponsored by CICC president of the Chinese Finance Association (www.china-finance.org) and
Chair: Jason Wei/ Prof. Jun Qian, Boston College) currently chairman of the board.
Prof. Li Jin, Harvard University
2
Prof. Tan Wang, University of British Columbia
Prof. P. Raghavendra Rau, Purdue University
Prof. Oliver Rui, Chinese University of Hong Kong
Prof. Bin Ke, Penn State University
11:00am- 11:45am SESSION 3

REVIEW AND THE OUTLOOK OF THE FINANCIAL MARKET IN CHINA
Ming Jiang is currently a Managing Director at Harvest Fund. He heads up MING JIANG
Harvest Fund International sales and business development. His group is Managing Director
Chair: Li Wei responsible for developing and marketing products and services that allow Harvest Fund Management Co., Ltd.
domestic investors to invest internationally and foreign investors to invest
3
Bin Qi, Director-in-General of Research Center, China Securities Regulatory Commissions
Houqi Zhang, Deputy CEO, ChinaAMC domestically. Products and services include QFII advisory, QDII products and
Daobing Li, Deputy CEO, Harvest Fund Management hedge funds. Prior to Harvest Fund. Ming was a director at Radian Asset
Bin Hu, CEO, BNY Mellon China Asset Management Assurance. He was a co-head of corporate CDO group. His group was respon-
sible for investing corporate synthetic CDO and other structured products
11:45am - 12:25pm CURRENT CONDITIONS & OUTLOOKS FOR GLOBAL CREDIT MARKETS (Intro: Frank Shen) for Radian. Prior to joining Radian in 2003, Ming was a Vice President at
Edward Altman, Professor of Finance, Stern School of Business, NYU Goldman Sachs from 1998 to 2003. Ming worked on quantitative credit
research and strategy at Credit Derivatives Strategy Division. Prior to Goldman
12:25pm - 1:30pm LUNCH Sachs, Ming also worked in interest rate/commodity derivatives areas at
Le Parker 3rd Floor, Azekka Room Sumitomo Bank Capital Market and Citigroup. Ming holds an MBA from
NYU’s Stern School of Business and a M.S. from Columbia University.
1:30pm - 2:20pm LUNCHEON KEYNOTE SPEECH
PERSPECTIVES ON THE ECONOMIC OUTLOOK & THE CURRENT FINANCIAL CRISIS (Intro: Dajiang Guo)
Lewis Alexander, Chief Economist, Citigroup
ANNUAL CONFERENCE 2
Tony Tang is the President of Great Eastern Advisory, LLC, a financial
consulting firm specialized in analyzing structured products, sub-prime
and ABS related issues. He also works on capital introduction, strategic
partnerships for financial firms in China. He was a Managing Director
at Royal Bank of Scotland’s Greenwich Capital Group, trading corporate
correlation products and synthetic ABS. Before RBS Greenwich, he was a
Principal at Mariner Investment Group, a New York based hedge fund.
He was a Director at ABN AMRO Bank, responsible for its New York exotic
TONY TANG credit derivatives trading operations. Prior to ABN, he traded corporate
President
Great Eastern Advisory CDS at JPMorgan.
Mr. Tang holds an MBA degree from University of Chicago, MS in Physics Dear Friends,
and Computer Science from Drexel University and BS in Physics from
University of Science and Technology of China (USTC). Mr. Tang is a
Charted Financial Analyst (CFA). The New York University Chinese Students and Scholars Association (NYUCSSA) wel-
comes you to the 14th Annual Conference of The Chinese Finance Association! Rep-
Mr. Tang is the President-Elect of the Chinese Finance Association (TCFA). resenting New York City’s home university, we are honored to be the co-organizer
of the conference that has long engaged in facilitating the exchange of intellectual
thoughts and valuable experiences among members of the global Chinese finance
Li Wei is currently the Director of China Institutional Sales and Citigroup. community.
Before Joining Citigroup, Li had worked at NYSE Euronext for 7 years as
Officer, Managing Director, and Director in Trading Market Data, Strategy,
and Research respectively. Li has been a tenure track In an era characterized by rapid growth of financial institutions in China, controver-
assistant professor at Iowa State University. The first Senior Financial sial views on financial innovations in the US and turbulences in the global financial
Advisor for Shanghai Stock Exchange, and the senior research fellow at markets, we observe both the challenges and opportunities confronted by China
Tel Aviv Stock Exchange. In China, Li worked at Shenzhen Government
Investment Corporation as a senior PM and People’s Bank of China as
and the U.S. As current events in the world financial markets require insights from
LI WEI 魏力 a management member. Li has been the chairperson, board member, both practical and theoretical perspectives, we believe that the 14th TCFA Annual
Director of China Institutional Sales
Citigroup Global Markets and Banking accounting committee member, New York Chapter chair of the board of Conference, by connecting industry leaders and scholars between the US and China,
The China Finance Association (TCFA). Li received her Ph.D. in finance from will contribute to the development of the finance world.
the University of Utah, M.S. in management, and B.S. in management
information system from Tsinghua University.
Sincerely,
魏力
现任花旗银行全球金融市场中国区股票业务负责人。曾任职纽约泛欧股票交易所集团公司七年，担
任高级行政人员 (Officer), 董事总经理和董事。负责交易数据，战略和研究工作；曾在衣阿华州立
大学任终身制的助理金融教授；中国上海交易所第一位高级金融专家；以色列特拉维夫股票交易所
高级研究专家。深圳政府投资公司投资部门高级投资人员；中国人民银行统计和支付系统部门管理
人员。曾任全美华人金融协会理事会理事长，理事，纽约分会主席；同时任全美华人金融协会会计
委员会和秘书长。美国犹他大学金融博士；清华大学管理信息系统本科和管理硕士。 Han Wen
President
Chinese Students and Scholars Association
MEI GAO Ms. Mei Gao heads the portfolio management of global credit at Fore
New York University
Partner & Portfolio Manager Research & Management. She is also the portfolio manager of Fore 2007-1
Fore Research & Management CLO, a cash flow collateralized loan obligation that holds 500 million USD
of leveraged loans. Ms. Gao has been with Fore since its inception in 2003
and prior to Fore, she spent five years at Toronto Dominion Bank, where
she traded the bank’s convertible arbitrage portfolio.
Ms. Gao is a graduate of Shantou University, China (BA, Literature) and

