College of Business Dean, Chair Professor |School of Business

Hao Zhou is the Dean of College of Business,Chair Professor,Southern University of Science and Technology. Unigroup Chair Professor of finance and Associate Dean of PBC School of Finance and the Vice Chair of National Institute of Financial Research (NIFR) at Tsinghua University. Before 2013, he was a senior economist at Federal Reserve Board. Hao received a PhD degree in economics from Duke University in 2000. He is the general secretary for the review committee of Sun Yefang Financial Innovation Award.

Hao’s research agenda covers the areas of variance risk premiums on stock, bond, currency, and credit markets, systemic risk and macro-prudential regulation of financial institutions, China financial markets and reforms. He has published in leading academic journals like Journal of Finance, Review of Financial Studies, Journal of Financial Economic, among others.

Personal Profile

Primary Employment

2021.8-           Dean of College of Business,Chair Professor,Southern University of Science and Technology  

2013-               Unigroup Chair Professor of Finance and Associate Dean

                         PBC School of Finance, Tsinghua University

                          Vice President, National Institute of Financial Research

                         Director, Research Center for Monetary Policy and Financial Stability

                        Director, Research Center for New Structural Financial Economics

                         Academic Committee Chair at Tsinghua University PBC School of Finance

                         Tsinghua University Academic Committee Member

                         Tsinghua University Tenure and Promotion Committee Member

2000-2013    Economist and Senior Economist, Risk Analysis Section, Federal Reserve Board

1999-2000     Lecture, Department of Economics, Duke University

1993-1994      Consultant, Development Research Center of State Council, China

1989-1990      Administrator, Nandan County of Guanxi Province, China

 

 

Education Background

PhD Department of Economics, Duke University, May 2000

MA Guanghua School of Management, Peking University, June 1993

BA Department of International Economics, Peking University, July 1989

Research

Variance Risk Premiums in Equity, Bond, Currency, and Credit Markets

Stochastic Volatility and Asset Pricing Models

Realized Jumps on Financial Markets and Asset Pricing Puzzles

Systemic Risk and Macro-Prudential Regulation of Financial Institution

China Financial Research – Reform and Policy


Publications Read More

Working Paper

 

1. “Real(istic) Time-Varying Probability of Consumption Disasters,” with Tao Jin and Xiaoyu Huang, Tsinghua University PBC School of Finance, 2021.

 

2. “Margin Trading and Leverage Management,” with Jiangze Bian, Zhi Da, Zhiguo He, Dong Lou, and Kelly Shue, Tsinghua University PBC School of Finance, 2021.

 

3.  “Variance Risk Premiums in Emerging Markets: Global Integration and Economic Uncertainty,” with Fang Qiao, Lai Xu, and Xiaoyan Zhang, Tsinghua University PBC School of Finance, 2018.

 

4. “Stock-Bond Return Correlation, Bond Risk Premium Fundamental, and Fiscal-Monetary Policy Regime,” with Erica X.N. Li, Tao A. Zha, and Ji Zhang, Tsinghua University PBC School of Finance, 2018.

 

5. “China’s Anti-Corruption Campaign and Credit Reallocation from SOEs to Non-SOEs,” with Bo Li and Zhengwei Wang, Tsinghua University PBC School of Finance, 2017.

 

6. “Shadow Banking: China’s Dual-Track Interest Rate Liberalization,” with Hao Wang, Honglin Wang, and Lisheng Wang, Tsinghua University PBC School of Finance, 2015.

 

7. “The Great Wall of Debt: Real Estate, Political Risk, and Chinese Local Government Financing Cost,” with Andrew Ang and Jennie Bai, Tsinghua University PBC School of Finance, 2015.

 

8. “Term Structure of Interest Rates with Short-Run and Long-Run Risks,” with Olesya Grishchenko and Zhaogang Song, Tsinghua University PBC School of Finance, 2015.

 

9. “Good Jumps, Bad Jumps, and Conditional Equity Premium,” with Hui Guo, Nan Sha, and Kent Wang, Tsinghua University PBC School of Finance, 2015.

 

Refereed Journal

 

1. “Moment Risk Premia and Stock Return Predictability,” with Zhenzhen Fan and Xiao Xiao, Journal of Financial and Quantitative Analysis, forthcoming, 2020.

