Research Centers

With 16 specialized research centers, CKGSB is a leader in global research on topics such as innovation, sustainability, globalization, entrepreneurship and emerging markets. CKGSB is the authoritative source of knowledge detailing how newly globalized Chinese companies are transforming business in both developed and emerging markets. Furthermore, CKGSB offers insights and thought leadership on how multinational companies should integrate China and emerging markets business strategy into their global strategy, to successfully do business in China and with China.

Our Research Centers include:

  • Research Institute

    Head of Center: Professor Cao Huining (Henry)


    Prof. CAO Huining, Head of the Center 

    YU Jing, Research Manager 

    HAN Yichuan, Research Assistant 

    YE Dongyan, Research Fellow 

    Headed by Professor Henry Cao, the CKGSB Center for Financial Research is committed to forward-looking and innovative research in the areas of capital markets, corporate finance, and international finance. Through professional journals and academic discussion, the center seeks to provide analysis, suggestions, and solutions to government organizations, companies, financial practitioners, and ordinary investors. The center also aims to offer ideas and methods to help advance the level of financial services in China and promote the adoption of international standards.

    Center for Financial Research Speaker Events:

    Date Speaker Name Speaker Affiliation Field Topic
    2018-05-30 Jinhui Bai School of Economic Sciences, Washington State University Finance The Welfare and Distributional Effects of Fiscal Volatility: a Quantitative Evaluation
    2018-05-22 Xing Huang Olin Business School
    Washington University in St. Louis
    Finance Extrapolative Beliefs in the Cross-Section: What Can We Learn from the Crowds?
    2018-05-15 Lei Zhang The University of Hong Kong Finance Complex Asset Markets
    2018-05-08 Zhenyu Gao Chinese University of Hong Kong Finance Attention to Global Warming
    2018-04-03 Raymond Leung CKGSB Finance An Intrinsic Theory of Information Acquisition: Application to Dynamic Portfolio Choice, Asset Pricing and Information Recovery
    2018-03-27 Eliezer M. Fich LeBow College of Business 
    Drexel University
    Finance Are Market Reactions to M&As Biased by Overextrapolation of Salient News?
    2018-03-20 Laurent Fresard Robert H. Smith School of Business University of Maryland Finance Technological Changes and the Evolution of IPO and Acquisition Activities
    2018-03-13 Michaela Pagel Columbia Business School Finance Fully Closed: Individual Responses to Realized Capital Gains and Losses
    2018-01-25 Ruan Hongxun The Wharton School, University of Pennsylvania Finance Social Capital and Innovation: Evidence from Connected Holdings
    2018-01-25 Ye Shuai Cornell University Finance How do ETFs Affect the Liquidity of the Underlying Corporate Bonds?
    2018-01-24 Chen Yixin Massachusetts Institute of Technology (MIT) Finance Individual Stock-picking Skills in Active Mutual Funds
    2018-01-23 Zhang Teng Georgia Institute of Technology Finance Uniform Mortgage Regulation and Distortion in Capital Allocation
    2018-01-23 Li Jie INSEAD Finance An Anatomy of Arbitrageurs: Evidence from Open-End Structured Funds
    2018-01-22 Su Yinan The University of Chicago Finance Interbank Runs: A Network Model of Systemic Liquidity Crunches
    2018-01-22 Peng Cameron Yale University Finance Price and Volume Dynamics in Bubbles
    2017-11-21 Jan Bena Sauder School of Business, University of British Columbia Finance Labor Dismissal Costs and Process Innovation
    2017-11-07 Andres Liberman Stern School of Business
    New York University
    Finance The Equilibrium Effects of Asymmetric Information: Evidence from Consumer Credit Markets
    2017-10-24 Hui Chen MIT Sloan School of Management Finance The Dark Side of Circuit Breakers
    2017-09-26 Jia Hao The Chinese University of Hong Kong Finance Liquidity Provision Contracts and Market Quality: Evidence from the New York Stock Exchange
    2017-09-19 Mark Westerfield Foster School of Business
    University of Washington
    Finance Dynamic Asset Allocation with Hidden Volatility
    2017-09-12 Zhangkai Huang Tsinghua University School of Economics and Management Finance Limits to Autocracy: An Analysis of China’s Renationalization
    2017-09-12 Xiaoyun Yu Kelley School of Business
    Indiana University
    Finance The Power of the Passive Information Intermediary: Evidence from Google’s China Exit
    2017-09-05 Hong Ru Nanyang Technological University Finance Rise of Bank Competition: Evidence from Banking Deregulation in China
    2017-08-08 Yajun Wang Robert H. Smith School of Business
    University of Maryland