Wilfrid Laurier University, Canada (MBA).Ms. Gao is a CFA charter holder.
Currently she is the Board of Director at The Chinese Finance Association
(TCFA).
William Weng is a Managing Director and Head of Active Quantitative Equities
in UBS Global Asset Management. William joined UBS in its Structured Equities
group in April 2008 to lead the development of the active quantitative equi-
Dear Colleague, ties products and strategy in UBS Global AM.
Prior to joining UBS, William was Head of Quantitative Equities at Credit

Suisse Asset Management in New York. For some three years, William led a
We cordially invite you to attend the 14th Annual TCFA Conference on November 1st 2008 at team of eight investment professionals that developed, managed, and marketed
Directors Guild of America Theater in New York City, New York. quantitative active equity strategies and products, including regional and
global enhanced index strategies, the long-short equity market neutral WILLIAM WENG, PhD
strategy and short-extension portfolios. Prior to this, William spent around Managing Director
The U.S. subprime crisis has had a tremendous impact on many parts of global markets. three years at Banc of America Capital Management in a variety of asset
Head of Active Quantitative Equities
UBS Global Asset Management
Liquidity and the ability to access new capital have become crucial factors to many financial allocation and quantitative equity roles. (Americas) Inc.
institutions’ survival. From the seize-up of the municipal auction rate notes market to the
skyrocketed delinquent option ARM loans; from the virtual shutoff of the leveraged loan William earned his Doctor’s degree in Economics from Boston University and
his Master’s and Bachelor’s degree from Tsinghua University in Beijing. He is
market to the dramatic slowdown of consumer credit securitization; from the U.S. to Europe
a member of the American Economic Association, the Chicago Quantitative
and Asia, every market has felt the effect of the credit crisis. While the central banks of the Alliance, and the Chinese Finance Association.
world now have the unprecedented challenge to fend off inflation and slowing economies,
money managers have a difficult time navigating through the volatile markets and massive
deleveraging that has occurred.
Dr. Chenyang Wei is a research economist at the Federal Reserve Bank of

In the meantime, the fledging Chinese securities market has just gone through a new
New York. His primary research interests are in U.S. credit market and corporate
round of revaluation. The Chinese economy has played an increasingly important role in governance. He currently is working on issues related to the recent U.S. sub-
global markets, and investors and policy makers are closely watching the impact of the prime crisis, the policy design for U.S. mortgage relief, and the implications
credit crisis on China. Through speeches and panel discussions by experts from the U.S. and of financial innovations on defaults and recovery experience in U.S. credit
market. He has done research on the pricing and contracting changes in U.S.
Chinese financial markets, we will discuss the lessons learned, evaluate current strategies
debt market. His work has been published on Review of Financial
and prepare for the future. Studies. Chenyang holds a Ph.D. in Finance from New York University, a M.S.
in Economics from the University of Texas at Austin and a B.S. in Finance
CHENYANG WEI
Economist
With the continued support of our sponsors, we are able to host our conference at the Di- from Tsinghua University. Federal Reserve Bank of New York
rectors Guild of America (DGA) Theater and Le Parker Meridien Hotel in New York City. We
Chenyang was a TCFA board director from 2001 to 2005, and has been serv-
anticipate that this year’s conference will be interesting and engaging. ing a second term since 2007. Since 2006, he has served as the Committee
Chair of the TCFA Best Paper Award in China Capital Market Research.
Thank you for your attendance and support for TCFA.
Ludan Liu is a Portfolio Manager at Morgan Stanley Investment

