用学术讲好中国故事是挖掘中国经济社会实践“富矿”的需要。云顶yd2223线路检测一直坚持将高水平研究成果与国家重大战略需求相结合，研究中国问题，讲好中国故事。2021年我院芦东、苗萌、高昊宇3位青年教师与其合作者所做的中国问题研究发表在金融学顶刊《Journal of Financial Economics》上，传播中国声音。

据统计，2021年中国境内高校学者总共在《Journal of Financial Economics》发表15篇论文，其中有6篇研究中国问题，我院占3篇。

《Journal of Financial Economics》创刊于1974年，由美国罗切斯特大学主办，2019年影响因子高达5.731。JFE是国际公认的经济管理类顶级期刊，其与《Journal of Finance》和《Review of Financial Studies》并称国际顶尖三大金融学期刊。

芦东

云顶yd2223线路检测芦东副教授与合作者Craig W.Holdena、Volodymyr Lugovskyy、Daniela Puzzello的合作论文《What is the Impact of Introducing a Parallel OTC Market? Theory and Evidence from the Chinese Interbank FX Market》在国际一流学术期刊Journal of Financial Economics上正式发表（2021年第140卷，2021.4.1）。

内容摘要

Chinese interbank foreign exchange trading was originally conducted through acentralized, anonymous limit order book (LOB). We determine the impact of the introduction of a parallel decentralized over-the-counter (OTC) market. We find that: (1) most trading migrated to the OTC, (2) the LOB price function is upward-sloping versus the OTC price function is downward-sloping, and (3) the LOB market has a single price function versus the OTC market has multiple price functions. Next, we develop a theoretical model of parallel markets that can simultaneously explain all of these empirical findings. We test a new model prediction and find support.

作者简介

芦东，云顶yd2223线路检测副教授、博士生导师，美国印第安纳大学经济学博士，中国人民大学“杰出学者”。主要研究领域为国际金融、金融市场和开放条件下的宏观经济学等。在Journal of Financial Economics、Journal of Economic Behavior and Organization、Macroeconomic Dynamics、Pacific-Basin Finance Journal、《经济研究》《金融研究》《国际金融研究》等国内外权威学术期刊发表多篇论文。主持和参与多项国家级项目。

苗萌

云顶yd2223线路检测苗萌副教授与合作者牛贯杰、Thomas Noe 的合作论文《Contracting without Contracting Institutions: The Trusted Assistant Loan in 19th Century China》在国际一流学术期刊Journal of Financial Economics上正式发表（2021年第140卷，2021.6.1）。

内容摘要

This paper documents the emergence of a large bank-loan market in the absence of contracting institutions: the trusted-assistant loan market in nineteenth-century China. These loans were legally unenforceable, one-shot loans to poor scholars that funded the costs of assuming lucrative administrative appointments offering ample opportunities for corruption. The trusted-assistant loan’s distinguishing feature was a legally unenforceable stipulation that the borrower incorporate an agent of the creditor into his administrative cadre. We model the enforcement of these loans through expertise leverage and test the model’s predictions using data from offcials’ diaries and a bank loan book.

作者简介

苗萌，云顶yd2223线路检测副教授、博士生导师，牛津大学金融经济学博士，中国人民大学“杰出学者”。研究领域为公司金融，制度经济学以及中国经济相关。出版著作《中国金融热点问题透视》，在Journal of Financial Economics等国际权威学术期刊发表论文多篇。

高昊宇

云顶yd2223线路检测高昊宇副教授与合作者茹弘、汤勇军的合作论文《Subnational Debt of China: The Politics-Finance Nexus》在国际一流学术期刊Journal of Financial Economics上正式发表（2021年第141卷，2021.9.1）。

内容摘要

We provide direct evidence that governments selectively default on debt when they can identify creditors. Analyzing a comprehensive data set of subnational debt, we show that Chinese local governments choose to default on banks with weaker prolitical power. A reduction in a bank's political power relative to other banks increases the likelihood of selective default by local governments. Such default selections are driven by banks’ influence over politician promotion. When local politicians are highly ranked or connected to national leaders, they engage less in selective default as their promotion is less affected by bank loan defaults. Our findings suggest a politics-finance nexus through which government defaults are restrained.

作者简介

高昊宇，云顶yd2223线路检测副教授、博士生导师，中国科学院数学与系统科学研究院管理学博士、香港城市大学金融学博士，中国人民大学“杰出学者”，第5届中国科协“青年人才托举工程”入选人。主要研究领域为银行与金融市场中介、金融风险管理、债务与信用市场和公司金融与中国资本市场等。在Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis、Journal of Financial Services Research、《金融研究》《管理科学学报》《管理评论》和《中国管理科学》等国内外金融管理领域权威期刊发表或接受发表多篇论文。论文曾获得12届亚太金融市场年会、31届亚洲金融学年会、第8和9届投资学年会、第18届金融系统工程与风险管理年会和首届银行与金融中介论坛等最佳论文奖。主持国家自然科学基金项目1项。

过去一年，云顶yd2223线路检测高水平学术发表硕果累累，不断取得新突破。学院教师发表核心期刊论文189篇，数量再创新高，相比去年增长36%。其中，中文核心期刊论文发表106篇，英文SSCI期刊论文发表83篇。在Management Science，Public Administration等国际A+类学术期刊发表论文3篇，国际A类期刊发表35篇。在《中国社会科学》《经济研究》《管理世界》《世界经济》等国内顶尖学术期刊发表论文12篇。