清华大学winds组合

张弘清华大学五道口金融学院zhangh@pbcsf.
tsinghua.
edu.
cn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ThePacific-BasinFinanceJournal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MassimoMassa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,MassimoMassa,HongZhang,andJianZhang,2019,"AirPollution,BehavioralBias,andtheDispositionEffectinChina",acceptedforpublicationatJournalofFinancialEconomics.
Airpollutioncansignificantlyincreasethedispositioneffectofretailinvestors.
EndogeneitytestsbasedonthevastdissipationofairpollutionduetostrongwindsaswellastheHuai-riverpolicysupportacausalinterpretation.
Ourresultshaveimportantnormativeimplicationsthatairpollutionsmayincurindirect(social)costsassociatedwithenhancedbehavioralbias.
[2]SiCheng,MassimoMassa,andHongZhang,2018,"TheUnexpectedActivenessofPassiveInvestors:AWorld-WideAnalysisofETFs",forthcoming,ReviewofAssetPricingStudies.
TheglobalETFindustryprovidesmorecomplicatedinvestmentvehiclesthanlow-costindextrackers.
TherealinvestmentsofETFsmaydeviatefromtheirbenchmarkstoleverageinformationaladvantages(whichleadstoasurprisingstock-selectionability),andtohelpaffiliatedOEFsthroughcross-trading,particularlyinETFsdomiciledinEurope.
ETFsmayaffectfinancialstability.
[3]YawenJiao,MassimoMassa,andHongZhang,2016,"ShortSellingMeetsHedgeFund13F:AnAnatomyofInformedDemand",JournalofFinancialEconomics122,544–567.
Shortsellingandhedgefundholdingsarelargelytwosidesofasamecoin:theyjointlyrevealimportantmotivationsforhedgefundtrading.
Oppositechangesinthetwosides,forinstance,arelikelytobedrivenbyinformation.
Thisidentificationallowsustoexploreinterestingpropertiesofinformedtrading.
[4]MassimoMassa,YanboWang,andHongZhang,2016,"BenchmarkingandEmbeddedCurrencyRisk",JournalofFinancialandQuantitativeAnalysis51:629-654.
Benchmarkingagainstaninternationalstockindexcreatesembeddedcurrencyrisktomutualfunds.
Managersmanagesuchariskbyconcentratingequityinvestmentsinfewer"safe"currencies.
Thisconcentration,however,constrainsmanagersfromachievingthebestequityallocation.
[5]MassimoMassa,WenlanQianandWeibiaoXu,andHongZhang,2015,"CompetitionoftheInformed:DoesShortSellingAffectInsiderTrading",JournalofFinancialEconomics118:268-288.
Inthepresenceofshortselling,corporateinsidershaveincentivestosellmore(sharesfromtheirexistingstakes)andtradefastertopreemptthepotentialcompetitionfromshortsellers.
Ourresultsshowthatshortsellingcanindirectlyimprovethepriceefficiencyoftheeconomythroughitsimpactonotherinformedtraders.
ApostofthepaperissolicitedandfeaturedatHarvardLawSchoolForumonCorporateGovernanceandFinancialRegulation(http://corpgov.
law.
harvard.
edu/2015/12/03/does-the-presence-of-short-sellers-affect-insider-selling/)withitsannouncementonTwitter:(https://twitter.
com/HarvardCorpGov/status/672415338013859840)[6]MassimoMassa,BohuiZhang,andHongZhang,2015,"TheInvisibleHandofShortSelling:DoesShort-SellingDisciplineEarningsManagement",ReviewofFinancialStudies28:1701-1736.
Weshowthatshortsellinghasadiscipliningrolevis-à-visfirmmanagersthatforcesthemtoreduceearningsmanagement.
Ourfindingssuggestthattheinvisiblehandofthemarketprovides,throughshortselling,externalgovernancemechanismstodisciplinemanagers.
WinneroftheTCWBestPaperAward,2013ChinaInternationalConferenceinFinance(CICF);WinneroftheJUFEBestPaperAward,2013AsianFinanceAssociationAnnualMeeting(AsFA);WinneroftheCFASocietyTorontoAward,2013NorthernFinanceAssociationAnnualConference.