Management’s Emerging Markets Debt team, which overseas $8 billion
investments in emerging markets fixed income securities. Previously he was
a senior trader/analyst at SAC Capital Management’s Global Macro desk.
TCFA President Elect TCFA Chairman of Board He has a Ph.D. in Finance from Boston College and B.S. in Economics from
Tsinghua University.
Tony Tang Charles Wang LUDAN LIU

Portfolio Manager
Morgan Stanley
ANNUAL CONFERENCE III
Dr. Guang Guo is currently a credit research analyst in Advanced Bin Qi, PhD 祁斌博士 28
Strategies Research Group of Barclays Global Investors, mainly Houqi Zhang 张后奇博士 29
responsible for developing quantitative Long/Short strategies
Daobing Li 29
on corporate credit instruments. His research mainly covers high
yield and distressed debts. Before joining BGI, he was employed by
Bin Hu, CFA, PhD 29
Moody’s KMV as a research manager for credit risk model development. Tricia Hazelwood 30
GUANG GUO, PhD He holds a PhD in Economics from Pennsylvania State University.
Research Analyst Robert Milam, CFA 30
Barclays Global Investors Guang Guo joined TCFA in 2004. He was elected as the board
Eugene Xu, PhD 31
director in 2006. Right now, he is also co-chairing TCFA California
Chapter. Robert Heidenberg 31
Dajiang Guo 过大江 32
Ching Tan 33
Hao Wu 33
Olivia X. Ouyang 33
Haiyong Cheng 程海泳 34
Yi Yang 杨奕 34
Chen Ding 35
Mr. Fengqi Shen is currently working in the capital structure
arbitrage portfolio management team of Carlson Capital. Before Frank Zhu 35
joining Carlson, he was an associate in Fixed Income department William A. Douglass, III 36
of Citigroup Global Markets. His previous professional experience
Kun Deng, CFA 36
includes full-time and intern positions at Barclays Capital and Bear
Stearns. Mr. Shen holds a Masters of Finance from Princeton Univ., Boris Shrayer 37
and a Master of Science from Purdue Univ. Prior to his overseas Ian Kennedy 37
FENGQI (FRANK) SHEN study, he also got a B.S. in Mathematics from Fudan Univ. Mr. Shen
Analyst Huifeng Chang 张慧峰博士 38
Carlson Capital has been an active member of TCFA in organizing seminars & confer-
ences, and promoting TCFA’s relationship with finance professionals Dr. Jeff (Min) Lu, CFA 陆旻博士 38
in both China and the U.S. He is a board director and chairperson of Tao Liang 38
New York chapter of The Chinese Finance Association.
Hui Fang 方辉 39
Kate Quinn 39
David Francis 39
TCFA Advisors, Directors, and Members 40
II THE CHINESE FINANCE ASSOCIATION
1 Welcome Letter from

The Chinese Finance Association Annie Zhou is a client services associate in the Quantitative ANNIE YANG ZHOU
Client Services Associate
2 Welcome Letter from Investment Group at Lehman Brothers Asset Management Lehman Brothers Asset Management
NYU Chinese Students & Scholars Association responsible for client development and marketing. Prior to LBAM,
she was a trading assistant and derivatives analyst with MetLife
3 Conference Agenda
Investments, focusing on fixed income and equity trading support
5 2008 TCFA Best Papers Awards
and building infrastructure for the trading desk. Ms. Zhou holds
6 Introduction of a BBA in International Business and Marketing from the George
The Chinese Finance Association Washington University and is an active member on the Board of
9 Introduction of Sponsors Directors of The Chinese Finance Association.
9 Strategic Sponsor
10 Diamond Sponsors
16 Platinum Sponsor
17 Gold Sponsors
19 Speakers Biographies
19 Robert Engle Jeff has extensive experience in securities offerings, mergers and
acquisitions, and corporate financings in the U.S.. He also provides
20 Dr. Gary L. Bergstrom
advice on corporate issues related to federal securities law, NYSE
21 Edward Altman rules and corporate governance. Jeff is admitted to practice in New
22 Lewis S. Alexander York and is also China Bar qualified.
23 Harvey E. Bines
Jeff had obtained his J.D. from Duke University School of Law and JEFF JINGSONG ZHANG
23 Jack I. Kantrowitz his LL.M. from Case Western Reserve University School of Law. He Associate
Linklaters
24 Scott Sonnenblick has his LL.B. from the China University of Politics and Law.
24 Bjørn Pettersen
25 Jun Qian
25 Li Jin
26 Tan Wang
26 P. Raghavendra Rau
27 Oliver M. Rui
27 Bin Ke
全美华人金融协会
The 14th Annual Conference of

