长江曹辉宁教授荣获全球顶级金融期刊年度最佳论文奖

foever

网址链接：http://www.ckgsb.com/Article/Detail.aspx?ColumnId=383&ArticleId=9908
长江商学院曹辉宁教授荣获全球顶级金融期刊年度最佳论文奖
2011年8月8日，长江商学院金融系主任、金融学教授曹辉宁的论文《对未知的恐慌：熟悉度对经济决策的影响》，荣获由全球顶级金融学术期刊之一《金融评论》颁发的2011年“Spängler IQAM”最佳论文奖优秀奖，这篇论文近期刊登在《金融评论》（2011年7月，第3期，第15册）。该期刊之前出版的四期中的三个最佳论文分别获得了这次大奖的卓著奖和两个优秀奖。曹辉宁教授将于2011年8月19日在瑞典斯德哥尔摩欧洲金融协会的年会上接受此殊荣。

曹辉宁教授的论文中提出了一个模型，认为人们根据现状做出决定时倾向于选择最差状况。该熟悉度偏好模型可用来解释检验行为金融里的禀赋效应、投资组合低分散化、本国和本地区证券偏好以及对均衡资产定价理论进行校正。论文指出，改良后的资本资产定价模型具有充分的可用性，其中，市场证券投资组合被不受熟悉度偏好影响的投资者控股投资组合所取代。曹辉宁教授的获奖再次显示了长江商学院在亚太地区首屈一指的学术研究能力和学术地位。

在过去几年中，曹辉宁教授在全球著名期刊Journal of Finance,Review of Financial Studies,Journal of Financial Economics, Journal of Economic Theory,Journal of Business,Marketing Science and European Financial Management等发表多篇论文，并被大量引用；曾两次获得Journal of Finance的最佳论文提名(1998年和2000年)；曾获Northern Finance Association评选的新兴市场领域最佳论文奖；曾获Western Finance Association 评选的最有投资价值的最佳论文奖；在2004中国金融国际年会上获得最佳论文三等奖；任Annals of Economics and Finance的编委会成员及International Financial Review和China Financial Review的主编。

曹辉宁教授于1995年在洛杉矶获得加利福尼亚大学金融博士学位，1991年获得耶鲁大学病理学博士学位。在进入长江商学院之前，曹辉宁教授还在加利福尼亚大学圣地亚哥分校、俄亥俄州立大学、卡内基梅隆大学以及北卡罗来纳大学教堂山分校等学校任教。

wanghongliang

这个教授跳槽不少啊。

grossman

Professor Cao also taught at UC Berkeley



CKGSB Henry Cao Awarded to 2011 Spängler IQAM Best Paper Prize
CKGSB Professor Henry Cao Awarded Runner-Up to 2011 Spängler IQAM Best Paper Prize
网址链接：http://www.cheungkong-gsb.com/NewsandEvents/News/SchoolNews/tabid/186/smid/380/ArticleID/3292/reftab/191/Default.aspx
BEIJING - August 8, 2011 – CKGSB Chair of Finance Department and Professor of Finance Henry Huining Cao has received the runner-up prize to the 2011 Spängler IQAM Best Paper Prize for his paper, "Fear of the Unknown: Familiarity and Economic Decisions" that was recently published in Review of Finance (volume 15, issue 3, July 2011). Professor Cao will accept the prize at the Annual Meeting of the European Finance Association in Stockholm, Sweden on August 19, 2011.
The Spängler IQAM Best Paper Prize is an annual prize given by the leading international journal, Review of Finance. The three best papers from the journal's previous four issues are awarded a first place prize of ?3000and two runner-up prizes of ?000.
Professor Cao's paper offers a model to help explain why individuals tend to focus on worst-case scenarios when contemplating a decision that deviates from the status quo. This model of familiarity bias is used examine the endowment effect, portfolio underdiversification, home and local biases and the implications for equilibrium asset pricing. The paper predicts that a modified capital asset pricing model holds wherein the market portfolio is replaced with a portfolio of the stock holdings of investors not subject to familiarity bias.
Professor Cao's distinguished research and teaching career includes an editorship of the International Financial Review. He also sits on the editorial boards of Annals of Economics and Finance and China Financial Review. His research has been published in Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Economic Theory, Journal of Business, Review of Finance, and Marketing Science.  He has been nominated for the Smith-Breeden Award (1998) and for the best paper published in Journal of Finance (2000).
Professor Cao earned a Ph.D. in finance from University of California at Los Angeles (1995) and a Ph.D. in pathology from Yale University (1991). Before joining CKGSB, Professor Cao taught at the University of California at Berkeley, the University of California at San Diego, Ohio State University, Carnegie Mellon and the University of North Carolina at Chapel Hill.

