以下是引用emiliar在2009-6-23 21:18:00的发言：谁说BIMBA的金融不强？看看北大经济中心的几位著名教授，周其仁、姚洋、海闻等直接参与国家宏观政策的研究和制定。林毅夫更是世界银行行长，世界首席经济学家； 易 纲 ，中国人民银行行长，同样是BIMBA的教授。另外Bimba有金融硕士的second degree，这对于将来想投身金融行业的candidate无疑是个利好。问题的关键不在攀比每个商学院的教授强不强，强不强其实也不是你决定的最决定性因素。virescence，你似乎忘记了说明自己的目的，你是要读MBA呢，将来走管理之路呢？还是要进军金融，将来进入金融行业？这两个目的是如此的不同，建议好好的考虑清楚，只有明确了自己的职业道路，才能做出正确的选择。 最后祝福大家申请到自己理想的dream B-school。
什么是一流教授，一流教授是指在全球前十五名学校长期任教做研究并在本领域前沿杂志发表大量有影响力，有创造力文章的学者，而不是在媒体上哗众取宠，不懂装懂，媚俗的御用文人。 需要很清楚的指出，北大，清华等体制内学校，可以找到不错的经济学教授，但他们现在的薪酬机制是找不到一流的金融教授的。 美国金融学的菜鸟助理教授加上夏日薪酬和退休金要拿25万美金，教授至少三十万美金，北大清华的最高薪酬一百二十万人民币，相当于十六七万美金，没有任何竞争力。中国有能力和体制招大牌金融教授的只有中欧，长江和上海高级金融研究院。这三个学校是global pay, 薪酬和全球接轨 以上这几个经济学教授都对现代金融学一窍不通： 林毅夫：1986年毕业于芝加哥大学经济系，有两篇AER， 专攻农业经济学。农业经济做得不错，但不懂金融。能坐到WORLD BANK 副行长，更多的是因为中国的经济实力。 周其仁：2000年毕业于UCLA大学东亚系， 专攻经济历史，很好的学者，但没有国际一流杂志的文章 海闻：专做北大汇丰院长，不懂金融，也没有国际一流杂志的文章 姚洋：毕业于WISCONSIN 农业经济学，专攻发展经济学， 对金融不了解。 易刚：前Indiana 大学Indianapolis副教授。Indiana大学最好的分校是Bloomington， Indianapolis 要差些。他在这些教授里面和金融最近，但要论在金融学术界的影响力，要和长江差很多。有一篇Journal of Econometrics， 但只有一篇。 长江的几位教授都是科班出身，根正苗红： 曹辉宁：YALE/UCLA 双博士，曾任教于UCBerkeley， Carnegie Mellon， UC San Diego，UNC Chapel Hill, Ohio State等学校，在一流杂志Review of Financial Studies， Journal of Finance， Journal of Financial Economics， Journal of Business等共发表9篇文章。 1. “Portfolio Performance Measurement: A No Arbitrage Bounds Approach,” with Dong-Hyun Ahn and Stephane Chretien, forthcoming, European Financial Management. 2. “Differences of Opinion of Public Information and Speculative Trading in Stocks and Options,” with Hui Ou-Yang,
2008, Review of Financial Studies. 3. “Inventory Information,” H. H. Cao, Martin Evans and Rich Lyons, Journal of Business, 2006, 79：325-364. 4. “Model Uncertainty, Limited Market Participation and Asset Prices,” H. H. Cao, Tan Wang and Harold H. Zhang, Review of Financial Studies, 2005，1219 - 1251. 5. “The Dynamics of International Equity Market Expectations,” Michael J. Brennan, H. H. Cao, Norman Strong and Xinzhong Xu, Journal of Financial Economics, 2005，257-288 6. “Product Strategy for Innovators in Markets with Network Effects,” Sun, B., Xie, J. and H. H. Cao, Marketing Science, 2004, 243-254. 7. “Sidelined Investors, Trading-Generated News, and Security Returns,” H. H. Cao, J. Coval and D. Hirshleifer, Review of Financial Studies, 2002, 15, 615-648. 8. “Imperfect Competition Among Informed Traders,” K. Back, H. H. Cao and G. Willard, Journal of Finance, 2000, 5, 2117-2155. Nominated for Smith-Breeden Prize. 9. “The Effect of Derivative Assets on Endogenous Information Acquisition and Price Behavior in a Rational Expectations Equilibrium,” H. H. Cao, Review of Financial Studies, 1999, 12, 131-163. 10. “International Portfolio Investment Flows,” Michael J. Brennan and H. H. Cao, Journal of Finance, 1997, 52, 1851-1880, Nominated for Smith-Breeden Prize. Best paper award in emerging market research at NFA. Reprinted in International Library of Critical Writings in Financial Economics, Edited by Richard Roll. 11. “Information, Trade, and Derivative Securities,” Michael J. Brennan and H. H. Cao, Review of Financial Studies, 1996, 9, 163-208.
