WANG Neng

Neng Wang is Dean’s Distinguished Chair Professor of Finance and Senior Associate Dean at CKGSB. Prior to joining CKGSB, he was Chong Khoon Lin Professor of Real Estate and Finance at Columbia Business School since 2007. He is also a Research Associate (Senior Research Fellow) at the National Bureau of Economic Research (NBER), a Senior Research Fellow at the Asian Bureau of Financial and Economics Research (ABFER), and a Visiting Professor at the International Monetary Fund (IMF). He has widely published in leading economics, finance, and business journals. Among other awards and honors, he won a Smith-Breeden Distinguished Paper Prize awarded by the Journal of Finance, and the Bettis Distinguished Scholar Award from Carey School of Business, Arizona State University.

His research interests include corporate finance, contract theory, financial institutions, asset pricing, asset allocation, sovereign debt and international finance, risk management, entrepreneurial finance, household finance, wealth distribution, macroeconomics, private equity, hedge funds, investor protection, real estate finance, FinTech, and the Chinese economy. He has taught courses at both MBA and PhD levels including advanced asset pricing theory, advanced corporate finance, entrepreneurial finance and private equity, fixed income securities and markets, financial institutions, risk management, real estate finance, corporate finance theory, and continuous-time finance.

He received B.S. in Physical Chemistry from Nanjing University, China in 1992, M.S. in Chemistry from California Institute of Technology (Caltech) in 1995, M.A. in International Relations from the University of California, San Diego (UCSD) in 1997, and Ph.D. in Finance from the Graduate School of Business at Stanford University in 2002. He was born in 1973 in Anhui, China.

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Corporate Finance, Contract Theory, Financial Institutions, Asset Pricing, Asset Allocation, Sovereign Debt And International Finance, Risk Management, Entrepreneurial Finance, Household Finance, Wealth Distribution, Macroeconomics, Private Equity, Hedge Funds, Investor Protection, Real Estate Finance, Fintech, and the Chinese Economy

