Professor Zhiwu CHEN is the Director of the Asia Global Institute (AGI) and the Victor and William Fung Professor in Economics at the School of Economics and Finance, the University of Hong Kong (HKU). His research covers finance theory, sociology of finance, economic history, emerging markets, and China’s economy and capital markets. Prior to joining the AGI as Director, he has been a professor of finance for 18 years at Yale University and a Special-Term Visiting Professor at the School of Economics at Peking University.

Professor Chen started his career by publishing research papers in top economics and finance journals on topics related to financial markets and theories of asset pricing. Around 2001, he began to expand research beyond mature markets by investigating market development and institution-building issues in the context of China’s transition process and other emerging markets. He successfully led efforts to construct historical financial and social databases from China’s historical archives and has written on economic/social history topics. In 2013, he started the annual Summer School for Quantitative History at Tsinghua University and continues to organize it at Peking University, with the goal of promoting quantitative historical research in China and beyond.

Professor Chen is on the International Advisory Board of the China Securities Regulatory Commission (CSRC), the Global Advisory Council of China Minsheng Investment Group (CMIG), and on the board of directors at IDG Energy Investment, the Bank of Communications, and Noah Holdings. He was on the Board of Trustees of the Yale China Association, the 12th and 13th Five-Year Plan Advisory Commission to the Beijing Municipal Government, and the Chief Academic Advisor to two 10-episode CCTV documentary series, “Wall Street” and “Money”. He also served on the Expert Advisory Board for the formation of the China Investment Corporation (2007), and on the board of directors at PetroChina (2011-17), Lord Abbett China (2007-15), International (2011-12), and China Eagle Securities Corp (2002-05). His work has been widely published and regularly featured in major newspapers and magazines in the United States, Hong Kong, China and many other countries. He was the co-founder and partner of Zebra Capital Management from 2001 to 2011. In Burson-Marsteller’s 2012 ‘G20 Influencers’ report, Professor Chen was listed as one of the top ten political influencers in China.

He is a frequent contributor to media publications in China on topics of economic policy, market development, institutional reform and historical research. His list of books published in China includes: How Is Wealth Created? (2005), Media, Law and Markets (2005), Why are the Chinese Industrious and Yet Not Rich (2008), Irrational Overconfidence (2008), The Logic of Finance (2009), 24 Wealth Lectures (2009), and Assessing China’s Economic Growth of the Past 30 Years (2010), and The Logic of Finance 2: Path to Individual Freedom (2015). He has received research awards including the Graham and Dodd Award (2013), the Pacesetter Research Award (1999), the Merton Miller Prize (1994), and the Chicago Board Options Exchange Competitive Research Award (1994). He has also received a number of book awards in China and Hong Kong, among which are 23 awards for "The Logic of Finance" in China and Hong Kong, and the best book award from for “Why are the Chinese Industrious and Yet Not Rich".

Professor Chen received his PhD in financial economics from Yale University in 1990; MS in systems engineering from Changsha Institute of Technology in 1986; and BS in computer science from Central-South University in 1983. He was Assistant Professor of Finance at University of Wisconsin – Madison (1990-95); Associate Professor of Finance at Ohio State University (1995-99); and has been a Professor of Finance at Yale University since 1999 and the Victor and William Fung Professor in Economics at HKU since July 2016.