黄明：Cornell/Stanford 双博士，曾任教于UChicago， Stanford, Cornell等学校，在一流杂志AER, JPE, QJE， JF， JFE， JET等共发表8篇文章。 "Stocks as Lotteries: The Implications of Probability Weighting for Security Prices," with Nicholas Barberis, American Economic Review, December 2008. "The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle," with Nicholas Barberis, in Handbook of the Equity Risk Premium, edited by Raj Mehra, Elsevier, 2008. "Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing," with Nicholas Barberis and Richard Thaler, American Economic Review 96, pp 1069-90, September 2006. "Talking up Liquidity: Insider Trading and Investor Relations," with Harrison Hong, Journal of Financial Intermediation 14, pp 1-31, January 2005. "Does Fund Size Erode Performance? Liquidity, Organizational Diseconomies and ActiveMoney Management," with Joseph Chen, Harrison Hong, and Jeffrey D. Kubik, American Economic Review 94, pp 1276-1302, December 2004. "Liquidity Shocks and Equilibrium Liquidity Premia," Journal of Economic Theory 109, pp 104-129, March 2003. "Mental Accounting, Loss Aversion, and Individual Stock Returns," with Nicholas Barberis, Journal of Finance 56, pp 1247-1292, August 2001. "Prospect Theory and Asset Prices," with Nicholas Barberis and Tano Santos, Quarterly Journal of Economics 116, pp 1-53, February 2001. (Lead article of the issue; Awarded the 2000 FAME Research Prize; Collected into Advances in Behavioral Finance, Vol. 2, edited by Richard Thaler.) "Toeholds and Takeovers," with Jeremy Bulow and Paul Klemperer, Journal of Political Economy 107, pp 427-454, June 1999. "Swap Rates and Credit Quality," with Darrell Duffie, Journal of Finance 51, pp 921-949, July 1996. 刘俊：UTexasAustin/ Stanford， 双博士，曾任教于UCLA， UCSanDiego 等学校，在一流杂志JFE， RFS， JF， JET， JFQA, JB， AR， RAS 等共发表16篇文章。 1. “Floating-Fixed Spreads” (with Darrell Duffie), Financial Analyst Journal, May/June, 2001.
2. “A Generalized Earning Model of Stock Valuation” (with Andrew Ang), Review of Accounting
Studies , V6, n4, December, 2001.
3. “Dynamic Asset Allocation with Event Risk” (with Francis Longstaff and Jun Pan), Journal of
Finance, v58, n1, 231-259, February, 2003.
4. “Paper Millionaires: How Valuable is Stock to a Stockholder Who is Restricted from Selling it?”
(with Matthias Kahl and Francis Longstaff), Journal of Financial Economics, v67, n3, 385-410,
March 2003.
5. “Dynamic Derivative Strategies” (with Jun Pan), Journal of Financial Economics, v69, n3, 401-
430, September, 2003.
6. “Conditional Information and Variance Bounds on Pricing Kernels” (with Geert Bekaert), Review
of Financial Studies, v17, n2, 339-378.
