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教师简历

张弘

教育背景
1999.9-2004.7    耶鲁大学管理学院,金融学,博士学位
1997.9-1999.7    纽约大学,物理学,硕士学位
1993.9-1997.7    复旦大学,物理学,学士学位

 

工作经历

2016.10至今          清华大学五道口金融学院,金融学讲席教授
2015.7至今            清华大学五道口金融学院,中国金融案例中心,主任
2014.9至今            清华大学五道口金融学院-康奈尔大学MBA项目,学术主任
2018.9至今            亚洲财经研究局,高级研究员
2015.9至今            欧洲工商管理学院新兴市场研究所,访问学者

2016.10-2018        清华大学五道口金融学院,凤凰健康金融研究中心,主任

2016.6-2016.9       清华大学五道口金融学院,昆吾九鼎金融学讲席教授
2014.9-2016.5       清华大学五道口金融学院,昆吾九鼎金融学讲席副教授

2010-2012             长江商学院,金融学,访问助理教授
2010秋季                耶鲁大学管理学院,访问助理教授
2004-2014              欧洲工商管理学院,金融学助理教授
 

学术期刊编辑
2016至今   The Pacific-Basin Finance Journal


主要研究领域
机构投资人,共同基金,国际金融,全球化

 

讲授课程

MBA/学位课程(英语):
欧洲工商管理学院MBA课程:金融市场估值,投资学,国际金融管理
欧洲工商管理学院麦格理金融学硕士:资本市场I,风险管理
欧洲工商管理学院金融学硕士:资本市场
长江商学院MBA课程(2011-2012):投资学,国际金融管理
清华-欧洲工商管理学院MBA课程(TIEMBA, 2016):投资学
金融工商管理硕士(FMBA)、EMBA和DBA课程(中文):
长江商学院金融MBA课程(2011-2012):资本市场I,风险管理
长江商学院金融EMBA和FMBA课程(2012-2013):风险管理
清华大学五道口金融学院DBA课程(2015, 2016, 2018):公司制度、文化及金融
清华-康奈尔双学位MBA:投资学
清华大学五道口金融学院金融硕士课程(2015-2018):投资学
博士生:
信息经济学(A)&(B):与Massimo Massa教授共同教学,2012-2014
高管培训:
欧洲工商管理学院-荷兰银行印度分公司:专题包括投资组合理论及对冲基金
另类投资学硕士:专题包括投资组合理论
麦肯锡-欧洲工商管理学院商业基础课程:专题包括资产证券化和金融危机
普华永道业务恢复服务:专题包括对冲基金和资产证券化
清华大学五道口金融学院(项目负责人):传统企业遇见资本市场,2015至今
清华大学五道口金融学院高层管理者发展项目:投资学、公司金融

 

发表成果

[1] Jennifer (Jie) Li, Massimo Massa, Hong Zhang, and Jian Zhang, 2019, “Air Pollution, Behavioral Bias, and the Disposition Effect in China”, accepted for publication at Journal of Financial Economics.
Air pollution can significantly increase the disposition effect of retail investors. Endogeneity tests based on the vast dissipation of air pollution due to strong winds as well as the Huai-river policy support a causal interpretation. Our results have important normative implications that air pollutions may incur indirect (social) costs associated with enhanced behavioral bias.

[2] Si Cheng, Massimo Massa, and Hong Zhang, 2018, “The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs”, forthcoming, Review of Asset Pricing Studies.
The global ETF industry provides more complicated investment vehicles than low-cost index trackers. The real investments of ETFs may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability), and to help affiliated OEFs through cross-trading, particularly in ETFs domiciled in Europe. ETFs may affect financial stability.

[3] Yawen Jiao, Massimo Massa, and Hong Zhang, 2016, “Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand”, Journal of Financial Economics 122, 544–567.
Short selling and hedge fund holdings are largely two sides of a same coin: they jointly reveal important motivations for hedge fund trading. Opposite changes in the two sides, for instance, are likely to be driven by information. This identification allows us to explore interesting properties of informed trading.