 

2.  “Specification Analysis of Structural Credit Risk Models,” with Jingzhi Huang and Zhan Shi, Review of Finance, vol. 24, page 45-98, 2020.

 

3. “Short-Run Bond Risk Premia,” with Philippe Mueller and Andrea Vedolin, Quarterly Journal of Finance, vol. 9, pages 1950011:1-34, 2019.

 

4. “Ambiguity Aversion and Variance Premium,” with Jianjun Miao and Bin Wei, Quarterly Journal of Finance, vol. 9, pages 1950003:1-36, 2019.

 

5.  “Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty,” Annual Review of Financial Economics, vol. 10, pages 481-497, 2018.

 

6. “Hot Money and Quantitative Easing: The Spillover Effects of U.S. Monetary Policy on the Chinese Economy,” with Steven Wei Ho and Ji Zhang, Journal of Money, Credit, and Banking, vol. 50, pages 1543-1569, 2018.

 

7. “Do Behavioral Biases Affect Order Aggressiveness?” with Jiangze Bian, Kalok Chan, and Donghui Shi, Review of Finance, vol. 22, pages 1121-1151, 2018.

 

8. “Variance Risk Premiums and the Forward Premium Puzzles,” with Juan M. Londono, Journal of Financial Economics, vol. 124, pages 415–440, 2017.

 

9. “Effect of Liquidity on the Nondefault Component of Corporate Bond Spreads: Evidence from Intraday Transactions Data,” with Song Han, Quarterly Journal of Finance, vol. 6, pages 1650012:1-49, 2016.

 

10. “Risk, Uncertainty, and Expected Returns,” with Turan Bali, Journal of Financial and Quantitative Analysis-lead article, vol. 31, pages 707-735, 2016.

 

11. “The Systemic Risk of European Banks during the Financial and Sovereign Debt Crises,” with Lamont Black, Ricardo Correa, and Xin Huang, Journal of Banking and Finance, vol. 63, pages 107-125, 2016.

 

12. “Stock Return and Cash Flow Predictability: the Role of Volatility Risk,” with Tim Bollerslev and Lai Xu, Journal of Econometrics, vol. 187, pages 458-471, 2015.

 

13. “Predicting Stock Returns with Variance Risk Premia: Statistical Inference and International Evidence,” with Tim Bollerslev, James Marrone, and Lai Xu, Journal of Financial and Quantitative Analysis, vol. 49, pages 633-661, 2014.

 

14. “Credit Default Swap Spreads and Variance Risk Premia,” with Hao Wang and Yi Zhou, Journal of Banking and Finance, vol. 37, pages 3733-3746, 2013.

 

15. “Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks during the Recent Financial Crisis,” with Xin Huang and Haibin Zhu, Journal of Financial Stability, vol. 8, pages 193-205, 2012.

 

16. “Systemic Risk Contributions,” with Xin Huang and Haibin Zhu, Journal of Financial Services Research, vol. 42, pages 55-83, 2012.

 

17. “Realized Jumps on Financial Markets and Predicting Credit Spreads,” with George Tauchen, Journal of Econometrics, vol. 160, pages 235-245, 2011.

 

18. “Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities,” with Tim Bollerslev and Mike Gibson, Journal of Econometrics, vol. 160, pages 102-118, 2011.

 

19. “Explaining Credit Default Swap Spreads with the Equity Volatility and Jump Risks of Individual Firms,” with Ben Zhang and Haibin Zhu, Review of Financial Studies, vol. 22, pages 5099-5131, 2009.

 

20. “Bond Risk Premia and Realized Jump Risk,” with Jonathan Wright, Journal of Banking and Finance, vol. 33, pages 2333-2345, 2009.

 

21. “A Framework for Assessing the Systemic Risk of Major Financial Institutions,” with Xin Huang and Haibin Zhu, Journal of Banking and Finance, vol. 33, pages 2036-2049, 2009.

 

22. “Expected Stock Returns and Variance Risk Premia,” with Tim Bollerslev and George Tauchen, Review of Financial Studies, vol. 22, pages 4463-4492, 2009.

 

23. “Volatility Puzzles: A Simple Framework for Gauging Return-Volatility Regressions,” with Tim Bollerslev, Journal of Econometrics, vol. 131, pages 123-150, 2006.