7. “Losing Money on Arbitrages: Optimal Dynamic Portfolio Choice in Markets with Arbitrage
Opportunities” (with Francis Longstaff), Review of Financial Studies, v17, n3, 611-641.
8. “How to Discount Cashflows with Time-Varying Expected Returns” (with Andrew Ang), Journal
of Finance, v59, n6, 2745-2783.
9. “An Equilibrium Model of Rare Event Premia” (with Jun Pan and TanWang), Review of Financial
Studies, v18, n1, 131-164.
10. “Why Stocks May Disappoint” (with Andrew Ang and Geert Bekaert), Journal of Financial Economics,
v76, n3, 471-508.
11. “The Market Price of Credit Risk: An Empirical Analysis of Interest Rate Swap Spreads” (with
Francis Longstaff and Ravit E. Mandell), forthcoming, Journal of Business.
12. “Portfolio Selection in Stochastic Environments”, forthcoming, Review of Financial Studies.
13. “Risk, Return and Dividends” (with Andrew Ang), forthcoming, Journal of Financial Economics.
14. “Information, Diversification, and Asset Pricing” (with Jing Liu and Jack Hughes), forthcoming,
Accounting Review. 刘劲：Columbia博士， UCLA终身教授，在一流杂志JAR， AR， RAS 等共发表8篇文章。 "Stock Returns and Accounting Earnings," with Jacob Thomas, Journal of Accounting Research, spring 2000. "The Feltham-Ohlson (1995) Model: Empirical Implications," with James Ohlson, Journal of Accounting, Auditing and Finance, summer 2000. "Equity Valuation Using Multiples," with Jacob Thomas and Doron Nissim, Journal of Accounting Research, March 2002. "Measuring Value Relevance in a (possibly) Inefficient Market," with David Aboody and John Hughes, Journal of Accounting Research, September 2002. "Valuation and Accounting for Inflation and Foreign Exchange," with John Hughes and Mingshan Zhang, Journal of Accounting Research, September 2004 "Earnings quality, insider trading and cost of capital," with David Aboody and Jack Hughes, the Journal of Accounting Research, 2005. "On international accounting valuation," the Journal of International Accounting Research, 2006. "Cash flow is king? Comparing valuations based on cash flow versus earnings multiples," with Jacob Thomas and Doron Nissim, the Financial Analyst Journal, 2007. "Information asymmetry, diversification and cost of capital" with John Hughes and Jun Liu, the Accounting Review, 2007. "Are executive stock option exercises driven by private information?" with David Aboody, John Hughes and Wei Su, forthcoming at the Review of Accounting Studies.
"On the relation between predictable market returns and predictable analysts' forecast errors," with John Hughes and Wei Su, conditional acceptance at the Review of Accounting Studies
"Discussion of 'The role of changes in expectations in explaining the cross-section of returns.'" Review of Accounting Studies, September 2004. 梅建平：Princeton博士， 曾任教于NYU，在一流杂志JF， JFE， RFS， AER， RE Statistics 等共发表8篇文章。 Turning Over Turnover, (with M. Cremers), Review of Financial Studies, forthcoming, 2008 Idiosyncratic risk and creative destruction in Japan (with Y. Hamao & Y. Xu). Journal of Money, Credit and Banking, 2007, 4, 901-924. Large Investors, Price Manipulation, and Market Breakdown - An Anatomy of Market Corners, (with Franklin Allen and Lubomir Litov), Review of Finance, 2006,10: 645-693 Market manipulation: A comprehensive study of stock pools, (with G. Jiang and P. Mahoney) Journal of Financial Economics, 2005, 77, 147-170 Vested Interests and Biased Price Estimates: Evidence from An Auction Market (with M. Moses), Journal of Finance, 2005, 60, 2409-2436. Art as Investment and the Underperformance of Masterpieces: Evidence from 1875-2000, (With M. Moses), American Economic Review, 2002, December, 1656-1668. "What Makes the Stock Market Jump?