[4] Massimo Massa, Yanbo Wang, and Hong Zhang, 2016, “Benchmarking and Embedded Currency Risk”, Journal of Financial and Quantitative Analysis 51: 629-654.
Benchmarking against an international stock index creates embedded currency risk to mutual funds. Managers manage such a risk by concentrating equity investments in fewer “safe” currencies. This concentration, however, constrains managers from achieving the best equity allocation.

[5] Massimo Massa, Wenlan Qian and Weibiao Xu, and Hong Zhang, 2015, “Competition of the Informed: Does Short Selling Affect Insider Trading”, Journal of Financial Economics 118: 268-288.
In the presence of short selling, corporate insiders have incentives to sell more (shares from their existing stakes) and trade faster to preempt the potential competition from short sellers. Our results show that short selling can indirectly improve the price efficiency of the economy through its impact on other informed traders.
 A post of the paper is solicited and featured at Harvard Law School Forum on Corporate Governance and Financial Regulation (
http://corpgov.law.harvard.edu/2015/12/03/does-the-presence-of-short-sellers-affect-insider-selling/) with its announcement on Twitter: (https://twitter.com/HarvardCorpGov/status/672415338013859840)

[6] Massimo Massa, Bohui Zhang, and Hong Zhang, 2015, “The Invisible Hand of Short Selling: Does Short-Selling Discipline Earnings Management?”, Review of Financial Studies 28: 1701-1736.
We show that short selling has a disciplining role vis-à-vis firm managers that forces them to reduce earnings management. Our findings suggest that the invisible hand of the market provides, through short selling, external governance mechanisms to discipline managers.
 Winner of the TCW Best Paper Award, 2013 China International Conference in Finance (CICF); Winner of the JUFE Best Paper Award, 2013 Asian Finance Association Annual Meeting (AsFA); Winner of the CFA Society Toronto Award, 2013 Northern Finance Association Annual Conference.
 A post of the paper is solicited and featured at
Harvard Law School Forum on Corporate Governance and Financial Regulation (http://blogs.law.harvard.edu/corpgov/2015/02/26/does-short-selling-discipline-earnings-manipulation/). The paper also attracts attention from a broad base of readers, ranging from Stephen Bainbridge, the William D. Warren Distinguished Professor of Law at the UCLA School of Law, to “Silicon Investor”, an online discussing board for stock investments.

[7] Chunmei Lin and Massimo Massa, and Hong Zhang, 2014, “Mutual Funds and Information Diffusion: The Role of Country-Level Governance”, Review of Financial Studies27: 3343-3387.
Weak institutions at the country level jeopardize the quality of public information. It may appear that the problem can be solved by the introduction of savvy mutual funds that can process semipublic information. This market-based corrective mechanism, however, is costly because it discourages the participation of less informed investors. We show that the cost outweighs the benefit in general and destabilizes the market during crises in particular. Weak institutions propose a fundamental challenge to the financial market.
 A post of the paper is solicited and featured at Harvard Law School Forum on Corporate Governance and Financial Regulation on October 29, 2014 (
http://blogs.law.harvard.edu/corpgov/2014/10/29/mutual-funds-and-information-diffusion-the-role-of-country-level-governance/).

[8] Matt Spiegel and Hong Zhang, 2013, “Mutual Fund Risk and Market Share Adjusted Fund Flows”, Journal of Financial Economics 108-2: 506-528.
The literature documents a convex flow-return relationship in the mutual fund industry. We show that heterogeneous linear response functions combined with the pooled analysis commonly used in these studies can yield false convexity estimates. Using the alternative specification (market shares), we find no evidence of convexity in the flow-performance relationship. Our results challenge the traditional view on managerial incentives.

[9] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2008, “Estimating the Dynamics of Mutual Fund Alphas and Betas,” Review of Financial Studies21(1): 233-264.
We develop a dynamic model, which allows us to use Kalman filter to track the information advantage of mutual fund managers. Mutual fund alphas identified in this way deliver superior performance out of sample.
 This paper was cited by The New York Times (May 18, 2003) and Financial Advisor Magazine (June 2004) as to "have solved a big problem for mutual fund rating systems."  It had also been listed on SSRN's Top Ten download list for "AFA 2004 San Diego Meetings All Time Hits" and "European Finance Association Meetings (EFA) (Archive) All Time Hits."

