Neng Wang

Chong Khoon Lin Professor of Real Estate

The Paul Milstein Center for Real Estate

Chong Khoon Lin Professor of Real Estate

Finance and Economics

BS, Nanjing University; MS, California Institute of Technology; MA, UC San Diego; PhD, Stanford, 2002

Joined CBS in 2004

Download Curriculum Vitae (PDF)

Neng Wang

Office
812 Uris

Phone
212-854-3869

E-mail
nw2128@columbia.edu

Fax
212-662-8474

Teaching and research interest

Neng Wang is Chong Khoon Lin Professor of Real Estate and Professor of Finance at Columbia Business School, and a Research Associate at the National Bureau of Economic Research. He is currently the chairperson of the Finance subdivision in the Finance and Economics Division at Columbia Business School.

His research fields include asset pricing, corporate finance, macroeconomics, and real estate finance. His current research involves dynamic corporate finance (e.g. investment, financing and risk management policies), dynamics of entrepreneurship (e.g. entry, exit, investment/saving and financing decisions), dynamic investment strategies and valuation of private equity and hedge funds, equilibrium investment, asset pricing and economic growth, investment under dynamic agency, dynamic contracting, investment under uncertainty and real options analysis, the impact of investor protection on asset prices and welfare, household consumption/portfolio decisions, equilibrium health distribution, and real estate finance and valuation. His work has been published in the American Economic Review, the Journal of Finance, the Journal of Financial Economics, the Journal of Monetary Economics, and the Review of Financial Studies. He won a Smith-Breeden Distinguished Paper Prize awarded by the Journal of Finance in 2008. He received the Bettis Distinguished Scholar Award from W. P. Carey School of Business, Arizona State University in 2011. He is a Co-Editor of Finance Research Letters and Frontiers of Economics in China. Additionally, he is an Associate Editor of Journal of Mathematical Economics, Macroeconomic Dynamics, and Management Science.

Professor Wang received a B.S. in Physical Chemistry from the Special Program for Gifted Young Students at Nanjing University (China) in 1992, an M.S. in Chemistry from California Institute of Technology (Caltech) in 1995, an M.A. in International Relations and Pacific Studies from University of California, San Diego (UCSD) in 1997, and a PhD in Finance from the Graduate School of Business at Stanford University in 2002.

He currently teaches Real Estate Finance at the MBA level. From 2002 to 2004, he was an assistant professor at the University of Rochesterâ??s Simon School of Business, where he taught Fixed Income Securities & Markets as well as Financial Institutions & Risk Management. In 2006, he was a visiting professor at Northwestern University's Kellogg School of Management.

Journal articles

A Unified Model of Entrepreneurship Dynamics In Journal of Financial Economics (2012)
Author(s): Chong Wang, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Risk, Uncertainty, and Option Exercise In Journal of Economic Dynamics & Control (2011)
Author(s): Neng Wang, Jianjun Miao

More Information Download (PDF)

Entrepreneurial finance and non-diversifiable risk In Review of Financial Studies (2010)
Author(s): Hui Chen, Jianjun Miao, Neng Wang

More Information

Capital reallocation and growth In American Economic Review: Papers and Proceedings (2009)
Author(s): Janice Eberly, Neng Wang

More Information Download (PDF)

Optimal Consumption and Asset Allocation with Unknown Income Growth In Journal of Monetary Economics (2009)
Author(s): Neng Wang

More Information Download (PDF)

Agency Conflicts, Investment, and Asset Pricing In Journal of Finance (2008)
Author(s): Neng Wang, Rui Albuquerque

More Information Download (PDF)

An Equilibrium Model of Wealth Distribution In Journal of Monetary Economics (2007)
Author(s): Neng Wang

More Information Download (PDF)

Investment Under Uncertainty and Time-Inconsistent Preferences In Journal of Financial Economics (2007)
Author(s): Neng Wang, Steven Grenadier

More Information Download (PDF)

Investment Under Uncertainty with Strategic Debt Service In American Economic Review Papers and Proceedings (2007)
Author(s): Neng Wang, M. Suresh Sundaresan

More Information Download (PDF)

Investment, Consumption, and Hedging Under Incomplete Markets In Journal of Financial Economics (2007)
Author(s): Neng Wang, Jianjun Miao

More Information Download (PDF)

Generalizing the Permanent-Income Hypothesis: Revisiting Friedman's Conjecture on Consumption In Journal of Monetary Economics (2006)
Author(s): Neng Wang

More Information Download (PDF)

Investment Timing, Agency, and Information In Journal of Financial Economics (2005)
Author(s): Steven Grenadier, Neng Wang

More Information Download (PDF)

Precautionary Saving and Partially Observed Income In Journal of Monetary Economics (2004)
Author(s): Neng Wang

More Information

Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium In American Economic Review (2003)
Author(s): Neng Wang

More Information Download (PDF)

Robust Permanent Income and Pricing with Filtering In Macroeconomic Dynamics (2002)
Author(s): Lars Hansen, Thomas Sargent, Neng Wang

More Information Download (PDF)

Working Papers

The Economics of Hedge Funds Working paper (2012)
Author(s): Yingcong Lan, Neng Wang, Jinqiang Yang

More Information Download (PDF)

The Economic and Policy Consequences of Catastrophes Working paper (2012)
Author(s): Robert Pindyck, Neng Wang

More Information Download (PDF)

Valuing Private Equity Working paper (2012)
Author(s): Morten Sorensen, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Market Timing, Investment, and Risk Management Working paper (2011)
Author(s): Patrick Bolton, Hui Chen, Neng Wang

More Information Download (PDF)

Investment, Tobin's q, and interest rates (2011)
Author(s): Chong Wang, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Reallocating and pricing illiquid capital: Two productive trees Working paper (2010)
Author(s): Janice Eberly, Neng Wang

More Information Download (PDF)

Entrepreneurial Finance and Nondiversifiable Risk Working paper (2009)
Author(s): Hui Chen, Jianjun Miao, Neng Wang

More Information Download (PDF)

Financing real options Working Paper (2008)
Author(s): M. Suresh Sundaresan, Neng Wang

More Information

Recurrent Investment Opportunities: Real Options with Illiquid Projects Working paper (2007)
Author(s): Steven Grenadier, Neng Wang

More Information

Experimentation under Uninsurable Idiosyncratic Risk: An Application to Entrepreneurial Survival Working paper (2007)
Author(s): Neng Wang, Jianjun Miao

More Information Download (PDF)

Investor Protection and Investment Working paper (2006)
Author(s): Neng Wang, Yingcong Lan

More Information

Forthcoming Articles

Dynamic agency and the q theory of investment In Journal of Finance (2011)
Author(s): Peter DeMarzo, Mike Fishman, Zhiguo He, Neng Wang

More Information Download (PDF)

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management In Journal of Finance (2009)
Author(s): Patrick Bolton, Hui Chen, Neng Wang

More Information Download (PDF)