CKGSB & CEIBS 2011

星星点灯2010

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。

星星点灯2010

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

sxf112233

笑而不语。

boweiivan

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。

-- 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。。。

grossman

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)

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. ...
Cited by 281 - Related articles - Library Search - BL Direct - All 23 versions

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 ...
Cited by 105 - Related articles - Library Search - All 7 versions

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 ...
Cited by 297 - QZC9QIgM4MJ:scholar.google.com/&hl=en&as_sdt=0,39" target="_blank">Related articles - All 10 versions


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 ...
Cited by 170 - Related articles - Library Search - All 13 versions

grossman

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). ...
Cited by 112 - Related articles - All 22 versions


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 ...
Cited by 169 - Related articles - BL Direct - All 22 versions

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 ...
Cited by 148 - Related articles - BL Direct - All 18 versions

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 ...
Cited by 128 - Related articles - All 27 versions

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 ...
Cited by 201 - Related articles - Library Search - BL Direct - All 38 versions

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 ...
Cited by 130 - Related articles - Library Search - All 39 versions

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. ...
Cited by 131 - Related articles - Library Search - BL Direct - All 25 versions

grossman

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 ...
Cited by 149 - Related articles - All 11 versions

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. ...
Cited by 179 - Related articles - BL Direct - All 11 versions

grossman

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 ...
Cited by 267 - Related articles - All 19 versions

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 ...
Cited by 176 - Related articles - Library Search - BL Direct - All 29 versions




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 ...
Cited by 325 - Related articles - All 15 versions

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
now widely used in the academic literature [Black and Cox (1976), Longstaff and Schwartsz
(1995), Leland and Toft (1996), Leland (1998), Zhou (2001a), and many others]. ...
Cited by 207 - Related articles - BL Direct - All 20 versions


[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
Cited by 286 - Related articles - Library Search - BL Direct - All 10 versions

grossman

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 ...
Cited by 149 - Related articles - Library Search - BL Direct - All 13 versions

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 ...
Cited by 185 - Related articles - Library Search - All 5 versions

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 ...
Cited by 129 - Related articles - Library Search - BL Direct - All 16 versions

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. ...
Cited by 109 - Related articles - BL Direct - All 24 versions

grossman

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 ...
Cited by 285 - Related articles - BL Direct - All 19 versions

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. ...
Cited by 114 - Related articles - All 27 versions