ApostofthepaperissolicitedandfeaturedatHarvardLawSchoolForumonCorporateGovernanceandFinancialRegulation(http://blogs.
law.
harvard.
edu/corpgov/2015/02/26/does-short-selling-discipline-earnings-manipulation/).
Thepaperalsoattractsattentionfromabroadbaseofreaders,rangingfromStephenBainbridge,theWilliamD.
WarrenDistinguishedProfessorofLawattheUCLASchoolofLaw,to"SiliconInvestor",anonlinediscussingboardforstockinvestments.
[7]ChunmeiLinandMassimoMassa,andHongZhang,2014,"MutualFundsandInformationDiffusion:TheRoleofCountry-LevelGovernance",ReviewofFinancialStudies27:3343-3387.
Weakinstitutionsatthecountryleveljeopardizethequalityofpublicinformation.
Itmayappearthattheproblemcanbesolvedbytheintroductionofsavvymutualfundsthatcanprocesssemipublicinformation.
Thismarket-basedcorrectivemechanism,however,iscostlybecauseitdiscouragestheparticipationoflessinformedinvestors.
Weshowthatthecostoutweighsthebenefitingeneralanddestabilizesthemarketduringcrisesinparticular.
Weakinstitutionsproposeafundamentalchallengetothefinancialmarket.
ApostofthepaperissolicitedandfeaturedatHarvardLawSchoolForumonCorporateGovernanceandFinancialRegulationonOctober29,2014(http://blogs.
law.
harvard.
edu/corpgov/2014/10/29/mutual-funds-and-information-diffusion-the-role-of-country-level-governance/).
[8]MattSpiegelandHongZhang,2013,"MutualFundRiskandMarketShareAdjustedFundFlows",JournalofFinancialEconomics108-2:506-528.
Theliteraturedocumentsaconvexflow-returnrelationshipinthemutualfundindustry.
Weshowthatheterogeneouslinearresponsefunctionscombinedwiththepooledanalysiscommonlyusedinthesestudiescanyieldfalseconvexityestimates.
Usingthealternativespecification(marketshares),wefindnoevidenceofconvexityintheflow-performancerelationship.
Ourresultschallengethetraditionalviewonmanagerialincentives.
[9]HarryMamaysky,MattSpiegel,andHongZhang,2008,"EstimatingtheDynamicsofMutualFundAlphasandBetas,"ReviewofFinancialStudies21(1):233-264.
Wedevelopadynamicmodel,whichallowsustouseKalmanfiltertotracktheinformationadvantageofmutualfundmanagers.
Mutualfundalphasidentifiedinthiswaydeliversuperiorperformanceoutofsample.
ThispaperwascitedbyTheNewYorkTimes(May18,2003)andFinancialAdvisorMagazine(June2004)asto"havesolvedabigproblemformutualfundratingsystems.
"IthadalsobeenlistedonSSRN'sTopTendownloadlistfor"AFA2004SanDiegoMeetingsAllTimeHits"and"EuropeanFinanceAssociationMeetings(EFA)(Archive)AllTimeHits.
"[10]HarryMamaysky,MattSpiegel,andHongZhang,2007,"ImprovedForecastingofMutualFundAlphasandBetas,"ReviewofFinance11:359-400(theleadarticleoftheissue).
TraditionalOLSmodelscannotproperlydifferentiateestimationerrorsfromtrueskills.
Asimplebacktestingprocedure,whichscreensoutobviousestimationerrors,candramaticallyimprovethequalityofestimationandtoproducereliableout-of-sampleforecasts.
工作论文BelowIsummarizetheminresearchthemes.
Theme1:Theinfluenceofmarket-basedmechanisms(e.
g.
,the"InvisibleHand"ofShortSelling;globalization)Whydoweneedthestockmarketandwhatarethebenefitsofmarket-basedeconomiesWhiletheclassicalviewstatesthatthe"invisiblehand"canhelpallocateresources,myfirstthemeofresearchexamineswhetherfinancialmarketscandirectlyinfluencetheincentivesoffirmsandinvestorstherein.