    Finance Beliefs Aggregation and Return Predictability
    2017-06-20 Lorenzo Garlappi Sauder School of Business,
    University of British Columbia
    Finance The Carry Trade and Uncovered Interest Parity when Markets are Incomplete
    2017-06-13 Rui Albuquerque Boston College Carroll School of Management Finance Relative Performance, Banker Compensation, and Systemic Risk
    2017-06-06 Ron Kaniel Simon School of Business
    University of Rochester
    Finance Relative Pay for Non-Relative Performance: Keeping up with the Joneses with Optimal Contracts
    2017-05-31 Maria Cecilia Bustamante Robert H. Smith School of Business
    University of Maryland
    Finance Does Firm Investment Respond to Peers’ Investment?
    2017-05-16 Sheng Huang Singapore Management University Finance Are Longer-tenured Independent Directors Less Effective Monitors? Insights from Insider Trading
    2017-04-11 Péter Kondor London School of Economics Finance Financial Choice and Financial Information
    2017-03-28 Dirk Jenter London School of Economics Finance Good and Bad CEOs
    2017-03-21 Vidhan Goyal The Hong Kong University of Science and Technology Finance Index Membership and Capital Structure: International Evidence
    2017-03-14 Xuewen Liu The Hong Kong University of Science and Technology Finance Financial Markets, the Real Economy, and Self-fulfilling Uncertainties
    2017-03-07 Xintong Zhan Erasmus School of Economics
    Erasmus University Rotterdam
    Finance How Do Smart-beta ETFs Affect Asset Management Industry? Evidence from Mutual Fund Flows
    2017-02-13 Mingzhu Tai Harvard University Finance House Prices and the Allocation of Consumer Credit
    2017-01-18 Weikai Li The Hong Kong University of Science and Technology Finance Synthetic Shorting with ETFs
    2017-01-12 Jun Wu Kelley School of Business, Indiana University Bloomington Finance Do Mutual Funds Have News Trading Skills? Evidence from Daily Trading Ahead of News Releases
    2017-01-12 Ting Xu University of British Columbia, Sauder School of Business Finance Learning from the Crowd: The Feedback Value of Crowdfunding
    2016-12-20 Xu Tian University of Toronto Finance Uncertainty and the Shadow Banking Crisis: A Structural Estimation
    2016-12-13 Jun Yu School of Economics and Lee Kong Chian School of Business
    Singapore Management University
    Finance New Methodology for Constructing Real Estate Price Indices Applied to the Singapore Residential Market
    2016-12-09 Jun Yu School of Economics and Lee Kong Chian School of Business
    Singapore Management University
    Finance Market Sentiment and Paradigm Shifts in Equity Premium Forecasting
    2016-11-22 Yufeng Wu University of Illinois Finance Why Are Underperforming Firms Rarely Acquired?
    2016-11-01 Shiyang Huang The University of Hong Kong Finance The Effect of Options on Information Acquisition and Asset Pricing
    2016-10-25 Nengjiu Ju SAIF Finance Locked Wealth, Subjective Valuation and Managerial Hedging under High-Water Marks: A Structural Model
    2016-10-25 Raymond Leung CKGSB Finance Financial Intermediation and the Market Price of Risk: Theory and Evidence
    2016-10-11 Tan Wang SAIF Finance Financial Network and Systemic Risk – A Dynamic Model
    2016-10-11 Justin Birru Fisher College of Business
    The Ohio State University
    Finance Day of the Week and the Cross-Section of Returns
    2016-9-13 Howard Kung London Business School Finance Competition, Markups, and Predictable Returns
    2016-6-28 Lu Zhang Max M. Fisher College of Business, The Ohio State University Finance A Comparison of New Factor Models
    2016-6-21 Hong Liu Washington University in St. Louis Finance A Portfolio Rebalancing Theory of Disposition Effect
    2016-6-14 Yi Wen Federal Reserve Bank of St. Louis Finance The Making of An Economic Superpower Unlocking China’s Secret of Rapid Industrialization
    2016-5-24 Darrell Duffie Stanford Graduate School of Business Finance Size Discovery
    2016-5-24 Murray Frank Carlson School of Management University of Minnesota Finance Rational Stock Market Catering
    2016-5-17 Zhenyu Wang Kelley School of Business, Indiana University Finance Dynamics of the Expectation and Risk Premium in the OIS Term Structure
    2016-5-17 Xiaoji Lin Ohio State University Finance The Elephant in the Room: the Impact of Labor Obligations on Credit Risk
    2016-5-10 Marcin Kacperczyk Imperial College London Business School Finance Chasing Private Information
    2016-5-10 Xiaolan Zhang McCombs School of Business
    The University of Texas at Austin
    Finance Financing Intangible Capital
    2016-4-26 Federico Bandi Johns Hopkins Carey Business School Finance Economic Uncertainty and Predictability
    2016-4-7 Sreedhar Bharath W.P. Carey School of Business
    Arizona State University
