Research Symposium

2008 HKUST Summer Symposium on Family Business Research
The first HKUST Summer Symposium on Family Business Research brought together scholars from different countries and regions, including USA, Canada, Australia, Italy, Sweden, India, Taiwan, and Hong Kong who share a common interest in family business research. Twelve academic papers in the disciplines of accounting, economics, and finance were presented. Issues covered in those papers included inheritance and succession, taxation, compensation, investment, organization structure, and financing costs. Prof Kavil Ramachandran, Associate Dean of the Indian School of Business, and Mr Ronnie C. Chan, Chairman of Hang Lung Group, spoke in the symposium luncheon and the banquet.
Program & Schedule
JUNE 15, 2008 (Sunday)
19:00 - 22:00 Welcome Reception
Venue: UC Bistro
DAY 1: JUNE 16, 2008 (Monday)
Venue: Executive Education Classroom 2 (Room 6568) 6/F (Via lifts 29 & 30)
08:30 - 09:00 Tea and Refreshments
09:00 - 09:15 Dean's Welcome and Remarks
from the Conference Organizing Committee

Leonard Cheng, Acting Dean, HKUST
Kevin Chen, HKUST, Center for Asian Family Business Studies
Sudipto Dasgupta, HKUST, Center for Asian Financial Markets
Session 1: Inheritance and Succession
Session Chair: Gilles Hilary, HKUST
09:15 - 10:05 Inheritance Law and Investment in Family Firms
by Andrew Ellul, Marco Pagano, and Fausto Panunzi
Presenter: Fausto Panunzi (Bocconi University)
Discussant: Sudipto Dasgupta (HKUST)
10:05 - 10:25 Tea Break
10:25 – 11:15 Succession: The Roles of Specialized Assets and Transfer Costs
by Joseph Fan, Ming Jian and Yin-Hua Yeh
Presenter: Joseph Fan (Chinese University of Hong Kong)
Discussant: Clive Lennox (HKUST)
Session 2: Family Business and Tax Issue
Session Chair: David Reeb, Temple University
11:15 - 12:05 Are Family Firms More or Less Tax Aggressive?
by Suping Chen, Xia Chen, Qiang Cheng, and Terry Shevlin
Presenter: Qiang Cheng (University of British Columbia)
Discussant: Yong Zhang (HKUST)
12:10 - 14:00 Lunch
Luncheon moderator: Roger King (HKUST)
Luncheon speaker: Kavil Ramachandran, Association Dean of Indian School of Business
Venue: Multi-Purpose Hall
Session 3: Pyramids and Family Business Groups
Session Chair: Ronald Masulis, Vanderbilt University
14:00 - 14:50 Pyramids: Empirical Evidence on the Costs and Benefits of Family Business Groups
by Ronald Masulis, Peter Pham, and Jason Zein
Presenter: Jason Zein (University of New South Wales)
Discussant: Jie Gan (HKUST)
14:50 - 15:40 Pyramidal Discounts: Tunneling or Overinvestment?
by Martin Holmén and Peter Högfeldt
Presenter: Martin Holmén (Uppsala University, Sweden)
Discussant: Subrata Sarkar (Indira Gandhi Institute of Development Research)
15:40 - 16:00 Tea Break
16:00 - 16:50 Diversification and Tunneling: Evidence from Indian Business Groups
by Raja Kali and Jayati Sarkar
Presenter: Jayati Sarkar
(Indira Gandhi Institute of Development Research)
Discussant: Andrew Ellul (Indiana University)
17:00 Day's activities end - Free evening to explore Hong Kong
DAY 2: JUNE 17, 2008 (Tuesday)
Venue: Executive Education Classroom 2 (Room 6568) 6/F (Via Lifts 29 & 30)
Session 4: Longevity, Investment and Perquisites
Session Chair: Kevin Chen (HKUST)
09:10 - 10:00 Family Preferences and Corporate Investment Policy
by Ron Anderson, Augustine Duru, and David Reeb
Presenter: David Reeb (Temple University)
Discussant: Fausto Panunzi (Bocconi University)
10:00 - 10:20 Tea Break
10:20 - 11:10 The Effect of Industry Characteristics on IPO Timing and Control Longevity for Family Firms
by Roger King and Winnie Peng
Presenter: Winnie Peng (Hong Kong University of Science and Technology)
Discussant: Joseph Fan (Chinese University of Hong Kong)
11:10 - 12:00 CEO Perquisites in Family Firms
by Kevin Chen, Tai-Yuan Chen, and Kai Wai Hui
Presenter: Tai-Yuan Chen (HKUST)
Discussant: David Reeb (Temple University)
12:00 - 14:00 Lunch
Venue: Multi-Purpose Hall
Session 5: Agency Costs and the Cost of Equity
Session Chair: Fausto Panunzi (Bocconi University)
14:00 - 14:50 External Governance and Debt Agency Costs of Family Firms
by Andrew Ellul, Levant Guntay and Ugur Lel
Presenter: Andrew Ellul (Indiana University)
Discussant: Vidhan Goyal (HKUST)
14:50 - 15:40 Family Control and the Implied Cost of Equity:
Evidence Before and After the Asian Financial Crisis

by Narjess Boubakri, Omrane Guedhami, and Dev Mishra
Presenter: Dev Mishra (University of Saskatchewan)
Discussant: Peter MacKay (HKUST)
15:40 - 16:00 Tea Break
16:00 - 16:50 Optimal Monitoring in Family-Owned Companies? Evidence from Asia
by En-Te Chen and John Nowland
Presenter: En-Te Chen (Queensland University of Technology)
Discussant: Laura Liu (HKUST)
16:50 - 17:00 Closing Remarks by Conference Organizers
17:30 Departure for Dinner
18:30 - 22:00 Closing Dinner
Dinner moderator: Roger King, HKUST
Dinner speaker: Ronnie Chan, Chairman of Hang Lung Group
Venue: China Club