[10] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas,” Review of Finance11: 359-400 (the lead article of the issue).
Traditional OLS models cannot properly differentiate estimation errors from true skills. A simple back testing procedure, which screens out obvious estimation errors, can dramatically improve the quality of estimation and to produce reliable out-of- sample forecasts.


工作论文

Below I summarize my working papers in research themes.

Theme 1: The influence of market-based mechanisms (e.g., the “Invisible Hand” of Short Selling; globalization)
Why do we need the stock market and what are the benefits of market-based economies? While the classical view states that the “invisible hand” can help allocate resources, my first theme of research examines whether financial markets can directly influence the incentives of firms and investors therein. Short selling in this perspective provides a key mechanism to understand such roles of the market. My research suggests that the “invisible hand” of short selling can indeed enhance the contracting and informational efficiency of the real economy (Massa, Zhang, and Zhang, 2015 RFS; and Massa, Qian, Xu, and Zhang, 2015 JFE). Jiao, Massa, and Zhang (2016, JFE) further provide a new approach to gauge the trading motivation of informed traders in the market. Globalization is the second market-based mechanism that I would like to explore.

[1] “Security Lending and Corporate Financing: The Case of the Bond Issuance”, co-authored with Jennie Bai and Massimo Massa, working paper 2018.
The security lending market allows institutional investors, such as insurance companies, to lend out their holding assets in exchange for cash collaterals, an important but understudied source of funding for corporate bond lenders. Since these lenders are also the primary investors of corporate bonds, their demand on certain types of bonds originated from the security lending market can influence bond issuance and pricing in the traditional corporate bond market, a demand-driven perspective. This paper has been included in 2018 CICF, 2019 AFA. 

[2] “Can Equity Market Efficiency Help Improve the Quality of Credit Rating? Evidence from a controlled experiment”, co-authored with Jennie Bai, Sterling Huang, and Massimo Massa, working paper 2018.
 Winner of the Arthur Warga Award for the Best Paper in Fixed Income at 2018 SFS Cavalcade Asia Pacific Conference.
We show that enhanced efficiency in the equity market resulting from Regulation SHO can significantly improve investor-paid ratings but have little impact on sell-side issuer-paid ratings.

[3] “Does Financial Globalization Propagate Managerial Skills? Lessons from the Mutual Fund Industry”, co-authored with Si Cheng and Massimo Massa, working paper 2017. 
We study how the globalization of finance may unintendedly reduce market efficiency through low-skilled mutual fund companies. Particularly, it may allow these companies to achieve product differentiation by launching new funds catering to investors’ demand on foreign index-related investment opportunities, rather than for the goal of improving investor welfare or market efficiency. The associated cross-border capital flows reduce price efficiency and liquidity.

[4] “Co-collateral Risk”, co-authored with Massimo Massa and Chengwei Wang, working paper, 2016.
We propose a novel measure of stock-level margin constraints to study the impact of funding risk on the cross-section of stock returns based on daily cash collateral information collected from the short selling market. We show that its co-movements part (co-collateral risk) is associated with positive return premium.
This paper is included in the 2016 EFA, 2016ABFER, 2016 CICF, and 2016 AsFA meetings.

[5] “Governance Through Threat: Does Short-Selling Improve Corporate Governance?” co-authored with Massimo Massa and Bohui Zhang, working paper 2013. 
We show that short selling not only disciplines managers but also induces investors to invest more in internal governance. This, together with our research on the disciplining impact of short selling, illustrates the real impact of short selling.
The paper was listed on SSRN's Top Ten download list for: Corporate Governance: Internal Governance, Organization, & Processes eJournal; CGN: Internal Firm Organization (Topic).
 A post of the paper is solicited and featured at
Harvard Law School Forum on Corporate Governance and Financial Regulation on Monday October 7, 2013 (
http://blogs.law.harvard.edu/corpgov/2013/10/07/governance-through-threat/).
Theme 2: On Social, Environmental, and Cultural Issues 
Firms and investors are not only located in financial markets but also influenced by the society surrounding them. My next research theme aims to explore more broadly the impact of social and environmental issues on the incentives and behavior of firms and investors. Lin, Massa, and Zhang (2014 RFS) is the starting point of this theme, in which we show that weak institutions of a country introduce a fundamentally challenge to the efficiency of its financial market. Air pollution (2019 JFE) and alcohol-related social norms are among my more recent focuses in better understanding China.

