个人简介
教育背景
2000 加州大学洛杉矶分校 经济 博士
1994 中国人民银行研究生部 国际金融 硕士
1991 中国人民大学 应用数学 学士
职业经历
2010至今 北京大学光华管理学院 教授
2000--2010 香港大学经济与工商管理学院 助理教授, 副教授(终身职)
2001--2003 麦肯锡公司亚太公司金融与战略咨询中心 咨询顾问
研究领域
中国经济理论与政策分析
公司金融理论与实证
中国经济增长底层逻辑
实证资产定价
近期论文
查看导师最新文章
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“A theory of carbon currency" (joint with Zefeng Chen and Sylvia Xiaolin Xiao), Fundamental Research, 2022, 375-383.
"Stimulating consumption at low budget: evidence from a large-scale policy experiment amid the COVID-19 pandemic" (joint with Qiaowei Shen, Zhenghua Li, and Shu Chen), Management Science, 2021(12), lead article, 7291-7307.
"Sovereign funds,” The Encyclopedia of Financial Globalization, Elsevier, 2012.
"Intellectual capital and financing decisions: evidence from the U.S. Patent data” (with Keith K.P. Wong), 2011, Management Science.
“Institutions and corporate investment: evidence from an investment-implied return on capital in China” (with Alan Siu), 2011, Journal of Financial and Quantitative Analysis. This paper has been quoted and discussed by the atricles "Bamboo Capitalism" and "Let Millions Flowers Bloom" in The Economist.
“Predict stock market returns with aggregate discretionary accruals” (with Qiang Kang and Rong Qi), Journal of Accounting Research, 2010, 48(4), 815-858. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 4 (by Georgeann Portokalis).
“Information-based stock trading, executive incentives, and the principal-agent problem” (with Qiang Kang), Management Science, 2010, 56(4), 682-698.
“The Sarbanes-Oxley Act and corporate investment: a structural assessment” (with Qiang Kang and Rong Qi), Journal of Financial Economics, 2010, 96 (2), 291-305.
“Competition and corporate tax avoidance: evidence from Chinese industrial firms” (with Hongbin Cai), The Economic Journal, 2009, 119 (April), 764-795.
“Market timing strategy with aggregate accruals” (joint with Qiang Kang and Rong Qi). Journal of Asset Management, 2009, 10 (3), 170-180. Featured and summarized in The CFA Digest, 2010, Vol. 40, No. 1: 118-120 (by Victoria Rati).
“Stock market information production and executive incentives” (joint with Qiang Kang), Journal of Corporate Finance, 2008. 14, 484-498.
“Stock trading and diversification discount” (with Rong Qi), Economics Letters, 2008, 98(1): 35 – 40.
“Corporate governance and earnings management in China: a tunneling perspective,” (with Joe Lu), Journal of Corporate Finance, 2007, 13: 881 – 906。
“Do we accept accruals profits at our peril?” (with Rong Qi) 2006, Financial Analysts Journal, Volume 62 (4): 62-75.
“How good is good news? Technology depth, book-to-market ratio, and innovative events,” 2006, Journal of Accounting, Auditing, and Finance, Vol. 21(3), 293-321.
“Missing links: regional reforms for Asian debt capital markets” (with Paul Lejot and Douglas Arner), Asia Pacific Business Review, 2006, 12(3):309-332.
“High stakes in high technology: high-tech market values as options” (with Michael R. Darby and Lynne Zucker), Economic Inquiry, lead article, 2004, Vol. 42(3): 351-369.
“Corporate governance in China: current practices, economic effects, and institutional determinants,” CESifo Economic Studies, 2006, 52(2), 415-453.
“Corporate Governance and Firm valuations in China” (with Chong-En Bai, Joe Lu, Frank Song, Junxi Zhang), 2004, Journal of Comparative Economics, lead article, 32(4):599-616. A condensed and non-academic version was published at Beyond Transition: The Newsletter about Reforming Economies, Vol. 15, No. 1, 2004, a quarterly publication by World Bank.
“The parent companies puzzle? when is the whole worth less than one of the parts?” (with Bradford Cornell), Journal of Corporate Finance, lead article, 2001, 341-366. Featured and summarized in The CFA Digest, 2002, Vol. 32, No. 2: 22-23.
“Eliciting managerial willingness to invest: a revealed-preference approach” (with Qiang Kang), Journal of Business Research, accepted, 2022.
“The world price of macro opacity: through the lensof nighttime satellites” (with Honglin Liu, Yufei Liu), Economics Letters, accepted, 2023.