---An Analysis of Political Risk on the Hong Kong Stock Returns", (with H. Kim), Journal of International Money and Finance, 2001, 10031016. "Living with the Enemy: an Analysis of Japanese Experience with Foreign Investment", (with Y. Hamao), Journal of International Money and Finance, 2001, 715-735. "Conditional Risk Premium in Asian Real Estate Properties", with (J. Hu), Journal of Real Estate Finance and Economics, 2000, 3, 295-311. 周春生：Princeton博士， 曾任教于UCRiverside，在一流杂志 JFE， RFS， JFQA， RE Statistics , J Monetary Economics等共发表5篇文章 . “The Illusionary Nature of Momentum Profits”
(with Lesmond and Schill)
Journal of Financial Economics, Volume: 71，Issue: 2 ，February, 2004. 2. “Credit Rating and Corporate Defaults”
Journal of Fixed Income, December 2001, pp 30-40. 3. “The Term Structure of Credit Spreads with Jump Risk”
Journal of Banking and Finance, Nov 2001. 4. “Credit Derivatives in Banking: Useful Tools for Managing Risk?” (with Gregory Duffee, University of California at Berkeley)
Journal of Monetary Economics, August 2001. 5. “Pricing an Emerging Industry: Evidence from Internet Subsidiary Carveouts” (With Schill), Leading article, Financial Management, 2001. （This article inspired a large number of researchers to do similar studies.） 6. “An Analysis of Default Correlation and Multiple Defaults”
Review of Financial Studies, May 2001. 7. “Time to Build and Investment”
Review of Economics and Statistics, 82 (2000), 273-282. 8. “A State-Space Model of Short and Long Horizon Stock Returns”
Journal of Financial Research, Winter 2000. 9. “Informational Asymmetry and Market Imperfections: Another Solution to the Equity Premium Puzzle”
Journal of Financial and Quantitative Analysis, 34 (1999), pp 445-464. 10. “Path-Dependent Option Valuation When the Underlying Path Is Discontinuous”
Journal of Financial Engineering, 8 (1999), pp 73-98 11. “Dynamic Portfolio Choice and Asset Pricing with Differential Information”
Journal of Economic Dynamics and Control, 22 (1998),
pp 1027-1051 欧阳辉博士分别毕业于美国加州大学伯克利分校和杜兰大学（Tulane University）大学，并分获金融学、化学物理学博士学位。随后，他曾在加州技术研究所从事了化学物理相关的博士后研究。目前，欧阳辉博士担任野村证券（Nomura Securities）固定收益部门董事总经理，此前还曾担任雷曼兄弟公司董事总经理，杜克大学副教授及北卡罗莱纳大学教堂山分校（UNC-Chapel Hill）助理教授。欧阳辉博士曾被杜克大学全球高层管理MBA课程评选为“2004年度优秀教师”。 主要研究领域 学术成就 - Barclays Global Investors/ Michael Brennan Runner-Up (Second Place) Award for the best paper published in Volume 16 of the Review of Financial Studies for "Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem"
- Outstanding Professor Award (Professor of the Year), Global Executive MBA, Fuqua Business School, Duke University, 2004
- The Society of Quantitative Analysts Award, 2005 Western Finance Association Meetings for "Differences of Opinion of Public Information and Speculative Trading in Stocks and Options" (with H. Cao)
- The third place award for the best paper presented at the 2004 China International Finance Assiciation Meeting for "Differences of Opinion of Public Information and Speculative Trading in Stocks and Opinions" (with H. Cao)
主要学术成果 - "Differences of Opinion of Public Information and Speculative Trading in Stocks and Options", with Hui Ou-Yang, Review of Financial Studies, 2008. (Placed third in the best paper award at CIFC in 2004 and judged best paper in the "most relevant to practitioners" category at WFA in 2005.)
- "Capital Structure, Debt Maturity, and Stochastic Interest Rates", with N. Ju, Journal of Business, 79, 2469-2502, 2006.
- "Estimation of Continuous-Time Models with an Application to Equity Volatility", with G. Bakshi and N. Ju, Journal of Financial Economics, 82, 227-249, 2006.