[6] “Investing in Low-trust Countries: Trust in the Global Mutual Fund Industry”, co-authored with Massimo Massa, Chengwei Wang, and Jian Zhang, working paper, 2016. Revise and Resubmission, Journal of Financial and Quantitative Analysis
This paper is included in the 2016 AFA annual meeting.
 Winner of the 2015 Asian Finance Association Annual Meeting (AsFA) Best Paper Award, for the Best Paper in Banking and Financial Institutions.

We document that investors in countries with a higher degree of social trust allow for more incomplete contracts—i.e., active management—in the global mutual fund industry. Trust-related active share delivers superior performance of around 2% per year. Our results suggest that social trust acts as an important building block to the development and the efficiency of the global investment industry.
The paper was listed on SSRN's Top Ten download list for: ERN: Hedging (Topic).

[7] “The Impact of Sin Culture: Evidence from Earning Management and Alcohol Consumption in China”, co-authored with Zhe Li, Massimo Massa, and Nianhang Xu, working paper, 2016.
This paper is included in the Fifth Symposium on Emerging Financial Markets 2016 (as one of the final 10 out of 140 submissions).
We study the impact of culture on firm incentives when formal institutions fall short by linking earnings management to alcohol-related sin culture in China. We find that firms in regions in which alcohol plays a more prominent role are exhibit more earnings management. Moreover, a more prominent sin culture in CEOs’ home region significantly enhances earnings management, suggesting that corporate leaders can transmit and propagate sin culture in society.
The paper was listed on SSRN's Top Ten download list for: ERN: Culture & Leadership (Topic); CGN: Disclosure & Accounting Decisions (Topic); Emerging Markets: Finance eJournal; Emerging Markets: Finance eJournal and Organizations & Markets: Policies & Processes eJournal; Organizations & Markets: Policies & Processes eJournal.

[8] “Culture Vs. Bias: Can Social Trust Mitigate the Disposition Effect?” co-authored with Jie (Jennifer) Li and Massimo Massa, working paper 2016. This paper has been included in 2017 AsFA, FMA Asia, 2018 AFA.
We show that, in addition to cognitive biases, investor behavior is also strongly influenced by social norms. Based on a proprietary dataset of complete account-level trading information for all investors in a large mutual fund family in China, we find compelling evidence 1) of a significant disposition effect among fund investors; 2) that a higher degree of social trust is associated with higher flow-performance sensitivity; and 3) that (high) trust-induced flows mitigate the disposition effect.
The paper was listed on SSRN's Top Ten download list for: Behavioral & Experimental Finance eJournal, FEN: Behavioral Finance (Topic),ERN: Behavioral Finance (Microeconomics) (Topic), Organizations & Markets eJournals, Econometric Modeling: Capital Markets - Portfolio Theory eJournal, ERN: Culture & Leadership (Topic), ERN: Econometric Studies of Corporate Strategy, Mergers & Acquisitions, & Investment Policy (Topic), ERN: Other Organizations & Markets: Motivation & Incentives (Topic), Econometric Modeling: Corporate Finance & Governance eJournal, FEN: Experimental Finance (Topic), Microeconomics: General Equilibrium & Disequilibrium Models of Financial Markets eJournal, Organizations & Markets: Motivation & Incentives eJournal, Organizations & Markets: Policies & Processes eJournal.

