The paper "Implicit Guarantees and the Rise ofShadow Banking: the Case of Trust Products", coauthored by Professor XianGU, Franklin Allen, Jun QIAN and Yiming QIAN, won the Best Paper Award of NewStructural Financial Economicsat2019 China Financial Research Conference. This paper proves that implicitguarantees will lead to thereduction of yields and the existence of guarantees also reduces the risk sensitivityto cost of carry by using the pricing information of trust products. The ChinaFinancial Research Conference was co-sponsored by PBC School of Finance,Tsinghua University, and National Institute of Financial Research of TsinghuaUniversity from July 7th to 8th, 2019. This conferencereceived 334 academic papers from all over the world and only 36 papers werepresented and discussed at the conference at last. The acceptance rate was10.7%.