ChaseDream

标题: CKGSB & CEIBS 2011 [打印本页]

作者: leon53 时间: 2011-5-3 10:56
标题: CKGSB & CEIBS 2011
TZM, 我关注这两个学校有段时间，在这里简单总结下，希望给大家一点尽量客观的个人意见。

知名度：
CKGSB: 3.5分
CEIBS: 4.5分

这个应该说结合了之前说的排名，认证，以及其他的一些信息。如果要找到5分的BENCHMARK，我认为最合适的就是PKU和TSINGHUA的MBA项目。原因很简单，如果按照知名度的广度来看，百年学府的品牌会让普通人更认同，而这个两个体制外学校会在海外以及前沿雇主的认同度更高。尤其是CEIBS，各个杂志的排名都很好的推广了这个中国学校，同时John Quelch教授得到来让美国学界对CEIBS的认同度更进一步，I think。CKGSB的认知度对于接受他的人，应该深度很不错，但是在广度上面，不可否认与与CEIBS有一定的距离。

教授：
CKGSB:N/A
CEIBS: N/A

这两个学校的教授都值得尊敬，因此比较反感直接的去比较，毕竟以大多数CDer的水平，不一定能道出他们的优秀与否，何况很多都没有见过。但是从性质上来说，CKGSB的教授更世界级，是真正的world class, 甚至是Top class，（同时也为我们华人能有这些世界级教授骄傲）CEIBS就是更International, 不仅是体现在国籍，从文化背景上，我认为也是非常国际化。从两校的宣传上也很好的体现了这一点，我参加CEIBS的INFO SESSION时，他们也很强调自己的国际化。

录取条件/校友

CKGSB：5
CEIBS：5

这一点上，我认为大家不用去怀疑，或者辩论。
非常的简单，两校并非以赚钱为终极目标，所以在选人的标杆上会更客观。别在攻击CKGSB接受明星或者CEIBS接受了大堆官员，相信关系或者“打招呼”之说在中国众多高校虽然屡见不鲜，但这两个学校“人格”绝对是在国内最独立的，因此不太会有真正的谄媚之举，请相信明星或者官员中会有对知识有需求，或者希望学习真正知识的人，正如普通的你我一样，这个也是他们与学校的自由。真要说到“镀金”或者谄媚，我觉得到应该是其他更多普通高校项目的普遍情况。

就业：

CKGSB：4.5
CEIBS：5

不知道为什么CKGSB近来都不发布他们的就业报告，首先我不会妄自认为是就业不好。在那样的入学标准与教师的合作下，不会差到哪里去，我们就暂时无视这个好了。CEIBS的就业就如同他们的报告一样火爆，加之学员规模庞大，口碑声势，也是逐渐浩大。无论实际的就业结果如何（个人认为，如同投资有风险偏好，就业也一样，咨询，投行或者其他行业本身不是就业全部，重要的是进去这些行业后，他们做了什么，做成了什么。）
不过伦势，不发布就业报告，以及人数居于劣势的CK就逊色，故这样的评估认为相对客观。

前景：

CKGSB：4.5
CEIBS：4.5

这个还真试着去全面了解。不过我认为对于学生层面，毕竟是信息的弱势方，不了解足够的信息就无法判断。两校都有一些不确定性，比如CEIBS的行政划分，CKGSB的发展策略，都存在理论或现实的摇摆性。不过相信对于很多年轻的，并且经济条件不是十分雄厚的TZM，这个就尤为重要。不过这个还真是a matter of opinion。

综合实力

CKGSB：4.8
CEIBS：5

强调下，这个是在本人信息有限情况下作出的判断，并在2011这个时间点。
我觉得这样说很正常，他们是国内目前最好的2个，（这个我就不去展开了），但CKGSB毕竟年轻一点点，很多方面并没有作“全”。看下CEIBS，已经是个typical的国际商学院了。也正因为如此，CEIBS成长空间就比较有限了，而CKGSB如果补“全”了以后，说不定就可以预定TOP 10的位置了。或者对于广大的未来职业经理人来说，这好比两个公司，都是世界500强，一个业务稳定，口碑更好，一个相对知名度差点，但业务发展上仍有一定弹性。

好，相信有很多糟粕的地方，不过希望大家也发表一些“个人客观”意见，给将来有兴趣的朋友们一点参考。

作者: azhuo 时间: 2011-5-3 11:27
楼主用心良苦。我提个小问题吧，关于标题，关于两校排序的问题：无论从字母顺序，从楼主得出的两校排名，都应该是CEIBS在前，而在标题中楼主将CKGSB放在前面，是什么原因呢？

作者: leon53 时间: 2011-5-3 11:39
哈哈，这个倒没有注意，没有那么严谨于editing。你这么一说，还真该把CEIBS放在前面。

作者: 星星点灯2010 时间: 2011-5-3 12:45
挺意思的比较。顶一下。

作者: 三零年代 时间: 2011-5-3 12:55
这个帖子有2个发展方向。
1. 全是CEIBS校友和潜在申请人顶贴，最后变成CEIBS历届校友大联欢。
2. 口水仗。CEIBS和CKGSB开始打仗，吵来吵去，到明年就悄无声息了。
关于CKGSB和CEIBS比较的简直就是月经贴。每月一次，LZ不如看看往年的帖子。我看LZ潜意识还是喜欢CEIBS，如果录取不如多和校友聊聊，没录取就继续在更加有意义事情上努力吧。

