王能

2002年至2004年在美國羅徹斯特大學商學院任助理教授

2004年至2005年在美國哥倫比亞大學任助理教授

2006年美國哥倫比亞大學副教授

2006年至2007年美國西北大學凱洛格商學院金融學訪問教授

2007年被美國哥倫比亞大學破格提前提升為終身，講習，正教授

2007年至2009年美國國家經濟研究局Research Fellow

2008年任美國哥倫比亞大學金融系主任

2009年至今美國國家經濟研究局研究員

2009年至今兼任上海財經大學金融學院院長

2012年至2013年，長江商學院訪問學者

Published and Forthcoming Papers

1、“Market timing, investment, and risk management,” with Patrick Bolton and Hui Chen,conditionally accepted, Journal of Financial Economics

2、“The economic and policy consequences of catastrophes,” with Robert Pindyck,conditionally accepted, American Economic Journal: Economic Policy

3、 “Dynamic agency and theq theory of investment,” with Peter DeMarzo, Michael Fishman, and Zhiguo He, Journal of Finance, 67(6) , 2295-2340 , (2012)

4、“A unified model of entrepreneurship dynamics,” with Chong Wang and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, (2012),lead article

5、“A unified theory of Tobin’sq, corporate investment, financing, and risk management,” with Patrick Bolton and Hui Chen, Journal of Finance, 66(5), 1545-1578, (2011)

6、 “Risk, uncertainty, and option exercise,” with Jianjun Miao, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)

7、 “Entrepreneurial finance and non-diversifiable risk,” with Hui Chen and Jianjun Miao, Review of Financial Studies, 23(12), 4348-88, (2010)

8、“Optimal consumption and asset allocation with unknown income growth,” Journal of Monetary Economics, 56(4), 524-34, (2009)

9、“Capital reallocation and growth,” with Janice Eberly, American Economic Review Papers & Proceedings, 99(2), 560-66, (2009)

10、 “Agency conflicts, investment, and asset pricing,’’ with Rui Albuquerque, Journal of Finance, 63(1), 1-40, (2008),lead article, Smith-Breeden Distinguished Paper Prize by theJournal of Finance

11、 “Investment, consumption, and hedging under incomplete markets,’’ with Jianjun Miao, Journal of Financial Economics, 86(3), 608-642, (2007)

12、“Investment under uncertainty with strategic debt service,” with Suresh Sundaresan, American Economic Review Papers & Proceedings, 97(2), 256-261 (2007)

13、“An equilibrium model of wealth distribution,” Journal of Monetary Economics, 54(7), 1882-1904 (2007)

14、 “Investment under uncertainty and time-inconsistent preferences,’’ with Steven Grenadier, Journal of Financial Economics, 84(1), 2-39, (2007),lead article.

15、“Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption,” Journal of Monetary Economics, 53(4), 737-52 (2006)

16、“Investment timing, agency, and information,’’ with Steven Grenadier, Journal of Financial Economics, 75(3), 493-533, (2005) (lead article).

17、“Precautionary saving and partially observed income,’’ Journal of Monetary Economics, 51(8), 1645-1681, (2004)

18、“Caballero meets Bewley: The permanent-income hypothesis in general equilibrium,” American Economic Review 93(3), 927-936, (2003)

19、“Robust permanent income and pricing with filtering,” with Lars Peter Hansen and Thomas J. Sargent, Macroeconomic Dynamics 6, 40-84, (2002)

Working Papers

20、“The economics of hedge funds,” with Yingcong Lan and Jinqiang Yang,

21、“Investor protection, diversification, investment, and Tobin’sq,” with Yingcong Lan and Jinqiang Yang,

22、“Valuing private equity,” with Morten Sorensen and Jinqiang Yang,

23、‘’Optimal consumption and savings with stochastic income,” with Chong Wang and Jinqiang Yang,

24、“Stochastic interest rates and theqtheory of investment,” with Jinqiang Yang

25、“Reallocating and pricing illiquid capital: Two productive trees,” with Janice Eberly,

26、“Financing real options,” with Suresh Sundaresan and Jinqiang Yang,

27、“Experimentation under uninsurable idiosyncratic risk: An application to entrepreneurial survival,” with Jianjun Miao

研究項目

Research Fields

Asset pricing, corporate finance, macroeconomics, real estate finance

Research Interests

Dynamic corporate finance

Dynamic entrepreneurial finance

Private equity investment and valuation

Managerial incentives and compensation in hedge funds

Dynamic contracting

Corporate risk and liquidity management

Investment under uncertainty and real options analysis

Dynamic valuation of non-tradable illiquid assets

Equilibrium capital reallocation and asset pricing

Asset pricing and macroeconomic implications of financial frictions

Effects of corporate governance on asset pricing and macroeconomics

Household’s consumption, saving, portfolio choice, and wealth distribution

Real estate finance and investment, housing & mortgage choice

研究領域包括資產定價、公司金融、宏觀經濟學以及房地產金融學。

Recipient of “Thousand-Talent” Program awarded by Chinese central government

The Carr and Stephanie Bettis Distinguished Scholar Award, 2011, by W. P. Carey

School of Business, Arizona State University

Best Paper on Global Financial Markets, 2011 TCFA Best Paper Awards

“A unified model of entrepreneurship dynamics,” with Chong Wang and

Jinqiang Yang, published inJournal of Financial Economics

2009 Best Paper Award, the Caesarea Center 6 Annual Academic Conference

IDC, Herzliya, Israel,

“A unified theory of Tobin’s q, corporate investment, financing, and risk

management,” with Patrick Bolton and Hui Chen, published inJournal of Finance

2008Smith-Breeden Distinguished Paper Prize for theJournal of Finance,

“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque

2008Standard Life Investments Finance Prize for the best paper in European

Corporate Governance Institute (ECGI) Finance Series awarded by ECGI,

“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque

2005 FMA Competitive Paper Award Runner Up on Investments,

“Agency Conflicts, Investment, and Asset Pricing,” joint with Rui Albuquerque

Lang Entrepreneurship Center, Columbia Business School, 2005

Jaedicke Merit Award, Graduate School of Business, Stanford University, 1998-99

Larry Yung Asia Pacific Scholar, Stanford University, 1997-99

Allison Award for the Highest Academic Achievement,

Graduate School of International Relations and Pacific Studies, UCSD, 1997