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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  

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
  • Private equity investment and valuation
  • Managerial incentives and compensation in hedge funds
  • Dynamic entrepreneurial finance
  • 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

  1. "Robust permanent income and pricing with filtering," Lars Peter Hansen, Thomas J. Sargent and Neng Wang, Macroeconomic Dynamics 6, 40-84, (2002)

  2. "Caballero meets Bewley: The permanent-income hypothesis in general equilibrium," Neng Wang, American Economic Review 93 (3), 927-936, (2003)

  3. "Precautionary saving and partially observed income," Neng Wang, Journal of Monetary Economics, 51 (8), 1645-1681, (2004)

  4. "Investment timing, agency, and information," Steven Grenadier and Neng Wang, Journal of Financial Economics, 75 (3), 493-533, (2005) (lead article).

  5. "Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption," Neng Wang, Journal of Monetary Economics, 53 (4), 737-52, (2006)

  6. "Investment under uncertainty and time-inconsistent preferences," Steven Grenadier and Neng Wang, Journal of Financial Economics, 84 (1), 2-39, (2007) (lead article).

  7. "An equilibrium model of wealth distribution," Neng Wang, Journal of Monetary Economics, 54 (7), 1882-1904, (2007)
    • Reprinted in Davies, James B., Ed.: The Economics of Wealth Distribution.

  8. "Investment under uncertainty and strategic debt service," Suresh Sundaresan and Neng Wang, American Economic Review Papers & Proceedings, 97 (2), 256-261, (2007)

  9. "Investment, consumption, and hedging under incomplete markets," Jianjun Miao and Neng Wang, Journal of Financial Economics, 86(3), 608-642, (2007)

  10. "Agency conflicts, investment, and asset pricing," Rui Albuquerque and Neng Wang, Journal of Finance, 63(1), 1-40, (2008) (lead article)
         -Smith-Breeden Distinguished Paper Prize by the Journal of      Finance

  11. "Capital Reallocation and Growth," Janice Eberly and Neng Wang, American Economic Review Papers and Proceedings, 99(2), 560-66, (2009)

  12. "Optimal consumption and asset allocation with unknown income growth," Neng Wang, Journal of Monetary Economics,56(4), 524-34, (2009)

  13. "Entrepreneurial finance and non-diversifiable risk," Hui Chen, Jianjun Miao, and Neng Wang, Review of Financial Studies, 23 (12), 4348-88, (2010)

  14. Risk, uncertainty, and option exercise,” Jianjun Miao, and Neng Wang, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)

  15. "A unified theory of Tobin’s q, corporate investment, financing, and risk management," Patrick Bolton, Hui Chen, and Neng Wang, Journal of Finance, 66(5), 1545-1578, (2011)

  16. "A Unified model of entrepreneurship dynamics," Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, (2012), lead article

  17. Dynamic agency and the q theory of investment,” Peter DeMarzo, Michael Fishman, Zhiguo He, and Neng Wang, Journal of Finance, 67(6), 2295-2340, 2012

  18. "The Economic and Policy Consequences of Catastrophes," Robert S. Pindyck and Neng Wang, accepted, American Economic Journal: Economic Policy

  19. "Market timing, investment, and risk management," Patrick Bolton, Hui Chen, and Neng Wang, Journal of Financial Economics, 109 (1), 40-62, (2013)

  20. "The Economics of Hedge Funds," Yingcong Lan, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 110(2), 300-323, 2013

  21. "Valuing private equity," Morten Sorensen, Neng Wang, and Jinqiang Yang, updated August 2013, accepted, Review of Finanical Studies

Working Papers

  1. Investment, Liquidity, and Financing under Uncertainty,” Patrick Bolton, Neng Wang, and Jinqiang Yang

  2. Financial constraints, corporate savings, and the value of cash,” with Patrick Bolton, Huntley Schaller and Neng Wang

  3. "Investor protection, diversification, investment, and Tobin's q," Yingcong Lan, Neng Wang, and Jinqiang Yang, updated September 2012

  4. A dynamic tradeoff theory for financially constrained firms,” Patrick Bolton, Hui Chen, and Neng Wang

  5. "Optimal consumption and savings with stochastic labor income," Chong Wang, Neng Wang, and Jinqiang Yang,

  6. "Investment, Tobin's q, and interest rates," Chong Wang, Neng Wang, and Jinqiang Yang

  7. "Reallocating and pricing illiquid capital: Two productive trees," Janice Elberly and Neng Wang, updated May 2011

