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| Graduate School of Business |
Tel: 212-854-3869 |
| Columbia University |
Fax: 212-662-8474 |
| 3022 Broadway, Uris Hall 812 |
neng.wang(at)columbia.edu |
| New York, NY 10027 |
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Academic Appointments
Chong Khoon Lin Professor of Real Estate and Professor of Finance, Columbia Business School, Columbia University,
July, 2007- present
Research Associate, National Bureau of Economic Research, 2009–present
Past Academic Appointments
Faculty Research Fellow, National Bureau of Economic Research, 2007—2009
Edward S. Gordon Associate Professor of Real Estate, Columbia Business School, Columbia University, July, 2006- June, 2007
Visiting Associate Professor of Finance, Kellogg School of Management, Northwestern University, July 2006 January 2007
Associate Professor of Finance and Economics, Columbia Business School,
Columbia University, January, 2006—June, 2006
Assistant Professor of Finance and Economics, Columbia Business School,
Columbia University, July, 2004—December, 2005
Assistant Professor of Finance, William E. Simon School of Business Administration,
University of Rochester, July, 2002—June, 2004
Education
Ph.D., Finance, Graduate School of Business, Stanford University, 2002
Thesis: Essays on Consumption and Wealth Distribution
Committee: Darrell Duffie, Tom Sargent, and Ken Singleton
M.A., Graduate School of International Relations and Pacific Studies,
University of California, San Diego (UCSD), 1997
M.S., Chemistry, California Institute of Technology, 1995
B.S., Physical Chemistry, Nanjing University, Nanjing, China, 1992
Research Fields
Asset pricing, corporate finance, macroeconomics, real estate finance Research Interests
- Dynamic corporate finance
- Dynamic entrepreneurial finance
- Private equity investment and valuation
- Managerial incentives and compensation in hedge funds
- Dynamic contracting
- Corporate risk and liquidity management
- Investment under uncertainty and real options analysis
- Dynamic valuation of non-tradable illiquid assets
- Equilibrium capital reallocation and asset pricing
- Asset pricing and macroeconomic implications of financial frictions
- Effects of corporate governance on asset pricing and macroeconomics
- Household’s consumption, saving, portfolio choice, and wealth distribution
- Real estate finance and investment, housing & mortgage choice
Published and Forthcoming Papers
- "Market timing, investment, and risk management," with Patrick Bolton and Hui
Chen, conditionally accepted, Journal of Financial Economics
- "The Economic and Policy Consequences of Catastrophes," Robert S. Pindyck and Neng Wang, conditionally accepted, American Economic Journal: Economic Policy
- “Dynamic agency and the q theory of investment,” with Peter DeMarzo, Michael Fishman, and Zhiguo He, Journal of Finance, 67(6),
2295-2340, 2012
- "A Unified model of entrepreneurship dynamics," Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, (2012), lead article
- "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)
- “Risk, uncertainty, and option exercise,” with Jianjun Miao, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)
- "Entrepreneurial finance and non-diversifiable risk," with Hui Chen and Jianjun
Miao, Review of Financial Studies, 23 (12), 4348-88, (2010)
- "Optimal consumption and asset allocation with unknown income growth," Journal of Monetary Economics,56(4), 524-34, (2009)
- "Capital Reallocation and Growth," with Janice Eberly, American Economic Review Papers and Proceedings, 99(2), 560-66, (2009)
- "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
- "Investment, consumption, and hedging under incomplete markets," with Jianjun
Miao, Journal of Financial Economics, 86(3), 608-642, (2007)
- "Investment under uncertainty and strategic debt service," with Suresh Sundaresan, American Economic Review Papers & Proceedings, 97 (2), 256-261,
(2007)
- "An equilibrium model of wealth distribution," Journal of Monetary Economics,
54 (7), 1882-1904, (2007)
- "Investment under uncertainty and time-inconsistent preferences," with Steven
Grenadier, Journal of Financial Economics, 84 (1), 2-39, (2007) (lead article).
- "Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption," Journal of Monetary Economics, 53 (4), 737-52,
(2006)
- "Investment timing, agency, and information," with Steven Grenadier, Journal of
Financial Economics, 75 (3), 493-533, (2005) (lead article).
