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Wang, Tan

Professor of Finance
Shanghai Advanced Institute of Finance


Educational Background

Professor Wang received his Ph.D. in Economics from University of Toronto (1992).


Prior to joining SAIF, he was Assistant Professor of Economics at University of Waterloo from 1992-1996 and Assistant Professor, Associate Professor and Peter Lusztig Professor of Finance at University of British Columbia from 1996-2014. Professor Wang was a visiting professor at MIT (2001). Professor Wang was also a visiting scholar with the International Monetary Fund (2005) and Federal Reserve Bank of Cleveland (2003).

Honors / Achievements

Professor Wang has published extensively in leading finance journals including Review of Financial Studies, Journal of Finance, Management Science, Journal of Economic Theory, Mathematical Finance and Econometrica. Most notably, Professor Wang’s research paper, “Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China”, published in The Review of Financial Studies has just recently been awarded by Sun Yefang Financial Innovation Award(2014). Professor Wang received National Thousand Talents Plan.

Short BIO

Professor Wang’s research areas include asset pricing, decision making under risk and uncertainty, systemic risk in banking, investment and risk management.

Professor Wang offers a number of courses at SAIF, including Risk Management and Financial Engineering.


  • 1. Kamstra, M., L. Kramer, M. Levi, and T. Wang , 2014, Seasonally Varying Preferences: Theoretical Foundations for an Empirical Regularity, Review of Asset Pricing Studies.
    2. Boyle, P., L. Garlappi, R. Uppal, and T. Wang, 2012, Keynes Meets Markowitz: The Trade-Off Between Familiarity and Diversification, Management Science.
    3. Li, K., T. Wang, Y.-L. Cheung, and P. Jiang, 2011, Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China, Review of Financial Studies.
    4. Wang, T, 2008, Sharpe Ratio as a Performance Measure in a Multi-Period Model, Journal of Economic Dynamics and Control.
    5. Wang, T, 2008, Robust Stochastic Discount Factors, Review of Financial Studies.
    6. Wang, T, 2007, Search and Endogenous Concentration of Liquidity in Asset Markets, Journal of Economic Theory.
    7. Wang, T, 2007, Portfolio Selection with Parameter and Model Uncertainty, Review of Financial Studies.
    8. Wang, T, 2005, Model Uncertainty, Limited Market Participation and Asset Prices, Review of Financial Studies.
    9. Wang, T, 2005, An Equilibrium Model of Rare Event Premia, Review of Financial Studies.
    10. Wang, T, 2004, The Role of Risk Aversion and Uncertainty in an Indi- vidual's Migration Decision, Stochastic Models.
    11. Wang, T, 2003, Model Misspeci cation and Under Diversi cation, Journal of Finance.
    12. Wang, T, 2001, Conditional Preferences and Updating, Journal of Economic Theory.
    13. Wang, T, 2001, Valuation of New Securities in an Incomplete Market: the Catch 22 of Derivative Pricing, Mathematical Finance.
    14. Wang, T, 2000, Equilibrium with New Investment Opportunities, Journal of Economic Dynamics and Control.
    15. Wang, T, 2000, Intertemporal Efficient Allocations with Recursive Utility, Journal of Economic Theory.
    16. Wang, T, 1996, Beliefs about Beliefs' without Probabilities, Econometrica.
    17. Wang, T, 1995, Uncertainty, Risk-Neutral Measures and Security Price Booms and Crashes, Journal of Economic Theory.
    18. Wang, T, 1994, Intertemporal Asset Pricing under Knightian Uncer-tainty, Econometrica.
    19. Wang, T, 1993, Lp-Frechet Di erentiable Preference and `Local Utility' Analysis, Journal of Economic Theory.
    20. Wang, T, 1993, The Becker-DeGroot-Marschak Mechanism and Generalized Utility Theories: Theoretical Predictions and Empirical Observations, Theory and Decision.
    21. Wang, T, 1989, Simulation Technique, Techinques of Modern Management.