 

24. “Regime-Shifts, Risk Premiums in the Term Structure, and the Business Cycle,” with Ravi Bansal and George Tauchen, Journal of Business and Economic Statistics, vol. 22, pages 396-409, 2004.

 

25. “Ito Conditional Moment Generator and the Estimation of Short Rate Processes,” Journal of Financial Econometrics, vol. 1, pages 250-271, 2003.

 

26. “Estimating Stochastic Volatility Diffusion Using Conditional Moments of Integrated Volatility,” with Tim Bollerslev, Journal of Econometrics, vol. 109, pages 33-65, 2002.

 

27. “Term Structure of Interest Rates with Regime Shifts,” with Ravi Bansal, Journal of Finance, vol. 57, pages 1997-2043, 2002.

 

28. “Finite Sample Properties of EMM, GMM, QMLE, and MLE for a Square-Root Interest Rate Diffusion Model,” Journal of Computational Finance, vol. 2, pages 89-122, 2001.

 

29. “Rural-Urban Disparity and Sectoral Labor Allocation in China,” with Dennis Tao Yang, Journal of Development Studies, vol. 35, pages 105-133, 1999.

 

Nonrefereed Publication

 

30. “Comment – Systemic Risks and the Macroeconomy,” by Gianni De Nicolò, Marcella Lucchetta, NBER Book Quantifying Systemic Risk, Joseph G. Haubrich and Andrew W. Lo  editors, 2013.

 

31. “Comment – Numerical Techniques for Maximum Likelihood Estimation of Continuous-Time Diffusion Processes,” by Garland B. Durham and A. Ronald Gallant, Journal of Business and Economic Statistics, vol. 20, pages 332-335, 2002.

 

Chinese Journal

 

32. “Comparison and Applicability Analysis of Micro-Level Systemic Risk Measures: A Study Based on China’s Financial System” 微观层面系统性金融风险指标的比较与适应性分析 – 基于中国金融系统的研究, with Xiangpeng Chen, Tao Jin, and Zhengwei Wang, Journal of Financial Research 金融研究,vol. 467, pages 17-36, 2019.

 

33. “Has Idiosyncratic Volatility Puzzle Been Fully Explained in China’s A-Share Market?” A-股市场的异质波动率之谜是否已被充分解释?with Xiangpeng Chen and Yuan Wang, Journal of Investment Research 投资研究, vol. 37, pages 142-160, 2018.

 

34. “Equal or Value Weighting? A Study on Idiosyncratic Volatility Puzzle in China’s A-Share Market” 等值加权还是市值加权?基于A股市场异质波动率之谜的研究, with Xiangpeng Chen and Nan Sha, China Journal of Economics 经济学报, vol. 5, pages 1-37, 2018.

 

35. “Reform Financial System and Lift the Control of Interest Rates to Facilitate Long-Run Economic Growth” 改革金融政策和体制使我国经济走入良性循环, with Justin Yifu Lin, Journal of Reform 改革, vol. 1, pages 97-105, 1993.

 

Book Publication

 

36. “Agricultural Research Priorities: A Demand and Supply Analysis of Grain Technology in China”《 中国农业科研优先序》, with Justin Yifu Lin and Minggao Shen, Agriculture Publisher of China 中国农业出版社, 1996.

 

Policy Speech

 

w FinReg Safeguards FinTech, PBC School of Finance at Tsinghua University, 2020.

w Monetary Theory and Monetary Policy under Covid-19, PBC School of Finance at Tsinghua University, 2020.

w Covid-19 Pandemic and Rising Global Debt, PBC School of Finance at Tsinghua University, 2020.

w China’s economic bounceback can be a model for world economies, Opinion at Nikkie Asian Review, May 4, 2020.

w 2019 Annual Report of China’s Systemic Financial Risk – Preventing and Mitigating the Default Risk of Smal- and Medium-Sized Banks, PBCSF Shenzhen Regional Bureau of Financial Regulation, 2019. 

w 2019 Semi-Annual Report of China’s Systemic Financial Risk – Policy Shift and Economic Revovery, PBCSF Global Financial Forum, 2019.

w What causes stock market crashes, from Shanghai to Wall Street, Chicago Booth Review, 2019.