- "Precautionary saving and partially observed income," Journal of Monetary
Economics, 51 (8), 1645-1681, (2004)
- "Caballero meets Bewley: The permanent-income hypothesis in general equilibrium," American Economic Review 93 (3), 927-936, (2003)
- "Robust permanent income and pricing with filtering," with Lars Peter Hansen
and Thomas J. Sargent, Macroeconomic Dynamics 6, 40-84, (2002)
Working Papers
- "The economics of hedge funds," with Yingcong Lan and Jinqiang Yang, updated October 2012
- "Investor protection, diversification, investment, and Tobin's q," with Yingcong Lan and Jinqiang Yang, updated September 2012
- "Valuing private equity," with Morten Sorensen and Jinqiang Yang, updated September 2012
- "Optimal consumption and savings with stochastic labor income," with Chong Wang and Jinqiang Yang,
- "Investment, Tobin's q, and interest rates," with Chong Wang and Jinqiang Yang
- "Reallocating and pricing illiquid capital: Two productive trees," with Janice Elberly, updated May 2011
- "Financing real options," with Suresh Sundaresan
- "Experimentation under uninsurable idiosyncratic risk: An application to
entrepreneurial survival," with Jianjun Miao
Editorial Board
- Co‐Editor, Finance Research Letters, 2010 – present
- Co‐Editor, Frontiers of Economics in China, 2011 – present
- Associate Editor, Journal of Mathematical Economics, 2010 – present
- Associate Editor, Macroeconomic Dynamics, 2009 – present
- Associate Editor, Management Science, 2009 – present
Other Professional Activities
| Scheduled: |
American Finance Association
2013, UC Irvine Merage,
University of North Carolina, Charlotte |
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| 2012: |
American Economic Association, Econometric Society, American Finance Association, Carnegie Mellon Tepper School finance, Columbia Finance free lunch, SUFE (China), Zhejiang University (China, 2), University of International Business and Economics (UIBE, China), CKGSB (China), University of Houston, University of Iowa, Duke University, Wisconsin Madison Finance, Federal Reserve Board of Governors, Western Finance Association (WFA), Research Affiliates (RA), Imperial College London, Warwick Business School, Peking University GSM, Capula Investment Management, USC Marshall Macro, Zhejiang University, 9th Corp. Fin. Conference at Washington Univ., St. Louis, Renmin University (China), Nanjing University economics Nanhu PE Summit, Zhejiang, China (keynote speaker) |
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| 2011: |
McGill University, Federal Reserve Bank of New York, SUFE (China), Macroeconomics and Entrepreneurship Conference (organized by University of Quebec and University of Western Ontario), University of Illinois, Urbana Champaign finance, NBER Corporate Finance, Arizona State University, WFA (paper accepted by the WFA program) |
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| 2010: |
American Finance Association (2), Lancaster University finance,International Monetary Fund (IMF) Research Department, George Washington University economics, London School of Economics, London Business School, Columbia finance (2), SUNY Buffalo finance, Global Association of Risk Managers (GARP), Fordham University finance, Theory workshop on corporate finance and financial markets (NYU), UCSD finance (Rady), Wisconsin finance, Wisconsin Madison economics, Minnesota Carlson Corporate Finance Conference, Brock University, Columbia macro lunch (2), Society for Economic Dynamics (Montreal), SUFE (China, 2), Peking University CCER (China), UIBE (China), Zhejiang University (China) |
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| 2009: |
American Economic Association, ASSA AFE, ASSA Econometric Society,
ASSA AREUEA, Columbia finance (2), Columbia macro (2),
Berkeley Haas, Maryland Smith finance, Yale finance, Duke Fuqua finance,
NYU economics, Peking University, SHUFE (China), Tel Aviv finance,
The Caesarea Center 6th Annual Academic Conference (IDC, Israel),
Western Finance Association, NBER Summer Institute, NYU Stern finance,
European Summer Symposium in Financial Markets (ESSFM/Gerzensee),
Atlanta Fed, Boston University finance,
Foundation for the Advancement of Research in Financial Economics (MIT)
(FARFE conference in honor of Steve Ross), UIUC Economics,
University of Virginia, HKUST Finance Symposium |
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| 2008: |
Minnesota Carlson finance, Texas Austin finance,
Colorado Boulder (finance), Wharton finance (macro) (scheduled),
Columbia GSB (4), Western Finance Association (Hawaii),
Society for Economic Dynamics (Boston), SUNY Stony Brook economics,
National Bureau of Economic Research, Vienna Austria, Gerzensee,
HKUST (scheduled), Singapore SMU (scheduled), National
University of Singapore (scheduled), Michigan finance (scheduled),
Conference on Financial Innovation: 35 Years of Black/Scholes and Merton
(Vanderbilt Owen School, scheduled), Kansas economics, Baruch college |
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| 2007: |
American Economic Association, UNC finance, OSU finance, Wisconsin-
Madison finance, Columbia GSB, UBC finance, MIT Sloan finance,