作者: leon53 时间: 2011-5-3 13:02

这个帖子有2个发展方向。
1. 全是CEIBS校友和潜在申请人顶贴，最后变成CEIBS历届校友大联欢。
2. 口水仗。CEIBS和CKGSB开始打仗，吵来吵去，到明年就悄无声息了。
关于CKGSB和CEIBS比较的简直就是月经贴。每月一次，LZ不如看看往年的帖子。我看LZ潜意识还是喜欢CEIBS，如果录取不如多和校友聊聊，没录取就继续在更加有意义事情上努力吧。

-- by 会员三零年代 (2011/5/3 12:55:59)

所以，希望能更加客观的知道各位的看法，因为大多的讨论都是偏激与主观的，比较容易误导初来CD的同学，如初来CD时的我。我的倾向实际是CKGSB，个人是看中“深度”，当然这个真是一个个人判断问题，无优劣之选一说。

作者: grossman 时间: 2011-5-3 13:05
One thing should be noted is that the program size of ckgsb is determined by the ministry of education. This constraint will greatly impede the growth at ckgsb. Ckgsb should give up the degree from moe and grant its own degrees just like ceibs. This way it can expand its full time MBA to 200. Only with such a size of full time MBA, ckgsb can become a real top business school. Right now its full time MBA size is too small

作者: leon53 时间: 2011-5-3 13:11
100% Agree.
More guaduates(For sure, based on same criteria.
), can deliever more.

作者: boweiivan 时间: 2011-5-3 15:53

-- by 会员三零年代 (2011/5/3 12:55:59)

三零，明显你看Leon53的帖子不多，他一直比较偏向CK的，呵呵！
Leon的调研做的还是蛮多的了，顶一个先。。。。

作者: 三零年代 时间: 2011-5-3 19:42

-- by 会员三零年代 (2011/5/3 12:55:59)

三零，明显你看Leon53的帖子不多，他一直比较偏向CK的，呵呵！
Leon的调研做的还是蛮多的了，顶一个先。。。。

-- by 会员 boweiivan (2011/5/3 15:53:23)

还真没看过其他Leon53的帖子。不管哪个学校，去找招生办和校友聊聊吧。Good Luck

作者: leon53 时间: 2011-5-3 19:55
这个可以有。两校的校友都有交流过。也是基于之前的信息作出这样的评论。不过也只是个人意见，欢迎斧正，呵呵。

作者: jerryjay 时间: 2011-5-4 19:05
LeonTX研究的比较深刻了。现在决定是读CK的FMBA还是FT MBA？

作者: jerryjay 时间: 2011-5-4 19:07

One thing should be noted is that the program size of ckgsb is determined by the ministry of education. This constraint will greatly impede the growth at ckgsb. Ckgsb should give up the degree from moe and grant its own degrees just like ceibs. This way it can expand its full time MBA to 200. Only with such a size of full time MBA, ckgsb can become a real top business school. Right now its full time MBA size is too small

-- by 会员 grossman (2011/5/3 13:05:48)

我还是觉得小班制比较好。。这样对于学员来说享受的资源更多，至于校友的资源，中欧也是后来班级才扩大，再说办的时间越长，校友必然越多。我觉得在CK在没有准备好充足的资源的前提下，贸然扩招还是有风险的。我也同意，至少CK不是靠MBA来赚钱的。

作者: leon53 时间: 2011-5-4 19:20
关于这个问题，还真像请教下学长们，能说下CK的FT和PT的感受吗？

作者: 星星点灯2010 时间: 2011-5-4 20:28

LeonTX研究的比较深刻了。现在决定是读CK的FMBA还是FT MBA？

-- by 会员 jerryjay (2011/5/4 19:05:14)

leon好象不是读mba的样子吧，否则哪有一天到晚开贴比较。

作者: 星星点灯2010 时间: 2011-5-4 20:30

-- by 会员 grossman (2011/5/3 13:05:48)

-- by 会员 jerryjay (2011/5/4 19:07:49)

CK的mba根本赚不到钱。有一次在它的information session上，听它的校友说mba项目一年亏三千万。CK更集中精力做赚钱的emba。

作者: leon53 时间: 2011-5-4 21:33
当然是有计划的MBA的。CD也算一个信息收集的渠道，这里的意见比校友偏激，但是也意味着真实的信息会更真实，因为说话不会有顾忌。

作者: jerryjay 时间: 2011-5-5 16:03
Leon, 建议你两个学校都申，然后在准备材料和面试的阶段中，会发现不一样的地方的。。。

作者: leon53 时间: 2011-5-5 16:20
感谢！这确实是最好方法

作者: 星星点灯2010 时间: 2011-5-5 21:31
什么时候申请呢？

作者: jerryjay 时间: 2011-5-6 13:34
Leon TX貌似只说不行动啊。呵呵。

作者: leon53 时间: 2011-5-6 13:57
行动了，不过想低调点，等成功后再SHARE一下，呵呵。

作者: 星星点灯2010 时间: 2011-5-6 21:30
等你的好消息了，不过时间似乎久了点

作者: Mengsk 时间: 2011-5-7 18:21
偶尔来亚洲版想了解一些国内一流商学院最新情况和动态。我也做些贡献，from金融博士生的角度谈谈长江和中欧的金融师资水平（别的不了解不敢妄加评论）。尽量客观，仅限华人。真正的美国大师就是去中国访问也是纯粹打酱油的，没有例外。

