GAN Jie

Phone: +86 10 8518 8858 ext. 3323
E-mail: jgan@ckgsb.edu.cn

Professor of Finance, Director of Center on Finance and Economic Growth, Cheung Kong Graduate School of Business (CKGSB)

PhD, Massachusetts Institute of Technology

Areas of Expertise: Asset Pricing, Automation, Banking, China’s Industrial Economy, Corporate Finance, Entrepreneurship, Financial Regulation, Manufacturing, Stock Markets

Professor Jie Gan holds a Ph.D. from MIT and is currently a Professor of Finance at Cheung Kong Graduate School of Business (CKGSB) and a former Associate Dean of Technology Innovation and Alumni Affairs. Prior to joining CKGSB, she was a professor in finance at Hong Kong University of Science and Technology and an assistant professor (tenure track) at Columbia Business School. She has published extensively on banking and finance in top academic journals. In 2011, she was the runner-up for the prestigious Brennan Award for Excellent Papers. Her research and teaching were featured in major media outlets, such as Wall Street Journal, Financial Times, and the Economist.

Professor Gan conducts a large-sample survey of about 3000 industrial firms every quarter. The resulting Business Sentiment Index (BSI) and the unique insights generated have been regularly reported by top media outlets, such as Wall Street Journal and FT. The time series of Professor Gan’s economic indices can be accessed through the Bloomberg terminal.

Professor Gan’s industry experience is in technology innovation. She has invested in and mentored five unicorn companies from their early stages. She is a co-founder of XbotPark in Dongguan Songshan Lake, China, considered the best tech incubator in China. She founded Zhixing Institute of Business Practices for Tech Entrepreneurs, which aims to systematically help tech founders enhance their business insights and abilities by combining highly practical teaching and coaching with tech incubation. From 2015 to the present, among companies invested in and mentored by Professor Gan, at least one company per year has been awarded by Time magazine as Best Invention of the Year.

In her leisure time, Professor Gan is an avid contemporary art collector. She is also active in promoting young artists worldwide, which to her resembles angel investing and tech incubation. She enjoys reading, watching movies, meditation, traveling, and fitness exercises, such as jogging, swimming, hiking, and Chinese martial art.

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Seminars:

Sloan School of Management at MIT, Columbia Business School, Wharton School at University of Pennsylvania, University of Wisconsin Business School, City University of New York, Chinese University of Hong Kong, Hong Kong Polytech, Hong Kong University, HKUST, City University of Hong Kong, University of California at Berkeley; University of Texas at Austin

Federal Reserve Banks: Chicago, Cleveland, New York; Milken Institute

Conferences:

Presenter: Eastern Finance Association Conference 2002; NEBR Corporate Finance Summer Institute 2003; AFA 2004, 2009; Financial Intermediation Research Society Meeting 2004 & 2006; “Accounting, Transparency and Bank Stability” Workshop 2004 at Basle (jointly sponsored by BIS and JFI), WFA 2004, 2006, & 2008, EFA 2004 & 2005, China International Finance Conference 2004 & 2006, City University Finance Symposium 2005, RFS-IU Conference on the Causes and Consequences of Recent Financial Market Bubbles 2005; Summer Real Estate Symposium (2006 & 2008); Indian School of Business Summer Camp (2007); Emerging Market Corporate Finance Conference (2007); NBER China Workshop (2008)

Discussant: AREUE Conference (2002); WFA Conference (2002); EFA Conference (2002); Financial Intermediation Research Society Meeting (2004 & 2006); China International Conference in Finance (2005, 2008, 2009); Paris Corporate Finance Conference (2009)

Session Chair: Eastern Finance Association Conference (2002), China International Conference in Finance (2008, 2009).

Achievements

• Runner Up, Michael J. Brennan Best Paper Award, The Review of Financial Studies, 2011.
• Nominated for the Michael Gale Medal for Distinguished Teaching 2005, the highest honor awarded to a single faculty in the university.
• Franklin Prize for Teaching Excellence at Hong Kong University of Science & Technology (MBA teaching 2004 and 2008); Nominated for undergraduate teaching 2003 and 2004.
• Hong Kong RGC Competitive Earmark Research Grant, 2003 (HK$373,000), 2004 (HK$551,000), 2006 (HK$666,000); 2008 (HK$784,000).
• Faculty Research Award, Columbia University Center for Japanese Economy and Business, 2001-2002.
• Graduate Fellowship, Massachusetts Institute of Technology, 1993-1996, 1998-1999.
• “Best Graduate of the Year” (equivalent to summa cum laude), Nanjing University, 1991.