The Global Credit Crisis and Its Impact On China

November 1, 2008
New York
Lead Organizer
------------------------
Co-organizer
------------------------
New York University
Chinese Students & Scholars Association

2008 TCFA Annual Conference

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45 THE CHINESE FINANCE ASSOCIATION

The 14th Annual Conference of

The Global Credit Crisis and Its Impact On China

1 Welcome Letter from

Prior to joining UBS, William was Head of Quantitative Equities at Credit

Dr. Chenyang Wei is a research economist at the Federal Reserve Bank of

Ludan Liu is a Portfolio Manager at Morgan Stanley Investment

Tony Tang Charles Wang LUDAN LIU

Ms. Gao is a graduate of Shantou University, China (BA, Literature) and

8:40am - 9:20am KEYNOTE SPEECH (Intro: Jason Wei)

11:00am- 11:45am SESSION 3

3:20pm - 4:05pm SESSION 7

CORPORATE FINANCE & CORPORATE GOVERNANCE

“Does Ethnicity Pay? Evidence from Overseas Chinese FDI in China”

MISSION STATEMENT 3:20pm-4:05pm

The Chinese Finance Association (TCFA) is a government registered non-profit organization

全美华人金融协会(The Chinese Finance Association, TCFA) 于一

Mr. Cheng has 11 years of experience in equity investments. He has worked as

Company Overview 程海泳，华夏基金管理有限公司投资副总监，毕业于北京大学。证券投资经历11

5 2:30pm-3:15pm Diamond Sponsor

BOSERA ASSET MANAGEMENT Co., LTD.

CHINA ASSET MANAGEMENT Co., LTD.

Leading the Industry

CHINA INTERNATIONAL CAPITAL CORPORATION

• China National Investment & Guaranty Co., Ltd.

• The Government of Singapore Investment Corporation

CHINA MERCHANTS FUND

Mr. Hu obtained an M.B.A. from the University of Illinois at Urbana-Champaign, a

Professor Qian is an associate professor of finance at Boston College. He received his

Harvey E. Bines is a partner in the Corporate Finance and Investment Management

Mr. Kantrowitz is fluent in French

SPEECH 11:45am-12:25pm CURRENT CONDITIONS AND OUTLOOK

SPEECH 11:45am-12:25pm CURRENT CONDITIONS AND OUTLOOK

Harvey E. Bines is a partner in the Corporate Finance and Investment Management

Mr. Kantrowitz is fluent in French

Professor Qian is an associate professor of finance at Boston College. He received his

Mr. Hu obtained an M.B.A. from the University of Illinois at Urbana-Champaign, a

CHINA MERCHANTS FUND

CHINA INTERNATIONAL CAPITAL CORPORATION

• China National Investment & Guaranty Co., Ltd.

• The Government of Singapore Investment Corporation

CHINA ASSET MANAGEMENT Co., LTD.

Leading the Industry

5 2:30pm-3:15pm Diamond Sponsor

BOSERA ASSET MANAGEMENT Co., LTD.

Mr. Cheng has 11 years of experience in equity investments. He has worked as

Company Overview 程海泳，华夏基金管理有限公司投资副总监，毕业于北京大学。证券投资经历11

全美华人金融协会(The Chinese Finance Association, TCFA) 于一

MISSION STATEMENT 3:20pm-4:05pm

The Chinese Finance Association (TCFA) is a government registered non-profit organization

CORPORATE FINANCE & CORPORATE GOVERNANCE

“Does Ethnicity Pay? Evidence from Overseas Chinese FDI in China”

3:20pm - 4:05pm SESSION 7

8:40am - 9:20am KEYNOTE SPEECH (Intro: Jason Wei)

11:00am- 11:45am SESSION 3

Ms. Gao is a graduate of Shantou University, China (BA, Literature) and

Prior to joining UBS, William was Head of Quantitative Equities at Credit

Dr. Chenyang Wei is a research economist at the Federal Reserve Bank of

Ludan Liu is a Portfolio Manager at Morgan Stanley Investment

Tony Tang Charles Wang LUDAN LIU

1 Welcome Letter from

The 14th Annual Conference of

The Global Credit Crisis and Its Impact On China

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