Shortsellinginthisperspectiveprovidesakeymechanismtounderstandsuchrolesofthemarket.
Myresearchsuggeststhatthe"invisiblehand"ofshortsellingcanindeedenhancethecontractingandinformationalefficiencyoftherealeconomy(Massa,Zhang,andZhang,2015RFS;andMassa,Qian,Xu,andZhang,2015JFE).
Jiao,Massa,andZhang(2016,JFE)furtherprovideanewapproachtogaugethetradingmotivationofinformedtradersinthemarket.
Globalizationisthesecondmarket-basedmechanismthatIwouldliketoexplore.
[1]"SecurityLendingandCorporateFinancing:TheCaseoftheBondIssuance",co-authoredwithJennieBaiandMassimoMassa,workingpaper2018.
Thesecuritylendingmarketallowsinstitutionalinvestors,suchasinsurancecompanies,tolendouttheirholdingassetsinexchangeforcashcollaterals,animportantbutunderstudiedsourceoffundingforcorporatebondlenders.
Sincetheselendersarealsotheprimaryinvestorsofcorporatebonds,theirdemandoncertaintypesofbondsoriginatedfromthesecuritylendingmarketcaninfluencebondissuanceandpricinginthetraditionalcorporatebondmarket,ademand-drivenperspective.
Thispaperhasbeenincludedin2018CICF,2019AFA.
[2]"CanEquityMarketEfficiencyHelpImprovetheQualityofCreditRatingEvidencefromacontrolledexperiment",co-authoredwithJennieBai,SterlingHuang,andMassimoMassa,workingpaper2018.
WinneroftheArthurWargaAwardfortheBestPaperinFixedIncomeat2018SFSCavalcadeAsiaPacificConference.
WeshowthatenhancedefficiencyintheequitymarketresultingfromRegulationSHOcansignificantlyimproveinvestor-paidratingsbuthavelittleimpactonsell-sideissuer-paidratings.
[3]"DoesFinancialGlobalizationPropagateManagerialSkillsLessonsfromtheMutualFundIndustry",co-authoredwithSiChengandMassimoMassa,workingpaper2017.
Westudyhowtheglobalizationoffinancemayunintendedlyreducemarketefficiencythroughlow-skilledmutualfundcompanies.
Particularly,itmayallowthesecompaniestoachieveproductdifferentiationbylaunchingnewfundscateringtoinvestors'demandonforeignindex-relatedinvestmentopportunities,ratherthanforthegoalofimprovinginvestorwelfareormarketefficiency.
Theassociatedcross-bordercapitalflowsreducepriceefficiencyandliquidity.
[4]"Co-collateralRisk",co-authoredwithMassimoMassaandChengweiWang,workingpaper,2016.
Weproposeanovelmeasureofstock-levelmarginconstraintstostudytheimpactoffundingriskonthecross-sectionofstockreturnsbasedondailycashcollateralinformationcollectedfromtheshortsellingmarket.
Weshowthatitsco-movementspart(co-collateralrisk)isassociatedwithpositivereturnpremium.
Thispaperisincludedinthe2016EFA,2016ABFER,2016CICF,and2016AsFAmeetings.
[5]"GovernanceThroughThreat:DoesShort-SellingImproveCorporateGovernance"co-authoredwithMassimoMassaandBohuiZhang,workingpaper2013.
Weshowthatshortsellingnotonlydisciplinesmanagersbutalsoinducesinvestorstoinvestmoreininternalgovernance.
This,togetherwithourresearchonthediscipliningimpactofshortselling,illustratestherealimpactofshortselling.
ThepaperwaslistedonSSRN'sTopTendownloadlistfor:CorporateGovernance:InternalGovernance,Organization,&ProcesseseJournal;CGN:InternalFirmOrganization(Topic).
ApostofthepaperissolicitedandfeaturedatHarvardLawSchoolForumonCorporateGovernanceandFinancialRegulationonMondayOctober7,2013(http://blogs.
law.
harvard.
edu/corpgov/2013/10/07/governance-through-threat/).
