The 2026 SAIF Annual Research Conference, hosted by the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University (SJTU), took place in Shanghai from May 14 to 15. As a premier academic event in global finance, the conference brought together over 200 scholars, professors, and researchers from leading financial institutions and research organizations worldwide to explore advanced research across two primary domains: “Corporate Finance” and “Asset Pricing.”
A total of 729 paper submissions authored by 1,701 researchers from business schools worldwide were received, with 18 papers accepted for presentation, resulting in a selective acceptance rate of 2.5%.
Professor Jun Pan, SAIF Chair Professor of Finance, chaired the conference. SAIF Chair Professors of Finance Yongxiang Wang and Xiaoyun Yu served as co-chairs, and SAIF Long-Term Associate Professor of Finance Dong Yan served as Conference Vice Chair.
The conference featured a keynote address titled “How Could the Fed Reduce Its Balance Sheet and Maintain Ample Reserves?” delivered by Professor Darrell Duffie, the Adams Distinguished Professor of Finance and Management at Stanford University. Professor Duffie noted that despite still-high reserve levels in the U.S. banking system, episodes such as the 2019 repo market volatility, payment delays, and quarter-end reserve drops suggest banks’ liquidity needs are tighter than headline numbers imply—ample reserves do not mean excess liquidity.
To reduce the balance sheet while keeping markets stable, he proposed four policy approaches: smoothing reserve fluctuations via temporary open market operations, encouraging greater use of Fed liquidity facilities, introducing liquidity-saving mechanisms in Fedwire, and implementing a tiered interest rate on reserves. These measures, he argued, could cut interest expenses, revive Fed activity, and offer new operational paths for future balance sheet reduction and monetary policy normalization.
Six academic sessions facilitated in-depth scholarly exchange, centered on the following themes: Financial Markets under Unconventional Risks, Sustainability, Firm-Based Asset Pricing, Networks, Fixed Income and Macro Economy, and Innovation.
Over the 1.5-day program, scholars from leading institutions presented or discussed papers. Participating institutions included University of Wisconsin-Madison, Georgetown University, Indiana University, Northeastern University, The Ohio State University, Southern Methodist University, Texas A&M University, University of British Columbia, University of Illinois at Urbana-Champaign, University of Minnesota, University of Toronto, University of Cambridge, Central European University, Vrije Universiteit Amsterdam, University of Virginia, Bank of Canada, Bank for International Settlements, Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University, Cheung Kong Graduate School of Business, Fudan University, The Chinese University of Hong Kong, The University of Hong Kong, The Hong Kong University of Science and Technology, Bilkent University, and the University of New South Wales.
Eighteen authors presented their latest research findings at the conference, covering the following papers:
Financial Market Fragility in the Era of AI Planning
Asset Pricing in a Concentrated Economy
Trade Policy Surprises and U.S. Convenience Yields: Evidence from Prediction Markets
Public Goods in Crises
The Regulation of Shareholder Democracy
Capital Allocation, Operational Efficiency, and Emissions: The Real Effects of ESG Divestment
Firm Heterogeneity and Adverse Selection in External Finance: Micro Evidence and Macro Implications
Inventory Management and the Cross-Section of Stock Returns
Labor-Based Asset Pricing
China’s Global Ownership
Acquiring Supplier Networks: Domestic Mergers for International Supply Chain Resilience
Unreadable Political Trades
Reconstructing a Century of U.S. Corporate Bonds: Credit Risk in Historical Perspective
Model-Based Cross-Section Factors in Corporate Bonds
Implementing an Optimal Tax Plan with Short Term Debt
Patent Intensity, Firm Life Cycle, and the Long-Run Return and Risk Dynamics of Technological Innovators
Steering Labor Mobility Through Innovation
New Products
Each paper was discussed by a designated scholar, whose constructive and insightful comments were specially acknowledged; participants actively engaged with authors and discussants, sharing valuable feedback and fostering a vibrant atmosphere of academic exchange.
The Best Paper Review Committee awarded two papers:
Best Paper Award in Asset Pricing:
“Asset Pricing in a Concentrated Economy” co-authored by Harjoat Bhamra, Christian Dorion, Alexandre Jeanneret and Ali Shirazi
Best Paper Award in Corporate Finance:
“New Products” co-authored by Abhiroop Mukherjee, Bruno Pellegrino, Alminas Zaldokas, Yiman Ren and Tomas Thornquist
As a vital platform for global finance scholarship, the SAIF Annual Research Conference continues to convene global expertise, promote academic exchange, advance frontier exploration in financial research, and broaden scholarly horizons.