    Finance Ephemeral Experiences, Long Lived Impact : Disasters and Portfolio Choice
    2016-4-5 Kathy Yuan London School of Economics Finance Network Risk and Key Players: A Structural Analysis of Interbank Liquidity
    2016-3-29 Stefan Zeume Stephen M. Ross School of Business
    University of Michigan
    Finance Corporate Tax Havens and Transparency
    2016-3-29 Yasushi Hamao Marshall School of Business
    University of Southern California
    Finance Selective Disclosure: The Case of Nikkei Preview Articles
    2016-3-22 Gennaro Bernile Singapore Management University
    Lee Kong Chian School of Business
    Finance Board Diversity, Firm Risk, and Corporate Policies
    2016-2-23 Wei Dou MIT Sloan School of Management Finance Embrace or Fear Uncertainty: Growth Options, Limited Risk Sharing, and Asset Prices
    2016-2-1 Guojun Chen Columbia University Finance Corporate Savings, Investment, and Financing with Aggregate Uncertainty Shocks
    2016-2-1 Wenhao Yang University of Utah Finance Mutual Fund Management: Does Active Management Pay?
    2016-1-15 Chengwei Wang INSEAD Finance Lesser-Known Stocks and Signal Cleans
    2016-1-14 Zhen Zhou New York University Finance Systemic Bank Panics in Financial Networks
    2016-1-14 Zhenduo Du Northwestern University Finance Endogenous Information Acquisition: Evidence from Web Visits to SEC Filings of Insider Trades
    2016-1-12 Song Ma Duke University’s Fuqua School of Business Finance The Life Cycle of Corporate Venture Capital
    2016-1-12 Raymond C. W. Leung University of California, Berkeley
    Haas School of Business
    Finance Centralized versus Decentralized Delegated Portfolio Management under Moral Hazard
    2015-12-22 Bo Sun (Brown Bag) Federal Reserve Board Finance Contracting with Feedback
    2015-12-22 Lin Cong Booth School of Business, University Chicago Finance Dynamic Coordination and Intervention Policy
    2015-12-15 Wenlan Qian NUS Business School, National University of Singapore Finance Unfair Trade Practices and Financial Intermediary Regulation
    2015-12-7 Xuemin (Sterling) Yan Robert J. Trulaske Sr. College of Business
    University of Missouri
    Finance Fundamental Analysis and the Cross-Section of Stock Returns: A Data-Mining Approach
    2015-12-1 Shaojun Zhang The University of Hong Kong Finance Systemic Default and Return Predictability in the Stock and Bond Markets
    2015-11-11 Li An PBC School of Finance, Tsinghua University Finance Lottery-Related Anomalies: The Role of Reference-Dependent Preferences
    2015-11-3 Zheng Michael Song Booth School of Business, University of Chicago Finance The Rise of China’s Shadow Banking System
    2015-11-3 Ming Gu (Brown Bag) Renmin University of China Finance Market Regulation and Private Equity Placements in China
    2015-10-27 Cong Wang CUHK Business School, The Chinese University of Hong Kong Finance Labor Unemployment Risk and CEO Incentive Compensation
    2015-10-20 Tao Li City University of Hong Kong Finance Does Speculative Activity Have Real Effects?
    2015-10-20 Wei Wang Stephen J.R. Smith School of Business, Queen’s University Finance Catch Me If You Can: Financial Misconduct around Corporate Headquarters Relocations
    2015-9-29 Brandon Julio Lundquist College of Business Finance The Bright Side of Political Uncertainty: The Case of R&D
    2015-7-21 Jennifer Carpenter Stern School of Business, New York University Finance The Real Value of China’s Stock Market
    2015-7-7 Kose John NYU Finance Institutions, Markets and Growth: A Theory of Comparative Corporate Governance
    2015-7-6 Neng Wang Columbia Business School Finance Investment under Uncertainty and the Value of Real and Financial Flexibility
    2015-7-6 Dion Bongaerts Rotterdam School of Management, Erasmus University Finance Cross-sectional Identification of Informed Trading
    2015-6-30 Michael Weisbach The Ohio State University Finance Does Uncertainty about Management Affect Firms’ Costs of Borrowing?
    2015-6-9 Bing Liang University of Massachusetts Finance The Role of Hedge Funds in the Security Price Formation Process
    2015-6-2 Yiming Qian University of Iowa Finance Pre-Market Trading and IPO Pricing
    2015-5-26 Stavros Panageas University of Chicago Finance Impediments to Financial Trade: Theory and Measurement
    2015-5-19 Zhi Da University of Notre Dame Finance Price Pressure from Coordinated Noise Trading: Evidence from Pension Fund Reallocations
    2015-5-19 Feng Zhang  University of Utah Finance Overreaction to Merger and Acquisition Announcements
    2015-5-12 Ronald Masulis University of New South Wales Finance Deal Initiation in Mergers and Acquisitions
    2015-5-12 Adlai Fisher University of British Columbia Finance Levered Noise and the Limits of Arbitrage Pricing: Implications for Dividend S