Theme2:OnSocial,Environmental,andCulturalIssuesFirmsandinvestorsarenotonlylocatedinfinancialmarketsbutalsoinfluencedbythesocietysurroundingthem.
Mynextresearchthemeaimstoexploremorebroadlytheimpactofsocialandenvironmentalissuesontheincentivesandbehavioroffirmsandinvestors.
Lin,Massa,andZhang(2014RFS)isthestartingpointofthistheme,inwhichweshowthatweakinstitutionsofacountryintroduceafundamentallychallengetotheefficiencyofitsfinancialmarket.
Airpollution(2019JFE)andalcohol-relatedsocialnormsareamongmymorerecentfocusesinbetterunderstandingChina.
[6]"InvestinginLow-trustCountries:TrustintheGlobalMutualFundIndustry",co-authoredwithMassimoMassa,ChengweiWang,andJianZhang,workingpaper,2016.
ReviseandResubmission,JournalofFinancialandQuantitativeAnalysisThispaperisincludedinthe2016AFAannualmeeting.
Winnerofthe2015AsianFinanceAssociationAnnualMeeting(AsFA)BestPaperAward,fortheBestPaperinBankingandFinancialInstitutions.
Wedocumentthatinvestorsincountrieswithahigherdegreeofsocialtrustallowformoreincompletecontracts—i.
e.
,activemanagement—intheglobalmutualfundindustry.
Trust-relatedactivesharedeliverssuperiorperformanceofaround2%peryear.
Ourresultssuggestthatsocialtrustactsasanimportantbuildingblocktothedevelopmentandtheefficiencyoftheglobalinvestmentindustry.
ThepaperwaslistedonSSRN'sTopTendownloadlistfor:ERN:Hedging(Topic).
[7]"TheImpactofSinCulture:EvidencefromEarningManagementandAlcoholConsumptioninChina",co-authoredwithZheLi,MassimoMassa,andNianhangXu,workingpaper,2016.
ThispaperisincludedintheFifthSymposiumonEmergingFinancialMarkets2016(asoneofthefinal10outof140submissions).
Westudytheimpactofcultureonfirmincentiveswhenformalinstitutionsfallshortbylinkingearningsmanagementtoalcohol-relatedsincultureinChina.
Wefindthatfirmsinregionsinwhichalcoholplaysamoreprominentroleareexhibitmoreearningsmanagement.
Moreover,amoreprominentsincultureinCEOs'homeregionsignificantlyenhancesearningsmanagement,suggestingthatcorporateleaderscantransmitandpropagatesincultureinsociety.
ThepaperwaslistedonSSRN'sTopTendownloadlistfor:ERN:Culture&Leadership(Topic);CGN:Disclosure&AccountingDecisions(Topic);EmergingMarkets:FinanceeJournal;EmergingMarkets:FinanceeJournalandOrganizations&Markets:Policies&ProcesseseJournal;Organizations&Markets:Policies&ProcesseseJournal.
[8]"CultureVs.
Bias:CanSocialTrustMitigatetheDispositionEffect"co-authoredwithJie(Jennifer)LiandMassimoMassa,workingpaper2016.
Thispaperhasbeenincludedin2017AsFA,FMAAsia,2018AFA.
Weshowthat,inadditiontocognitivebiases,investorbehaviorisalsostronglyinfluencedbysocialnorms.
Basedonaproprietarydatasetofcompleteaccount-leveltradinginformationforallinvestorsinalargemutualfundfamilyinChina,wefindcompellingevidence1)ofasignificantdispositioneffectamongfundinvestors;2)thatahigherdegreeofsocialtrustisassociatedwithhigherflow-performancesensitivity;and3)that(high)trust-inducedflowsmitigatethedispositioneffect.