grossman

International portfolio investment flows…, HH Cao - Journal of Finance, 1997 - JSTOR
... LII, NO. 5 * DECEMBER 1997 International Portfolio Investment Flows MICHAEL J. BRENNAN
and H. HENRY CAO* ... Brennan is from the University of California, Los Angeles, and London
Business School. Cao is from the University of California, Berkeley. ...
被引用次数：694 - 相关文章 - 所有 12 个版本

Imperfect competition among informed tradersK Back, CH Cao… - The journal of finance, 2000 - Wiley Online Library
Page 1. Imperfect Competition among Informed Traders KERRY BACK, C. HENRY CAO, and
GREGORY A. WILLARD* ... obtained for the continuous- time equilibrium. Cao derived the
equilibrium by various means, including a convergence analysis. ... 0 1 ~ Iv Pu ~t!!u~ Is j, t,Pu ! ...
被引用次数：163 - 相关文章 - 所有 12 个版本

Information, trade, and derivative securitiesnsd.edu.cn 中的 [PDF]…, HH Cao - Review of Financial Studies, 1996 - Soc Financial Studies
... and Derivative Securities Michael J. Brennan University of California, Los Angeles, and London
Business School H. Henry Cao University of ... Ghana's bourse trades for only 2 days a week and
Morocco's for only 1 j hours a day. ... The Review of Financial Studies Spring 1996 Vol. ...
被引用次数：108 - 相关文章 - 所有 12 个版本

Inventory informationpsu.edu 中的 [PDF]HH Cao, RK Lyons… - 2003 - nber.org
... public information. H. Henry Cao Richard K. Lyons University Of North Carolina-Chapel Hill Haas
School of Business, UC Berkeley Department of Finance Berkeley, CA 94720-1900 ... Let Pijt denote
the quote of dealer i in round j on day t. The rules governing dealer quotes are: ...
被引用次数：108 - 相关文章 - 所有 24 个版本

grossman

周春生



The illusory nature of momentum profits* 1ntu.edu.tw 中的 [PDF]…, MJ Schill, C Zhou - Journal of Financial Economics, 2004 - Elsevier
... Size images. Article. Article - selected. Figures/Tables. Figures/Tables - selected.
References. References - selected. Journal of Financial Economics Volume 71, Issue
2, February 2004, Pages 349-380. doi:10.1016/S0304-405X(03 ...
被引用次数：269 - 相关文章 - 所有 24 个版本

Credit derivatives in banking: Useful tools for managing risk?* 1psu.edu 中的 [PDF]…, C Zhou - Journal of Monetary Economics, 2001 - Elsevier
... R. Duffee Corresponding Author Contact Information , E-mail The Corresponding Author , a and
Chunsheng Zhou b. ... Although everyone in this economy is risk-neutral, the bank has an incentive
to sell ... in a new project and lacks sufficient internally generated funds to finance it. ...
被引用次数：189 - 相关文章 - 所有 31 个版本

An analysis of default correlations and multiple defaultslingnan.net 中的 [PDF]C Zhou - Review of Financial Studies, 2001 - Soc Financial Studies
Evaluating default correlations or the probabilities of default by more than one firm is an important
task in credit analysis, derivatives pricing, and risk management. However, default correlations
cannot be measured directly, multiple-default modeling is technically difficult, and most ...
被引用次数：210 - 相关文章 - 所有 21 个版本

grossman

梅建平

Measuring international economic linkages with stock market datanyu.edu 中的 [PDF]…, J Mei - 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 ...
被引用次数：136 - 相关文章 - 所有 16 个版本

Art as an investment and the underperformance of masterpiecesnyu.edu 中的 [TXT]J Mei… - NYU Finance Working Paper No. 01-012, 2002 - papers.ssrn.com
... (Forthcoming in American Economic Review) Jiangping Mei Michael Moses? February 2002 ...
Chan, KC, Nai-Fu Chen, An Unconditional Asset-Pricing Test and the Role of Firm Size as an
Instrumental Variable for Risk, Journal of Finance, Vol. 43, No. 2. (Jun., 1988), pp. ...
被引用次数：121 - 相关文章 - 所有 25 个版本

