Ninghua, ZHONG (钟宁桦) Professor, Economics and Finance School of Economics and Management Tongji University, Shanghai [email protected]; [email protected]
Academic Background PhD in Finance, Hong Kong University of Science and Technology, January 2013 PhD Committee: Sudipto Dasgupta, Vidan K. Goyal, K. C. John Wei, Albert Park, Zhigang Tao
MA in Economics, Peking University, China Center for Economic Research, July 2008 Adviser: Yang Yao
BA in Economics with highest distinction, Fudan University, School of Economics, July 2005 GPA: 3.82 out of 4.00 Class rank: 1 out of 109
Current Academic Appointment Professor, School of Economics and Management, Tongji University
Promoted to Full Professor in December 2015 due to my exceptional performance
Promoted to Associate Professor in June 2013 shortly after joining the university in March 2013
Teaches at one of the premier Executive MBA programs in the world (Tongji University/ENPC), ranked 68th in 2014 by the Financial Times
Research interests include (a) applied microeconomics studies in the fields of labor economics, corporate finance, and empirical asset pricing and (b) Chinese economic reform and development
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Publications and Working Papers—English
As of December 2015, Google Scholar calculated 225 citations of my papers:
On China’s Labor Market Issues
(Papers in this field are developed from my master thesis)
“Unions and Workers’ Welfare in Chinese Firms” (with Yang Yao), [download from JSTOR] Journal of Labor Economics 31, no. 3 (2013): 633–67.
Presented at the research workshop titled “The Future of Trade Unions,” held at the University of Mainz, June 13, 2012; and at the Second Annual Conference on Chinese Economy, sponsored by the Chinese University of Hong Kong, Fudan University, and Tsinghua University, Beijing, December 20, 2011
Presented at numerous seminars at various academic institutions, including the Hong Kong University of Science and Technology, the University of Hong Kong, Peking University, Fudan University, and the Shanghai University of Finance and Economics
“How Urban Segregation Distorts Chinese Migrants’ Consumption” (with Ming Lu and Binkai Chen), World Development, no. 70 (2015): 133–146. [download from ScienceDirect]
Cited by the Economist in “Dipping into the Kitty: Chinese Consumption Is about Much More Than Shopping,” May 26, 2012
Presented at the conference titled “Restructuring China’s Economy,” held at the Stockholm School of Economics, August 16–17, 2012; and at the Second Annual Conference on Chinese Economy, sponsored by the Chinese University of Hong Kong, Fudan University, and Tsinghua University, Beijing, December 20, 2011
“China’s Housing Reforms and the High Household Saving Rate Puzzle” (with Xi Yang and Binkai Chen) , in the process
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On Corporate Governance and Stakeholders’ Interests in Chinese Non-listed Firms
(Papers in this field are developed from one chapter of my Ph.D. thesis on corporate finance.)
“Corporate Governance of Chinese Privatized Firms,” (Single author), Journal of Comparative
Economics, Vol. 43, Issue 4, page.1101-1121. [download from ScienceDirect],
DOI: 10.1016/j.jce.2015.05.003
Received the 2009 TCFA Best Paper Award from The Chinese Finance Association
“Does Corporate Governance Enhance Common Interests of Shareholders and Primary Stakeholders?” (I am the first author, with Shujing Wang and Rudai Yang), forthcoming at the Journal of Business Ethics [download from Springer], DOI:10.1007/s10551-015-2702-5
Presented at the Fifth World Business Ethics Forum, University of Macau, December 9–11, 2014; and at the conference titled “Corporate Governance in Emerging Markets,” held at the International Centre for Financial Regulations, British Consulate, Hong Kong, December 2011
Received the Emerald Best Paper Award at the 2011 China Finance Review International Conference, Shanghai
Received the Second Prize Award in the PhD paper competition at the 2011 China International Conference in Finance, Wuhan
“Managerial Entrenchment and Workers’ Pay”, Submitted.
Presented at the 2013 International Conference on China’s Labor Market in an Era of Economic Transitions and Development, held at Zhejiang University, Hangzhou, June 6, 2013; and at the The 1st Biennial Conference of China Development Studies, held at Shanghai Jiao Tong University, July 6–7, 2013; and at the 2013 China International Conference on Finance, Shanghai, July 12, 2013
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On Capital Structure Issues of Chinese and Japanese Firms
(Papers in this field are developed from the other chapter of my Ph.D. thesis on corporate finance.)
“Capital Structure Choice in a Banking Crisis: Evidence from Japan” (with Sudipto Dasgupta and Jie Gan), submitted.
Presented at seminars at the Shanghai University of Finance and Economics, Shanghai, March 2013
“SOEs Reform and Leverage Ratios of Chinese Industrial Firms” (with Vidhan K. Goyal and Zhikuo Liu), submitted.
Presented at a workshop on finance and macroeconomy, Fudan University, Shanghai, September 1, 2014
“Connections Pay Off: Political Visits and Bank Loans in Turbulent Times” (with Yunxia Bai and Yiqing Xu)
On China’s Bond Market
“One Bond, Two Prices: The Demand Effect of Yield-Chasing Retail Investors” (with K.C. John Wei and Shujing Wang).