Areas of Interest
  • Finance Theory
  • Sociology of Finance
  • Economic History
  • Emerging Markets
  • China’s Economy and Capital Markets
  • Ph.D., M.A., M.Phil., Yale University
  • M.S., Changsha Institute of Technology
  • B.S., Central-South University of Technology
Awards and Honors
  • Received numerous research rewards including the top Graham and Dodd Award (2013) for the Best Paper of 2013 in Financial Analyst Journal, the Pacesetter Research Award (1999), the Merton Miller Prize (1994), and the Chicago Board Options Exchange Competitive Research Award (1994).   
  • Listed with one of the top 50 “Most Cited Articles of All Time” of the Journal of Finance (ranked #42, Empirical Performance Of Alternative Option Pricing Models, with Gurdip Bakshi and Charles Cao, published in December 1997).
  • Listed in 2012 “G20 Influencers” report by Burson-Marsteller as one of the top ten political influencers in China.
  • Named one of the “10 Public Intellectuals” who influenced China in 2010, by Times Weekly, a national newspaper based in Guangzhou, China.
  • Received 23 “Best Books of the Year” awards in various categories and for 2009 in China for his book, The Logic of Finance 《金融的邏輯》.
  • Received the First Prize, Hexun Best Books of 2008, for his book, Why Are Chinese Hard-Working and yet Poor?《中國人為什麽勤勞而不富有》.
  • Named one of the 20 People of the Year in defending “Public Interest”, 2006, by Nang Feng Cuan magazine in China.
  • Professor Chen’s Chinese blog was named one of the Top 10 Blogs in China in the topic area of “Public Interest”, 2006.
Selected Publications
  • "Social-Economic Change and its Impact on Violence: Homicide History of Qing China",
    (with Kaixiang Peng, and Lijun Zhu), forthcoming in Explorations in Economic History.  
  • "On the Past and Future Prospects of Quantitative History Research",
    Qing History Review (
    清史研究), Vol 104, Issue 4, November 2016 (a publication in Chinese).
  • "A Study of Interest Rate History Based on Chinese Historical Archives",
    (with Kaixiang Peng and Weipeng Yuan), Qing History Review, Vol 104, Issue 4, November 2016.
  • "A Study of Debt Homicide Cases during the Middle Qianlong Reign and Late Daoguang Reign in Qing Dynasty China",
    (with Zhan Lin and Kaixiang Peng), Qing History Review, Vol 104, Issue 2, May 2016 (in Chinese).
  • The Logic of Finance 2: Path to Individual Freedom《金融的邏輯2:通往自由之路》,
    Northwestern University Press, Xi'an, 2015.   
  • “Violent Conflicts in Private Finance: A Research Based on Qing Dynasty’s Homicide Reports”,
    (with Zhan LIN and Kaixiang PENG), Economic Research Journal (经济研究》), September 2014.
  • Liquidity as an Investment Style”,
    (with R.G. Ibbotson, D. Kim and W. Hu), Financial Analysts Journal, 69(3), 2013, pp. 30-44.
  • “Financial strategies for nation building,”
    in Randall Morck and Joseph Fan, ed., Capitalizing China, The University of Chicago Press, 2012.
  • “A Valuation Study of Stock-Market Seasonality and Firm Size”
    (with Jan Jindra), Journal of Portfolio Management, Spring 2010, Vol. 36, No. 2, pp.78-92.
  • The Logic of Finance《金融的邏輯》,
    2009, Modern Press.  Korean version published in 2010.
  •  “Mechanisms of Rural Credit Markets in Modern China”
    (with PENG Kaixiang and YUAN Weipeng), Economic Research Journal (China), Vol. 43, No. 5, May 2008.
  •  “China’s Stock Market in Historical Perspective,”
    The PB Newsletter, Issue No. 5, pp. 29 – 40, July 2006.
  • “Development Prospects of Chinese Industries,”
    in Subhash C. Jain, ed., Emerging Economies and the Transformation of International Business: Brazil, Russia, India and China (BRICs), 2006, Edward Elgar Publishing, Inc.
  • “Stock valuation in dynamic economies”,
    (with G. Bakshi), Journal of Financial Markets, 8(2), 2005, pp.111-151.
  • “A free press could help China's economy”,
    The Financial Times, Sept 20, 2005.
  • “Informational content of option volume prior to takeovers”,
    (with C. Cao and J. Griffin), The Journal of business, 78(3), 2005, pp. 1073-1109.
  • “Do Call Prices and the Underlying Stock Always Move in the Same Direction?”
    (with Gurdip Bakshi and Charles Cao), Review of Financial Studies, Vol. 13, pp. 549-584, 2000.
  • “Pricing and Hedging Long-Term Options,”
    (with Gurdip Bakshi and Charles Cao), Journal of Econometrics, Vol. 94, pp. 277-318, 2000.
  • “Empirical Performance of Alternative Option Pricing Models,”
    (with Gurdip Bakshi and Charles Cao), Journal of Finance, Vol. LII, No. 5, pp. 2003-2049, 1997.
  • “Equilibrium Valuation of Foreign Exchange Claims,”
    (with Gurdip Bakshi), Journal of Finance, Vol. LII, No.2, pp. 799-826, 1997.
  • “An Alternative Valuation Model for Contingent Claims,”
    (with Gurdip Bakshi), Journal of Financial Economics, Vol. 44, pp. 123-165, 1997.
  • “The Spirit of Capitalism and Stock Market Prices”,
    (with Gurdip Bakshi), American Economic Review, Vol. 86, No. 1, pp. 133-157, 1996.
  • “Portfolio Performance Measurement: Theory and Applications,”
    (with Peter Knez), Review of Financial Studies, Vol. 9, No. 2, pp. 511-555, 1996.