Chun Chang 张春
Address
China Europe International Business School, 699 Hongfeng Road, Shanghai 201206
Telephone: 021-28905607, Fax: 28905620; e-mail: cchun@ceibs.edu
Education
Ph.D. in Managerial Economics and Decision Sciences
Kellogg Graduate School of Management, Northwestern University, 1987.M.S. in Mathematics
University of Oregon, 1983.B.S. in Mathematics
East China Normal University, Shanghai, China, 1982.
Academic Positions
Professor of Finance, ABN AMRO Chair in Risk Management, China Europe International Business School, 2004 to present
Professor with tenure, Associate Professor with tenure, and Assistant Professor of Finance, Carlson School of Management, University of Minnesota, 1987-2006
Minnesota Banking and Finance Term Professorship, University of Minnesota, 2005-2006
Minnesota Banking Industry Professorship, University of Minnesota, 1998-2001
Special Term Professor of Finance, Tsinghua University, 2002-2005
Lecturer, Kellogg Graduate School of Management, Northwestern University, 1986-1987
Research Interests
Corporate Finance (Financial Policy, Valuation, M&A, Risk Management)
Banking and Financial Institutions
Theory of Organizations and Institutions (incentives, information and structures)
Labor Economics
Asian Economic Reforms and Development
Editorial Appointment
Executive Editor, China Economic Review (the leading academic journal in English on Chinese economy)
Editor, China Finance Review (中国金融评论)
Editorial Board: China Economic Quarterly (经济学季刊)
Editorial Board: Annals of Economics and Finance and China Economic Quarterly
Awards and Grants
Grant-in-Aid of Research, Artistry and Scholarship (joint with Yijiang Wang), University of Minnesota, 1994
Research Grant (joint with Yijiang Wang), International Program Development, University of Minnesota, 1994, 2000
McKnight Research Grant, University of Minnesota, 1991, 1997, 2001, 2004
Nancy L. Schwartz Award for excellency in doctoral study at Kellogg Graduate School of Management, Northwestern University, 1986
Book Published
Corporate Finance for Chinese Entrepreneurs, Peking University Press, 2006
Major Refereed Publications
"The Dynamic Structure of Optimal Debt Contracts" Journal of Economic Theory, October, 1990.
"Capital Structure as an Optimal Contract between Employees and Investors" Journal of Finance, July 1992.
"Optimal Liquidation Rule and Debt in the Principal-Agent Model" (coauthored with Yijiang Wang), Economics Letters, 40, 1992.
"Payout Policy, Capital Structure, and Compensation Contracts when Managers Value Control" Review of Financial Studies, 1993.
"The Nature of Township-Village Enterprises" (coauthored with Yijiang Wang), Journal of Comparative Economics 19, 434-452, 1994.
"A Framework for Understanding Differences in Employment Stability and Human Capital Investment" (coauthored with Yijiang Wang), Journal of Economic Behavior and Organization, 28, 91-105, 1995.
"Human Capital Investment under Asymmetric Information: the Pigovian Conjecture Revisited" (coauthored with Yijiang Wang), Journal of Labor Economics, 14, 505-519, 1996.
"Some Empirical Implications of a Model of Human Capital Investment under Asymmetric Information" (coauthored with Yijiang Wang), Research in Labor Economics, 16, 103-117, 1997.
"Moral Hazard under Commercial and Universal Banking" (with John Boyd and Bruce Smith), Journal of Money, Credit and Banking, 30, 426-468, 1998.
"Towards a Model of the Organizations in China as a Partially Reformed Developing Economy" (coauthored with Yijiang Wang), China Economic Review 1998.
"Capital Structure as Optimal Contracts" North American Journal of Economics and Finance 10, 363-385, 1999.
"Choosing between Up-or-Out and Spot Contracts: Human Capital Investment versus Job-Matching Considerations" (coauthored with Yijiang Wang), Annals of Economics and Finance, 1, 189-210, 2000.
"Deposit Insurance: A Reconsideration" (with John Boyd and Bruce Smith), Journal of Monetary Economics 49, 1235-1260, 2002.
"Incentive Contracting versus Ownership Reforms: Evidence from China’s Township-Village Enterprises" (with Brian McCall and Yijiang Wang), Journal of Comparative Economics 31, 414-428, 2003.
"Deposit Insurance and Bank Regulation in a Monetary Economy: a General Equilibrium Exposition" (with John Boyd and Bruce Smith), Economic Theory, 2004.
"Investment Opportunities, Liquidity Premiums and Conglomerate Mergers" (with Xiaoyun Yu), Journal of Business 77, 45-74，2004.
Book Review
"Asymmetric Information, Corporate Finance, and Investment" by R. Glenn Hubbard, for Journal of Finance, December 1991.
Other Publications
"China’s Urban Industry", with Yijiang Wang, in Regional Handbook of Economic and Political Development: Prospects onto the 21st Century, Chris Hudson ed., FitzRoy Dearborn Publishers, Chicago. 1997.
The Strategies of Financial and Enterprise Reforms and Development of Regional Financial Centers. A book in Chinese Edited by Chun Chang, Decheng Zheng and Yijiang Wang. China Economic Press, Beijing. 1997.
"Relationship between Social Security in China and the Development of Capital Market" (with Xiaoyun Yu), in Social Security Reform in China, Dianqing Xu, Jason Yin and Yusin Zheng edit. Pp 322-333. Economic Science Press, Beijing, China. 1999.
"The Informational Requirement on Financial Systems at Different Stages of Economic Development: The Case of South Korea" China Economic Quarterly, Vol. 1, No. 1, pp 111-126. 2001.
"The Exit Strategies of the Asset Management Companies that Engaged in Equity for Debt Swaps of SOEs" (with Xin Chen), in WTO and China, published by Renmin University Press, 2001.
"Progress and Peril in China’s Modern Economy" The Region, published by Federal Reserve Bank of Minneapolis, Volume 17, Number 4, pp26-30. December 2003.
"On the Development of Chinese Financial System" In Chinese Miracle: Review and Perspective, edited by Justin Lin and Yao Yang, Peking University Press, 2006.
Working Papers
"Financial Repression, Financial Restraint, or Financial Intervention? A New Theoretical Interpretation of Evidence in Economic Development," (with Yijiang Wang)
"Contract Coordination and Uninformative Transfer Prices as the Benefit and Cost of Vertical Integration" (with Sen Li)
"Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure" (with Xiaoyun Yu)"Bookbuilding versus Fixed Price Revisited: The Effect of After-Market Trading" (with Walid Busaba)
"On the Popularity of and a Comparison of Convertible Preferred and Participating Preferred Equities in Venture Financing" (with Huiyan Qiu)
"What Types of Information Can Corporate Spinoffs Generate or Suppress?"
"Does Hedging Alleviate or Aggravate Agency Problems? A Managerial Theory of Risk Management"
"Privatization and Worker’s Welfare: Evidence from Chinese Township-Village Enterprises Panel Data" (with Brian McCall and Yijiang Wang)
"Cost of Equity and Its Determinants for Listed Companies in China" (with Yan Gao)
"Legal Environment and Dividend Behavior for Chinese Firms listed on Chinese and Hong Kong’s Stock Exchanges" (with Hua Zhang and Honghui Zhu)