张弘，清华大学五道口金融学院昆吾九鼎讲席副教授

人物经历

教育背景

1999.9-2004.7 耶鲁大学管理学院，金融学，博士学位

1997.9-1999.7 纽约大学，物理学，硕士学位

1993.9-1997.7 复旦大学，物理学，学士学位

工作经历

2014.7 至今清华大学五道口金融学院，昆吾九鼎讲席副教授

2004.5-2014.6 欧洲工商管理学院，金融学，助理教授

2010.9-2012.6 长江商学院，金融学，访问助理教授

2010.9-2010.12 耶鲁大学管理学院，访问学者

主要研究领域

机构投资者/共同基金

金融制度/做空机制/公司治理

资产定价

国际金融

公司财务

讲授课程

MBA/学位课程

欧洲工商管理学院MBA课程：金融市场估值，投资学，国际金融管理

欧洲工商管理学院麦格理金融学硕士：资本市场I，风险管理

欧洲工商管理学院金融学硕士：资本市场

长江商学院MBA课程(2011-2012)：投资学，国际金融管理

长江商学院金融MBA课程(2011-2012)：资本市场I，风险管理

长江商学院金融EMBA课程(2012-2013)：风险管理

博士生

信息经济学(A)u0026(B)：与Massimo Massa教授共同教学

高管培训

欧洲工商管理学院-荷兰银行印度分公司：专题包括投资组合理论及对冲基金

另类投资学硕士：专题包括投资组合理论

麦肯锡-欧洲工商管理学院商业基础课程：专题包括资产证券化和金融危机

普华永道业务恢复服务：专题包括对冲基金和资产证券化

荣誉及奖项

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

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

Winner of theJUFE Best Paper Award, The 2013Asian 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 Chine Physics Olympics (also National Champaign for the Experiment part).

National 1st Grade Award, 1991 , 1991.

期刊的评审人

Journal of Finance

Review of Financial Studies

Review of Finance

发表成果

[1]Harry Mamaysky, Matt Spiegel, and Hong Zhang, 2007, “Improved Forecasting of Mutual Fund Alphas and Betas”, Review of Finance11: 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 Economics108-2: 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 u0026 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, u0026 Compensation eJournal, International Accounting eJournal; International Corporate Finance eJournal; FEN: Financial Development u0026 Governance (Topic); ERN: Econometric Studies of Capital Markets (Topic); Accounting, Corporate Governance, Law u0026 Institutions eJournal; Financial Accounting eJournal.

The paper also starts to attract attention from a broad ba 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”, , accepted for publication.

工作论文

Below I summarize them in rearch 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 prented at the 2013 Review of Financial Studies-McGill Global Ast 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 prentation at the 2014 Asian Bureau of Finance and Economic Rearch (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, u0026 Process 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 Ca 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 u0026 Pricing (Topic); Labor: Personnel Economics eJournal.

[8]“Short-termism Revisited: Short Selling and Ru0026D”, 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 prentation 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 u0026 Economics eJournal; Corporate Governance: Governance of Special Types of Firms eJournal; Econometric Modeling: Corporate Finance u0026 Governance eJournal; Entrepreneurship, Innovation, u0026 Growth eJournal; Entrepreneurship u0026 Management eJournal; and Sustainable Technology eJournal; Entrepreneurship, Innovation, u0026 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 rearch project, 2014.

Theme 4: On The Ast Pricing Impact of Heterogeneity

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

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

Rearch 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 bad on Short Selling Information”, co-authored with Massimo Massa and Yanbo Wang, ongoing rearch 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 rearch project, 2012.

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

案例开发

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, Rearch 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, Rearch Associate at INSEAD.

[3]“We Innovate Corporate Treasury: The In-hou 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, Rearch Associate at INSEAD.

[4]“ ,” 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, Rearch Associate at INSEAD. This ca is under discussion with INSEAD Blue Ocean Strategy Institution.

著作章节

T ” by John Wiley u0026 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 bad on my Tyco ca.

博士生指导委员会

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.

学术机构成员

American Finance Association; Western Finance Association; Asian Finance Association