张弘
金融学讲席教授
中国金融案例中心主任


中国 北京（100083）
清华大学五道口金融学院
Email: zhangh@pbcsf.tsinghua.edu.cn

简历





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，凤凰金融学讲席教授
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
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
2016.10 至今 清华大学五道口金融学院，凤凰健康金融研究中心，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
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


发表成果

[1] Massimo Massa, Chengwei Wang, Hong Zhang, and Jian Zhang, 2020, “Investing in Low-trust Countries: Trust in the Global Mutual Fund Industry”, accepted by Journal of Financial and Quantitative Analysis.
We document that social trust, in mitigating contracting incompleteness, has an important influence on both the activeness and effectiveness of delegated portfolio management. Trusting investors allow for more active global mutual funds, and managers reciprocate in a trustworthy way: trust-related active share delivers superior performance of 2% per year.
[2] Jennifer (Jie) Li, Massimo Massa, Hong Zhang, and Jian Zhang, 2019, “Air Pollution, Behavioral Bias, and the Disposition Effect in China”, forthcoming 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.
v A newsletter of the paper is featured by the Network for Business Sustainability at: https://www.nbs.net/articles/report-from-the-research-frontier-february-2020
[3] Si Cheng, Massimo Massa, and Hong Zhang, 2019, “The Unexpected Activeness of Passive Investors: A World-Wide Analysis of ETFs”, Review of Asset Pricing Studies 9-2, 296–355.
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.
[4] 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 the 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 the interesting properties of informed trading.
[5] Massimo Massa, Yanbo Wang, and Hong Zhang, 2016, “Benchmarking and Embedded Currency Risk”, Journal of Financial and Quantitative Analysis51: 629-654.
Benchmarking against an international stock index creates an embedded currency risk to mutual funds. Managers manage such a risk by concentrating on equity investments in fewer “safe” currencies. This concentration, however, constrains managers from achieving the best equity allocation.

[6] 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.
v 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/)
[7] 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.
v 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.
v 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.
[8] Chunmei Lin and Massimo Massa, and Hong Zhang, 2014, “Mutual Funds and Information Diffusion: The Role of Country-Level Governance”, Review of Financial Studies 27: 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.
v 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/).
[9] 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.
[10] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2008, “Estimating the Dynamics of Mutual Fund Alphas and Betas,” Review of Financial Studies 21(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.
v 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."
[11] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas,” Review of Finance 11: 359-400 (the lead article of the issue).
Traditional OLS models cannot properly differentiate estimation errors from true skills. A simple backtesting 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 Real Impact of Market-based Mechanisms
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, this research theme examines whether financial markets can directly influence the real economy by affecting the incentives of firms and investors therein. In this perspective, we can view short selling as an external governance mechanism, an “invisible hand” to 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] “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.
This paper is included in the 2020 ASSA meetings.
[3] “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 a positive return premium.
This paper is included in the 2016 EFA, 2016ABFER, 2016 CICF, and 2016 AsFA meetings.

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 the broader social and environmental issues that can influence 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 fundamental challenge to the efficiency of its financial market. I further show that air pollution (2019 JFE) and alcohol-related social norms are crucial in deciphering modern China. Recently, I also explore issues like inequality and the rise of social media.
[4] “Financial Globalization vs. Income Inequality: The Surprising Role of Delegated Portfolio Flows in Taming the Top 1%”, co-authored with Si Cheng and Massimo Massa, working paper 2019.
We document a surprising finding that foreign capital inflows delegated through the global mutual fund industry reduce the income of the top 1%. To rationalize this observation, we construct a novel database of worldwide sales revenues accrued to rich families in each country-industry. We find that large foreign inflows induce local rich families to sell highly concentrated yet profitable industries in pursuing international diversification.
This paper is included in the 2019 ABFER meetings.
[5] “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.
[6] “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.
[7] “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 the Delegated Portfolio Management
This theme aims to explore three fundamental questions related to the delegated portfolio management: 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 structures of financial intermediaries. This line of research extends my previous studies of Mamaysky, Spiegel, and Zhang (2007, 2008) and Spiegel and Zhang (2013 JFE).
[8] “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 delivers 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 light on now skills are dynamically distributed in the hedge fund industry.