[9] “Guru Dreams and Competition: An Anatomy of the Economics of Blogs”, co-authored with Yi Dong and Massimo Massa, working paper, 2015.
This paper has been included in the 2015 Asian Bureau of Finance and Economic Research (ABFER) conference, 2017CICF and 2019 AFA.
The rise of social media encourages guru dreams due to its low entry barrier and highly skewed distribution of public attention. The pursuing of guru status, however, may be achieved through information provision or cheap talks. Based on a unique dataset of blogs covering S&P 1500 stocks over the period 2006-2011, we find evidence that social media can be informative about future stock return, whereas competition distorts opinions rather than ensuing better information.
The paper was listed on SSRN's Top Ten download list for: Management Research Network; CSN: Genre & Media (Topic), CSN: Social Media (Sub-Topic); CSN: Social Media (Sub-Topic) and Cognition & the Arts eJournal; Economics of Networks eJournal and eBusiness & eCommerce eJournal; CSN Subject Matter eJournals, Cognitive Science Network, ISN Subject Matter eJournals and Information Systems & eBusiness Network;

Theme 3: On Delegated Portfolio Management
I use the global mutual fund industry to explore three fundamental questions in financial economics: the impact of
heterogeneous agents; the role of country-level institutions/culture (hence overlapped with my other research themes); as well as the rationale behind various organizational structuresof financial intermediaries. This line of research extends my existing studies of Mamaysky, Spiegel, and Zhang (2007, 2008) and Spiegel and Zhang (2013 JFE).

[10] “Dollars versus Sense: Investor Demand, Managerial Skill, and Hedge Fund Startups”, co-authored with Charles Cao and Grant Farnsworth, working paper 2017. Revise and Resubmit, Journal of Finance. This paper has been included in 2017 AsFA, 2017 CICF, and 2018 AFA.
We hypothesize that new hedge funds can be launched either to primarily cater to investor demand or to offer new managerial skills, and that the latter type of skill-driven inceptions deliver better performance. Empirically, we find that skill-driven inceptions (those launched under low-demand conditions and that are not clones of existing funds.) outperform demand-driven inceptions on a risk-adjusted basis by 4–5% per year. Our results shed new lights on now skills are dynamically distributed in the hedge fund industry.

Theme 4: The Asset Pricing Implications of Heterogeneous Agents
My other research papers examine the heterogeneity nature of firms/investors (e.g., firm decision influenced by its ownership) as well as its asset pricing implications that traditional representative-agent asset pricing models fail to account for.

[11] “When is Good News Not Good News? Conflict of Interests among Shareholders in the Choice of Innovation Policies”, co-authored with Po-Hsuan Hsu, Sterling Huang (SMU), and Massimo Massa, working paper 2014. This paper has been included in the 2015 European Finance Association Annual Meeting (EFA).
We document that the market responds negatively to family firms’ exploratory innovation. The market is right, because the controlling families may engage in exploratory innovation for business diversification reasons, which may not benefit market investors. Consistent with this concern, we show that family ownership is positively (negatively) related to exploratory (exploitative) innovation, suggesting a strong diversification motivation.
The paper subsumes the older working paper of “The New Lyrics of the Old Folks: Risk Diversification of Family Ownership through Innovation and Exploration”, and was listed on SSRN's Top Ten download list for: AARN: Corporations (Sub-Topic), Economic Anthropology (Topic); CGN: Family Firms (Topic); ERPN: Econometric Studies of Corporate Governance (Topic), Family Business (Topic), Other Family Business (Sub-Topic); Firm (Topic); Innovation (Topic), Other Firm (Sub-Topic); SRPN: Corporate Governance (Topic), Innovation (Topic); Corporate Governance & Economics eJournal; Corporate Governance: Governance of Special Types of Firms eJournal; Econometric Modeling: Corporate Finance & Governance eJournal; Corporate Social Responsibility (CSR) eJournal; Entrepreneurship, Innovation, & Growth eJournal; Entrepreneurship & Management eJournal; and Sustainable Technology eJournal; Entrepreneurship, Innovation, & Growth eJournal.

[12] “Firm-Level Investment Opportunity, Corporate Policy, and Asset Return”, working paper 2006.
When firms maximize their earnings by dynamically responding to firm-level investment opportunities, their systematic risk changes. However, earnings from better investment opportunities are “safer” in the sense that the increase in systematic risk is lower than the increase in earnings. This suffices to create cross-sectional price differences such as value premium and momentum, as compensation is needed for stocks with bad firm-level investment opportunities.