1。黄明老师应该是中欧的顶梁柱子。虽然康奈尔并是一个top15-20的金融program，但黄的学术水平绝对是世界一流。也就是说他的水平在任何一个商学院（斯坦福，哈佛）都可以任教授，甚至讲座教授。我心目中中国人做金融学术做的最好的三个人就是黄（behavioral），王江老师（asset pricing），和郎咸平老师（虽然郎现在不做学术了，但是他在corporate finance的成就至今应该没有中国人能超越）。我没见过这三个人的任何一个，但是出于尊敬都称老师了。希望以后有机会见面。

2。两个学校的师资都是不错学校的博士。但是中欧除了黄以外的师资都没有在美国一流或二流商学院拿教位的实力。相比之下长江的师资相当一部分都曾任教于美国一流学府。不知道这些人是长江花多少钱请回去的，不过肯定是不少心血。Top学校博士和Top学校助教授还是有很大差距的。比如每年仅有1/5的Top10金融博士毕业生能够被同等排名的学校选中进入教师队伍。对于中国人则更难。这也是我们努力的目标。

3。长江的教授更少是全职的。不过我觉得对于MBA教育来说，老师只要待在中国一个学期上课就足够了。中国的这些商学院没有PhD，所以也不需要老师一年四季盯着。我想像黄明这样的大师有相当时间在美国，继续研究，保持最先进的视野和学术界的人脉是很重要的。他如果辞掉cornell全职回来反而是对中国商学院的损失。

Disclaimer：我只是从PhD的角度谈谈师资娱乐一下大家。当然，对于MBA来说，师资水平远不是最重要的。

作者: 星星点灯2010 时间: 2011-5-7 20:12
娱乐大家，不用告诉我们你是m7的金融博士吧。我们也无从考证。

作者: sxf112233 时间: 2011-5-8 12:48
LS，人家又没说自己是M7的，你真是主观的人。
我强烈建议LS去考下GMAT。调整下你的思路。（这也是我好几个朋友的心声，我今天代为传达下）
另外，LS，你又不申请MBA，每天在这个坛子里面逛来逛去干嘛呢？搞不懂~

作者: alexdu 时间: 2011-5-8 12:58
他一开始说自己是m7的，后来编辑掉了

作者: 星星点灯2010 时间: 2011-5-8 21:08
看来明白谁是主观的人了。不用攻击我，怕我说真话给初入CD的xdjm一些可供参考的意见？

作者: boweiivan 时间: 2011-5-8 21:52
星星同学，就先不纠结人家有没说过M7好不。。。。

其实对mengsk说的信息我也不是特别懂，看你也是老ID了，给我们这些末学后辈一点建议吧。。。
比如说mengsk的信息哪里是比较偏颇或是不实的。。。

有您这样的前辈给建议，我们才能做决定更客观，先谢谢了哈。。。

作者: sxf112233 时间: 2011-5-9 22:36
坐等星星前辈建议。做好说的实一点。

作者: 星星点灯2010 时间: 2011-5-9 22:38

星星同学，就先不纠结人家有没说过M7好不。。。。

其实对mengsk说的信息我也不是特别懂，看你也是老ID了，给我们这些末学后辈一点建议吧。。。
比如说mengsk的信息哪里是比较偏颇或是不实的。。。

有您这样的前辈给建议，我们才能做决定更客观，先谢谢了哈。。。

-- by 会员 boweiivan (2011/5/8 21:52:44)

mengsk既然是要娱乐大家，你们何苦一定要评价他的信息是否偏颇或不是。

作者: 星星点灯2010 时间: 2011-5-9 22:39

偶尔来亚洲版想了解一些国内一流商学院最新情况和动态。我也做些贡献，from金融博士生的角度谈谈长江和中欧的金融师资水平（别的不了解不敢妄加评论）。尽量客观，仅限华人。真正的美国大师就是去中国访问也是纯粹打酱油的，没有例外。

1。黄明老师应该是中欧的顶梁柱子。虽然康奈尔并是一个top15-20的金融program，但黄的学术水平绝对是世界一流。也就是说他的水平在任何一个商学院（斯坦福，哈佛）都可以任教授，甚至讲座教授。我心目中中国人做金融学术做的最好的三个人就是黄（behavioral），王江老师（asset pricing），和郎咸平老师（虽然郎现在不做学术了，但是他在corporate finance的成就至今应该没有中国人能超越）。我没见过这三个人的任何一个，但是出于尊敬都称老师了。希望以后有机会见面。

2。两个学校的师资都是不错学校的博士。但是中欧除了黄以外的师资都没有在美国一流或二流商学院拿教位的实力。相比之下长江的师资相当一部分都曾任教于美国一流学府。不知道这些人是长江花多少钱请回去的，不过肯定是不少心血。Top学校博士和Top学校助教授还是有很大差距的。比如每年仅有1/5的Top10金融博士毕业生能够被同等排名的学校选中进入教师队伍。对于中国人则更难。这也是我们努力的目标。