w Systemic Risk, Policy Response, and RMB amid Economic Slowdown, Keynote Speech at dbAccess 2019 China Conference in Shenzhen, 2019.

w A Reform Perspective on China’s Macroeconomy and Financial Policy, Keynote Speech at Financial Policy Conference—Reforms and Liberalization of China’s Capital Markets, PBC School of Finance at Tsinghua University, 2018.

w How China’s Anti-Corruption Campaign is Moving Financing Away from State-Owned Enterprises? Pro-Market, the blog of the Stigler Center at the University of Chicago Booth School of Business, 2018.

w Annual Report of China’s Systemic Financial Risk and Xinhua News Report – China Fines Banks over Wealth Management Transgressions, 2018.

w A Financial Regulatory Regime Reform Template to Ensure Financial Stability of the Chinese Economy, and the Release Conference in Beijing, 2018.

w The Chinese Paradigm of Financial Reform and Development-New Structural Financial Economics, MIT Sloan School of Business, Central Party School, London School of Economics, and Peking University School of New Structural Economics, 2017.

w Shadow Banking: China’s Dual-Track Interest Rate Liberazation, VoxChna Publication, 2017.

w Systemic Risk of China’s Financial System, VoxChina Publication, National Institute of Financial Research, Tsinghua University, 2017.

w The Right Path and Proper Pace of RMB Exchange Rate Reform, PBoC Internal Policy Meeting, State Council Research Office, Tsinghua PBCSF Financiers Forum, 2017.

w Economic Benefits of China’s Anti-Corruption Campaign: Evidence from Financial Markets, Shanghai Institute of Finance and Law, Hongru Financial Education Foundation, 2016.

w Financial Regulatory Reform in China, Caixin, China Securitization Forum, 2016.

w DSGE with Chinese Characteristics, PBoC-FRBNY Hangzhou Conference, 2016.

w RMB, Federal Reserve Board, PBoC Internal Policy Meeting, Caixin, 2016.

w Hamiltonian Solution to China’s Local Government Debt, Central Reserve Bank of Peru and Reinventing Bretton Woods Committee, PBC Global Financial Forum, 2015.

w Dispelling Fears about RMB Devaluation, Institute of New Economic Thought, 2015.

w The New Normal of U.S.-China Monetary Policy, Tsinghua Alumni Association in U.S., 2015.

w The New Normal of China’s Monetary Policy, Tsinghua Nomura Research Institute, 2015.

w Structural Monetary Policy and SME Financing Problem, China Western Forum, 2014.

w China’s Shadow Banking, PBoC-IMF Joint Conference, 2014.

w Fed QE Exit and Its Effect on China’s Economy, PBoC Internal Policy Meeting, 2013.

w Financial Stability in U.S. and Systemic Risk in Europe, PBC School of Finance, 2013.

 

Award & Honor

 

1. “Option-Implied Crash Risk Premia and Carry Trade Returns,” with Zhenzhen Fan, Juan Londono, and Xiao Xiao, Research Proposal Award, Canadian Derivatives Institute, 2018.

2. “Leverage Network and Market Contagion,” with Jiangze Bian, Zhi Da, and Dong Lou, the WRDS Best Paper Award in Asset Pricing at SFS Cavalcade Asia-Pacific, 2017.

3.  “Leverage-Induced Fire Sales and Market Crashes,” with Jiangze Bian, Zhiguo He, and Kelly Shue, Chinese Finance Annual Meeting Best Paper Award, 2017.

4. “Leverage Network and Market Contagion,” with Jiangze Bian, Zhi Da, and Dong Lou, China Financial Research Conference Best Paper Award, 2016.

5. “Do Behavioral Biases Affect Order Aggressiveness?” with Jiangze Bian, Kalok Chan, and Donghui Shi, CFA Institute Asia Pacific Capital Market Research Award, 2015.

6. Best Teaching and Mentoring Award (for graduate students), Tsinghua University, 2014.

7. Thousand Talents Program, China, 2014.

8. “Dynamic Estimation of Volatility Risk Premia and Investor Risk Aversion from Option-Implied and Realized Volatilities,” with Tim Bollerslev and Mike Gibson, Whitebox Selected Research Best Financial Research Paper finalist, 2012. 