[13] “Can Rational Investors Overreact – Evidence from Multiplicative risk and Asset Pricing Puzzles”, working paper 2008.
Multiplicative risk, generated by the accumulation of sequential earnings shocks by firms, can largely induce investors with different horizons to have different evaluations for a same asset.  This creates a clientele effect which may contribute to value premium.

 

案例开发

Theme 1: Blue Ocean Finance—the Evolution of Corporate Treasury Operations in the 21st Century
This is my first case theme on globalization and multinationals. Challenges from the era of globalization have caught the traditional treasury management structure of multinationals off-guard. The MNCs have witnessed the evolution of three stages of treasury  over the past decade, from the centralization of cash management to the innovation of in-house banks, which are described in three individual cases of Tyco, Lenovo, and Roche, respectively. A fourth case aims to provide a strategy framework, cross-referenced with the theory of firms, to understand the importance and implications of the trend.
[1] “Tyco International: Corporate Liquidity Crisis and Treasury Restructuring,”2011 (ECCH 111-028-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, and Anne Yang, Research Associate at INSEAD.

[2] “The Financial Globalization of Lenovo,” 2012 (ECCH 112-029-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Damian Glendinning, Lenovo Global Treasurer, and Anne Yang, Research Associate at INSEAD. 

[3] “We Innovate Corporate Treasury: The In-house Bank of Roche,” 2012 (ECCH 112-030-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche Ltd, and Anne Yang, Research Associate at INSEAD.  

[4] “Blue-Ocean Finance: The Evolution of Corporate Treasury in the 21st Century,” 2014 (INS796), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche Ltd, and Anne Yang, Research Associate at INSEAD. This case is developed under the supervision of INSEAD Blue Ocean Strategy Institution with special recognition to Dr Mi Ji, Institute Senior Executive Fellow. 

Theme 2: Challenges and Opportunities of China 
My second case theme aims to understand the excitement and challenges faced by the concurrent Chinese economy and firms. The case theme will include analysis regarding China’s currency policy of China, its booming online economy, as well as the mechanism of propagating negative news in the financial market—i.e., short selling.

[5] “The Globalization of the Renminbi: Feeling the Stones on the River Bed”, 2014 (INS674), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, and Anne Yang, Research Associate at INSEAD.

[6] “A Tale of Two ‘Orientals’:  Lessons from Short Selling Attacks”, 2016 (IN1326), co-authored with Anne Yang, Research Associate at INSEAD, and Xiaojiao Guo, Research Associate at PBC School of Finance. This case was developed jointly by INSEAD’s Emerging Markets Institute and China Finance Case Centre of PBC School of Finance.

[7] “Shadow Banking in an Emerging Economy: Could Alibaba Shake China’s Financial Stability?” co-authored with Cen Zhao, vice dean of PBCSF, Jingying Jia, Research Associate at PBCSF, and Anne Yang, Research Associate at INSEAD. This case was developed jointly by INSEAD’s Emerging Markets Institute and China Finance Case Centre of PBC School of Finance. Under publishing process (expected in 2019).

Theme 2: Blockchains and FinTech 
My third case theme aims to understand the excitement and challenges brought forth by FinTech and Blockchains. In particular, I am interested in how FinTech could potentially influence the business models and the fundamental structure of the traditional banking industry and how blockchains could help solve financing and related problems in the real economy.

[8] “R3: Bringing Back the ‘Fin’ to FinTech”, co-authored with Anne Yang, Research Associate at INSEAD, Xuexin Gao, Research Associate at PBCSF, Tsinghua University, and Massimo Massa, the Rothschild Chaired Professor of Banking at INSEAD. This case was developed jointly by INSEAD’s Emerging Markets Institute and China Finance Case Centre of PBC School of Finance. Under publishing process (expected in 2019).

As the director of China Finance Case Center, I have also developed about 10 cases in Chinese. The topics cover how Chinese companies got attacked by short sellers in overseas market, how shadow banking affects financial stability in the U.S. and in China, and how leading Chinese companies, such AliBaBa and Shengzhou (the Chinese competitor of Uber), innovate and change the economy.