Published and Accepted Papers

• 40. Dynamic Trading with Realization Utility, with Min Dai and Cong Qin, Journal of Finance, forthcoming 
• 39. A p Theory of Taxes and Debt Management, with Wei Jiang, Thomas J. Sargent, and Jinqiang Yang, Journal of Finance, forthcoming
• 38. Dynamic Banking and the Value of Deposits, with Patrick Bolton, Ye Li, and Jinqiang Yang, Journal of Finance, forthcoming
• 37. The marginal value of cash: corporate savings, investment, and financing, with Patrick Bolton and Hui Chen, Annual Review of Financial Economics, https://doi.org/10.1146/annurev-financial-111021-103759
• 36. A q Theory of Internal Capital Markets, with Min Dai, Xavier Giroud, and Wei Jiang, Journal of Finance, 79(2), 1147-1197, (2024), https://doi.org/10.1111/jofi.13318
• 35. Managing Government Debt, with Wei Jiang, Thomas J. Sargent, and Jinqiang Yang, Proceedings of the National Academy of Sciences, 120(11), (2024), https://www.pnas.org/doi/10.1073/pnas.2318365121 
• 34. The Endowment Model and Modern Portfolio Theory, with Steve Dimmock and Jinqiang Yang, Management Science, Vol. 70, No.3, 1554-1579, (2024), https://doi.org/10.1287/mnsc.2023.4759
• 33. Mitigating Disaster Risks in the Age of Climate Change, with Harrison Hong and Jinqiang Yang, Econometrica, 91(5), 1763-1802, (2023), https://doi.org/10.3982/ECTA20442
• 32. Welfare Consequences of Sustainable Finance, with Harrison Hong and Jinqiang Yang, Review of Financial Studies, 36, 4864-4918, (2023),  https://doi.org/10.1093/rfs/hhad048
• 31. Rare Disasters, Financial Development, and Sovereign Debt, with Sergio Rebelo and Jinqiang Yang, Journal of Finance, 77(5), 2719-2764, (2022)
• 30. Tokenomics and Platform Finance, with Lin William Cong and Ye Li, Journal of Financial Economics, 144, 972-991, (2022), https://doi.org/10.1016/j.jfineco.2021.10.002
• 29. Earnings Growth and the Wealth Distribution, with Thomas J. Sargent and Jinqiang Yang, Proceedings of the National Academy of Sciences, 118(15), (2021), https://doi.org/10.1073/pnas.2025368118
• 28. Implications of Stochastic Transmission Rates for Managing Pandemic Risks, with Harrison Hong and Jinqiang Yang, Review of Financial Studies, 34(11), 5224–5265, (2021), https://doi.org/10.1093/rfs/hhaa132
• 27. Tokenomics: Dynamic Adoption and Valuation, with Lin William Cong and Ye Li, Review of Financial Studies, 34(3), 1105-1155, (2021), Editor’s Choice, lead article, https://doi.org/10.1093/rfs/hhaa089
• 26. Investment under Uncertainty with Financial Constraints, with Patrick Bolton and Jinqiang Yang, Journal of Economic Theory, 184, 1-58, #104912, (2019) https://doi.org/10.1016/j.jet.2019.06.008
• 25. Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital, with Patrick Bolton and Jinqiang Yang, Journal of Finance, 74, 1363-1429, (2019)
• 24. Investment, Tobin’s q, and Interest Rates, with Xiaoji Lin, Chong Wang, and Jinqiang Yang, Journal of Financial Economics, 130, 620-640, (2018)
• 23. Optimal Consumption and Savings with Stochastic Income and Recursive Utility, with Chong Wang and Jinqiang Yang, Journal of Economic Theory, 165, 292-331, (2016)
• 22. Dynamic Investment, Capital Structure, and Debt Overhang, with Suresh Sundaresan and Jinqiang Yang, Review of Corporate Finance Studies, 1-42, (2015), Editor’s Choice, lead article
• 21. Valuing Private Equity, with Morten Sorensen and Jinqiang Yang, Review of Financial Studies, 27(7), 1977-2021, (2014)
• 20. The Economics of Hedge Funds, with Yingcong Lan and Jinqiang Yang,Journal of Financial Economics, 110(2), 300-323, (2013)
• 19. Market Timing, Investment, and Risk Management, with Patrick Bolton and Hui Chen, Journal of Financial Economics, 109(1), 40-62, (2013)
• 18. The Economic and Policy Consequences of Catastrophes, with Robert Pindyck, American Economic Journal: Economic Policy, 5(4), 306-339, (2013)
• 17. Dynamic Agency and the q Theory of Investment, with Peter DeMarzo, Michael Fishman, and Zhiguo He, Journal of Finance, 67(6), 2295-2340, (2012)
• 16. A Unified Model of Entrepreneurship Dynamics, with Chong Wang and Jinqiang Yang,Journal of Financial Economics, 106(1), 1-23, (2012), lead article
• 15. A Unified Theory of Tobin’s q, Corporate Investment, Financing, and Risk Management, with Patrick Bolton and Hui Chen, Journal of Finance, 66(5), 1545-1578, (2011)
• 14. Risk, Uncertainty, and Option Exercise, with Jianjun Miao, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)
• 13. Entrepreneurial Finance and Non-diversifiable Risk, with Hui Chen and Jianjun Miao, Review of Financial Studies, 23(12), 4348-88, (2010)
• 12. Optimal Consumption and Asset Allocation with Unknown Income Growth, Journal of Monetary Economics, 56(4), 524-34, (2009)
• 11. Capital Reallocation and Growth, with Janice Eberly, American Economic Review Papers & Proceedings, 99(2), 560-66, (2009)
• 10. Agency Conflicts, Investment, and Asset Pricing, with Rui Albuquerque, Journal of Finance, 63(1), 1-40, (2008), lead article
  Smith-Breeden Distinguished Paper Prize by the Journal of Finance
• 9. Investment, Consumption, and Hedging under Incomplete Markets, with Jianjun Miao,Journal of Financial Economics, 86(3), 608-642, (2007)
• 8. Investment under Uncertainty with Strategic Debt Service, with Suresh Sundaresan, American Economic Review Papers & Proceedings, 97(2), 256-261 (2007)
• 7. An Equilibrium Model of Wealth Distribution, Journal of Monetary Economics, 54(7), 1882-1904 (2007)
  Reprinted in Davies, James B., Ed.: The Economics of Wealth Distribution.
• 6. Investment under Uncertainty and Time-Inconsistent Preferences, with Steven Grenadier, Journal of Financial Economics, 84(1), 2-39, (2007), lead article
• 5. Generalizing the Permanent-Income Hypothesis: Revisiting Friedman’s Conjecture on Consumption, Journal of Monetary Economics, 53(4), 737-52 (2006)
• 4. Investment Timing, Agency, and Information, with Steven Grenadier, Journal of Financial Economics, 75(3), 493-533, (2005), lead article
• 3. Precautionary Saving and Partially Observed Income, Journal of Monetary Economics, 51(8), 1645-1681, (2004)
• 2. Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium, American Economic Review 93(3), 927-936, (2003)
• 1. Robust Permanent Income and Pricing with Filtering, with Lars Peter Hansen and Thomas J. Sargent, Macroeconomic Dynamics6, 40-84, (2002)

Working Papers

• 1. Implementing a Ramsey Plan, with Wei Jiang and Thomas J. Sargent
• 2. Leverage Dynamics under Costly Equity Issuance, with Patrick Bolton and Jinqiang Yang
• 3. Strategic Investment under Uncertainty with First- and Second-mover Advantages, with Min Dai and Zhaoli Jiang
• 4. Creditor-on-Creditor Violence and Secured Debt Dynamics, with Samuel Antill and Zhaoli Jiang
• 5. Reputation, Competition, and Capital Structure, with Min Dai and Zhaoli Jiang
• 6. Stochastic Earnings Growth and Equilibrium Wealth Distribution, with Thomas J. Sargent and Jinqiang Yang
• 7. Asset Pricing with “Buy Now, Pay Later”, with Semyon Malamud and Yuan Zhang
• 8. Robust Financial Contracting and Investment, with Aifan Ling and Jianjun Miao
• 9. Investor protection, financial development, and corporate valuation, with Yingcong Lan, Xiaoji Lin, and Jinqiang Yang
• 10. Career concerns and investment, with Patrick Bolton and Jinqiang Yang
• 11. Reallocating and pricing illiquid capital: Two productive trees, with Janice Eberly
• 12. Entrepreneurial experimentation and duration, with Guojun Chen and Jianjun Miao
• 13. Debt, taxes, and corporate liquidity, with Patrick Bolton and Hui Chen
• 14. Financial constraints, corporate savings, and the value of cash, with Patrick Bolton and Huntley Schaller

Other Publications

• 1. Dynamic Corporate Finance under Costly Equity Issuance, NBER Reporter 2, 10-13, 2021, with Patrick Bolton
• 2. Mitigating COVID-19 Risks to Sustain Growth, with Harrison Hong and Jinqiang Yang, in Impact of COVID-19 on Asian Economies and Policy Responses, eds. Sumit Agarwal, Zhiguo He and Bernard Yeung, 2021.