3。长江的教授更少是全职的。不过我觉得对于MBA教育来说，老师只要待在中国一个学期上课就足够了。中国的这些商学院没有PhD，所以也不需要老师一年四季盯着。我想像黄明这样的大师有相当时间在美国，继续研究，保持最先进的视野和学术界的人脉是很重要的。他如果辞掉cornell全职回来反而是对中国商学院的损失。

Disclaimer：我只是从PhD的角度谈谈师资娱乐一下大家。当然，对于MBA来说，师资水平远不是最重要的。

-- by 会员 Mengsk (2011/5/7 18:21:41)

贴回这个贴

作者: sxf112233 时间: 2011-5-9 22:43
笑而不语。

作者: boweiivan 时间: 2011-5-9 23:03

-- by 会员 boweiivan (2011/5/8 21:52:44)

mengsk既然是要娱乐大家，你们何苦一定要评价他的信息是否偏颇或不是。

-- by 会员星星点灯2010 (2011/5/9 22:38:44)

首先，我来CD，主要是为了了解一些商学院的信息，以供自己参考。我想大部分人都是。
其次，我个人觉得mengsk说自己是娱乐大家，比较谦虚了。这些信息大部分我以前没有接触过，或者接触的比较少，因此我觉得这些信息对我来说是非常新鲜而且有用。谢谢mengsk了哈！
最后，是您在27楼说了“怕我说真话给初入CD的xdjm一些可供参考的意见？”，我主观的认为您可能是对商学院比较了解的前辈。同时也因此判断是否是mengsk有些意见您不赞同，所以您才说“说真话。。。。”。，因此后边跟帖向您请教，想问问您哪些地方可能是mengsk可能没说的太全面的，想听听您的意见。。。

所以我不是在纠结mengsk是不是偏颇，只是听您口气还有“真话”可能跟他的信息不太一致的，所以就直接问了。问的目的就是想听下星星前辈的真话，因为偏听则暗，兼听则明，不管他的是不是偏颇，再听下您的真话，才会有助于我客观判断适合我的学校。我觉得这些会是对我和别的新的CDer更有用的信息。请您不吝赐教，谢谢了哈。。。

作者: grossman 时间: 2011-5-10 08:24

-- by 会员 Mengsk (2011/5/7 18:21:41)

CKGSB currently have a few very well known scholars including He Hua, Wang Neng, Li Haitao, Liu Jun, Cao Huining (Henry) and Chen Long. The easiest way to check is using verifiable evidence on Google Scholar. The following is a comparison of google citations above 100. This is just an index but quite informative. The best of it is that it is verifiable.

He Hua, Professor of Financial Practice at CKGSB

Market frictions and consumption-based asset pricing
[PDF] from cenet.org.cnH He… - The Journal of Political Economy, 1995 - JSTOR
Market Frictions and Consumption-Based Asset Pricing HuaHe and David M. Modest University
of California, Berkeley ... We are very grateful to Gail Belonsky and Wei Shi for superb research
assistance and to the Berkeley Program in Finance for financial support. ...
Cited by 159 - Related articles - Library Search - BL Direct - All 11 versions

On equilibrium asset price processes
[PDF] from yale.eduH He… - Review of Financial Studies, 1993 - Soc Financial Studies
... Fellowship Program (for HuaHe) and the Berkeley Program in Finance is gratefully acknowledged.
Address proofs and reprint requests to HuaHe, Haas School of Business, University of California
at Berkeley, Berkeley, CA 94720. The Review of FinancialStudies 1993 Volume ...
Cited by 145 - Related articles - Library Search - BL Direct - All 14 versions

Differential informational and dynamic behavior of stock trading volume

[PDF] from yale.eduH He… - Review of Financial Studies, 1995 - Soc Financial Studies
... The support from the Batterymarch Fellowship Program (for HuaHe), and from the International
Financial Services Research Center and the NTU Career Development Assistant Professorship
at MIT (for Jiang Wang) is gratefully ... The Review of FinancialStudies Winter 1995 Vol. ...
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Consumption and Portfolio Policies With Incomplete Markets and Short‐Sale Constraints: the Finite‐Dimensional Case1
H He… - Mathematical Finance, 1991 - Wiley Online Library
... DUFFIE, D., and W. SHAFER (1986): “Equilibrium in Incomplete Financial Markets: II Generic
Existence in Stochastic Economies,” J. Math. ... DYBVIG, P. H., and SA ROSS (1986): “Tax Clienteles
and Asset Pricing,” J. Finance, XLI, 75 1-762. ... 10 HUAHE AND NEIL D. PEARSON ...
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Consumption and portfolio policies with incomplete markets and short-sale constraints: The infinite dimensional case* 1
H He… - Journal of Economic Theory, 1991 - Elsevier
We employ a martingale approach to study a dynamic consumption-portfolio problem in continuous
time with incomplete markets and short-sale constraints. We introduce a notion of minimax local
martingale and transform the dynamic problem into a static problem of maximizing ...
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Convergence from discrete-to continuous-time contingent claims prices

[PDF] from yale.eduH He - Review of Financial Studies, 1990 - Soc Financial Studies
Convergence from Discrete- to Continuous-Time Contingent Claims Prices HuaHe University
of California, Berkeley This article generalizes the Cox, Ross, and Rub- instein (1979) binomial
option-pricing model, and establishes a convergence from discrete-time mul- tivariate ...
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作者: grossman 时间: 2011-5-10 08:38
Liu Jun, Professor of Finance at CKGSB