ThepaperwaslistedonSSRN'sTopTendownloadlistfor:Behavioral&ExperimentalFinanceeJournal,FEN:BehavioralFinance(Topic),ERN:BehavioralFinance(Microeconomics)(Topic),Organizations&MarketseJournals,EconometricModeling:CapitalMarkets-PortfolioTheoryeJournal,ERN:Culture&Leadership(Topic),ERN:EconometricStudiesofCorporateStrategy,Mergers&Acquisitions,&InvestmentPolicy(Topic),ERN:OtherOrganizations&Markets:Motivation&Incentives(Topic),EconometricModeling:CorporateFinance&GovernanceeJournal,FEN:ExperimentalFinance(Topic),Microeconomics:GeneralEquilibrium&DisequilibriumModelsofFinancialMarketseJournal,Organizations&Markets:Motivation&IncentiveseJournal,Organizations&Markets:Policies&ProcesseseJournal.
[9]"GuruDreamsandCompetition:AnAnatomyoftheEconomicsofBlogs",co-authoredwithYiDongandMassimoMassa,workingpaper,2015.
Thispaperhasbeenincludedinthe2015AsianBureauofFinanceandEconomicResearch(ABFER)conference,2017CICFand2019AFA.
Theriseofsocialmediaencouragesgurudreamsduetoitslowentrybarrierandhighlyskeweddistributionofpublicattention.
Thepursuingofgurustatus,however,maybeachievedthroughinformationprovisionorcheaptalks.
BasedonauniquedatasetofblogscoveringS&P1500stocksovertheperiod2006-2011,wefindevidencethatsocialmediacanbeinformativeaboutfuturestockreturn,whereascompetitiondistortsopinionsratherthanensuingbetterinformation.
ThepaperwaslistedonSSRN'sTopTendownloadlistfor:ManagementResearchNetwork;CSN:Genre&Media(Topic),CSN:SocialMedia(Sub-Topic);CSN:SocialMedia(Sub-Topic)andCognition&theArtseJournal;EconomicsofNetworkseJournalandeBusiness&eCommerceeJournal;CSNSubjectMattereJournals,CognitiveScienceNetwork,ISNSubjectMattereJournalsandInformationSystems&eBusinessNetwork;Theme3:OnDelegatedPortfolioManagementIusetheglobalmutualfundindustrytoexplorethreefundamentalquestionsinfinancialeconomics:theimpactofheterogeneousagents;theroleofcountry-levelinstitutions/culture(henceoverlappedwithmyotherresearchthemes);aswellastherationalebehindvariousorganizationalstructuresoffinancialintermediaries.
ThislineofresearchextendsmyexistingstudiesofMamaysky,Spiegel,andZhang(2007,2008)andSpiegelandZhang(2013JFE).
[10]"DollarsversusSense:InvestorDemand,ManagerialSkill,andHedgeFundStartups",co-authoredwithCharlesCaoandGrantFarnsworth,workingpaper2017.
ReviseandResubmit,JournalofFinance.
Thispaperhasbeenincludedin2017AsFA,2017CICF,and2018AFA.
Wehypothesizethatnewhedgefundscanbelaunchedeithertoprimarilycatertoinvestordemandortooffernewmanagerialskills,andthatthelattertypeofskill-driveninceptionsdeliverbetterperformance.
Empirically,wefindthatskill-driveninceptions(thoselaunchedunderlow-demandconditionsandthatarenotclonesofexistingfunds.
)outperformdemand-driveninceptionsonarisk-adjustedbasisby4–5%peryear.
Ourresultsshednewlightsonnowskillsaredynamicallydistributedinthehedgefundindustry.
Theme4:TheAssetPricingImplicationsofHeterogeneousAgentsMyotherresearchpapersexaminetheheterogeneitynatureoffirms/investors(e.
g.
,firmdecisioninfluencedbyitsownership)aswellasitsassetpricingimplicationsthattraditionalrepresentative-agentassetpricingmodelsfailtoaccountfor.
[11]"WhenisGoodNewsNotGoodNewsConflictofInterestsamongShareholdersintheChoiceofInnovationPolicies",co-authoredwithPo-HsuanHsu,SterlingHuang(SMU),andMassimoMassa,workingpaper2014.
Thispaperhasbeenincludedinthe2015EuropeanFinanceAssociationAnnualMeeting(EFA).
