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The China Academy of Financial Research (CAFR) is a subsidiary research organization of Shanghai Jiao Tong University. Drawing on Shanghai Advance Institute of Finance’s advantages in talents, academic research and connection with domestic and international community, CAFR is building a world-class open research platform with researchers in finance and economics all over the world. The mission of CAFR is to promote the economic and social development of China by fostering the reform, development and globalization of China’s financial system.
As a top-notch “think-tank” to Chinese government and related organizations, CAFR provides forward-looking and insightful analysis and advices for major financial policies. CAFR also releases working papers, reports and publications to share research results with collaborators and the public.
In addition, CAFR hosts a variety of high-end forums, seminars and lectures centered on academic, practice and policy study to promote communications among different professions from different organizations across countries. Major events already successfully hosted include the Shanghai Finance Forum and the CAFR/SAIF Summer Finance Institute.
CAFR always wants to establish long-term collaborations with various institutions or organizations in order to maximize the synergies and promote the prosperity of financial research. CAFR also welcomes donations from individuals or organizations to support the research activities.
Credit Ratings and the Evolution of the Mortgage-backed Securities Market
We examine whether rating agencies (Moody’s, S&P, and Fitch) reward large issuers of mortgage-backed securities, who bring substantial business,...
Jie (Jack) He, Jun ‘QJ’ Qian, Philip E. Strahan February 17 2011
Limited Attention and Stock Price Drift Following Earnings Announcements and 10-K Filings
This paper tests the limited attention hypothesis by comparing investors’ underreaction to earnings announcements and 10-K filings. ...
Haifeng You, Zhang Xiaojun February 17 2011
Connections and Information Acquisition in Capital Allocation
We investigate to what extent, depending on the level of development, financiers allocate capital on the basis of prior connections, instead...
Mariassunta Giannetti, Xiaoyun Yu February 16 2011
Reallocating and pricing illiquid capital: Two productive trees
We develop a two sector general equilibrium model with capital accumulation and convex adjustment costs. We use the model to study capital asset...
Janice Eberly, Neng Wang February 16 2011