Why stocks may disappoint[PDF] from columbia.edu…, G Bekaert, J Liu - Journal of Financial Economics, 2005 - Elsevier
The US population displays a surprisingly large variation in equity holdings, including a majority
of households that hold no stocks at all (see, among many others, Mankiw and Zeldes, 1991,
Haliassos and Bertaut, 1995 and Heaton and Lucas, 1997; Vissing-Jørgensen, 2002). ...
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Losing money on arbitrage: Optimal dynamic portfolio choice in markets with arbitrage opportunities
[PDF] from escholarship.orgJ Liu… - Review of Financial Studies, 2004 - Soc Financial Studies
We derive the optimal investment policy of a risk-averse investor in a market where there is a
textbook arbitrage opportunity, but where liabilities must be secured by collateral. We find that
it is often optimal to underinvest in the arbitrage by taking a smaller position than ...
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Portfolio selection in stochastic environments
[PDF] from psu.eduJ Liu - Review of Financial Studies, 2007 - Soc Financial Studies
Therefore, any serious study of dynamic portfolio choice must take account of stochastic variation
in investment opportunities. The seminal work of Merton (1971) establishes the framework for
dynamic portfolio choice with stochastic variation in investment opportunities. The ...
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An equilibrium model of rare-event premia and its implication for option smirks
[PDF] from mit.eduJ Liu, J Pan… - Review of Financial Studies, 2005 - Soc Financial Studies
This article studies the asset pricing implication of imprecise knowledge about rare events. Modeling
rare events as jumps in the aggregate endowment, we explicitly solve the equilibrium asset prices
in a pure-exchange economy with a representative agent who is averse not only to risk ...
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Dynamic asset allocation with event risk
[PDF] from psu.eduJ Liu, F Longstaff… - 2002 - nber.org
...JunLiu The Anderson School at UCLA 110 Westwood Plaza Los Angeles, CA 90095-1481 ...Jun
Pan MIT Sloan School of Management 50 Memorial Drive, E52-454 Cambridge, MA 02142 Page
3. One of the inherent hazards of investing in financial markets is the risk of a major ...
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Dynamic derivative strategies* 1
[PDF] from psu.eduJ Liu… - Journal of Financial Economics, 2003 - Elsevier
... we calibrate the parameters of the stochastic volatility model to those reported by empirical studies
on the ... to derivatives, the investor avoids taking too leveraged a position in the risky stock ([Liu
et al ... It is important to point out that not all financial contracts can achieve such a goal ...
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Paper millionaires: how valuable is stock to a stockholder who is restricted from selling it?* 1
[PDF] from psu.eduM Kahl, J Liu… - Journal of Financial Economics, 2003 - Elsevier
... These costs are roughly on the same order of magnitude as those reported in studies of the cost
of awarding executive stock options ... In addition to these volume restrictions, current financial
information must be available regarding the company whose securities are being sold. ...
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作者: grossman 时间: 2011-5-10 08:48
Li Haitao, Visiting Professor of Finance at CKGSB

Nonparametric specification testing for continuous-time models with applications to term structure of interest rates…, H Li - Review of Financial Studies, 2005 - Soc Financial Studies
We develop a nonparametric specification test for continuous-time models using the transition
density. Using a data transform and correcting for the boundary bias of kernel estimators, our
test is robust to serial dependence in data and provides excellent finite sample ...
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Regulation Fair Disclosure and earnings information: Market, analyst, and corporate responsesW Bailey, H Li, CX Mao… - The Journal of Finance, 2003 - Wiley Online Library
ABSTRACT With the adoption of Regulation Fair Disclosure (Reg FD), market behavior around
earnings releases displays no signi¢cant change in return volatility (after controlling for decimalization
of stock trading) but signi¢cant in- creases in trading volume due to di¡erence in opinion. ...
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作者: grossman 时间: 2011-5-10 08:55
Zhou Chunsheng, Professor of Finance at CKGSB

The illusory nature of momentum profits* 1[PDF] from ntu.edu.tw…, MJ Schill, C Zhou - Journal of Financial Economics, 2004 - Elsevier
Our paper re-examines the profitability of relative strength or momentum trading strategies (buying
past strong performers and selling past weak performers). We find that standard relative strength
strategies require frequent trading in disproportionately high cost securities such that ...
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Credit derivatives in banking: Useful tools for managing risk?* 1[PDF] from psu.edu…, C Zhou - Journal of Monetary Economics, 2001 - Elsevier
We model the effects on banks of the introduction of a market for credit derivatives; in
particular, credit-default swaps. A bank can use such swaps to temporarily transfer credit risks
of their loans to others, reducing the likelihood that defaulting loans trigger the bank's ...
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The term structure of credit spreads with jump risk
[PDF] from psu.eduC Zhou - Journal of Banking & Finance, 2001 - Elsevier
Default risk analysis is important for valuing corporate bonds, swaps, and credit derivatives and
plays a critical role in managing the credit risk of bank loan portfolios. This paper offers a theory
to explain the observed empirical regularities on default probabilities, recovery rates, and ...
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An analysis of default correlations and multiple defaults
[PDF] from lingnan.netC Zhou - Review of Financial Studies, 2001 - Soc Financial Studies
... Chunsheng Zhou University of California, Riverside ... passage-time model of credit evaluation is
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(1995), Leland and Toft (1996), Leland (1998), Zhou (2001a), and many others]. ...
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[BOOK]A jump-diffusion approach to modeling credit risk and valuing defaultable securities