9. “Predicting Stock Returns with Variance Risk Premia: Statistical Inference and International Evidence,” with Tim Bollerslev, James Marrone, and Lai Xu, China International Conference in Finance Best Paper Award, 2011.

10. “Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty,” Crowell Memorial Prize 3rd Place by PanAgora Asset Management, 2010.

11. “Variance Risk Premia, Asset Predictability Puzzles, and Macroeconomic Uncertainty,” Chicago Quantitative Alliance (CQA) Academic Competition Award 3rd Place, 2009.

12. “Assessing the Systemic Risk of a Heterogeneous Portfolio of Banks during the Recent Financial Crisis,” with Xin Huang and Haibin Zhu, BankScope Best Paper Prize of the 22nd Australasian Finance and Banking Conference, 2009. Mee

13. “Credit Default Swap Spreads and Variance Risk Premia,” with Hao Wang and Yi Zhou, Global Association of Risk Professionals (GARP) Research Proposal Award, 2009.

14. “Credit Default Swap Spreads and Variance Risk Premia,” with Hao Wang and Yi Zhou, Imperial College London Centre for Hedge Fund Research (CHFR) Research Proposal Award, 2009.

15. “A Framework for Assessing the Systemic Risk of Major Financial Institutions,” with Xin Huang and Haibin Zhu, Bocconi Centre for Applied Research in Finance (CAREFIN) Research Proposal Award, 2008.

16. “Short Course on Asset Pricing Puzzles,” China Center for Economic Research (CCER) of Peking University, Oversea Young Chinese Forum (OYCF) Gregory C. and Paula K. Chow Teaching Fellowship, 2005.

17. “Agricultural Research Priorities: A Demand and Supply Analysis of Grain Technology in China”《 中国农业科研优先序》, with Justin Yifu Lin and Minggao Shen, Peking University Academic Book Award-First Tier 北京大学第五届科研著作奖一等奖, 1996.

 

Professional Activities

 

Conference and Seminar: (coauthorc, discussiond)

 

2020:Econometric Society Meeting in San Diegoc, Sovereign Debt Research and Management Conference—Covid19 Crisis and Rising Global Debt in Beijing c, Pacific Basin Economic Research Conference at FRB San Franciscoc.

 

2019: AFA Meeting in Atlantac, Jackson Hole Finance Conferencec, MIT Sloan, Federal Reserve Bank of Boston, Shanghai Advanced Institute of Finance, Australian National University, ABFER 7th Annual Meeting in Singaporec, Korea Money and Finance Association Annual Conference in Pushanc, China International Conference in Finance in Guangzhouc (2 papers), 2019 CEBRA in New York c, China International Conference in Macroeconomics in Shenzhen c, International Macro-Finance Conference at SWUFE in Chengduc, Risk Management Conference at National University of Singaporec, Institute of Financial Studies at SWUFE, 5th Annual Bank of Canada-Tsinghua PBCSF-University of Toronto Conference on the Chinese Economy in Ottawa (Keynote), Duke University Conference on George Tauchen 70th Birthday, SFS Cavalcade Asia-Pacific in Hong Kongc.

 

2018: Growth and Institution Meeting at Tsinghuac, Macro Financial Model Winter Meeting (2 papers)c, FIRN Sydney Microstructure Meetingc, Annual Conference of the Swiss Society for Financial Market Researchc, LBS AQR Asset Management Institute Academic Symposiumc, FIRS Conference in Barcelonac, NBER Asset Pricing Meeting (Chicago)c, ABFER 6th Annual Meeting in Singaporec,d, Stevanovich Center Conference on Market Microstructure and High-Frequency Data in Chicago, Uncertainty and Economic Activity Conference in Beijingc, Political Economy of Finance Conference at Stigler Center in Chicagoc, China International Conference in Macroeconomics in Beijingc, Asian Finance Association Annual Meeting in Tokyoc, China Financial Research Conference in Beijingc, China International Forum on Finance and Policy in Beijingc, NBER Summer Institute (Corporate Finance) in Boston, China International Conference in Finance in Tianjinc (4 papers), Helsinki Finance Summit on Investor Behaviorc, EFA in Warsaw (2 papers)c, NBER Chinese Economy Meeting in Beijingc, ABFER Conference on Reforms and Liberalization of China’s Capital Market in Beijing (Keynote), Wharton Conference on Liquidity and Financial Fragilityc, Guanghua School of Management at Peking University, 4th Annual Bank of Canada-Tsinghua PBCSF-University of Toronto Conference on the Chinese Economy in Beijing, Fourth Annual Volatility Institute at NYU Shanghai (VINS) Conferencec, Emerging Markets Finance Conference in Mumbaic, China International Risk Forumc.

