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Research Areas
Macro Finance Investment Security Markets
Wang, Jiang

Chair of Academic Council, Shanghai Advanced Institute of Finance, SJTU

jwang@saif.sjtu.edu.cn

Educational Background

University of Pennsylvania, Ph.D. in Finance

Experience

He has served on the editorial boards of theJournal of Financial Markets, Operations Research, Quantitative Finance, Review of the Financial Studies and other professional journals.  He has served as a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, a director of the American Finance Association, and a director of the Western Finance Association. 

Honors / Achievements

He is the recipient of the Smith Breeden Prize in 2006, the FAME Research Prize in 2004, the Leo Melamed Prize in 1997, and the Batterymarch Fellowship in 1995, among other scholarly awards.

Short BIO

Professor Wang’s research is mainly in the area of asset pricing, investment and risk management, market liquidity and stability, international finance, financial innovation and financial engineering, and Chinese capital market.  He has published extensively in leading academic journals.   He is the recipient of the Smith Breeden Prize, the FAME Research Prize, the Leo Melamed Prize, the Batterymarch Fellowship, among other scholarly awards.  He has served on the editorial boards of the Journal of Financial Markets, Operations Research, Quantitative Finance, Review of the Financial Studies and other professional journals. 

 

Professor Wang has served as a member of the Financial Advisory Roundtable of the Federal Reserve Bank of New York, the International Advisory Council of China Securities Regulatory Commission, the Economic Advisory Board of Nasdaq Stock Market, Inc., the Academic Advisory Board of FTSE and the Academic Advisory Board of Moody’s.  He has also served as a director of the American Finance Association and the Western Finance Association, and the Director of China Finance Research Center at Tsinghua University.  He is currently the President-Elect of the Western Finance Association.


Publication

  • • "Market Selection." Kogan, Lenoid, Stephen Ross, Jiang Wang, and Mark Westerfield. Journal of Economic Theory Vol. 168, (2017): 209-236.

    • Chinese Capital Market Yearbook 2014. Wang, Jiang. Shanghai, China: China Academy of Financial Research, 2015.

    • Chinese Capital Market Yearbook 2013. Hu, Xing, Jun Pan and Jiang Wang. Shanghai, China: China Academy of Financial Research, 2014.

    • "Optimal Trading Strategy and Supply/Demand Dynamics." Obizhaeva, Anna A. and Jiang Wang. Journal of Financial Markets Vol. 16, No. 1 (2013): 1-32.

    • "Noise as Information for Illiquidity." Grace Xing Hu, Jun Pan and Jiang Wang. Journal of Finance Vol. 68, No. 6 (2013): 2223-2772.

    • "Liquidity and Asset Returns under Asymmetric Information and Imperfect Competition." Dimitri Vayanos and Jiang Wang. Review of Financial Studies Vol. 25, No. 5 (2012): 1339-1365.

    • "Asset Pricing and the Credit Market." Longstaff Francis A. and Jiang Wang. Review of Financial Studies Vol. 25, No. 11 (2012): 3169-3215.

    • Theories of Liquidity. Vayanos, Dimitri and Jiang Wang. Hanover, MA: Now Publishers Inc., 2012.

    • "The Illiquidity of Corporate Bonds." Bao, Jack, Jun Pan and Jiang Wang. Journal of Finance Vol. 66, No. 3 (2011): 911-946.

    • "Market Liquidity, Asset Prices and Welfare." Huang, Jennifer and Jiang Wang. Journal of Financial Economics Vol. 95, No. 1 (2010): 107-127.

    • "Stock Market Trading Volume." Lo, Andrew W. and Jiang Wang. In Handbook of Financial Econometrics, Volume 2, 242-341. Atlanta, GA: Elsevier Science, 2009.

    • "Liquidity and Market Crashes." Huang, Jennifer and Jiang Wang. Review of Financial Studies Vol. 22, No. 7 (2009): 2607-2643.

    • "Firms as Buyers of Last Resort." Hong, Harrison, Jiang Wang and Jialin Yu. Journal of Financial Economics Vol. 88, No. 1 (2008): 117-145.

    • "The Price Impact and Survival of Irrational Traders." Kogan, Leonid, Stephen A. Ross, Jiang Wang, and Mark M. Westerfield. Journal of Finance Vol. 61, No. 1 (2006): 195-229.

    • "Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model." Lo, Andrew W. and Jiang Wang. Journal of Finance Vol. 61, No. 6 (2006): 2805-2840.

    • Financial Economics. Wang, Jiang. Beijing, China: Renmin University Press, 2006.

    • "Evaluating Portfolio Policies: A Duality Approach." Haugh, Martin B., Leonid Kogan and Jiang Wang. Operations Research Vol. 54, No. 3 (2004): 405-418.

    • "Asset Prices and Trading Volume Under Fixed Transaction Costs." Lo, Andrew W., Harry Mamaysky and Jiang Wang. Journal of Political Economy Vol. 112, No. 5 (2004): 1054-1090.

    • "Trading Volume." Lo, Andrew W. and Jiang Wang. In Advances in Economic Theory: Eighth World Congress Volume 2, 206-277. Cambridge, UK: Cambridge University Press, 2003.

    • "Dynamic Volume-Return Relations of Individual Stocks." Llorente, Guillermo, Roni Michaely, Gideon Saar and Jiang Wang. Review of Financial Studies Vol. 15, No. 4 (2002): 1005-1047.

    • "Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation." Lo, Andrew W., Harry Mamaysky and Jiang Wang. Journal of Finance Vol. 55, No. 4 (2000): 1705–1765.

    • "Trading Volume: Definitions, Data Analysis, and Implications of Portfolio Theory." Lo, Andrew W. and Jiang Wang. Review of Financial Studies Vol. 13, No. 2 (2000): 257–300.

    • "Trading and Returns Under Periodic Market Closures." Hong, Harrison and Jiang Wang. Journal of Finance Vol. 55, No. 1 (2000): 297-354.

    • "Market Structure, Security Prices and Informational Efficiency." Huang, Jennifer and Jiang Wang. Macroeconomic Dynamics Vol. 1, No. 1 (1997): 169-205.

    • "The Term Structure of Interest Rates In A Pure Exchange Economy With Heterogeneous Investors." Wang, Jiang. Journal of Financial Economics Vol. 41, No. 1 (1996): 75-110.

    • "A Model of Trading Volume with Tax-Induced Heterogeneous Valuation and Transaction Costs." Michaely, Roni, Jean-Luc Vila and Jiang Wang. Journal of Financial Intermediation Vol. 5, No. 4 (1996): 340-371.

    • "Implementing Option Pricing Models When Asset Returns Are Predictable." Lo, Andrew W. and Jiang Wang. Journal of Finance Vol. 50, No. 1 (1995): 87–129.

    • "Differential Information and Dynamic Behavior of Stock Trading Volume." He, Hua and Jiang Wang. Review of Financial Studies Vol. 8, No. 4 (1995): 919-972.

    • "A Model of Competitive Stock Trading Volume." Wang, Jiang. Journal of Political Economy Vol. 102, No. 1 (1994): 127-167.

    • "A Model of Intertemporal Asset Prices Under Asymmetric Information." Wang, Jiang. Review of Economic Studies Vol. 60, No. 2 (1993): 249-282.

    • "Trading Volume and Serial Correlation in Stock Returns." Campbell, John Y., Sanford J. Grossman and Jiang Wang. Quarterly Journal of Economics Vol. 108, No. 4 (1993): 905-940.

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