[PDF] from psu.eduC Zhou… - 1997 - papers.ssrn.com
Page 1. A Jump-Di usion Approach to Modeling Credit Risk and Valuing Defaultable
Securities Chunsheng Zhou y March 1997 ... ln(X ti) = ln(X ti-1) +xi +yi i for i = 1; ; n. c) Find
the smallest integer in such that ln(X ti) 0.10 If such an i exists, let
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作者: grossman 时间: 2011-5-10 09:01
Mei Jianping, Professor of Finance at CKGSB

Where do betas come from? Asset price dynamics and the sources of systematic risk[PDF] from harvard.edu…, J Mei - Review of Financial Studies, 1993 - Soc Financial Studies
Where Do Betas Come From? these equations the approximation error seems to be small enough
for US stock market data that it should have no important effect on our results. 1.2 A beta decomposition
We define beta by using unconditional variances and covariances of innovations'^ returns ...
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The predictability of returns on equity REITs and their co-movement with other assets…, J Mei - The Journal of Real Estate Finance and Economics, 1992 - Springer
Recent evidence suggests that the variation in the expected excess returns is predictable and
arises from changes in business conditions. Using a multifactor latent variable model with
time-varying risk premiums, we decom- pose excess returns into expected and ...
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Measuring international economic linkages with stock market data[PDF] from nyu.edu…, J Mei - The Journal of Finance, 1996 - JSTOR
ABSTRACT This article develops a new framework for measuring financial and real economic
linkages between countries. Using United States and United Kingdom data from 1957 to
1989, we find closer financial linkages after the Bretton Woods currency arrangement was ...
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Art as an investment and the underperformance of masterpieces[TXT] from nyu.eduJ Mei… - The American Economic Review, 2002 - JSTOR
Page 1. Art as an Investment and the Underperformance of Masterpieces By JIANPING
MEI AND MICHAEL MOSES* ... But his data only covers a short time span from 1977 to 1992.
to those of traditional financial assets, such as stocks and bonds. ...
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作者: grossman 时间: 2011-5-10 09:04
Chen Long, Professor of Finance at CKGSB

Corporate yield spreads and bond liquidity[PDF] from psu.eduL Chen, DA Lesmond… - The Journal of Finance, 2007 - Wiley Online Library
We find that liquidity is priced in corporate yield spreads. Using a battery of liquidity measures
covering over 4,000 corporate bonds and spanning both investment grade and speculative
categories, we find that more illiquid bonds earn higher yield spreads, and an ...
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On the relation between the credit spread puzzle and the equity premium puzzle[PDF] from psu.eduL Chen, P Collin-Dufresne… - Review of Financial …, 2009 - Soc Financial Studies
... On the Relation Between the Credit Spread Puzzle and the Equity Premium Puzzle.
Long Chen. Michigan State University. Pierre Collin-Dufresne. Columbia University and
NBER. Robert S. Goldstein. University of Minnesota and NBER. ...
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作者: grossman 时间: 2011-5-10 09:06
Cao Huining Henry, Professor of Finance at CKGSB

…, HH Cao - The Journal of Finance, 1997 - JSTOR
DESPITE THE APPARENT advantages of the international diversification of equity portfolios,
demonstrated by Grubel (1968), Levy and Sarnat (1970) and Solnik (1974), and despite the general
relaxation of controls on foreign portfolio investments by developed countries that took ...
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Imperfect competition among informed tradersK Back, CH Cao… - The journal of finance, 2000 - Wiley Online Library
ABSTRACT We analyze competition among informed traders in the continuous-time Kyle
~1985! model, as Foster and Viswanathan ~1996! do in discrete time. We explic- itly describe
the unique linear equilibrium when signals are imperfectly cor- related and confirm the ...
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Information, trade, and derivative securities
[PDF] from nsd.edu.cn…, HH Cao - Review of Financial Studies, 1996 - Soc Financial Studies
Information, Trade, and Derivative Securities Michael J. Brennan University of California, Los
Angeles, and London Business School H. Henry Cao University of California, Los Angeles Hellwig's
(1980) model is used to analyze the value of improving trading opportunities by more ...
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Inventory information
[PDF] from psu.eduHH Cao, RK Lyons… - 2003 - nber.org
... a permanent effect from inventory information that ranges between 15 and 30 percent of that
from public information. H. HenryCao Richard K. Lyons University Of North Carolina-Chapel
Hill Haas School of Business, UC Berkeley Department of Finance ...
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作者: alexdu 时间: 2011-5-10 09:08
长江也就靠点教授来吸引人吗