Where do betas come from? Asset price dynamics and the sources of systematic riskharvard.edu 中的 [PDF]…, J Mei - Review of Financial Studies, 1993 - Soc Financial Studies
... grant. Address correspondence to Jianping Mei, Department of Finance, Stern School
of Business, New York University, 44 West 4th Street, New York, NY 10012. The
Review of Financial Studies 1993 Volume 6, number 3, pp. ...
被引用次数：150 - 相关文章 - 所有 14 个版本

grossman

陈龙

Corporate yield spreads and bond liquiditypsu.edu 中的 [PDF]L Chen, DA Lesmond… - The Journal of Finance, 2007 - Wiley Online Library
... Corporate Yield Spreads and Bond Liquidity. LONG CHEN,; DAVID A. LESMOND,; JASON WEI. ...
How to Cite. CHEN, L., LESMOND, DA and WEI, J. (2007), Corporate Yield Spreads and Bond
Liquidity. The Journal of Finance, 62: 119–149. doi: 10.1111/j.1540-6261.2007.01203.x ...
被引用次数：292 - 相关文章 - 所有 21 个版本

On the relation between the credit spread puzzle and the equity premium puzzlepsu.edu 中的 [PDF]L Chen, P Collin-Dufresne… - Review of Financial …, 2009 - Soc Financial Studies
... Review of Financial Studies. ... Institution: Google Indexer; Sign In as Personal Subscriber. ... 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 ...
被引用次数：126 - 相关文章 - 所有 27 个版本

grossman

何华


Market frictions and consumption-based asset pricing
cenet.org.cn 中的 [PDF]H He… - Journal of Political Economy, 1995 - JSTOR
A fundamental equilibrium condition underlying most utility-based asset pricing models is the
equilibration of intertemporal marginal rates of substitution (IMRS). Previous empirical
research, however, has found that the comovements of consumption and asset return ...
被引用次数：164 - 相关文章 - 所有 11 个版本
Differential informational and dynamic behavior of stock trading volume
yale.edu 中的 [PDF]H He… - Review of Financial Studies, 1995 - Soc Financial Studies
... The support from the Batterymarch Fellowship Program (for Hua He), and from the International
Financial Services Research Center and the NTU Career ... depends on the hierarchy of expectations,
including each in- vestor's expectation of the true state of the economy (first-order ...
被引用次数：286 - 相关文章 - 图书馆搜索 - 所有 24 个版本

On equilibrium asset price processes
yale.edu 中的 [PDF]H He… - Review of Financial Studies, 1993 - Soc Financial Studies
Page 1. On Equilibrium Asset Price Processes Hua He Hayne Leland University of California,
Berkeley In this article we derive necessary and sufficient conditions that must be satisfied
by equilibrium asset price processes in apure exchange economy. ...
被引用次数：142 - 相关文章 - 图书馆搜索 - 所有 14 个版本

Convergence from discrete-to continuous-time contingent claims prices
yale.edu 中的 [PDF]H He - Review of Financial Studies, 1990 - Soc Financial Studies
... Address reprint requests to Hua He, Haas School of Business, University of California at Berkeley,
Berkeley ... Other related work has been done by Cheyette (1988), in which he approximates the
returns of ... я Consider first the Black-Scholes economy with one stock and one 8 bond ...
被引用次数：179 - 相关文章 - 图书馆搜索 - 所有 14 个版本

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 ...
被引用次数：309 - 相关文章 - 所有 11 个版本

grossman

欧阳辉


Optimal Contracts in a Continuous‐Time Delegated Portfolio Management Problem
duke.edu 中的 [PDF]H Ou‐Yang - Review of Financial Studies, 2003 - Soc Financial Studies
... Address correspondence to Hui Ou-Yang, Fuqua School of Business, Duke University, Durham,
NC 27708-0120, or e ... We thus attempt to provide an economic foundation that may be used for
the assessment of the ... (1) where h ≡ ? r1 and where AT t ≡ A1 AN denotes the dollar ...
被引用次数：126 - 相关文章 - 所有 11 个版本

grossman

Nice photo