To be presented at The First Annual Volatility Institute at NYU Shanghai (VINS) Conference-“Liberalizations in Emerging Markets”
Presented at Asian Finance Association 2015 Conference, Hunan, China, June 2015
Received the Emerald Best Paper Award at the 2015 China Finance Review International Conference, Shanghai, June 2015
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Publications—Chinese (For details, please see PDF)
As of June 2015, a Google search on my Chinese name (钟宁桦) returns nearly 110,000 records. Chinese publications include four papers published in the Economic Research Journal (经济研究), which is the top Chinese-language economic journal, and two publications in the Journal of Financial Research (金融研究), which is the top Chinese- language finance journal. Other publications include a dozen articles in the most influential magazines and websites in China, including XinhuaNet.com ( 新 华 网 ), People.com (人民网), the Wall Street Journal (华尔街日报中文版), the Oriental Outlook (瞭望东方周刊), and the China Social Science Newspaper (中国社会科学报).
Other Publishing Experience Ad hoc referee for the following journals: Industrial Relations: A Journal of Economy and Society International Review of Finance Human Relations ILR Review International Journal of Manpower Economic Research Journal (经济研究) Journal of Financial Research (金融研究)
Research Grants and Projects Principal Investigator for the following grants and projects: “Privatization, Corporate Governance, and Labor Welfare,” National Natural Science Foundation of China (Grant Number: 71402123; Amount: 210,000 RMB), January 2015–December 2017
“Hukou Restriction, Housing Marketization and Chinese Households’ Low Consumption,” Shanghai Pujiang Program: 2014 Excellent Talents (Grant Number: 14PJC104; Amount: 100,000 RMB), September 2014–August 2016
“Capital Structure and Corporate Governance of Chinese Firms,” Fundamental Research Funds for the Central Universities: 2013 (Grant Number: 1200219243; Amount: 110,000 RMB), September 2013–August 2016
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Other Professional Experience Research Research Affiliate, China Research and Policy Group, University of Western Ontario, February 2011–present Invited and appointed by Prof. John Whalley, Fellow of the Royal Society of Canada and Fellow of the Econometric Society
Research Assistant, Development Research Center of the State Council of China, August 2007– August 2008 Worked under Prof. Xia Bin, Head of the Research Institute of Finance Worked on the project titled “The Role of China in the Future International Monetary System”
Project Assistant, International Finance Corporation of the World Bank Group, Jul 2006-Aug2007 Worked on the project titled “The Sustainability of the Private Sector in China”
Teaching
I teach both English- and Chinese-language classes. Evaluations of exchange students (mainly from Europe) consistently rank my courses among the top two English-language courses offered at the business school where I have worked. I was Instructor for the following courses:
Advanced Topics on China’s Economic Reform and Development (in English), for exchange graduate students, Tongji University, Spring 2014/2015
Fundamental of Corporate Finance (in English), for exchange undergraduate students, Tongji University, Fall 2013/2014
Corporate Governance of Chinese Firms (in English), for 22 entrepreneurs from Africa, joint MBA Program of Chinese Economy and Global Trade, July 2015
Financial Markets in Asia, for European exchange students in EMLYON Asian Campus Semester Program, December 2015
Empirical Studies on China’s Economic Reform and Development (in Chinese), for graduate students, Tongji University, Fall 2012
Ethics and Governance (both in Chinese and English), for business professionals, Australia CPA Training Program, Tongji University, Fall 2012
Fundamentals of Corporate Finance (in English), for undergraduate students, Hong Kong University of Science and Technology, Summer 2012
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I was Teaching Assistant for the following courses:
Advanced Topics in Financial Management, MBA course, for Prof. Tim Adam, Hong Kong University of Science and Technology, Fall 2011
Advanced Derivative Security, MBA course, for Prof. John Wei, Hong Kong University of Science and Technology, Spring 2011 and 2012
Derivatives Analysis, MBA course, for Prof. Jonathan A. Batten, Hong Kong University of Science and Technology, Spring 2011
Derivative Security, undergraduate course, for Prof. Sophie Ni, Hong Kong University of Science and Technology, Spring 2010
Derivatives Analysis, MBA course, for Prof. Jie Gan, Hong Kong University of Science and Technology, Fall 2009 and 2010
Intermediate Econometrics, undergraduate course, for Prof. Chia-Shang Chu, Peking University, Spring 2007
New Institutional Economics, undergraduate course, for Prof. Qiren Zhou, Peking University, Fall 2006
I am Thesis Supervisor for the following doctoral candidates:
Yizhou Tang, Mengying Yan, Wenhao Tan, Xuan Li.
I am Thesis Supervisor for the following Master candidates:
Binyan Wu, Yixuan Xing
I also supervised the theses of several undergraduate students in double-degree international programs:
Christopher Frank (Germany), and Patrice Philippe Toussaint (Germany).
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Honors, Scholarships, and Awards
From the Shanghai Pujiang Program:
Excellent Talents Award, 2014
From Hong Kong University of Science and Technology:
Postgraduate Studentship, 2008–2013
From the China Research Development Foundation:
Scholarship for Research on China’s Development, 2007
From Peking University:
Scholarship for Innovation in Academic Research, 2007
Excellent Leader of China’s Youth League, 2007
Social Activities Award, 2006
From Fudan University:
Fudan “Self-Dependence” Scholarship for Academic Research, 2005
People’s Scholarship, First Prize, 2003–2005
Unilever Scholarship for Outstanding Students, 2004
Chun-Tsung Scholarship for Outstanding Undergraduate Researchers, 2004
Excellent Member of China’s Youth League, 2003
People’s Scholarship, Second Prize, 2001–2003
From the Shanghai Municipal Government:
Outstanding University Graduates Award, 2005
Outstanding High School Graduates Award, 2001
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