Wedocumentthatthemarketrespondsnegativelytofamilyfirms'exploratoryinnovation.
Themarketisright,becausethecontrollingfamiliesmayengageinexploratoryinnovationforbusinessdiversificationreasons,whichmaynotbenefitmarketinvestors.
Consistentwiththisconcern,weshowthatfamilyownershipispositively(negatively)relatedtoexploratory(exploitative)innovation,suggestingastrongdiversificationmotivation.
Thepapersubsumestheolderworkingpaperof"TheNewLyricsoftheOldFolks:RiskDiversificationofFamilyOwnershipthroughInnovationandExploration",andwaslistedonSSRN'sTopTendownloadlistfor:AARN:Corporations(Sub-Topic),EconomicAnthropology(Topic);CGN:FamilyFirms(Topic);ERPN:EconometricStudiesofCorporateGovernance(Topic),FamilyBusiness(Topic),OtherFamilyBusiness(Sub-Topic);Firm(Topic);Innovation(Topic),OtherFirm(Sub-Topic);SRPN:CorporateGovernance(Topic),Innovation(Topic);CorporateGovernance&EconomicseJournal;CorporateGovernance:GovernanceofSpecialTypesofFirmseJournal;EconometricModeling:CorporateFinance&GovernanceeJournal;CorporateSocialResponsibility(CSR)eJournal;Entrepreneurship,Innovation,&GrowtheJournal;Entrepreneurship&ManagementeJournal;andSustainableTechnologyeJournal;Entrepreneurship,Innovation,&GrowtheJournal.
[12]"Firm-LevelInvestmentOpportunity,CorporatePolicy,andAssetReturn",workingpaper2006.
Whenfirmsmaximizetheirearningsbydynamicallyrespondingtofirm-levelinvestmentopportunities,theirsystematicriskchanges.
However,earningsfrombetterinvestmentopportunitiesare"safer"inthesensethattheincreaseinsystematicriskislowerthantheincreaseinearnings.
Thissufficestocreatecross-sectionalpricedifferencessuchasvaluepremiumandmomentum,ascompensationisneededforstockswithbadfirm-levelinvestmentopportunities.
[13]"CanRationalInvestorsOverreact–EvidencefromMultiplicativeriskandAssetPricingPuzzles",workingpaper2008.
Multiplicativerisk,generatedbytheaccumulationofsequentialearningsshocksbyfirms,canlargelyinduceinvestorswithdifferenthorizonstohavedifferentevaluationsforasameasset.
Thiscreatesaclienteleeffectwhichmaycontributetovaluepremium.
案例开发Theme1:BlueOceanFinance—theEvolutionofCorporateTreasuryOperationsinthe21stCenturyThisismyfirstcasethemeonglobalizationandmultinationals.
Challengesfromtheeraofglobalizationhavecaughtthetraditionaltreasurymanagementstructureofmultinationalsoff-guard.
TheMNCshavewitnessedtheevolutionofthreestagesoftreasuryoverthepastdecade,fromthecentralizationofcashmanagementtotheinnovationofin-housebanks,whicharedescribedinthreeindividualcasesofTyco,Lenovo,andRoche,respectively.
Afourthcaseaimstoprovideastrategyframework,cross-referencedwiththetheoryoffirms,tounderstandtheimportanceandimplicationsofthetrend.
[1]"TycoInternational:CorporateLiquidityCrisisandTreasuryRestructuring,"2011(ECCH111-028-1),co-authoredwithGourangShah,ManagingDirectorandHeadofTreasuryAdvisoryatCiti,andAnneYang,ResearchAssociateatINSEAD.
[2]"TheFinancialGlobalizationofLenovo,"2012(ECCH112-029-1),co-authoredwithGourangShah,ManagingDirectorandHeadofTreasuryAdvisoryatCiti,DamianGlendinning,LenovoGlobalTreasurer,andAnneYang,ResearchAssociateatINSEAD.
