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Professor of Finance

Academic Director of the Masters for Technology Innovation and Entrepreneurship
PhD, Massachusetts Institute of Technology
Areas of Expertise:
Asset Pricing, Automation, Banking, China’s Industrial Economy, Corporate Finance, Entrepreneurship, Financial Regulation, Manufacturing, Stock Markets
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  • Phone: +86 10 8518 8858 ext. 3323

    Academic Director, Professor of Finance

    Director of Center on Finance and Economic Growth

    PhD, Massachusetts Institute of Technology

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


    Jie GAN is Academic Director of the Masters of Entrepreneurship and Technology Innovation (METI), , Professor of Finance and Director of Center on Finance and Economic Growth at Cheung Kong Graduate School of Business. Prior to joining CKGSB, she served as a professor (with tenure) at Hong Kong University of Science and Technology and an assistant professor (tenure track) at Columbia Business School. Professor Gan holds a PhD in Financial Economics from MIT.

    Professor Gan has published extensively on banking and finance issues in top academic journals. In 2011, she was the runner-up for the prestigious Brennan Award for Excellent Papers. Prof Gan’s teaching has been rated highly by both MBA and EMBA students and she has received several teaching awards. Her research and teaching were featured in major media outlets, such as Wall Street Journal, Financial Times, and the Economist.

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

    Professor Gan’s main industry experience is in technology innovation in hard-ware related areas. She is a board member of a number of high-tech companies, including DJI innovations, and has provided support to these companies in their early stages. These successes led her to be one of the founders of Songshan Lake Robotic Park and Startup Incubator in Dongguan, China. She is also a mentor of Hong Kong X Technology Startup Incubator.

    Professor Gan also has extensive experiences in the finance industry. She worked for CRA International (formerly Charles River Associates), one of the largest finance and economics consulting firms in the US, for two years. Her consulting experience spans company valuation, security fraud, and anti-trust in a range of industries including financial services, consumer goods, and energy. In Hong Kong, she was consulted by banks on how to identify bubbles in the real estate market and how to incorporate real estate properties into investment portfolios.

    Download CV

    • Chuang
    • EMBA
    • EE
    • Chinese MBA
    • English MBA
    • Global Programs


    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


    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


    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


    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


    确立沽空机制是优化市场运作之本 (信报,2010年4月20日)

  • 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 HouseholdsReview 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 ChannelReview 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 1980sJournal 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.”

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