 

2017: AFA Meeting in Chicagoc, University of Munsterc, Empirical Finance Workshop in Paris and CREST, University of Zurich, University of Rennesc, Conference on the Econometrics of Financial Markets in Stockholmc, Annual Conference in Financial Economics Research by Eagle Labsc, Econometrics Society Asia Meetingc, Tsinghua Workshop in International Finance and Monetary Policy (Keynote), LSE Paul Woodley Conferenced, FIRS Conference in Hong Kong, China Financial Research Conference in Beijingc, China International Conference in Finance in Hangzhou, Summer Institute in Finance in Qingdaoc, Geneva International Finance Workshop, MIT Golub Center for Finance and Policy 4th Annual Conference (2 papers), Duke University, Luxemburg Asset Management Summit, Third Annual Volatility Institute at NYU Shanghai (VINS) Conferencec, Chinese Finance Annual Meetingc, SFS Cavalcade Asia-Pacific (2 papers) in Beijingc, NBER Chinese Economy Meeting in Shenzhenc.

 

2016: AEA and AFA Meeting in San Franciscoc, PBOC-FRBNY Join Symposium on “Global Macro Economy and Governance Under Monetary Policy Divergence” in Hangzhoud, Finance Down Under Conference in Melbournec, McGill/IFM2 Financial Risk Management Conference in Monte Tremblantc, Texas Finance Festival in San Antonioc, SFS Cavalcade in Toronto (2 papers)c, Society for Financial Econometrics (SoFiE) Annual Meeting in Hong Kong (Keynote), WFA in Park Cityc, Risk Management Conference at National University of Singaporec, EFA in Osloc, Duke/UNC Financial Volatility Conference, University of Zurichc, SAFE Asset Pricing Workshop in Frankfurtc, CPBS 2016 Pacific Basin Research Conference in San Franciscoc, NBER Chinese Economy Meeting, 3rd International Conference of New Structural Economics in Beijingc.

 

2015: AFA Meeting in Bostonc, Stanford University GSBc, New York Universityc, Woldbank/IMFc, Georgetown Universityc, George Washington Universityc, NBER East Asia in San Franciscoc, Tsinghua Finance Workshopc, China International Conference in Finance in Shen Zhengc, Summer Institute in Finance in Beijing, Federal Reserve Board, Federal Reserve Bank of New York, NBER Chinese Economy Meeting.

 

2014: Econometric Society Meeting in Philadelphia, McGill/IFM2 Financial Risk Management Conference in Monte Tremblantc, Midwest Finance Association Meetingc, 14th Annual Missouri Economics Meetingc, Luxembourg School of Finance and European Investment Bank Joint Seminarc, 3rd University of South Carolina Fixed Income Conferencec, China International Conference in Finance in Chengdu, Moody’s China Academic Advisory Panel Meeting, NYU Stern Real Estate Workshopc.

 

2013:AFA Meeting in San Diego (2 papers)c,d, Federal Reserve ASSA Day-Ahead Financial Markets & Institutions Conferencec, Cass Business School Mini Conference on Systemic Risk Contagion and Jumpsc, University of Chicago Workshop on Ambiguity and Robustness in Macroeconomics and Financec, QFE Seminar Series at NYU Sternc, 12th Annual Darden International Finance Conferencec, Tsinghua Finance Workshopd, WU Gutmann Center Symposium 2013 on Sovereign Credit Risk and Asset Management in Viennac, Second Symposium on China’s Financial Markets at Peking University, China International Conference in Finance in Shanghai, Risk Management Conference at National University of Singaporec, Federal Reserve Board, FSID and Bank of Canada Second Conference on Derivatives: Tail Riskc, Peking University Guanghua School of Management, Australian Finance and Banking Conference (PhD Forum) d.

