• Dec 19, 2018 Launching Ceremony of Shanghai Finance Forum 2018 and Global Financial Leaders F ...
    On December 15, 2018, Shanghai Finance Forum 2018 officially kicked off. It was hosted by Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University (SJTU); China Academy of Financial Research (CAFR); and International Financer Forum. Guangshao Tu, Vice Chairman and President of China Investment Corporation; Stanley Fischer, former Vice Chairman of Federal Reserve and former Governor of the Bank of Israel; Howard Davies, Chairman of the Royal Bank of Scotland; and many other international financial experts attended the event and discussed the role of financial leaders in the new era. Given the uncertainties in the international economy and the coexistence of economic opportunities and challenges in China, Shanghai Finance Forum 2018 focused on the theme of “Openness and Integration: Connecting China’s Financial Industry to the World”. This brought together the world's top scholars, politicians and industry leaders to brainstorm and explore the new roadmap for key issues in finance and global economic growth. At the beginning of the event, Qing Wu, Deputy Mayor of Shanghai; Sixian Jiang, Secretary of the CPC Committee of SJTU; and Prof. Jiang Wang, Chair of SAIF Faculty Council and Mizuho Financial Group Professor at the MIT Sloan School of Management, delivered speeches. On the same day, the Global Financial Leaders Forum, jointly sponsored by SAIF and CAFR (along with a global community of institutions and professionals interested in China's financial development), was also launched at the event. The Forum will strive to create an open, professional and pragmatic platform of communication and research. It will be a think tank and cooperation ecosystem, plan for China's financial modernization and internationalization, and contribute to the deep integration of the world economy.
  • Nov 21, 2018 SAIF MF Employment Report 2018 Released
    Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University (SJTU) recently released the employment report for SAIF Master of Finance (MF) graduates in 2018. The data shows that SAIF MF graduates are consistently favored by the market and are fully employed even before graduation (boasting the highest salary at over RMB 1,000,000). The SAIF MF Program has been the flagship program at SAIF since its inception in 2009. It has achieved ongoing and rapid growth, and it has won an outstanding reputation in the market. This year greeted 47 SAIF MF graduates, 62% male and 38% female, who are mostly undergraduates from leading universities in China, including: Peking University (21%), Fudan University (21%), Shanghai Jiao Tong University (19%), Tsinghua University (4%), and overseas students (accounting for 13%). The undergraduate majors are predominated by the fields of Economics, Management, Finance, Accounting, Finance and languages (62%); the remaining are accounted for by multidisciplinary backgrounds (38%). According to the report, 46 out of 47 graduates have been successfully employed with a mean starting salary of nearly RMB 300,000 and a median value of RMB 240,000. (The remaining graduate chose to continue his or her studies.) SAIF MF curriculum is designed to anticipate future trends, as well as to meet requirements for current practices within the financial industry — both in China and abroad. In addition to the technical skills provided by major finance classes, the LIVE Learning Center and the “Extended Learning and Student Activities” (ELSA) seminars help students to enhance their practical skills and knowledge. The SAIF MF Program was ranked No.1 in Asia and ranked No.10 globally by the Financial Timesin 2018, which is an unparalleled achievement in Asia in terms of investment return and salary growth.
  • Oct 22, 2018 SAIF and King's College London Signed a Memorandum of Cooperation
    On October 15, 2018, the Signing Ceremony of the Memorandum of Cooperation between Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University (SJTU) and King's College London was held at the SAIF Xuhui Campus. The memorandum was signed by Professors Chun Chang (Executive Dean at SAIF) and Stephen Bach (Dean of King's Business School). Prof. Hong Yan (Deputy Dean at SAIF) and Prof. Igor Filatotchev (Associate Dean of King's Business School) attended the event. According to the memorandum, the two parties will combine their strong faculty and industry resources to cooperate in a number of key areas, including research, talent training, and international influence. In terms of training, the two parties will further work together in the development of international financial professionals through dual-degree programs, financial executive education programs, and exchange programs.
  • May 25, 2018 Leading China's Finance and Management Education - Strategic Collaboration betwe ...