[3]"WeInnovateCorporateTreasury:TheIn-houseBankofRoche,"2012(ECCH112-030-1),co-authoredwithGourangShah,ManagingDirectorandHeadofTreasuryAdvisoryatCiti,MartinSchlageter,HeadofTreasuryOperations,F.
Hoffmann-LaRocheLtd,andAnneYang,ResearchAssociateatINSEAD.
[4]"Blue-OceanFinance:TheEvolutionofCorporateTreasuryinthe21stCentury,"2014(INS796),co-authoredwithGourangShah,ManagingDirectorandHeadofTreasuryAdvisoryatCiti,MartinSchlageter,HeadofTreasuryOperations,F.
Hoffmann-LaRocheLtd,andAnneYang,ResearchAssociateatINSEAD.
ThiscaseisdevelopedunderthesupervisionofINSEADBlueOceanStrategyInstitutionwithspecialrecognitiontoDrMiJi,InstituteSeniorExecutiveFellow.
Theme2:ChallengesandOpportunitiesaboutChinaMysecondcasethemeaimstounderstandtheexcitementandchallengesfacedbytheconcurrentChineseeconomyandfirms.
ThecasethemewillincludeanalysisregardingChina'scurrencypolicyofChina,itsboomingonlineeconomy,aswellasthemechanismofpropagatingnegativenewsinthefinancialmarket—i.
e.
,shortselling.
[5]"TheGlobalizationoftheRenminbi:FeelingtheStonesontheRiverBed",2014(INS674),co-authoredwithGourangShah,ManagingDirectorandHeadofTreasuryAdvisoryatCiti,andAnneYang,ResearchAssociateatINSEAD.
[6]"ATaleofTwo'Orientals':LessonsfromShortSellingAttacks",2016(IN1326),co-authoredwithAnneYang,ResearchAssociateatINSEAD,andXiaojiaoGuo,ResearchAssociateatPBCSchoolofFinance.
ThiscasewasdevelopedjointlybyINSEAD'sEmergingMarketsInstituteandChinaFinanceCaseCentreofPBCSchoolofFinance.
[7]"ShadowBankinginanEmergingEconomy:CouldAlibabaShakeChina'sFinancialStability"co-authoredwithCenZhao,vicedeanofPBCSF,JingyingJia,ResearchAssociateatPBCSF,andAnneYang,ResearchAssociateatINSEAD.
ThiscasewasdevelopedjointlybyINSEAD'sEmergingMarketsInstituteandChinaFinanceCaseCentreofPBCSchoolofFinance.
Underpublishingprocess(expectedin2019).
Theme3:BlockchainsandFinTechMythirdcasethemeaimstounderstandtheexcitementandchallengesbroughtforthbyFinTechandBlockchains.
Inparticular,IaminterestedinhowFinTechcouldpotentiallyinfluencethebusinessmodelsandthefundamentalstructureofthetraditionalbankingindustryandhowblockchainscouldhelpsolvefinancingandrelatedproblemsintherealeconomy.
[8]"R3:BringingBackthe'Fin'toFinTech",co-authoredwithAnneYang,ResearchAssociateatINSEAD,XuexinGao,ResearchAssociateatPBCSF,TsinghuaUniversity,andMassimoMassa,theRothschildChairedProfessorofBankingatINSEAD.
ThiscasewasdevelopedjointlybyINSEAD'sEmergingMarketsInstituteandChinaFinanceCaseCentreofPBCSchoolofFinance.
Underpublishingprocess(expectedin2019).
AsthedirectorofChinaFinanceCaseCenter,Ihavealsodevelopedabout10casesinChinese.
ThetopicscoverhowChinesecompaniesgotattackedbyshortsellersinoverseasmarket,howshadowbankingaffectsfinancialstabilityintheU.
S.
andinChina,andhowleadingChinesecompanies,suchAliBaBaandShengzhou(theChinesecompetitorofUber),innovateandchangetheeconomy.
著作章节"TycoInternational:CorporateLiquidityCrisisandTreasuryRestructuring",reprintedin"TheHandbookofGlobalCorporateTreasury"byJohnWiley&Sons,editedbyRajivRajendra.
