張弘(清華大學五道口金融學院昆吾九鼎講席副教授)

張弘現任清華大學五道口金融學院昆吾九鼎講席副教授。在加入五道口金融學院之前，他曾長期執教於歐洲工商管理學院（INSEAD），並在2010年間訪問耶魯大學管理學院，在2010~2012年間訪問長江商學院並教授MBA和EMBA課程，以及在2013年短期訪問中歐商學院並教授EMBA課程。張弘有多年MBA和高層管理培訓的任教經驗，並在歐洲ECCH案例中心發表了《泰科國際》，《聯想的金融全球化》，《羅氏的內部銀行》等多篇研究案例。

張弘教授的研究涉及國際金融、金融制度/治理、投資（特別是共同基金和對沖基金）以及公司財務。最近的研究主要涉及市場機制(如經濟制度，做空，全球化競爭，指數化貨幣)和資金差異（如熱錢和正常資金）如何影響公司/基金的激勵機制和市場表現。他的研究成果發表在《金融研究評論》(Review of Financial Studies)，《金融經濟期刊》(Journal of Financial Economics), 《金融與數量分析雜誌》(Journal of Financial and Quantitative Analysis) 和《金融評論》(Review of Finance) 等全球首屈一指的金融期刊上。

張弘教授於2004年12月獲得耶魯大學管理學院金融學博士。在攻讀金融學之前，他就讀於紐約大學和復旦大學學習物理，並在第八屆中國物理奧林匹克競賽中獲得過全國金牌和全國最佳實驗獎。

基本介紹

• 中文名：張弘
• 畢業院校：復旦大學，耶魯大學 
• 學位/學歷：耶魯大學管理學院金融學博士 
• 主要成就：昆吾九鼎講席副教授 

教育背景

1999.9-2004.7 耶魯大學管理學院，金融學，博士學位

1997.9-1999.7 紐約大學，物理學，碩士學位

1993.9-1997.7 復旦大學，物理學，學士學位

工作經歷

2014.7 至今清華大學五道口金融學院，昆吾九鼎講席副教授

2004.5-2014.6 歐洲工商管理學院，金融學，助理教授

2010.9-2012.6 長江商學院，金融學，訪問助理教授

2010.9-2010.12 耶魯大學管理學院，訪問學者

主要研究領域

機構投資者/共同基金

金融制度/做空機制/公司治理

資產定價

國際金融

公司財務

講授課程

MBA/學位課程

歐洲工商管理學院MBA課程：金融市場估值，投資學，國際金融管理

歐洲工商管理學院麥格理金融學碩士：資本市場I，風險管理

歐洲工商管理學院金融學碩士：資本市場

長江商學院MBA課程(2011-2012)：投資學，國際金融管理

長江商學院金融MBA課程(2011-2012)：資本市場I，風險管理

長江商學院金融EMBA課程(2012-2013)：風險管理

博士生

信息經濟學(A)&(B)：與Massimo Massa教授共同教學

高管培訓

歐洲工商管理學院-荷蘭銀行印度分公司：專題包括投資組合理論及對沖基金

另類投資學碩士：專題包括投資組合理論

麥肯錫-歐洲工商管理學院商業基礎課程：專題包括資產證券化和金融危機

普華永道業務恢復服務：專題包括對沖基金和資產證券化

榮譽及獎項

Winner of theCFA Society Toronto Award, 2013Northern Finance Association Annual Conference: “The Invisible Hand of Short Selling”.

Winner of theTCW Best Paper Award, The 2013 China International Conference in Finance (CICF): “The Invisible Hand of Short selling”, 2013.

Winner of the JUFE Best Paper Award, The 2013 Asian Finance Association Annual Meeting (AsFA): “The Invisible Hand of Short Selling”, 2013.

Yale University Fellowship, 1999-2002.

Meyer Fellowship, New York University, 1998.

Dr. T.D.Lee (1957 Nobel Prize Winner) Physics Gold Medal, 1994.

National Gold Medal, 8th Chinese Physics Olympics (also National Champaign for the Experiment part).

National 1st Grade Award, 1991Chinese Mathematics Olympics, 1991.

期刊的評審人

Journal of Finance

Review of Financial Studies

Review of Finance

Journal of Empirical Finance

發表成果

[1] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas”, Review of Finance 11: 359-400 (the lead article of the issue).

[2] Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2008, “Estimating the Dynamics of Mutual Fund Alphas and Betas”, Review of Financial Studies, 21(1):233-264.