Theme 4: Implications of Market Frictions
This theme aims to examine market frictions and how they influence asset prices and firm incentives going beyond the predictions of traditional asset pricing models. Note that social and cultural constraints can also bring in frictions. Hence this part of researches focuses more on frictions that occur within the scope of financial markets related to, e.g., agency costs, inattention, heterogeneity, and preferences.
[9] “Segmented Institutional Investor Attention In Deciphering Firm-Specific Information”, co-authored with Massimo Massa and Yijun Zhou, working paper 2020. This paper has been included in the 2020 ABFER.
What researchers often refer to as “firm-specific information” is complex in nature—it synchronizes news originated from different categories of economic sources. How institutional investors process information across news-categories becomes crucial to market efficiency. We document that skillful institutional investors specialize their trading in a limited news-categories. The ensuing specialization may hinder market informativeness because the inattention of even a small fraction of such investors can impede information dissemination in their specialized categories. Our results highlight a novel and fundamental channel that affects market efficiency.
[10] “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.

[11] “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.
[12] “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 the same asset. This creates a clientele effect which may contribute to value premium.


讲授课程

Programs in English:
[1] INSEAD MBA courses: Financial Market Valuation (MBA core course); Investment (elective); International Financial Management (elective);
[2] INSEAD-Macquarie Master of Finance and INSEAD Master of Finance Program: Capital Market (core course).
[4] CKGSB MBA (2011-2012): Investments; International Financial Management
[5] Tsinghua-INSEAD EMBA (TIEMBA, 2016): Investments
[6] Various EDP courses taught at INSEAD (e.g., ABN AMRO, Master of Alternative Investments, McKinsey - INSEAD Business Basics Program, PwC Business Recovery Services).
Programs in Mandarin:
[1] CKGSB Finance MBA: Capital Market I (four days in Chinese)
[2] CKGSB Finance EMBA and Finance MBA: Risk Management (2~3 days in Chinese). Evaluations in CKGSB for my Chinese lectures are typically around 4.8 (out of 5); highest at 4.97 (my lifetime hit).
[3] PBCSF DBA (2015, 2016, 2018): Institutions, Culture, and Finance (3 days in Chinese). Evaluation: 4.92 out of 5.
[4] PBCSF-Cornell Dual-degree MBA (2016): Investments (3 days). Evaluation: 4.87 out of 5.
[5] PBCSF MS in Finance (2015~2018): Investments
[6] PBCSF Executive Training: Traditional Firms Meet Capital Market (Program Director), Investments, Blue Ocean Finance.
PhD Teaching:
Information Economics (A) and (B): co-teach with Massimo Massa. 2012-2014.
Teaching Awards:
[1] 2016 Tsinghua University Outstanding Executive Program Award, 2nd Prize, Tsinghua University.
[2] 2017 PBCSF Executive Training Teaching Award, PBCSF at Tsinghua University.
[3] 2018 Tsinghua University Teaching Award (awarded to top 5% rated classes in all courses taught in Tsinghua University).



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.
荣誉与奖项

2018 Winner of the Arthur Warga Award for the Best Paper in Fixed Income at 2018 SFS Cavalcade Asia
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 Laureate) 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
Yijun Zhou (Co-Chair of Thesis Committee): Ph.D. from INSEAD 2020, placed at Baruch College.
Gloria Yu (Co-Chair of Thesis Committee): Ph.D. from INSEAD 2018, placed at Singapore Management University.
Jennifer Li (Co-Chair of Thesis Committee): Ph.D. from INSEAD 2018, placed at Shanghai Advanced Institute of Finance (SAIF).
Weikang Zhu (Thesis Chair): Ph.D. from PBCSF 2017, placed at CICC.
Senfeng Li (Thesis Chair): Ph.D. from PBCSF 2017. People Bank of China (Guangzhou Branch).
Ling Yue (Co-Chair of Thesis Committee): Ph.D. from INSEAD 2016, placed at the National University of Singapore.
Chengwei Wang (Ph.D. Advisor and Thesis Committee): Ph.D. from INSEAD 2016, placed at SKK, Korean.
Yanbo Wang (Co-Chair of Thesis Committee): Ph.D. from INSEAD 2015, placed at SKK, Korean.
David Schumacher (Thesis committee): Ph.D. from INSEAD 2013, placed at McGill, Canada.
Vijay Yadav (Thesis committee): Ph.D. from INSEAD 2011, placed at ESSEC, Singapore campus.
Lei Zhang (Thesis committee): Ph.D. from INSEAD 2009, placed at Nanyang Tech University, Singapore.


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.