Dr. Ping-Wen Sun from International Institute for Financial Studies attended World Finance & Banking Symposium held in Nanyang Business School in Singapore on December 12 and 13, 2014. The two keynote speakers, Professor Jun-Koo Kang and Professor Joseph Fan, both mentioned family business in their speech. Professor Kang finds that employee friendly policy is a source of value creation in family firms. Professor Fan argues that we need to separate family firms into four categories on the basis of ownership and control dimensions. Dr. Sun presents “Real option component of cash holdings, business cycle, and stock returns” and finds that the real option component of aggregate cash holdings negatively correlates with the business cycle. In addition, Dr. Sun discusses “Do cash flow sensitivities vary during non-crisis and liquidity crisis periods and across countries?” and suggests the authors to explain the size-age index which is used to separate financially constrained and unconstrained firms and to separate their crisis periods on the basis of NBER recession periods. Finally, Dr. Sun also attends sessions related to institutional investors, portfolio management, and dividend payout policy and discusses research ideas with scholars from all over the world.