个人简介
胡杏博士现任清华大学五道口金融学院副教授。胡杏于2011年至2019年间担任香港大学金融学助理教授，2011年获得普林斯顿大学经济学博士学位。此前获得了西北大学硕士学位和中国科学技术大学计算机科学学士学位。
胡杏的研究领域主要包括实证资产定价，重点关注资产流动性、信贷风险以及金融危机。她在 Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, and International Review of Finance 等一流学术期刊上发表过多篇论文。
工作经历
2019.7至今 清华大学五道口金融学院，副教授
2011.07-2019.06 香港大学，金融学助理教授
教育背景
2011 普林斯顿大学，经济学，博士学位
2008 普林斯顿大学，经济学，硕士学位
2004 西北大学，计算机科学，硕士学位
2002 中国科学技术大学，学士学位（少年班）
研究领域
中国资本市场、市场流动性、信贷风险、市场异象、市场有效性、金融危机
相关研究
期刊发表
Noise as Information for Illiquidity, Journal of Finance, volume 68, pages 2223-2772, 2013 (with Jun Pan and Jiang Wang)
Early Peak Advantage? Efficient Price Discovery with Tiered Information Disclosure, Journal of Financial Economics, volume 126, pages 399-421,2017 (with Jun Pan and Jiang Wang)
Bayesian Inference via Filtering Equations for Ultra-High Frequency Data (I), SIAM/ASA Journal on Uncertainty Quantification, volume 6, pages 34-60, 2018 (with Yong Zeng and David Kuipers)
Bayesian Inference via Filtering Equations for Ultra-High Frequency Data (II), SIAM/ASA Journal on Uncertainty Quantification, volume 6, pages 61-86, 2018 (with Yong Zeng and David Kuipers)
Fama-French in China, Size and Value Factors in Chinese Stock Returns, International Review of Finance, volume 1, pages 3-44, 2019 (with Can Chen, Yuan Shao, and Jiang Wang)
Rollover Risk and Credit Spreads in the Financial Crisis of 2008, Journal of Finance and Data Science, volume 6, pages 1-15, 2020
Tri-party Repo Pricing, Journal of Financial and Quantitative Analysis, volume 56, pages 337-371, 2021 (with Jun Pan and Jiang Wang)
Chinese Capital Market: An Empirical Overview, Critical Finance Review, volume 10, pages 125-206, 2021 (with Jun Pan and Jiang Wang)
Premium for Heightened Uncertainty: Explaining Pre-Announcement Market Returns, Journal of Financial Economics, volume 145, pages 909-936, 2022 (with Jun Pan, Jiang Wang, and Haoxiang Zhu)
A Review of China’s Financial Markets, Annual Review of Financial Economics, volume 14, pages 465-507, 2022 (with Jiang Wang)
Uncertainty Resolution Before Earnings Announcements, Management Science, volume 72, pages 1835-1857, 2026 (with Chao Gao and Xiaoyan Zhang)
工作论文
Corporate Basis and the International Role of Dollar, working paper, 2025 (with Zhan Shi, Ganesh Viswanath-Natraj,and Junxuan Wang)
Major Revision at Journal of International Economics
Macroeconomic Announcements and Price Discovery Without Trading, working paper, 2025 (with Haozhe Han and
Calvin Dun Jia)
Major Revision at Journal of International Economics
Investor Heterogeneity and Factor Pricing, working paper, 2025 (with Zhao Jin and Jianfeng Yu)
Major Revision at Management Science
The Stock-Bond Correlation: A Tale of Two Days in the U.S. Treasury Market, working paper, 2025 (with Zhao Jin and Jun Pan)
Major Revision at Management Science
Previously circulated under "Comovements in Global Markets and the Role of U.S. Treasury"
From Wall Street to Hong Kong: The Value of Dual Listing for China Concept Stocks, working paper, 2025 (with
Zhuo Chen, Ziqiong Xi, and Xiaoquan Zhu)
The Monthly Cycle of Option Prices, working paper, 2025 (with Jia He and Chao Gao)
Autocorrelation in Daily Stock Market Returns: Time-variation and Asymmetry, working paper, 2025 (with Zhao Jin and Jiang Wang)
Information Disclosure with No Fundamentals, working paper, 2025 (with Chao Gao and Haozhe Han)
荣誉与奖项
Second Prize, 17th Shanghai Philosophy and Social Sciences Outstanding Achievements Award (2022-2023)
Best Paper Award, 4th Banking and Financial Intermediation Conference (2024)
Best Paper Award, 6th Annual Academic Conference of the Quantitative Finance and Insurance (2024)
Best Paper Award, 36th Asian Finance Association Annual Conference (2024)
Best Paper Award, Dishui Lake International Conference in Finance (2025)