This paper was cited by The New York Times (May 18, 2003) and Financial Advisor Magazine (June 2004) as to "have solved a big problem for mutual fund rating systems." It had also been listed on SSRN's Top Ten download list for "AFA 2004 San Diego Meetings All Time Hits" and "European Finance Association Meetings (EFA) (Archive) All Time Hits."

[3] Matt Spiegel and Hong Zhang, 2013, “Mutual Fund Risk and Market Share Adjusted Fund Flows”, Journal of Financial Economics 108-2: 506-528.

[4] Chunmei Lin and Massimo Massa, and Hong Zhang, 2014, “Mutual Funds and Information Diffusion: The Role of Country-Level Governance”, Review of Financial Studies, 27:3343-3387.

The paper was listed on SSRN's Top Ten download list for PSN: Other Political Economy: Comparative Political Economy (Topic); Other Political Economy: Comparative Political Economy (Topic); Bureaucratic Behavior (Topic); and for ERN: Other Political Economy: Structure & Scope of Government (Topic), Financial Market Volatility (Topic).

[5] Massimo Massa, Yanbo Wang, and Hong Zhang, 2014, “Benchmarking and Embedded Currency Risk”, Journal of Financial and Quantitative Analysis, forthcoming.

[6] Massimo Massa, Bohui Zhang, and Hong Zhang, 2014, “The Invisible Hand of Short Selling: Does Short-Selling Discipline Earnings Management?”, Review of Financial Studies, forthcoming.

The paper was listed on SSRN's Top Ten download list for: Governance, Incentives, & Compensation eJournal, International Accounting eJournal; International Corporate Finance eJournal; FEN: Financial Development & Governance (Topic); ERN: Econometric Studies of Capital Markets (Topic); Accounting, Corporate Governance, Law & Institutions eJournal; Financial Accounting eJournal.

The paper also starts to attract attention from a broad base of readers, ranging from Stephen Bainbridge, the William D. Warren Distinguished Professor of Law at the UCLA School of Law, to “Silicon Investor”, an online discussing board for stock investments.

[7]Massimo Massa, Wenlan Qian and Weibiao Xu, and Hong Zhang, 2014, “Competition of the Informed: Does Short Selling Affect Insider Trading”, Journal of Financial Economics, accepted for publication.

工作論文

Below I summarize them in research themes.

Theme 1: On Mutual Funds and Delegated Portfolio Management

[1]“The Dark Side of ETF Investing”, co-authored with Si Cheng and Massimo Massa, working paper 2013.

This paper was presented at the 2013 Review of Financial Studies-McGill Global Asset Management Conference (as one of the final 10 out of 115 submissions).

[2]“Human Capital’s and the Structure of the Mutual Fund Industry”, co-authored with Si Cheng, Massimo Massa, and Matt Spiegel, working paper 2013.

[3]“Optimal Incentives and Matching of Heterogeneous Principals and Agents in the Mutual Fund Industry”, coauthored with Henrich Greve, working paper 2012.

[4]“How Fast Can the Market Get It? Evidence from Alliance Synergies”, co-authored with Massimo Massa and Chengwei Wang, working paper, 2013.

This paper is accepted for presentation at the 2014 Asian Bureau of Finance and Economic Research (ABFER) conference.

[5]“On the Dynamics of Corporate Bond Ownership”, co-authored with Massimo Massa and Weina Zhang, working paper 2014.

Theme 2: On the "Invisible Hand" of Short Selling

[6]“Governance Through Threat: Does Short-Selling Improve Corporate Governance?” co-authored with Massimo Massa and Bohui Zhang, working paper 2013.

The paper was listed on SSRN's Top Ten download list for: Corporate Governance: Internal Governance, Organization, & Processes eJournal; CGN: Internal Firm Organization (Topic).

A post of the paper is solicited and featured at Harvard Law School Forum on Corporate Governance and Financial Regulation on Monday October 7, 2013.

[7]“Short-Sale Constraints and the Pricing of Managerial Skills: the Case of Mutual Funds”, co-authored with Si Cheng and Massimo Massa, working paper 2012.
The paper was listed on SSRN's Top Ten download list for: Other Microeconomics: Production, Market Structure & Pricing (Topic); Labor: Personnel Economics eJournal.

[8]“Short-termism Revisited: Short Selling and R&D”, co-authored with Massimo Massa, Fei Wu, and Bohui Zhang, working paper 2013.

[9]“Short Selling Meets Hedge Fund 13F: An Anatomy of Informed Demand”, co-authored with Yawen Jiao and Massimo Massa, working paper, 2014.