- "Prospect Theory and Liquidation Decisions", with A. S. Kyle and W. Xiong, Journal of Economic Theory, 129, 273-288, 2006.
- "Incentives and Performance in the Presence of Wealth Effects and Endogenous Risk", with M. Guo, Journal of Economic Theory, 129, 150-191, 2006.
- "An Equilibrium Model of Asset Pricing and Moral Hazard", Review of Financial Studies, 18, 1219-1251, 2005.
- "Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem", Review of Financial Studies, 16, 173-208, 2003. (Awarded the Barclays Global Investors/ Michael Brennan Runner-Up Award for the best paper published in Volume 16)
共七篇一流杂志文章 王江博士为长江商学院金融学访问教授，每年夏季进行为期1个月的访问。他在1985年和1990年分别获得宾夕法尼亚大学物理学和金融学博士。 王江博士同时为麻省理工大学史隆管理学院日本瑞穗金融集团教授。 主要研究领域 王江教授的研究兴趣包括资产定价、投资和风险管理以及国际金融。 学术成就 王江教授的出版著作被著名媒体广泛引用包括《社会科学引文索引》和《金融时报》。获得过包括享有盛誉的Smith-Breeden Prize，Leo Melamed Prize and the Battermarch Fellowship。2007年王江教授被选为美国金融协会主任。 主要学术成果 - Liquidity and Market Crashes, with J. Huang, 2007.
- Market Liquidity, Asset Prices and Welfare, with J. Huang, 2007.
- Firms as Buyers of Last Resort: Financing Constraints, Stock Returns and Liquidity, with H. Hong and J.L. Yu, Journal of Financial Economics, 2007.
- Trading Volume: Implications of an Intertemporal Capital Asset Pricing Model, with A.W. Lo, Journal of Finance 61, 2805-2840, 2006.
- Evaluating Portfolio Policies: A Duality Approach, with M. Haugh and L. Kogan, Operations Research 54 (No. 3), 405-418, 2006.
- The Price Impact and Survival of Irrational Traders, with L. Kogan, S.A. Ross and M. Westerfield, Journal of Finance 61, 195-229, 2006.
- Asset Prices and Trading Volume Under Fixed Transactions Costs, with A.W. Lo and H. Mamaysky, Journal of Political Economy 112 (No. 5), 1054-1090, 2004.
- Dynamic Volume-Return Relations of Individual Stocks, with G. Llorente, R. Michaely, G. Saar, Review of Financial Studies 15, 1005-1047, 2002.
- Foundations of Technical Analysis: Computational Algorithms, Statistical Inference, and Empirical Implementation, with A.W. Lo and H. Mamaysky, Journal of Finance 55, 1705-1770, 2000.
- Trading and Returns Under Periodic Market Closures, with H. Hong, Journal of Finance 55, 297-354, 2000.
- Trading Volume: Definitions, Data Analysis, and Implications of Portfolio Theory, with A.W. Lo, Review of Financial Studies 13, 257-300, 2000.
- Market Structure, Security Prices and Informational Efficiency, with J. Huang, Macroeconomic Dynamics 1, 169-205, 1997.
- The Term Sturcture of Interest Rates In A Pure Exchange Economy With Heterogeneous Investors, Journal of Financial Economics 41, 75-110, 1996.
- Differential Information and Dynamic Behavior of Stock Trading Volume, with H. He, Review of Financial Studies 8, 919-972, 1995.
- Implementing Option Pricing Formulas When Asset Returns Are Predictable, with A.W. Lo, Journal of Finance 50, 87-130, 1995.
- A Model of Competitive Stock Trading Volume, Journal of Political Economy 102, 127-167, 1994.
- Trading Volume and Serial Correlation in Stock Returns, with J. Campbell and S. Grossman, Quarterly Journal of Economics 108, 905-940, 1993.
- A Model of Intertemporal Asset Prices Under Asymmetric Information, Review of Economic Studies 60, 249-282, 1993.
共十八篇一流杂志文章
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