王能1992年畢業於南京大學少年班物理化學專業, 1995年獲得加州理工學院化學碩士學位，1997年獲得加州大學聖地亞哥分校國際關係及亞太研究碩士學位，2002年獲得美國史丹福大學金融學博士。2002-2004年任教於美國羅切斯特大學商學院。自2004年任教於哥倫比亞大學。2007年被同時提升為終身，講席，正教授。2008年任哥大金融系主任，2009年兼任上海財經大學金融學院院長。王能科研領域包括公司金融學，總量經濟學，資產定價理論，私募及對沖基金，企業家經濟金融學，投資者保護，公司治理，消費者儲蓄投資和消費，財富收入分布及不均問題，經濟成長，經濟周期和金融摩擦，動態投資融資及資本流動性問題，金融機構系統風險及管理，和房地產金融等。他在國際頂級經濟學和金融學刊物上發表多篇文章，在多個金融學和經濟學雜誌擔任主編和編委，也多次獲得金融學學術獎包括美國亞利桑那州立大學傑出金融學者獎和Journal of Finance的Smith-Breeden傑出論文獎。
Recipient of “Thousand-Talent” Program awarded by Chinese central government
The Carr and Stephanie Bettis Distinguished Scholar Award, 2011, by W. P. Carey
School of Business, Arizona State University
Best Paper on Global Financial Markets, 2011 TCFA Best Paper Awards
“A unified model of entrepreneurship dynamics,” with Chong Wang and
Jinqiang Yang, published in Journal of Financial Economics
2009 Best Paper Award, the Caesarea Center 6 Annual Academic Conference
IDC, Herzliya, Israel,
“A unified theory of Tobin’s q, corporate investment, financing, and risk
management,” with Patrick Bolton and Hui Chen, published in Journal of Finance
2008 Smith-Breeden Distinguished Paper Prize for the Journal of Finance,
“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque
2008 Standard Life Investments Finance Prize for the best paper in European
Corporate Governance Institute (ECGI) Finance Series awarded by ECGI,
“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque
2005 FMA Competitive Paper Award Runner Up on Investments,
“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque
Lang Entrepreneurship Center, Columbia Business School, 2005
Jaedicke Merit Award, Graduate School of Business, Stanford University, 1998-99
Larry Yung Asia Pacific Scholar, Stanford University, 1997-99
Allison Award for the Highest Academic Achievement,
Graduate School of International Relations and Pacific Studies, UCSD, 1997
科研成果
Published and Forthcoming Papers
1、“Market timing, investment, and risk management,” with Patrick Bolton and Hui Chen, conditionally accepted, Journal of Financial Economics
2、“The economic and policy consequences of catastrophes,” with Robert Pindyck, conditionally accepted, American Economic Journal: Economic Policy
3、 “Dynamic agency and the q theory of investment,” with Peter DeMarzo, Michael Fishman, and Zhiguo He, Journal of Finance, 67(6), 2295-2340, (2012)
4、“A unified model of entrepreneurship dynamics,” with Chong Wang and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, (2012), lead article
5、“A unified theory of Tobin’s q, corporate investment, financing, and risk management,” with Patrick Bolton and Hui Chen, Journal of Finance, 66(5), 1545-1578, (2011)
6、 “Risk, uncertainty, and option exercise,” with Jianjun Miao, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)
7、 “Entrepreneurial finance and non-diversifiable risk,” with Hui Chen and Jianjun Miao, Review of Financial Studies, 23(12), 4348-88, (2010)
8、“Optimal consumption and asset allocation with unknown income growth,” Journal of Monetary Economics, 56(4), 524-34, (2009)
9、“Capital reallocation and growth,” with Janice Eberly, American Economic Review Papers & Proceedings, 99(2), 560-66, (2009)
10、 “Agency conflicts, investment, and asset pricing,’’ with Rui Albuquerque, Journal of Finance, 63(1), 1-40, (2008), lead article, Smith-Breeden Distinguished Paper Prize by the Journal of Finance
11、 “Investment, consumption, and hedging under incomplete markets,’’ with Jianjun Miao, Journal of Financial Economics, 86(3), 608-642, (2007)
12、“Investment under uncertainty with strategic debt service,” with Suresh Sundaresan, American Economic Review Papers & Proceedings, 97(2), 256-261 (2007)
13、“An equilibrium model of wealth distribution,” Journal of Monetary Economics, 54(7), 1882-1904 (2007)
14、 “Investment under uncertainty and time-inconsistent preferences,’’ with Steven Grenadier, Journal of Financial Economics, 84(1), 2-39, (2007), lead article.
15、“Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption,” Journal of Monetary Economics, 53(4), 737-52 (2006)
16、“Investment timing, agency, and information,’’ with Steven Grenadier, Journal of Financial Economics, 75(3), 493-533, (2005) (lead article).
17、“Precautionary saving and partially observed income,’’ Journal of Monetary Economics, 51(8), 1645-1681, (2004)
18、“Caballero meets Bewley: The permanent-income hypothesis in general equilibrium,” American Economic Review 93(3), 927-936, (2003)
19、“Robust permanent income and pricing with filtering,” with Lars Peter Hansen and Thomas J. Sargent, Macroeconomic Dynamics 6, 40-84, (2002)
Working Papers
20、“The economics of hedge funds,” with Yingcong Lan and Jinqiang Yang,
21、“Investor protection, diversification, investment, and Tobin’s q,” with Yingcong Lan and Jinqiang Yang,
22、“Valuing private equity,” with Morten Sorensen and Jinqiang Yang,
23、‘’Optimal consumption and savings with stochastic income,” with Chong Wang and Jinqiang Yang,
24、“Stochastic interest rates and theqtheory of investment,” with Jinqiang Yang
25、“Reallocating and pricing illiquid capital: Two productive trees,” with Janice Eberly,
26、“Financing real options,” with Suresh Sundaresan and Jinqiang Yang,
27、“Experimentation under uninsurable idiosyncratic risk: An application to entrepreneurial survival,” with Jianjun Miao
研究項目
Research Fields
Asset pricing, corporate finance, macroeconomics, real estate finance
Research Interests
Dynamic corporate finance
Dynamic entrepreneurial finance
Private equity investment and valuation
Managerial incentives and compensation in hedge funds
Dynamic contracting
Corporate risk and liquidity management
Investment under uncertainty and real options analysis
Dynamic valuation of non-tradable illiquid assets
Equilibrium capital reallocation and asset pricing
Asset pricing and macroeconomic implications of financial frictions
Effects of corporate governance on asset pricing and macroeconomics
Household’s consumption, saving, portfolio choice, and wealth distribution
Real estate finance and investment, housing & mortgage choice