Theme 3: On Formal and Informal Institutions

[10]“Are LPs Funds of Funds? – Relationship Building in the Private Equity Industry”, co-authored with Massimo Massa and Xiaolan Zhou, working paper 2013.This paper is accepted for presentation at the 2014 Western Finance Association (WFA) Meetings.

[11]“The New Lyrics of the Old Folks: The Role of Family Ownership in Corporate Innovation”, co-authored with Po-Hsuan Hsu, Sterling Huang (SMU), and Massimo Massa, working paper 2014.

The paper was listed on SSRN's Top Ten download list for: AARN: Corporations (Sub-Topic), Economic Anthropology (Topic); CGN: Family Firms (Topic); ERPN: Econometric Studies of Corporate Governance (Topic), Family Business (Topic), Other Family Business (Sub-Topic); Firm (Topic); Innovation (Topic), Other Firm (Sub-Topic); SRPN: Corporate Governance (Topic), Innovation (Topic); Corporate Governance & Economics eJournal; Corporate Governance: Governance of Special Types of Firms eJournal; Econometric Modeling: Corporate Finance & Governance eJournal; Entrepreneurship, Innovation, & Growth eJournal; Entrepreneurship & Management eJournal; and Sustainable Technology eJournal; Entrepreneurship, Innovation, & Growth eJournal.

[12]“Guru Dreams and Competition: An Anatomy of the Economics of Blogs”, co-authored with Yi Dong and Massimo Massa, working paper, 2014.

[13]“Investing in Low-trust Countries”, co-authored with Massimo Massa, Chengwei Wang, and Jian Zhang, ongoing research project, 2014.

Theme 4: On The Asset Pricing Impact of Heterogeneity

[14]“Firm-Level Investment Opportunity, Corporate Policy, and Asset Return”, working paper 2006.

[15]“Can Rational Investors Overreact – Evidence from Multiplicative risk and Asset Pricing Puzzles”, working paper 2008.

Research Projects Under Development

[16]“Mutual Fund Flow Timing and External Growth”, co-authored with Matt Spiegel, ongoing project, 2012.

[17]“How Skilled are Your Fund Managers? A new test based on Short Selling Information”, co-authored with Massimo Massa and Yanbo Wang, ongoing research project, 2013.

[18]“Are Delegated Portfolio Investments More Efficient than Real Investments? – Evidence from the global mutual fund industry”, co-authored with Massimo Massa and Yanbo Wang, ongoing research project, 2012.

[19]“Short Selling Contagion”, co-authored with Pierre Hillion and Massimo Massa, ongoing research project, 2013.

案例開發

Theme 1: The Evolution of Corporate Treasury Operations in the 21st Century

[1] “Tyco International: Corporate Liquidity Crisis and Treasury Restructuring,”2011 (ECCH 111-028-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, and Anne Yang, Research Associate at INSEAD.

[2] “The Financial Globalization of Lenovo,” 2012 (ECCH 112-029-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Damian Glendinning, Lenovo Global Treasurer, and Anne Yang, Research Associate at INSEAD.

[3] “We Innovate Corporate Treasury: The In-house Bank of Roche,” 2012 (ECCH 112-030-1), co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche Ltd, and Anne Yang, Research Associate at INSEAD.

[4] “Blue-Ocean Finance: The Evolution of Corporate Treasury in the 21st Century,” 2012, co-authored with Gourang Shah, Managing Director and Head of Treasury Advisory at Citi, Martin Schlageter, Head of Treasury Operations, F. Hoffmann-La Roche Ltd, and Anne Yang, Research Associate at INSEAD. This case is under discussion with INSEAD Blue Ocean Strategy Institution.

著作章節

"Tyco International: Corporate Liquidity Crisis and Treasury Restructuring”, reprinted in “The Handbook of Global Corporate Treasury” by John Wiley & Sons, edited by Rajiv Rajendra. This is the first comprehensive textbook that aims at Corporate CFOs and Treasurers/Treasury Managers around the world to give them a practical and hands-on approach to managing treasury in an international context. I was invited to contribute one chapter based on my Tyco case.

博士生指導委員會

Lei Zhang (Thesis committee): placed at Nanyang Tech University, Singapore.

Vijay Yadav (Thesis committee): placed at ESSEC, Singapore.

David Schumacher (Thesis committee): placed at McGill, Canada.

Yanbo Wang (Co-Chair): ongoing.

Chengwei Wang (PhD Advisor): ongoing.

Jintao Du (PhD Advisor): ongoing.

學術機構成員

American Finance Association; Western Finance Association; Asian Finance Association