 

2012: McGill/IFM2 Financial Risk Management Conference in Monte Tremblantc, Finance Down Under Conference in Melbourne, FDIC Annual Derivative and Risk Management Conference, Volatility Institute Conference at NYU Stern, Five Star Financial Forum in Beijingc, Mitsui Finance Symposium on Financial Market Implications of the Macroeconomyd, BI Norwegian Business School Workshop on Time-Varying Expected Returns, Symposium on China’s Financial Markets in Beijingd, China International Conference in Finance in Chongqing, Risk Management Conference at National University of Singaporec, Singapore International Conference on Finance, European Summer Symposium in Financial Markets in Gerzensee, Federal Reserve Bank of San Franciscoc, Euro Area Crisis Research Workshop at the International Finance Division of Federal Reserve Boardc, G20 Conference on Financial Systemic Risk at Istanbulc, University of California at Santa Cruzc, FDIC Annual Bank Research Conferencec, Federal Reserve Bank of New York, CARFIN-Bocconi Conference on the Effect of Tighter Regulation Requirements on Bank Profitability and Risk-Taking Incentives in Milanc, Peking Universityc, Tsinghua Universityc, Cheung Kong GSBc, City University of Hong Kongc, Hong Kong University of Science and Technologyc, Seventh Imperial College London’s Conference on Advances in the Analysis of Hedge Fund Strategies, Georgetown University, University of International Business and Economics.

 

2011: AFA Meeting in Denverc, Bank of Korea-BIS Conference on Macroprudential Regulation and Policy in Seoul, Notre Dame University, FDIC Annual Derivative and Risk Management Conference, Volatility Institute Conference at NYU Stern, Duke University, Hong Kong University of Science and Technology, Shanghai Advanced Institute of Finance, China International Conference in Finance in Wuhan, Risk Management Conference at National University of Singapore, Deutsche Bundesbank Conference on Basel III and Beyond-Regulating and Supervising Banks in the Post-Crisis Era, Federal Reserve Bank of New York and NYU Global Systemic Risk Conferencec, Sixth Imperial College London’s Conference on Advances in the Analysis of Hedge Fund Strategies.

 

2010: University of Texas at Dallas, University of Wisconsin Madison, UBC Winter Finance Conference in Vancouver, McGill/IFM2 Financial Risk Management Conference in Monte Tremblant, University of Calgary, Bank Structure and Competition Conference in Chicago, Fields Institute Industrial-Academic Forum on Systemic Stability and Liquidity in Toronto, IMF Conference on Operationalizing Systemic Risk Monitoring, Empirical Asset Pricing Retreat in Amsterdam, China International Conference in Finance in Beijing, Emerging Markets Finance Conference at Tsinghua University, Risk Management Conference at National University of Singapore, Baruch College, Rice University, Texas A&M University, 10th Annual Bank Research Conference at FDIC, Conference of Financial Economics and Accountingd. 

 

2009: AFA Meeting in San Francisco (2 papers), Bank for International Settlement (Hong Kong), Symposium on Housing Loan Portfolio Stress Testing in Beijing Sponsored by IFC and China Banking Regulatory Commission, Qinghua University, Federal Reserve Bank of Kansas City, University of Kansas, Federal Reserve Bank of San Francisco, East China University of Science and Technology, China International Conference in Finance in Guangzhou, Risk Management Conference at National University of Singapore, Hanqing Advanced Institute at Renmin University, Chicago Quantitative Alliance Fall Conference, University of Texas at Dallas, Journal of Investment Management Fall Conference on the Future of Risk Management in Boston, Duke University, NBER-FRB Conference on Quantifying Systemic Risk in Bostond, Anniversary Conference of Financial Economics and Accounting in New Brunswick, The Chinese Finance Association Meeting in New York, Purdue University.

 

2008: AFA (2 papers) and Econometric Society Meetings in New Orleans, Rutgers University, China Financial Risk Managers Forum in Beijing, People’s Bank of China, Peking University, Qinghua University, Federal Reserve System Committee Meeting on Financial Structure and Regulation in Boston, Conference of Financial Markets and Real Activity at Banque de France, Third Imperial College London’s Conference on Advances in the Analysis of Hedge Fund Strategies, Conference on Financial Markets at Cass Business School London, International Monetary Fund.

