"The Effects of Stock Market Listing on Firms' Growth, Governance, and Corporate Finance" was chaired by Andrew Ang, the Roger F. Murray Professor of Finance at Columbia Business School. The panelists included: Charles Calomiris, the Henry Kaufman Professor of Financial Institutions and academic director of the Jerome A. Chazen Institute of International Business at Columbia Business School, who stood in for scheduled presenter Fred Hu, managing director and co-head of China investment banking at Goldman Sachs (Asia) L.L.C., and Ailsa Roell, professor of international and public affairs at the School of International and Public Affairs of Columbia University.

With limited - and sometimes controversial - data available to judge the effects of stock market listing on Chinese firms, corporate governance and corporate finance, the future of corporate governance mechanisms for the country's economy is still under debate. Under a favorable future scenario for governance, traditional mechanisms such as stock market listing would lead to a maturity in effective monitoring of Chinese firms' growth. An equally likely scenario for the future is unfavorable - that traditional mechanisms like listing do not lead to pervasive disclosure or clear rules for listed firms.