著作章节

Tyco International: Corporate Liquidity Crisis and Treasury Restructuring”, reprinted in “The Handbook of Global Corporate Treasury” by John Wiley & Sons, edited by Rajiv Rajendra. This is the first comprehensive textbook that aims at Corporate CFOs and Treasurers/Treasury Managers around the world  to give them a practical and hands-on approach to managing treasury in an international context. I was invited to contribute one chapter based on my Tyco case.


媒体采访
Financial Times, Jun 23, 2013, “Asia-Pacific: Off-the-peg model does not suit”, by Emma Boyde (
http://www.ft.com/intl/cms/s/2/1378ea54-cdc9-11e2-8313-00144feab7de.html). I was interviewed by the Financial Times journalist to comment on the practices and training of portfolio managers in the Asia-Pacific area.

 

荣誉及奖项

2018            Winner of the Arthur Warga Award for the Best Paper in Fixed Income at 2018 SFS Cavalcade Asia

                    Pacific Conference.
2016            Outstanding Teaching Program ((2nd Prize Award), Tsinghua University.
2015            Winner of the Best Paper in Banking and Financial Institutions at the 2015 Asian Finance Association   

                    Annual Meeting (AsFA): “Investing in Low-trust Countries: Trust in the Global Mutual Fund Industry”
2013            Winner of the CFA Society Toronto Award, 2013 Northern Finance Association Annual Conference: “The 

                    Invisible Hand of Short Selling”. 
                    Winner of the TCW Best Paper Award, The 2013 China International Conference in Finance (CICF):

                    “The Invisible Hand of Short Selling”.
                    Winner of the JUFE Best Paper Award, The 2013 Asian Finance Association Annual Meeting (AsFA):

                    “The Invisible Hand of Short Selling”.
1999-2002   Yale University Fellowship.
1998            Meyer Fellowship, New York University.
1994            Dr. T.D.Lee (1957 Nobel Prize Winner) Physics Gold Medal.
1991            National Gold Medal, 8th Chinese Physics Olympics (also National Champaign for the Experiment part).

                    National 1st Grade Award, 1991 Chinese Mathematics Olympics.

 

期刊的评审人
Journal of Finance
Review of Financial Studies
Management Science
Review of Finance
Financial Analysts Journal
Journal of Empirical Finance

 

博士生指导委员会
Lei Zhang (Thesis committee): PhD from INSEAD 2009, placed at Nanyang Tech University, Singapore.
Vijay Yadav (Thesis committee): PhD from INSEAD 2011, placed at ESSEC, Singapore campus.
David Schumacher (Thesis committee): PhD from INSEAD 2013, placed at McGill, Canada.
Yanbo Wang (Co-Chair of Thesis Committee): PhD from INSEAD 2015 and placed at SKK, Korean.
Ling Yue (Co-Chair of Thesis Committee): PhD from INSEAD 2016 and placed at National University of Singapore.
Chengwei Wang (PhD Advisor and Thesis Committee): PhD from INSEAD 2016 and placed at SKK, Korean.
Weikang Zhu (Thesis Chair): PhD from PBCSF 2017. CICC.
Senfeng Li (Thesis Chair): PhD from PBCSF 2017. People Bank of China (Guangzhou Branch).
Gloria Yu (Co-Chair of Thesis Committee): PhD from INSEAD 2018 and placed at Singapore Management University.
Jennifer Li (Co-Chair of Thesis Committee): PhD from INSEAD 2018 and placed at Shanghai Advanced Institute of Finance (SAIF).

 

会议委员会/组织者

Conference Co-Organizer: Financial Policy Conference 2018: Reforms and Liberalization of China’s Capital Market
Host’s Faculty Sponsor: SFS Cavalcade Asia-Pacific 2017;
Conference Co-Organizer: 2017 Summer Institute of Finance;
Conference Co-Organizer: Five Star Workshop in Finance, 2016~now;
Conference Co-Organizer: Asian Bureau of Finance and Economic Research (ABFER), 2015~now.

  

学术机构成员
American Finance Association; Western Finance Association; Asian Finance Association.