 

2007: AEA and Econometric Society Meetings in Chicago, Conference on Return Predictability at Copenhagen Business School, Utah Winter Finance Conference in Salt Lake City, Montreal Financial Econometrics Conferenced, Federal Reserve Conference on Credit Risk and Credit Derivatives, Workshop on Economic Analysis of High-Frequency Data and the Impact of Economic News at Stanford University, China International Conference in Finance in Chengdu, NBER Summer Institute (Asset Pricing), MIT Sloan School of Management.

 

2006: AFA and Econometric Society Meetings in Boston, McGill/IFM2 Conference on Risk Management in Montreald, CIREQ Conference on Realized Volatility at Montreal, FDIC Annual Derivative and Risk Management Conference, China International Conference in Finance in Xi’an, Far Eastern Meeting of the Econometric Society in Beijing.

 

2005: FDIC Annual Derivative and Risk Management Conference, Conference on Time-Varying Financial Structures in Venice, Federal Reserve Conference on Financial Market Risk Premiums, Peking University, Bank for International Settlement.

 

2003: University of Arizona, Symposium of New Frontiers in Financial Volatility Modeling in Florence, Econometric Society Summer Meeting in Chicago, CIREQ Conference of Realized Volatility in Montreal.

 

2001: Workshop on Modeling, Estimating and Forecasting Volatility in Montreal, WFA Meeting in Tucson, NBER Market Microstructure Meeting, Joint Statistical Meeting in Atlantad.

 

2000: Econometric Society Meeting in Boston, Brown University, Michigan State University, University of Virginia, Federal Reserve Board, NBER Summer Institute (Forecasting and Empirical Methods in Macro and Finance), WFA Annual Meeting in Idaho, Duke University Conference on Risk Neutral and Objective Probability.

 

1999: Society for Nonlinear Dynamics and Econometrics Meeting in New York, Econometric Society Summer Meeting in Madison, FMA Meeting in Orlando.

 

Conference Organization (lead organizer/program chair/co-chair):

 

Annual Bank of Canada – Tsinghua PBCSF – University of Toronto Conference on the Chinese Economy, 2018, Beijing, China

Reforms and Liberalization of China’s Capital Market Conference, September 2018, Beijing, China

China International Conference in Macroeconomics, 2018, Beijing, China; 2019, Shenzhen, China

China Financial Research Conference, 2016, 2017, 2018, 2019, Beijing, China

Summer Institute of Finance, July 2016, Shanghai, China

Tsinghua-St. Louis Federal Reserve Bank Joint Conference on Monetary Policy and Financial Stability, May 2016, May 2017, Beijing, China

China International Conference in Finance, July 2014, Chengdu, China

Sixth Annual Risk Management Conference – Risk Management Responses to Rising Systematic and Systemic Risks, July 2012, National University of Singapore

Basel Committee of Banking Supervision Research Task Force Conference on Stress Testing of Credit Risk Portfolio: The Link between Macro and Micro, March 2008, Amsterdam

Federal Reserve Conference on Credit Risk and Credit Derivatives, March 2007, Washington DC

Federal Reserve Conference on Financial Market Risk Premiums – Time Variations and Macroeconomic Links, July 2005, Washington DC

 

Academic Placement:

 

Xiaoyang Zhuo (Post Doctor 2019): Assistant Professor, School of Economics, Beijing Institute of Technology

Fang Qiao (Post Doctor 2019): Assistant Professor, School of Finance, UIBE in Beijing

Xiaoyu Huang (PhD 2018): Assistant Professor, School of Finance, UIBE in Beijing

Lai Xu (PhD 2014): Assistant Professor, Whitman School of Management, Syracuse University

 

Professional Membership:

 

AEA, AFA, Econometric Society, WFA.

 

Journal Referee:

 

American Economic Review, Econometrica, Economic Theory, European Financial Management, International Journal of Central Banking, Finance Research Letters, Journal of Applied Econometrics, Journal of Banking and Finance, Journal of Business and Economic Statistics, Journal of Comparative Economics, Journal of Credit Risk, Journal of Econometrics, Journal of Economic and Dynamic Control, Journal of Empirical Finance, Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Econometrics, Journal of Financial Markets, Journal of Financial Stability, Journal of Futures Markets, Journal of International Money and Finance, Journal of Money, Credit, and Banking, Management Science, Pacific-Basin Finance Journal, Review of Financial Studies.

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