2023 SAIF-CAFR Financial Research Summer Camp

2023 SAIF-CAFR Financial Research Summer Camp

July 10 -11, 2023

Beijing Time, GMT+8

Online and Onsite in Shanghai, China

We are pleased to announce that the Sixth SAIF-CAFR Financial Research Summer Camp, jointly organized by Shanghai Advanced Institute of Finance (SAIF) and China Academy of Financial Research (CAFR) at Shanghai Jiao Tong University, will take place from July 10 to 11, 2023 in a combined online-offline format in the city of Shanghai, China.

Designed for emerging scholars in China and beyond, the SAIF-CAFR Financial Research Summer Camp introduces the participants to the frontiers of academic research in finance and provides them with cutting-edge research methodologies and fresh perspectives, with the objective of inspiring their future academic careers and enhancing the overall quality of research and teaching in finance in China. This year’s Summer Camp consists of onsite lectures given by three renowned finance scholars. Listed in the alphabetical order, they are:


Neng Wang
Chong Khoon Lin Professor of Real Estate and Finance, Columbia Business School and Visiting Professor of Finance, CKGSB

Neng Wang is a visiting professor of finance at CKGSB and Chong Khoon Lin Professor of Real Estate and Finance at Columbia Business School. He is also a Research Associate (Senior Research Fellow) at the National Bureau of Economic Research (NBER) and a Senior Research Fellow at Asian Bureau of Financial and Economics Research (ABFER). 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. He has held editorial positions at various journals including the Journal of Finance and Management Science. His research interests include corporate finance, macroeconomics, asset pricing, contract theory, financial institutions, sovereign debt and international finance, risk management, entrepreneurial finance, household finance, wealth distribution, private equity, hedge funds, investor protection, asset allocation, real estate finance, FinTech, and the Chinese economy.



Kathy Yuan
Professor of Finance, London School of Economics and Political Science, and Visiting Research Professor at Shanghai Advanced Institute of Finance (SAIF)

Prof. Kathy Yuan’s academic research focuses on developing macro-finance and asset pricing theories with liquidity implications in environments with information and market frictions and testing their empirical implications. In the past few years, she has examined how crises spread through international financial markets and how introducing benchmark securities such as treasury bonds or stock indices improves the overall market liquidity. She is currently working on issue related to liquidity and financial stability in bank and non-bank financial institutions including DeFi, macro implications of digital payment technologies, and developing applied theories of (digital) money and public liquidity. She is a member of FMG, CEPR and has also received Houblon-Norman Fellowship at the Bank of England. She has also conducted policy research for central banks and financial market regulators.



Huibing Zhang
Professor of Finance at Jindal School of Management, University of Texas at Dallas, and Special-Term Professor of Finance at Shanghai Advanced Institute of Finance (SAIF)

Prof. Huibing Zhang’s research and teaching have focused on investment, asset pricing, and taxation. Professor Zhang is a leading scholar in the area of investors' optimal life-cycle portfolio choices and asset pricing. He has published on top finance journals such as the Journal of Finance and the Review of Financial Studies. Professor Zhang won the World Finance and Banking Symposium best paper award (runner-up) for Incentivizing Investors for a Greener Economy (2022) and Outstanding Graduate Teaching Award of Jindal School of Management, University of Texas at Dallas (2010-2011). Professor Zhang is an associate editor for the Financial Management, Journal of Financial Econometrics and Quarterly Journal of Finance. He's also a referee for several top academic journals.



The SAIF-CAFR Summer Camp lectures are provided free of charge and will be offered in English. However, it is necessary to register in advance for a screening process. If you are interested in participating in the Camp, please follow the link below to submit your registration by 27 June:


We will inform you whether you have successfully registered for the event in due time.

Please note that if you plan to attend the Camp onsite, expenses related to participation in the summer camp, such as travel and accommodation, are of your own responsibility.

We look forward to seeing you in person or virtually at the Camp soon.



2023 SAIF-CAFR Financial Research Summer Camp

Preliminarily Program
July 10 -11, 2023

(All Times Refer to Beijing Time, GMT +8)

Online: Zoom

Onsite: Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University


9:00AM - 12:00AM, July 10, 2023

Market-based Financial Intermediation

Professor Kathy Yuan
London School of Economics

This lecture discusses a set of theoretical frameworks that provide insight into the intricate economic mechanisms that arise when financial intermediation occurs through market-based systems, assets are tokenized, and services are facilitated by digital/smart contracts. These frameworks specifically focus on exploring emerging financial arrangements, identifying new sources of financial fragility, and examining the unique interactions between financial and monetary activities and policies.

Click here to download recommended pre-reading materials for the lecture.


2:00PM - 5:00PM, July 10, 2023

Sovereign Finance

Professor Neng Wang
Columbia University and CKGSB

This lecture provides a framework to analyze sovereign finance and debt sustainability. We aim to answer the following set of questions. What is a maximum sustainable government debt-to-GDP ratio? Under a good policy, how long should it take to attain that limit? How costly is it for a government to service its debt and how do costs depend on today’s debt-GDP ratio? Should a government plan to borrow more when, as in the US today, interest rates on government debt are lower than prospective GDP growth rates? Under an optimal policy, how much would US tax rates eventually have to rise in order to finance the U.S. 123% debt-GDP in Q4 2021?

Click here to download recommended pre-reading materials for the lecture.


9:00AM - 12:00AM, July 11, 2023

Neglected Risks in Securitized Asset Market

Professor Huibing Zhang
Jindal School of Management, the University of Texas at Dallas

It is widely believed that asset securitization provides diversification and reduces the cost of capital for financial institutions. According to the Securities Industry and Financial Markets Association (SIFMA), the U.S. mortgage-backed and asset-backed securitization market reached 1.03 trillion dollars in 2017Q1, just prior to the 2008 great financial crisis (GFC). However, agency problems among securitization participants may adversely affect transparency on asset-backed securities due to information asymmetry. Lack of transparency has been argued as one of the primary reasons for the 2008 great financial crisis because it leads to risks being neglected. In this lecture, we first present a simple model by Gennaioli, Shleifer, and Vishny (2012) which demonstrates that when the risks on securitized assets are neglected, security issuance is excessive. As investors eventually recognize these risks, they offload these assets leading to a fragile market. We then provide empirical evidence on certain risks being neglected in securitized asset offering and impact of the neglected risks on securitized asset performance. Lastly, we present evidence that the presence of derivative securities such as the credit-default swaps exacerbates the impact of the risks.

Click here to download recommended pre-reading materials for the lecture.





Past events