作者: alexdu 时间: 2011-5-10 09:09
遮遮掩掩的特点真是体现了李嘉诚基金会的狡猾

作者: grossman 时间: 2011-5-10 09:12
Huang Ming, Professor of Finance at CEIBS

Prospect Theory and Asset Prices*[PDF] from cenet.org.cnN Barberis, M Huang… - Quarterly Journal of Economics, 2001 - MIT Press
We study asset prices in an economy where investors derive direct utility not only from consumption
but also from fluctuations in the value of their financial wealth. They are loss averse over these
fluctuations, and the degree of loss aversion depends on their prior investment ...
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Does fund size erode mutual fund performance? The role of liquidity and organization[PDF] from cornell.eduJ Chen, H Hong, M Huang… - The American Economic …, 2004 - ingentaconnect.com
We investigate the effect of scale on performance in the active money management industry.
We first document that fund returns, both before and after fees and expenses, decline with lagged
fund size, even after accounting for various perfor- mance benchmarks. We then explore ...
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Stocks as lotteries: The implications of probability weighting for security prices[PDF] from psu.edu…, M Huang - 2007 - nber.org
We are grateful to Alon Brav, Michael Brennan, Markus Brunnermeier, John Campbell, Bing
Han, Harrison Hong, Jon Ingersoll, Bjorn Johnson, Mungo Wilson, Hongjun Yan, and seminar
participants at the AFA meetings, Columbia University, Cornell University, Dartmouth ...
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Liquidity shocks and equilibrium liquidity premia[PDF] from psu.eduM Huang - Journal of Economic Theory, 2003 - Elsevier
We study an equilibrium in which agents face surprise liquidity shocks and invest in liquid and
illiquid riskless assets. The random holding horizon from liquidity shocks makes the return of
the illiquid security risky. The equilibrium premium for such risk depends on the constraint ...
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Mental accounting, loss aversion, and individual stock returns[PDF] from yale.edu…, M Huang - The Journal of Finance, 2001 - Wiley Online Library
Page 1. Mental Accounting, Loss Aversion, and Individual Stock Returns NICHOLAS
BARBERIS and MING HUANG* ABSTRACT We study equilibrium firm-level stock
returns in two economies: one in which in- vestors are loss ...
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Toeholds and takeovers[PDF] from psu.eduJ Bulow, M Huang… - Journal of Political Economy, 1999 - JSTOR
Toeholds have an enormous impact in ''common-value'' takeover battles, such as those between
two financial bidders. This contrasts with the small impact of a toehold in a ''private-value''
auction. Our results are consistent with empirical findings that a toehold helps a buyer win ...
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Swap rates and credit quality[PDF] from stanford.edu…, M Huang - the Journal of Finance, 1996 - JSTOR
ABSTRACT This article presents a model for valuing claims subject to default by both contracting
parties, such as swaps and forwards. With counterparties of different default risk, the promised
cash flows of a swap are discounted by a switching discount rate that, at any given state ...
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作者: grossman 时间: 2011-5-10 09:14
Ouyang Hui, Professor of Finance at CKGSB

Optimal Contracts in a Continuous‐Time Delegated Portfolio Management Problem[PDF] from duke.eduH Ou‐Yang - Review of Financial Studies, 2003 - Soc Financial Studies
This article studies the contracting problem between an individual investor and a profes- sional
portfolio manager in a continuous-time principal-agent framework. Optimal con- tracts are obtained
in closed form. These contracts are of a symmetric form and suggest that a portfolio ...
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作者: grossman 时间: 2011-5-10 09:16
Huang Ming clearly dominates everyone at CKGSB. However, CKGSB has an army of solid professors but CEIBS only has one star.

Wang neng is up and coming and he is now a chaired Professor at Columbia.

作者: grossman 时间: 2011-5-10 09:19

遮遮掩掩的特点真是体现了李嘉诚基金会的狡猾

-- by 会员 alexdu (2011/5/10 9:09:29)

what do you mean?

作者: leon53 时间: 2011-5-10 09:39
grossman这样的前辈释惑非常感谢，不仅是我，相信更多看到对这些信息的TX。
对于CK靠教授一说，我倒认为没有什么好说的。难道师从大师不是各位的追求？

作者: 星星点灯2010 时间: 2011-5-10 13:18
不用在这里大版大版地介绍长江的教授吧。商学院的网站应该有吧。

作者: grossman 时间: 2011-5-10 18:11
it wont hurt and many people cant tell from just looking at the web page. google is a more powerful tool. google scholar is very useful to find out good faculties from mediocre faculties.

作者: grossman 时间: 2011-5-10 20:55
Huang Ming is a star and CEIBS should give him a Chaired position.

作者: wanghongliang 时间: 2011-9-14 20:44
不好意思，老帖子顶出来了。

新一轮的申请开始了，让大家从谩骂声开始了解吧。

作者: Billmba 时间: 2011-9-22 13:33

Huang Ming clearly dominates everyone at CKGSB. However, CKGSB has an army of solid professors but CEIBS only has one star.

Wang neng is up and coming and he is now a chaired Professor at Columbia.

-- by 会员 grossman (2011/5/10 9:16:15)

With all due respect, 前辈，相比长江的单一教授，是说这位黄教授更具影响力吗？
这位王教授是即将加盟长江的教授？

然后一个问题，为什么现在商学院，MBA，都是以金融为中心在竞争？是因为金融最profitable，还是相比ops, management, 金融最能体现一个学校实力，金融最具有挑战性？小弟实在不解啊。

作者: grossman 时间: 2011-9-23 02:50
The best way to compare faculty quality is to use google scholar and you will find huang ming has the highest citations for his papers.