  8. Dynamic investment, capital structure, and debt overhang,” with Suresh Sundaresan and Jinqiang Yang

  9. "Experimentation under uninsurable idiosyncratic risk: An application to entrepreneurial survival," Jianjun Miao and Neng Wang

Editorial Board

  • Associate Editor, Journal of Finance, 2014– present
  • Associate Editor, Journal of Mathematical Economics, 2010 – present
  • Associate Editor, Macroeconomic Dynamics, 2009 – 2013
  • Associate Editor, Management Science, 2009 – present
  • Co‐Editor, Finance Research Letters, 2010 – 2013
  • Co‐Editor, Frontiers of Economics in China, 2011 – present

Other Professional Activities

  • Presentations
Scheduled: Merage school, University of California, Irvine; Carlson
School, University of Minnesota; University College London; Columbia University of Alabama; Oxford University; Rutgers Business School, Erasmus University, NL; Swiss Finance Institute Sauder School
of Business, University of British Columbia (UBC), The
Chinese Economist Society (CES) Keynote speech, Lafayette, IN; Caltech; PBC School of Finance, Tsinghua University; AFR Summer Institute of Economics and Finance at Hangzhou, China
   
2014: American Finance Association (2)
   
2013: American Finance Association (2); University of North
Carolina, Charlotte; Asian Bureau of Finance and Economic Research (ABFER), Singapore; Western Finance Association; NBER Summer Institute; University of International Business and Economics, China; Zhejiang University, China (2); Columbia Finance lunch talk, Nanjing University Myron Scholes Financial Forum; China International Conference in Finance (CICF, 2), Shanghai; University of Oregon Finance Conference; Columbia Program for Financial Studies (No Free Lunch); The Chinese Finance Association (TCFA), New York; Hong Kong University of Science& Technology Finance Symposium
   
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; 9th Corp. Fin. Conference at Washington Univ., St. Louis; Renmin University (China); Nanjing University, China (2); Nanhu Private Equity (PE) Summit, China
   
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)
   
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)
   
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
   
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
 
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
   
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
   
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
   
2004: American Finance Association, Simon School (Rochester), Wharton (finance), Columbia GSB, Society for Economic Dynamics
   
2003: Columbia GSB, Cornell (Johnson), Rochester (economics), Rochester (Simon), Society for Economic Dynamics
   
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
  • Discussions:

Scheduled:

American Finance Association (AFA), 2014

Pre-2013 discussions:

American Real Estate and Urban Economics Association 2004, 2005, 2007;
American Finance Association 2005, 2007, 2008, 2009, 2011, 2013, 2014;
Cato Papers on Public Policy, 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:

Macro Finance Society, the 2nd conference, New York, NY
Co-chair of the program committee for 2013 China International Conference in Finance (CICF), Shanghai
Program committee for 2011, 2012, 2013 Financial Intermediation Research Society (FIRS)
Program committee for 2007-2013 Western Finance Association meetings;
Program committee for 2009-2013 American Finance Association meeting
Program committee for 2012-2013 European Finance Association
meeting
Program committee for 2007 Financial Management Association
meeting
Co-organizer for Vail Real Estate Research Conference 2006
Co-organizer for Summer Real Estate Symposium 2007, 2008

  • Session Chairs:

"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
“Investment, Tobin’s Q, and Frictions,” 2013 American Finance Association
“Capital structure,” 2013 SFS Cavalcade, (Miami)
“Theoretical Corporate Finance,” 2013 China International conference in Finance (CICF), Shanghai

  • Referee:

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, Review of
Asset Pricing Studies, National Science Foundation (NSF), Research Grant Council (RGC) of Hong Kong, International Economic Review, Journal of European Economic Association, Journal of Economic Theory, Management Science, Rand Journal of
Economics, Journal of Money, Credit, and Banking, MIT press, and many other economics and finance journals.

Outside Activities 2008‐2013

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

  • Special-term professor, CKGSB, 2012

  • Visiting Professor, Research Affiliates, October– December, 2012

Awards and Honors

Institute for New Economic Thinking (INET),“The Marginal Value of Cash and the Great Depression,” Co-­‐Primary Investigator with Patrick Bolton and Huntley Schaller, $83,360

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 for “A dynamic tradeoff theory for financially constrained firms,” with Patrick Bolton and Hui Chen

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

Jaedicke Merit Award, Graduate School of Business, Stanford Univeristy, 1998-99

Larry Yung Asia Pacific Scholar, Stanford University, 1997-99

Allison Award for the Highest Academic Achievement

Graduate Shool of International Relations and Pacific Studies, 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.