ThisisthefirstcomprehensivetextbookthataimsatCorporateCFOsandTreasurers/TreasuryManagersaroundtheworldtogivethemapracticalandhands-onapproachtomanagingtreasuryinaninternationalcontext.
IwasinvitedtocontributeonechapterbasedonmyTycocase.
媒体采访FinancialTimes,Jun23,2013,"Asia-Pacific:Off-the-pegmodeldoesnotsuit",byEmmaBoyde(http://www.
ft.
com/intl/cms/s/2/1378ea54-cdc9-11e2-8313-00144feab7de.
html).
IwasinterviewedbytheFinancialTimesjournalisttocommentonthepracticesandtrainingofportfoliomanagersintheAsia-Pacificarea.
荣誉及奖项2018WinneroftheArthurWargaAwardfortheBestPaperinFixedIncomeat2018SFSCavalcadeAsiaPacificConference.
20162015OutstandingTeachingProgram((2ndPrizeAward),TsinghuaUniversity.
WinneroftheBestPaperinBankingandFinancialInstitutionsatthe2015AsianFinanceAssociationAnnualMeeting(AsFA):"InvestinginLow-trustCountries:TrustintheGlobalMutualFundIndustry"2013WinneroftheCFASocietyTorontoAward,2013NorthernFinanceAssociationAnnualConference:"TheInvisibleHandofShortSelling".
WinneroftheTCWBestPaperAward,The2013ChinaInternationalConferenceinFinance(CICF):"TheInvisibleHandofShortSelling".
WinneroftheJUFEBestPaperAward,The2013AsianFinanceAssociationAnnualMeeting(AsFA):"TheInvisibleHandofShortSelling".
1999-2002YaleUniversityFellowship.
1998MeyerFellowship,NewYorkUniversity.
1994Dr.
T.
D.
Lee(1957NobelPrizeWinner)PhysicsGoldMedal.
1991NationalGoldMedal,8thChinesePhysicsOlympics(alsoNationalChampaignfortheExperimentpart).
National1stGradeAward,1991ChineseMathematicsOlympics.
期刊的评审人JournalofFinanceReviewofFinancialStudiesManagementScienceReviewofFinanceFinancialAnalystsJournalJournalofEmpiricalFinance博士生指导委员会LeiZhang(Thesiscommittee):PhDfromINSEAD2009,placedatNanyangTechUniversity,Singapore.
VijayYadav(Thesiscommittee):PhDfromINSEAD2011,placedatESSEC,Singaporecampus.
DavidSchumacher(Thesiscommittee):PhDfromINSEAD2013,placedatMcGill,Canada.
YanboWang(Co-ChairofThesisCommittee):PhDfromINSEAD2015andplacedatSKK,Korean.
LingYue(Co-ChairofThesisCommittee):PhDfromINSEAD2016andplacedatNationalUniversityofSingapore.
ChengweiWang(PhDAdvisorandThesisCommittee):PhDfromINSEAD2016andplacedatSKK,Korean.
WeikangZhu(ThesisChair):PhDfromPBCSF2017.
CICC.
SenfengLi(ThesisChair):PhDfromPBCSF2017.
PeopleBankofChina(GuangzhouBranch).
GloriaYu(Co-ChairofThesisCommittee):PhDfromINSEAD2018andplacedatSingaporeManagementUniversity.
JenniferLi(Co-ChairofThesisCommittee):PhDfromINSEAD2018andplacedatShanghaiAdvancedInstituteofFinance(SAIF).
会议委员会/组织者ConferenceCo-Organizer:FinancialPolicyConference2018:ReformsandLiberalizationofChina'sCapitalMarketHost'sFacultySponsor:SFSCavalcadeAsia-Pacific2017;ConferenceCo-Organizer:2017SummerInstituteofFinance;ConferenceCo-Organizer:FiveStarWorkshopinFinance,2016~now;ConferenceCo-Organizer:AsianBureauofFinanceandEconomicResearch(ABFER),2015~now.
学术机构成员AmericanFinanceAssociation;WesternFinanceAssociation;AsianFinanceAssociation