Invited Presentations and Professional Activities

Referee:

Journal of Finance, Review of Financial Studies, Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Money, Credit, and Banking, Scandinavian Journal of Economics, Southern Journal of Economics, Japan and the World Economy, Journal of Japanese and International Economy, Japan and the World Economy, Pacific-Basin Journal of Finance; Journal of Real Estate Research, B.E. Journal of Economic Analysis, Economics of Transition

Editorial Positions:

Journal of Banking and Finance, Associate Editor, 2008-present
International Review of Finance, Associate Editor, 2008-present
Quarterly Journal of Finance, Associate Editor, 2010-present
Journal of Financial Economic Policy, Editorial Advisory Board, 2007-present

Y Combinator: Bootcamp for Startups, 2015

Articles

• “The Factors Behind China’s Growing Strength in Innovation”, Harvard Business Review, 2019 (English)
• “Chinese Economy: Lots Of Challenges, But No Need To Panic”, Forbes, 2015 (English)
• “How Hanergy Has Exposed Weaknesses In Hong Kong’s Stock Market”, Forbes, 2015 (English)
• “China’s New Normal: What’s In It?”, Forbes, 2015 (English)
• “Structured Products”, Forbes, 2009 (English)
• “China A Share Market”, Forbes, May 21, 2009 (English)
• “Analysts Conflicts of Interest”, Phoenix TV, Sept 3, 2008 (Chinese)
• Subprime Crisis, Hong Kong Radio (Chinese)

NON-ACADEMIC WRITINGS

My View of the Chinese Stock Market (Fall 2007)
[English] [Chinese]
This article is based on a talk given in Beijing’s Financial District on Sept. 26, 2007.

China Story and Current Market Valuation (Fall 2009)
21 Century Herald, Oct. 2009
[English][Chinese]

今年中國經濟政策「進退兩難」（信报，2010年2月23日）
[Chinese]

确立沽空机制是优化市场运作之本 （信报，2010年4月20日）
[Chinese]

Selected Publications

In Refereed Journals:

1. Transparency, Price Informativeness, and Stock Return Synchronicity: Theory and Evidence(with Suditpo Dasgupta and Ning Gao), Journal of Financial and Quantitative Analysis, 45, 2010, pp. 1189-1220.
2. Housing Wealth and Consumption Growth: Evidence from a Large Panel of Households, Review of Financial Studies23, 2010, pp. 2229-2267 (Lead article, RFS Brennan Award).
3. A Nationwide Survey of Privatized Firms in China (with Guo and Xu), Seoul Journal of Economics21, 2008, pp. 311-331.
4. Monopoly and Information Advantage in the Market for Residential Mortgages(with Timothy Riddiough), Review of Financial Studies 21, 2008, pp. 2677-2703.
5. The Real Effects of Asset Market Bubbles: Loan- and Firm-Level Evidence of a Lending Channel, Review of Financial Studies20, 2007, pp. 1941-1973.
6. Collateral, Debt Capacity, and Corporate Investment: Evidence from a Natural Experiment,Journal of Financial Economics85, 2007, pp. 709-734
7. Banking Market Structure and Financial Stability: Evidence from the Texas Real Estate Crisis in the 1980s, Journal of Financial Economics73, 2004, pp. 567-601.

Book Chapters:

1. “Privatization in China: Experiences and Lessons,” in China’s Emerging Financial Markets: Challenges and Opportunities (J. Barth, J. Tatom, and G. Yago, 2008 eds.), The Milken Institute Series on Financial Innovation and Economic Growth.
2. “Global Banking Regulation & Supervision: What Are the Issues and What Are the Practices?” (James Barth, Jie Gan, and Dan Nolle), in Focus on Financial Institutions and Services, Nova Science Publisher, 2004.

Working Papers

1. “Can Firms Build Capital Market Reputation to Compensate for Poor Investor Protection? Evidence from Dividend Policies“, with Martin Wang.
2. “Property Market Overvaluation, Toeholds, and the Winners’ Curse: Evidence from Hong Kong Land Auctions“, with Yuk Ying Chang and Sudipto Dasgupta.
3. “The Dark Side of Concentrated Ownership in Privatization: Evidence from China“, with Jianping Deng, Jie Gan and Jia He, formerly titled “Privatization, Large Shareholders’ Incentives to Expropriate, and Firm Performance”, Top 20 downloads in SSRN Corporate Finance, Management, and AFA Conference.
4. “What Do Capital Requirements Do When They Are Not Binding.”