Best Paper Award, 5th Banking and Financial Intermediation Conference (2025)
著作章节
Filtering with Counting Process Observations and Other Factors: Applications to Bond Price Tick Data, Stochastic Analysis, Stochastic Systems and Application to Finance, Edited by Allanus Tsoi, David Nualart and George Yin, World Scientific, Singapore, pages 133-162, 2011 (with David Kuipers and Yong Zeng)
Chinese Capital Market Yearbook, Economic Science Press, 2023 (in Chinese, with Jiang Wang)
其他中文发表
同行评审文章
汇率改革对中国外汇市场有效性的影响, 经济管理学刊，2023 (胡杏，李思扬，金昭，施展)
债券市场对外开放提高了流动性吗? — 基于债券通的实证经验, 经济学季刊，2025 (何佳，陈卓，胡杏)
非同行评审文章
我国资本市场互联互通的历程、现状与展望, 清华金融评论, 2021年9月 (胡杏，齐稚平，何佳)
不确定性增加的溢价：解释宏观经济指数发布前的市场回报, 清华金融评论, 2021年12月(胡杏)
资本市场跨境互联模式比较—基于陆港通与沪伦通的案例分析, 银行家, 2021年6期 (胡杏，齐稚平，何佳)
在美中概股何去何从，清华金融评论，2022年7月（陈卓，胡杏）
中美技术交易平台主要运营模式分析，清华金融评论，2022年10月（胡杏，马陶然，曲艺）
Flagship Pioneering—生物科学风投界的旗舰先锋, 清华金融评论2023年4月（胡杏，马陶然）
浅析可转债新规对市场的影响，银行家, 2023年7期 (胡杏，宋哲，孙鑫宇)
风险投资“前移”与科技成果转化经验—以华睿新能为例, 清华金融评论, 2023年10月（李惠磊, 苏阳, 胡杏, 马陶然）
Flagship Pioneering：追求规模化创业的 “创新母舰” ，浦江金融评论2025年8月(胡杏，马陶然)
案例研究
陆港通、债券通–架起资本市场双向开放的桥梁,清华案例中心,案例编号2021-2-006 (胡杏,齐稚平,何佳)
“保险+期货”（A）农业风险管理的中国实践, 清华案例中心,案例编号2022-2-002 (胡杏,邓颖，董明星)
中美技术交易平台主要运营模式分析. 清华大学国家金融研究院研究报告系列. 2022年第6期（胡杏, 马陶然）
中概股危机始末, 清华案例中心,案例编号2023-1-016 (胡杏，陈卓，胡畔)
中国可转债市场研究, 清华案例中心,案例编号2023-2-002 (胡杏，宋哲，孙鑫宇)
“保险+期货”(B)：持续创新与实践,清华案例中心,案例编号2024-1-009 (胡杏，邓颖)
科技风投：Flagship Pioneering–生物科学风投界的旗舰先锋,清华案例中心,案例编号2024-1-010(胡杏，马陶然)
哔哩哔哩港股回归之路,清华案例中心,案例编号2024-1-011(胡杏，胡畔)
教学经历
Advanced Microeconomics, 2019 – current, Ph.D., Tsinghua University
Continuous-Time in Finance, 2019 – current, Ph.D., Tsinghua University
Advanced Topics in Financial Economics, 2021, Ph.D., Tsinghua University
Risk Management, 2011 – 2018, Master of Finance, HKU
Advanced Option Pricing Models, 2014 – 2018, Master of Finance, HKU
Quantitative Risk Management, 2011 – 2014, Undergraduate, HKU
Summer Math Camp for Master in Finance Program, 2009, Master of Finance, Princeton University
科研项目
Arbitrage Spreads and Aggregate Liquidity, Early Career Scheme of Hong Kong Research Grant Council, PI, competitive grant of HKD$456K, 2012 – 2014
Tri-party Repo Pricing, General Research Fund of Hong Kong Research Grant Council, PI, competitive grant of HKD $512K, 2014 – 2016
Supply Chain, News and Post-Earnings Announcement Drift, General Research Fund of Hong Kong Research Grant Council, co-PI, competitive grant of HKD $478K, 2017-2019
中国资本市场改革与开放, 清华大学双高项目, PI, competitive grant of RMB ¥1.2Million, 2021-2023
Seed Funding, University of Hong Kong, 2011
Seed Funding, Tsinghua University, 2022-2025
学术演讲
Boston University; Central University of Finance and Economics; Cheung Kong Graduate School of Business; Chinese University of Hong Kong (Shenzhen); City University of Hong Kong; Fudan University; Hong Kong University of Science and Technology; Massachusetts Institute of Technology; McGill University; Monash University (scheduled); Ohio State University; PBC School of Finance; Peking University; Renmin University; Shanghai Jiaotong University; University of Hong Kong; Zhejiang University
American Finance Association Meetings; China Financial and Research Conference; China Meeting of the Econometric Society; China International Conference of Finance; Factor Symposium; Five Star Conference; Financial Management Association; Macquarie Global Quantitative Conference; Midwest Finance Association; Summer Institute of Finance; Volatility Institute at NYU Shanghai; Western Finance Association
专业服务
期刊评审：Journal of Finance; Review of Financial Studies; Management Science; Review of Finance; Journal of Empirical Finance; Journal of Financial and Quantitative Analysis; Journal of Banking and Finance; Annual Review of Financial Economics; Journal of Financial Markets; Journal of Money, Credit and Banking; Journal of Finance and Data Science
