Last Activity

Id VisitTime IPAddress Area
14920653 2017-08-23 美国
14885416 2017-08-23 辽宁省
14883755 2017-08-23 北京市
14877619 2017-08-22 欧洲和中东地区
14859997 2017-08-22 亚太地区
14858545 2017-08-22 江苏省苏州市
14847098 2017-08-22 北京市
14844259 2017-08-22 北京市
14826120 2017-08-21 美国
14821037 2017-08-21 欧洲和中东地区
14819119 2017-08-21 北京市
14818616 2017-08-21 加拿大
14814110 2017-08-21 美国
14812207 2017-08-21 北京市
14785820 2017-08-20 亚太地区


Academic Experience

  ²Columbia Business School, Columbia University       Visiting Scholar       2015-2016

  ²Law & Economics Institute, University of Chicago      Visiting Scholar       2012  

Research Projects

²Private Enterprises’ Strategies in Light of Real Options, Supported by National Funds of Social Science, May 2005 –December 2008.

²Optimal investment Strategy with Stochastic Cash Flow, Supported by Shu Guang Funds, December 2004- May 2006.

²Control Right and its Management of Civilian-run Enterprise, Science Program of Zhejiang Province, May 2007-April 2010.

²M&A strategies of private enterprises in Zhejiang after the financial crisis: by control rights and real options, Supported by Zhejiang Provincial Natural Science Foundation of China, June 2010-2013.

²Borrowing and investment strategies of private enterprises by real options, Supported by Ministry of Education in China, January 2011-

²Innovations on derivatives of Interbank market, Funded by China Financial Futures Exchange, 2012-2013.

²Clearing of Derivative Exchange and its Corporate Governance, Funded by China Financial Futures Exchange, 2014-2015.

²M&A strategies of private enterprises in post-crisis: motivation, financing and risk contagions, Supported by Ministry of Education in China (Major Project), 2014-.

²The guarantee chains of private enterprises: financial constraints and risk contagion, Supported by National Natural Science Foundation of China, 2014-. 


Working Papers

² Risk Contagion of Corporate Defaults: Tracing the Impact on Guarantors, 2016.

-Accepted by 2017 AEA annual meeting.

²Risk Contagion of Corporate Defaults: Evidence from Court Enforcement on Guaranteed Loans in China, 2016.

-Presented at 2016 Paris Financial Management Conference.

²How to Explain Corporate Investment Heterogeneity in China’s New Normal: Structural Models by State-owned Property Rights, 2016. (in R&R)

-Presented at 2016 Chinese Finance Annual Meeting.

-Presented at 3rd International Conference of New Structural Economics, Peking University.

²Do Guaranteed Loans Relieve Non-SOE’s Financial Constraints? Double Evidence from Financing vs. Risk Trade-off, 2016.

-Presented at 2016 Finance Research Seminar.

-Presented at 2017 New Structural Economics Seminar.

²Collateral expansion, access to credit and risk of bankruptcy: double-edged swords of collateral's legal reform, 2017 (in R&R)

²Crime and Punishment: Trade-off between Credit Access and Financial Distress, 2016.

-Presented at Columbia Financial Economics Colloquium.


Work in progress

²What do large shareholders gain through personal loan guarantees? From market reaction and tunneling

²Does intangible asset affect deal value of M&A?

²Double-edged sword of collateral enlarging: evidence from China’s law reform of movable assets


Social Service

²Teaching INTERNATIONAL FINANCIAL MARKET, Employee Training of Alibaba Finance, 2011-2012.

²Teaching COMMODITY INDEX INVESTMENT MARKET, The Shanghai Futures Exchange derivatives lecturer training, 2014.


Research work

Investment and finance strategies by real options, Portfolio strategies with stochastic cash flow, Financing constraints and control rights of Chinese firms, M&A, Financial crisis, Risk management of bank loans, Interbank market clearing