Univ. of Connecticut finance, Peking University GSM, Tsinghua University |
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| 2006: |
Berkeley (finance), Northwestern (finance and management & strategy), NBER, NYU Stern five-star conference, Stanford GSB, UIUC (finance),
USC (Marshall), UCSD (economics & GSB), UBC Banff workshop,
Vail Real Estate research conference, Wharton (real estate), Columbia GSB |
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| 2005: |
Berkeley (real estate), Northwestern (Kellogg finance), NYU (economics),
Rochester (Simon), UCLA (Anderson finance), UIC (finance),
Society for computational economics, Western Finance Association,
Wisconsin-Madison (economics and finance), Columbia GSB,
Bank of Canada-UBC Conference on International Financial Markets |
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| 2004: |
American Finance Association, Simon School (Rochester),
Wharton (finance), Columbia GSB, Society for Economic Dynamics |
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| 2003: |
Columbia GSB, Cornell (Johnson), Rochester (economics),
Rochester (Simon), Society for Economic Dynamics |
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| 2002: |
Carnegie Mellon (GSIA), Chicago GSB, Columbia (economics),
Duke (Fuqua), Northwestern (Kellogg), NYU (Stern), UCSD (economics),
UCLA (economics), UT Austin (economics), Rochester (Simon),
Society for Economic Dynamics |
Scheduled:
Cato Papers
on
Public
Policy
Pre-2013 discussions:
American Real Estate and Urban Economics Association 2004, 2005, 2007;
American Finance Association 2005, 2007, 2008, 2009, 2011, 2013;
Econometric Society 2006;
NBER Summer Institute 2005, 2006;
Western Finance Association 2005; 2007; 2010; 2012
UBC summer finance conference, 2008;
Five-Star NYU Finance Conference, 2009
- Conference organizing activities:
Program committee for 2011-2012 Financial Intermediation Research Society (FIRS);
Program committee for 2007-2012 Western Finance Association meetings;
Co-organizer for Vail Real Estate Research Conference 2006
Co-organizer for Summer Real Estate Symposium 2007, 2008
"Asset Pricing Theory" session, 2007 Western Finance Association meeting
"Cross Section of Stock Returns" session, 2008 Western Finance
Association meeting
"Equilibrium Asset Pricing" session, 2009 American Finance Association
“The Financial Sector and Market Crises,” 2010 Western Finance Association
“Agency conflicts,” 2011 Western Finance Association
“Summer Real Estate Symposium,” 2008 (Hawaii)
“Summer Real Estate Symposium,” 2009 (San Diego)
"Investment and the cost of capital,” 2011 Finance Cavalcade, (Detroit)
“Agency conflicts,” 2011 Western Finance Association
“Frictions, Investment, and Q,” 2013 American Finance Association
American Economic Review, Econometrica, Quarterly Journal of Economics, Journal of Political Economy, Review of Economic Studies, Journal of Finance, Journal of Financial Economics, Journal of Monetary Economics, Review of Financial Studies, Journal of European Economic Association, Journal of Economic Theory, Management Science, Rand Journal of Economics, National Science Foundation (NSF), and many other economics and finance journals.
Outside Activities 2006‐2011
Columbia Business School requires its faculty members to disclose any activities that might present a real or apparent conflict of interest. Here is the list of my outside activities.
- Honorary dean, School of Finance, Shanghai University of Finance & Economics (SUFE), China, 2009—present
- Special‐term professor, Shanghai Advanced Institute of Finance (SAIF), China, 2009—June 2012
Awards and Honors
Recipient of “Thousand-Talent” Program awarded by Chinese central government
The Carr and Stephanie Distinguished Scholar Award, 2011, by W. P. Carey School, Arizona State University
Best Paper on Global Financial Markets, 2011 TCFA Best Paper Awards
2009 Best Paper Award, the Caesarea Center 6th Annual Academic Conference
IDC, Herzliya, Israel,
“A unified theory of Tobin’s q, corporate investment, financing, and risk
management,” joint with Patrick Bolton and Hui Chen
2008 Smith-Breeden Distinguished Paper Prize for the Journal of Finance, “Agency conflicts, Investment, and Asset Pricing,” (with Rui Albuquerque),
2008 Standard Life Investments Finance Prize for the best paper in European
Corporate Governance Institute (ECGI) Finance Series awarded by ECGI, “Agency conflicts, Investment, and Asset Pricing,” (with Rui Albuquerque),
2005 FMA Competitive Paper Award Runner Up on Investments:
“Agency conflicts, Investment, and Asset Pricing,” (with Rui Albuquerque)
Lang Entrepreneurship Center, Columbia Business School, 2005
Jaedicke Merit Award, Graduate School of Business, Stanford University, 1998-99
Larry Yung Asia Pacific Scholar, Stanford University, 1997-99
Allison Award for the Highest Academic Achievement, IR/PS, UCSD, 1997
Administrative Duties
Chairperson, Finance Subdivision, Finance & Economics Division, 2008-June 2011
Year of Birth: 1973
Citizenship and Residence: Chinese Citizen and Permanent Resident in the U.S.
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