Last Activity

Id VisitTime IPAddress Area
20230936 2018-02-19 美国
20207381 2018-02-19 辽宁省沈阳市
20207216 2018-02-19 亚太地区
20203197 2018-02-19 辽宁省沈阳市
20183564 2018-02-18 美国
20176277 2018-02-18 亚太地区
20175690 2018-02-18 亚太地区
20173055 2018-02-18 北京市
20173031 2018-02-18 俄罗斯
20155654 2018-02-17 亚太地区
20135344 2018-02-16 北京市
20112074 2018-02-15 亚太地区
20097709 2018-02-14 亚太地区
20097250 2018-02-14 北京市
20089011 2018-02-14 辽宁省沈阳市


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 2011-2014.

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-owned 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.

-Presented at 2017 IFABS Asian 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.

-Presented at 2017 YES Conference.

-On program of 2018 AEA Annual Meeting.

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.

-Presented at 2017 Chinese Young Economist Forum.

-On program of 2017 Chinese Finance Annual Meeting.

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

-Presented at Columbia Financial Economics Colloquium.

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

-on prgram of IFABS 2017

²Does mixed-ownership reform improve SOE's innovation? Evidence from China's industrial and regional distributions


Work in progress

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

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

²Securitization of NPL Based on Collateral Disposal Risk: Evidence from Asset Pool of Private House Loans

²What Drives Heterogeneity in R&D? Evidence from China's Mix-ownership Reform


Social Service

²Teaching INTERNATIONAL FINANCIAL MARKET, Employee Training of Alibaba Finance (Ant Financial Group), 2011-2012.

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

²Researcher at Beijing Financial Derivatives Academy (organized by China Financial Futures Exchange, CFFEX), 2015-2017.



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