  • Real Estate Center

    Head of Center: Professor Mei Jianping


  • Center on Finance and Economy Growth

    Head of Center: Professor Gan Jie


  • Branding Center

    Head of Center: Professor Zhu Rui


    Prof. ZHU Rui, Head of the Center

    SHI Yingbo, Research Assistant

    WEI Ding, Research Assistant

    The Branding Center is led by Prof. Juliet Zhu. The center has done extensive research on consumer behavior, creativity, advertising, marketing and modern philanthropy. The purpose of the research center is to provide worthy suggestions for Chinese entrepreneur by in-depth case studies and articles.

  • Financial Innovation and Wealth Management Center

    Heads of Center: Professors Ou-Yang Hui and Cao Huining (Henry)


    Prof. CAO Huining, Head of the Center

    Prof. OU-YANG Hui, Head of the Center

    Under the joint leadership of Profs. Cao Huining and Ou-Yang Hui, the center is committed to the research on financial innovation and wealth management. The research area of the center covers innovation in financial theory, products, systems, and regulation, as well as the theory of wealth management and its application for households and institutions.

  • Operation Management Center

    Head of Center: Professor Zheng Yusheng


  • Investment Center

    Head of Center: Professor Liu Jing


    The investment center is headed by Professor Liu Jing. The research work of the center takes the “value investment” as the core concept and includes four parts: industry research, “Internet plus” research, macro research and enterprise research. Among them, the research of industry and “Internet plus” are the exclusive customer research of DBA and Chuang Community of CKGSB.

  • Internet Finance Center

    Head of Center: Professor Ou-Yang Hui


    Relying on the platform of CKGSB, the center is devoted to academic and practical research on the innovation of Internet finance, the development of Internet finance, the effect of Internet finance on the real economy, the risk management and regulation of Internet finance. Under the leadership of Professor Ou-Yang Hui, the center will publish academic papers and research reports on Internet finance aperiodically.

