SU Dan

Email: dansu@ckgsb.edu.cn

Assistant Professor of Finance, Cheung Kong Graduate School of Business (CKGSB)
PhD, University of Minnesota

Areas of expertise：Macro Finance; Corporate Theory; International Capital Flow

Biography

Dr Dan Su is Assistant Professor of Finance at CKGSB. He received his PhD in Finance in 2022 from University of Minnesota with a focus on macro finance.

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• Corporate Finance Best Paper Award, China Financial Research Conference (2025)
• Best Paper Award, China Fintech Research Conference (2025)
• Best Paper Award, CFRN Young Scholars Workshop (2025)
• Semifinalist for FMA Best Paper Award (2025)
• Best Discussant Award, 2025 Annual Conference on Capital Market Research in the Era of AI (2025)
• Journal of Finance and Data Science Conference Best Paper Award (2023)
• MLU School of Economics and Business Best Paper Award (2023)
• Ph.D. Candidate Awards For Outstanding Research, Western Finance Association (2021)
• Carlson School Dissertation Fellowship, University of Minnesota (2020)
• Ph.D. Travel Fellowship, University of Minnesota (2017–2021)
• Ph.D. Excellence in Teaching Award, University of Minnesota (2019)
• John Willard Herrick Teaching Award, University of Minnesota (2019)
• Ph.D. Program Summer Research Fellowship, University of Minnesota (2017–2020)
• Carlson School Fellowship, University of Minnesota (2016–2020)

Publications

1. “The Crumbling Wall between Crypto and Non-crypto Markets: Risk Transmission through Stablecoins,” with Yiping Huang, Yang Ji, Juan Lin, and Peng Wang, January 2025, Journal of Financial Markets, accepted
2. “The Capital Matthew Effect: Directed Technical Change and International Capital Flows,” International Economic Review, accepted
3. “Surges and Instability: The Maturity Shortening Channel,” with Xiang Li, Journal of International Economics, 2022 (Best Paper Award, MLU School of Economics and Business)
4. “Total Factor Productivity Growth at the Firm-Level: The Within Gain of Capital Account Liberalization,” with Xiang Li, Journal of International Economics, 2022
5. “Does Capital Account Liberalization Affect Income Inequality?” with Xiang Li, Oxford Bulletin of Economics and Statistics, 2021
6. “Manufacturing as the Key Engine of Economic Growth for Middle-Income Economies,” with Yang Yao, Journal of the Asia Pacific Economy, 2017
7. “Impacts of Oil Price Shocks on Chinese Stock Market Liquidity,” with Xinwei Zheng, International Review of Economics & Finance, 2017

Working Papers

1. “A Macroeconomic Model with Two Financial Sectors,” March 2026
2. “Efficient Concentration,” with Erica Xuenan Li and Guoliang Ma, March 2026
3. “Trust, Finance, and Intangibles,” with Rusi Yan, March 2026
4. “Negative Bubbles in the Market for Innovation,” with Henry H. Cao, Hui Ouyang, and Dongyan Ye, February 2026
5. “The Fiscal Roots of China’s Unbalanced Growth,” with Roger H. Gordon, Wei Li, and Yi Zhou, February 2026
6. “S-INKing the Peg: The Narrow Corridor of Monetary Policy with Stablecoins,” with Bin Wei and Vivian Z. Yue, February 2026
7. “BigTech Credit, Small Business, and Monetary Policy Transmission: Theory and Evidence,” with Yiping Huang, Xiang Li, Han Qiu, and Changhua Yu, February 2026
8. “The Green Value of BigTech Credit,” with Peng Wang, Xinyi Wang, and Xiaoyun Yu, December 2025
9. “Magic Formula or Futile Effort: Lessons from China’s Two-Tiered Government Guided Funds,” with Erica Xuenan Li, Zhao Jin, and Daniel Yi Xu, June 2025
10. “Returns-to-Scale, Risk, and Misallocation,” March 2025
11. “Firm-Level Uncertainty and Productivity: The Financial Friction Channel,” with Xiang Li, February 2025
12. “Within Gain, Structural Pain,” with Xiang Li, July 2018