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Chang, Chun

Professor of Finance
Shanghai Advanced Institute of Finance


Educational Background

Professor Chang received his Ph.D. in Managerial Economics and Decision Sciences from Kellogg Graduate School of Management, Northwestern University, in 1987.


Prior to joining SAIF, Professor Chang was Associate Dean and Professor of Finance, ABN AMRO Chair in Risk Management, at China Europe International Business School (2004-2010). Before returning to China, Professor Chang has taught at Carlson School of Management, University of Minnesota, for 17 years.

Honors / Achievements

Professor Chang is the first who came out of People's Republic of China to be a finance professor in an American university. He is also the first scholar to return and work in China on a full time basis after becoming a tenured finance professor in an American university.

Short BIO

Professor Chang's current research interests are corporate finance, banking and financial institutions, international financial system, theory of organizations and institutions and labor economics. He published the book Corporate Finance for Chinese Entrepreneurs in 2006 and Corporate Finance in 2008. In 2009, Supply Chain Finance was published by a project team of CEIBS and Shenzhen Development Bank, in which he served as the team leader. His publications appear in Journal of Economic Theory, Journal of Finance, Review of Financial Studies, Journal of Monetary Economics, Journal of Business, Journal of Financial and Quantitative Analysis etc. Most notably, Professor Chang's research paper, "Capital Controls and Optimal Chinese Monetary Policy", published in Journal of Monetary Economics has just recently been awarded Sun Yefang Financial Innovation Award(2016).
Professor Chang served as the President of the Chinese Economists Society. From 2004 to 2009, he was also the Executive Editor of Chinese Economic Review, the authoritative international academic journal on China's economy.



  • Book Published

    Corporate Finance for Chinese Entrepreneurs, in Chinese, Peking University Press, 2006

    Corporate Finance, in Chinese, Remin University Press, 2008

    Supply Chain Finance: New Finance in New Economy, (authored by a research team led by Chun Chang) published in Chinese, Shanghai Yuandong Publishing. January, 2009


    Major Refereed Publications

    "The Dynamic Structure of Optimal Debt Contracts,"  Journal of Economic Theory, October, 1990.

    "Capital Structure as an Optimal Contract between Employees and Investors," Journal of Finance, July 1992.

    "Optimal Liquidation Rule and Debt in the Principal-Agent Model" (coauthored with   Yijiang Wang),  Economics Letters, 40, 1992.

    "Payout Policy, Capital Structure, and Compensation Contracts when Managers Value Control," Review of Financial Studies, 1993

    "The Nature of Township-Village Enterprises" (coauthored with Yijiang Wang), Journal of Comparative Economics 19, 434-452, 1994.

    "A Framework for Understanding Differences in Employment Stability and Human Capital Investment"  (coauthored with Yijiang Wang), Journal of Economic Behavior and Organization, 28, 91-105, 1995.

    "Human Capital Investment under Asymmetric Information: the Pigovian Conjecture Revisited" (coauthored with Yijiang Wang),  Journal of Labor Economics, 14, 505-519, 1996.

    “Some Empirical Implications of a Model of Human Capital Investment under Asymmetric Information” (coauthored with Yijiang Wang), Research in Labor Economics, 16, 103-117, 1997.

    “Moral Hazard under Commercial and Universal Banking” (with John Boyd and Bruce Smith), Journal of Money, Credit and Banking, 30, 426-468, 1998.

    “Towards a Model of the Organizations in China as a Partially Reformed Developing   Economy,” (coauthored with Yijiang Wang), China Economic Review 1998.

    “Capital Structure as Optimal Contracts,” North American Journal of  Economics and Finance 10, 363-385, 1999.

    "Choosing between Up-or-Out and Spot Contracts: Human Capital Investment versus Job-Matching Considerations," (coauthored with Yijiang Wang), Annals of Economics and Finance, 1, 189-210, 2000.

    “The Informational Requirement on Financial Systems at Different Stages of Economic Development: The Case of South Korea,” China Economic Quarterly, Vol. 1, No. 1, pp 111-126.  2001.

    “Deposit Insurance: A Reconsideration” (with John Boyd and Bruce Smith), Journal of Monetary Economics 49, 1235-1260, 2002.

    “Incentive Contracting versus Ownership Reforms: Evidence from China’s Township-Village Enterprises” (with Brian McCall and Yijiang Wang), Journal of Comparative Economics 31, 414-428, 2003.

    “Deposit Insurance and Bank Regulation in a Monetary Economy: a General Equilibrium Exposition” (with John Boyd and Bruce Smith), Economic Theory, 2004

    “Investment Opportunities, Liquidity Premiums and Conglomerate Mergers” (with Xiaoyun Yu), Journal of Business 77, 45-74, 2004

    "Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure" (with Xiaoyun Yu),  Journal of Financial and Quantitative Analysis 45 : 401-440,  Cambridge University Press. April 2010.

    “Bookbuilding vs. fixed price revisited: The effect of aftermarket trading”(with Walid Busaba), Journal of Corporate Finance 16, 370–381, Elsevier, 2010.


    Book Review
    "Asymmetric Information, Corporate Finance, and Investment" by R. Glenn Hubbard, for Journal of  Finance, December 1991.


    Other Publications

    “China’s Urban Industry”, with Yijiang Wang, in Regional Handbook of Economic and Political Development: Prospects onto the 21st Century, Chris Hudson ed., FitzRoy Dearborn Publishers, Chicago.  1997.

    The Strategies of Financial and Enterprise Reforms and Development of Regional Financial Centers.  A book in Chinese Edited by Chun Chang, Decheng Zheng and Yijiang Wang.  China Economic Press, Beijing.  1997.

    "Relationship between Social Security in China and the Development of Capital Market" (with Xiaoyun Yu), in Social Security Reform in China, Dianqing Xu, Jason Yin and Yusin Zheng edit. Pp 322-333. Economic Science Press, Beijing, China. 1999.

    "The Exit Strategies of the Asset Management Companies that Engaged in Equity for Debt Swaps of SOEs" (with Xin Chen), in WTO and China, published by Renmin University Press, 2001.

    “Progress and Peril in China’s Modern Economy,” The Region, Volume 17, Number 4, pp26-30. December 2003.

    “Financial Repression Financial Restraint, or Financial Intervention? A New Theoretical Interpretation of Evidence in Economic Development,” (with Yijiang Wang), China Journal of Economics 1, 68-82, 2005.

    “On the Information Content in Bank Loans Announcements of Chinese Listed Companies: Free Cash Flow Theory vs. Pecking Order Theory,” (with Shen Hongbo and Chen Xin) Journal of Financial Research 154-164, December, 2007.

Working Paper

  • "Contract Coordination and Uninformative Transfer Prices as the Benefit and Cost of Vertical Integration" (with Sen Li).

    “On the Popularity of and a Comparison of Convertible Preferred and Participating Preferred Equities in Venture Financing” (with Huiyan Qiu)

    “Information from relationship lending: Evidence from China,” (with Liao Guanmin, Xiaoyun Yu, Zheng Ni)

    “Monetary Policy in a DSGE Model with ‘Chinese Characteristics’” (with Zheng Liu and Mark Spiegel)