  • Leadership and Motivation Research Center

    Heads of Center: Professors Yan Aimin and Zhang Xiaomeng


    Prof. YAN Aimin, Head of the Center

    Prof. ZHANG Xiaomeng, Head of the Center

    In order to explore the transformation and evolution of the leadership in China, and form an exemplary leadership with theoretical research and brand highlights, Leadership and Motivation Research Center intends to refine and propagate the progress of China’s leadership, record momentous millstones to strengthen the influence of CKGSB in the areas of domestic leadership and motivation research, lead the leadership market in China and invigorate new vitality for its long-term development.

    The center aims to study the development of enterprise leadership in different natures and fields. It conducts research on the establishment of talents development system, leadership cultivation, cutting-edge leadership, and successful incentive cases, in which provide valuable reference for different types of enterprises. It focuses on making the research results into practical use in both of academic and commercial values.

  • Social Media and E-commerce Center

    Heads of Center: Professors Sun Baohong and Li Yang


    Prof. SUN Baohong, Head of the Center  

    Prof. LI Yang, Head of the Center 

  • Center on China and Globalization

    Head of Center: Jiang Desong


    JIANG Desong, Head of the Center

    MENG Fanyi, Research Assistant 

    Center on China and Globalization at CKGSB is a public research organization. Our mission is to conduct in-depth research that serves China economic transformation and the globalization of Chinese enterprises with global vision and new mindset. Research topics cover the trend of economic globalization and competitive landscape, the change in business environment and business model innovation, the globalization of Chinese enterprises and Chinese management style.

  • China Economy and Sustainable Development Center

    Head of Center: Professor Li Wei


    Prof. LI Wei, Head of the Center 

    GU Chongqing, research assistant 

    GUAN Menglong, research assistant 

    The China Economy and Sustainable Development Center focuses on the current operation and the sustainable development of Chinese Economy. By combining classical and newest economic theories with the actual situations of the Chinese Economy, the center is committed to produce influential research and provide intellectual support to business and government decision-making bodies.

  • Center for studies of China’s Development Model

    Head of Center: Jiang Desong


    JIANG Desong, Head of the Center

    SHAN Yingguang, Researcher

    Center for Studies of China’s Development Model at CKGSB was founded in Jan 2018, coincided with the 40th anniversary of China’s reform and opening-up. The center aims to generate insights regarding China’s development model with global vision and local practice, studying the contributing factors to China’s achievements and how they evolve. The center also promotes research on Oriental culture and mindset to better interpret the unique characteristics of the Chinese way and its management innovation. We would like to share our understanding of China’s development model with the world, making joint efforts to build a platform to promote dialogues between the East and the West.

  • Global Finance Center

    Head of Center: Professor Li Haitao


    After 40 years of continued reform and unprecedented growth, the Chinese economy has become the second largest in the world. The Chinese financial markets are rapidly opening up to global investors. The mission of the center is to provide rigorous academic and policy related research on the Chinese economy and financial markets in the context of the global economy. Based on big data and advanced machine learning/AI techniques, we will provide real time analysis and forecasts of the Chinese economy and financial markets,which include bond, equity, and commodity markets.

  • Humanities and Business Ethics Center

    Head of Center: Dr. Wang Jianbao


    The mission is to implement CKGSB strategy of Humanities by building up a study platform for alumni with the enhancement of our school image on Humanities.

    CHBE conducts the studies and designs the curriculum with certain Problematique and respect of multiple modernity by transcending the rationality of Economic Man and by rethinking Enlightenment, under the umbrella of the Spiritual Humanism initiated by Professor Tu Weiming, Chairman of the Committee on Humanities of CKGSB.
    CHBE well recognizes the importance of a global vision and a spirit of innovation for research by crossing different majors, regions as well as cultures.

  • Institutions and AI-Big Data

    Head of Center: Professor Xu Chenggang


    Artificial intelligence is the foundation of a rising industrial revolution. This Center will carry out research on artificial intelligence and big data, the relationship between AI and institutions, from institutional perspectives. This center will explore multi-disciplinary new research areas, will provide benchmarks for companies’ innovative activities in AI areas, and will provide a systematic analytical framework for innovation policies in AI areas.


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