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 Finance at Columbia Business School. He is also the Honorary Dean and Academic Director of the School of Finance, Shanghai University of Finance and Economics (SUFE), and a Research Associate at the National Bureau of Economic Research (NBER).

His research interests include private equity, hedge funds, asset allocation, corporate finance, risk management, entrepreneurship and entrepreneurial finance, investor protection, household finance, wealth and income distribution, macroeconomics, real estate finance, and the Chinese economy. His work has been widely published in leading economics and finance journals. Among other awards and honors, he won a Smith-Breeden Distinguished Paper Prize awarded by the Journal of Finance in 2008, and the Bettis Distinguished Scholar Award from W. P. Carey School of Business, Arizona State University in 2011. He is also a recipient of the "Thousand Talents" Program, one of the most prestigious awards granted by the Chinese central government. He serves on editorial boards for various finance, economics, and business journals.

He taught at the Simon School of Business, University of Rochester and was a visiting professor at Kellogg School of Management, Northwestern University. He was also a special-term professor at Cheung Kong Graduate School of Business (CKGSB), Guanghua School of Management at Peking University, Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiaotong University (SJTU), and the School of Economics, Zhejiang University. He has taught MBA-level and doctoral courses including entrepreneurial finance and private equity, fixed income securities and markets, financial institutions and risk management, real estate finance, corporate finance theory, and dynamic finance theory.

He received B.S. in Physical Chemistry from Nanjing University, China in 1992, M.S. in Chemistry from California Institute of Technology (Caltech) in 1995, M.A. in International Relations and Pacific Studies from University of California, San Diego UCSD) in 1997, and PhD in Finance from the Graduate School of Business at Stanford University in 2002. He was born in 1973 in Anhui, China.

Journal articles

The Economic and Policy Consequences of Catastrophes In American Economic Journal: Economic Policy (2013)
Author(s): Robert Pindyck, Neng Wang

More Information Download (PDF)

The Economics of Hedge Funds In Journal of Financial Economics (2013)
Author(s): Yingcong Lan, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Market Timing, Investment, and Risk Management In Journal of Financial Economics (2013)
Author(s): Patrick Bolton, Hui Chen, Neng Wang

More Information

Dynamic agency and the q theory of investment In Journal of Finance (2012)
Author(s): Peter DeMarzo, Mike Fishman, Zhiguo He, Neng Wang

More Information Download (PDF)

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

More Information Download (PDF)

A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management In Journal of Finance (2011)
Author(s): Patrick Bolton, Hui Chen, Neng Wang

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

Debt, Taxes, and Liquidity (2014)
Author(s): Patrick Bolton, Hui Chen, Neng Wang

More Information

Investment, Liquidity, and Financing under Uncertainty (2013)
Author(s): Patrick Bolton, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Optimal consumption and savings with stochastic income (2013)
Author(s): Chong Wang, Neng Wang, Jinqiang Yang

More Information Download (PDF)

Valuing Private Equity Working paper (2013)
Author(s): Morten Sorensen, Neng Wang, Jinqiang Yang

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, Diversification, Investment, and Tobin's q Working paper (2006)
Author(s): Yingcong Lan, Neng Wang, Jinqiang Yang

More Information Download (PDF)