In the future, China will need to have value added and innovations to keep its economic growth at a high level. Finance can direct capital to the most efficient places in the absence of government interference. That is why finance is becoming more and more important in China

作者: Billmba 时间: 2011-9-23 09:22
明白，看来这个教授确实牛，可惜去了中欧，不过也好，共同繁荣。

作者: leon53 时间: 2011-12-16 11:21
大家讨论得激烈。再回到CD，长江和中欧都变得更牛了，好事！

作者: shooterlx7 时间: 2011-12-16 11:34
拿CEIBS和CKGSB去和PKU和清华的MBA比，而且后两者作为benchmark这个。。。。，完全没有可比性啊。现在比的MBA知名度

TZM, 我关注这两个学校有段时间，在这里简单总结下，希望给大家一点尽量客观的个人意见。

知名度：
CKGSB: 3.5分
CEIBS: 4.5分

这个应该说结合了之前说的排名，认证，以及其他的一些信息。如果要找到5分的BENCHMARK，我认为最合适的就是PKU和TSINGHUA的MBA项目。原因很简单，如果按照知名度的广度来看，百年学府的品牌会让普通人更认同，而这个两个体制外学校会在海外以及前沿雇主的认同度更高。尤其是CEIBS，各个杂志的排名都很好的推广了这个中国学校，同时John Quelch教授得到来让美国学界对CEIBS的认同度更进一步，I think。CKGSB的认知度对于接受他的人，应该深度很不错，但是在广度上面，不可否认与与CEIBS有一定的距离。

教授：
CKGSB:N/A
CEIBS: N/A

这两个学校的教授都值得尊敬，因此比较反感直接的去比较，毕竟以大多数CDer的水平，不一定能道出他们的优秀与否，何况很多都没有见过。但是从性质上来说，CKGSB的教授更世界级，是真正的world class, 甚至是Top class，（同时也为我们华人能有这些世界级教授骄傲）CEIBS就是更International, 不仅是体现在国籍，从文化背景上，我认为也是非常国际化。从两校的宣传上也很好的体现了这一点，我参加CEIBS的INFO SESSION时，他们也很强调自己的国际化。

录取条件/校友

CKGSB：5
CEIBS：5

这一点上，我认为大家不用去怀疑，或者辩论。
非常的简单，两校并非以赚钱为终极目标，所以在选人的标杆上会更客观。别在攻击CKGSB接受明星或者CEIBS接受了大堆官员，相信关系或者“打招呼”之说在中国众多高校虽然屡见不鲜，但这两个学校“人格”绝对是在国内最独立的，因此不太会有真正的谄媚之举，请相信明星或者官员中会有对知识有需求，或者希望学习真正知识的人，正如普通的你我一样，这个也是他们与学校的自由。真要说到“镀金”或者谄媚，我觉得到应该是其他更多普通高校项目的普遍情况。

就业：

CKGSB：4.5
CEIBS：5

不知道为什么CKGSB近来都不发布他们的就业报告，首先我不会妄自认为是就业不好。在那样的入学标准与教师的合作下，不会差到哪里去，我们就暂时无视这个好了。CEIBS的就业就如同他们的报告一样火爆，加之学员规模庞大，口碑声势，也是逐渐浩大。无论实际的就业结果如何（个人认为，如同投资有风险偏好，就业也一样，咨询，投行或者其他行业本身不是就业全部，重要的是进去这些行业后，他们做了什么，做成了什么。）
不过伦势，不发布就业报告，以及人数居于劣势的CK就逊色，故这样的评估认为相对客观。

前景：

CKGSB：4.5
CEIBS：4.5

这个还真试着去全面了解。不过我认为对于学生层面，毕竟是信息的弱势方，不了解足够的信息就无法判断。两校都有一些不确定性，比如CEIBS的行政划分，CKGSB的发展策略，都存在理论或现实的摇摆性。不过相信对于很多年轻的，并且经济条件不是十分雄厚的TZM，这个就尤为重要。不过这个还真是a matter of opinion。

综合实力

CKGSB：4.8
CEIBS：5

强调下，这个是在本人信息有限情况下作出的判断，并在2011这个时间点。
我觉得这样说很正常，他们是国内目前最好的2个，（这个我就不去展开了），但CKGSB毕竟年轻一点点，很多方面并没有作“全”。看下CEIBS，已经是个typical的国际商学院了。也正因为如此，CEIBS成长空间就比较有限了，而CKGSB如果补“全”了以后，说不定就可以预定TOP 10的位置了。或者对于广大的未来职业经理人来说，这好比两个公司，都是世界500强，一个业务稳定，口碑更好，一个相对知名度差点，但业务发展上仍有一定弹性。

好，相信有很多糟粕的地方，不过希望大家也发表一些“个人客观”意见，给将来有兴趣的朋友们一点参考。

-- by 会员 leon53 (2011/5/3 10:56:15)

作者: Billmba 时间: 2011-12-16 22:16
我觉得还是有很多人会觉得北大，清华，代表了中国高等教育的最高水平，民间来说的话---大叔大婶及路人甲。

作者: xenddy 时间: 2011-12-18 01:25
即使比MBA知名度，北大清华也未必输过中欧长江。毕竟体制内的MBA在数量上还是占绝对优势。

但选择了中欧长江的同学，应该不太在乎社会大众的看法吧。在中高端商界享有领先声誉，这已经足够。

作者: MLG 时间: 2011-12-25 20:40
长江最看重的是去全世界挖顶尖的教授。全是九段阵容。

欢迎光临 ChaseDream (https://forum.chasedream.com/)