    Shanghai, May 16, 2018—The Shanghai Advanced Institute of Finance (SAIF), a leading educator in modern finance and management in China, today entered into a Memorandum of Understanding (MOU) with the Wharton School (Wharton) of the University of Pennsylva
  • May 17, 2018 CAFR Workshop on Mathematical Finance Held
    May 14, 2018. Shanghai - How can one bridge the gap between academia and industry? And how will mathematics help with the overall improvement of society by solving economic, financial and even energy problems? As a response to these questions, five Canadian scholars in mathematics gathered at the CAFR Workshop on Mathematical Finance and presented their most recent research projects. They were: - Prof. Tom Salisbury, York University; - Prof. Matheus Grasselli, McMaster University; - Nathan Gold, PHD Candidate, York University; - Andrew Day, PHD Candidate, University of Western Ontario; - Prof. Sebastian Jaimungal, University of Toronto. The workshop was initiated and moderated by Prof. Samuel Drapeau from China Academy of Finance Research, Shanghai Jiao Tong University. After a short welcome speech delivered by Prof. Drapeau, Prof. Tom Salisbury shared his co-authored paper: “Uncertain Correlation and Credit Derivatives”. In the paper, he and his coauthors consider a credit derivative involving two stocks whose marginal laws are known, but whose correlation is uncertain. And they attempt to answer the question: how large a spread can there be in price, and what are the best-case or worst-case scenarios? Prof. Salisbury illustrated this numerically in some generality, and discussed particular payoffs for which they could find closed form solutions. The most interesting of these involves rapid switching of correlations and leads to a new characterization of skew Brownian motion. Prof. Tom Salisbury, York University Prof. Grasselli began his presentation of the paper “Banking Networks and the Circuit Theory of Money” with the question “10 years on, what have we learned?” In the paper, he and his authors consider a network of banks with interconnected balance sheets coupled with a macroeconomic model for households, firms, and the government sector. The key feature of the model is that money is created endogenously by the banking sector to satisfy the demand for loans and deposits of the other economic agents. The macroeconomic core model is driven by stochastic consumption, with firms adjusting investment according to realized profits and capacity utilization. Stock-flow consistent between savings of the different sectors in turn give the total amount of external loans and deposits for the banking sector. They then assume that these aggregate quantities are distributed among the banks using a preferential attachment mechanism and study the stability of the resulting network. Crucially, the amplification of shocks within the banking network can, by rationing of available credit, drive the macroeconomic model away from its stable equilibrium and provoke an economic crisis. Prof. Matheus Grasselli, McMaster University While presenting his paper “Change-Point Detection and Forecasting of the U.S. Dollar Index and Equity Markets”, Nathan Gold pointed out that while the commonality of liquidity between foreign exchange and equity markets had recently been studied, less attention had been paid to common structural breaks in both markets. Common structural breaks are suggestive of a dominant common risk factor between these different markets, similar to risk factors found between equity markets. Such structural breaks violate the assumption of stationary return distributions, leaving fixed parametric models unable to generalize over different temporal regions, and voiding forecasts. To study these effects and detect changes in real time, they apply a Bayesian online change-point detection algorithm to determine economic regime changes in the returns of the U.S. Dollar Index and the S\&P 500 from 2005-2015. Using a nonlinear Gaussian process time series model to forecast future observations and detect regime changes, they are able to link worldwide economic and political events to regime changes in both the U.S. Dollar Index and the S\&P 500, and find commonality in periods of high volatility between these markets. Nathan Gold, PHD Candidate, York University Andrew Day’s study “Connection between Flux/Slope Limiter Methods and Simulation Based Approaches for Optimal Control of Energy Storage” focuses on the problem of energy storage, which is a key problem facing society as the human race makes the transition to the new “green” energy economy. Determining optimal control strategies for storage facilities in the face of market-determined prices for electricity requires the numerical solution of partial differential equations (PDEs). In this talk, Day highlighted the various difficulties arising from numerically solving this PDE along with an alternative approach based on the least squares Monte Carlo method. Andrew Day, PHD Candidate, University of Western Ontario According to his presentation, Prof. Sebastian Jaimungal’s paper “Algorithmic Trading with Partial Information: A Mean Field Game Approach” addresses an algorithmic trading problem with collections of heterogeneous agents who aim to perform statistical arbitrage, where all agents filter the latent states of the world, and their trading actions have permanent and temporary price impact. This leads to a large stochastic game with heterogeneous agents. He and his coauthor solve the stochastic game by investigating its mean-field game (MFG) limit, with sub-populations of heterogeneous agents, and, using a convex analysis approach, they show that the solution is characterized by a vector-valued forward-backward stochastic differential equation (FBSDE). They demonstrate that the FBSDE admits a unique solution, obtain it in closed-form, and characterize the optimal behavior of the agents in the MFG equilibrium. Moreover, they prove the MFG equilibrium provides an ϵ-Nash equilibrium for the finite player game. They conclude by illustrating the behavior of agents using the optimal MFG strategy through simulated examples. Prof. Sebastian Jaimungal, University of Toronto Throughout the workshop, the audience showed their great interest in the papers. They posed questions and gave suggestions, which provided new insights for the presenters to make further improvement on their studies. About CAFR China Academy of Financial Research (CAFR) is a research institute affiliated to Shanghai Jiao Tong University. We are devoted to establish a top-notch open financial research platform and think tank to support the financial reform and financial market development in China. CAFR introduces cutting-edge finance theories, methodologies and technologies to studying practical issues in China’s financial system reform and financial market development, and our research team is composed of leading scholars in finance from domestic and abroad. We provide policy advices to government decision makers as well as solutions to financial institutions and corporations. CAFR collaborates with China’s government agencies closely and has been appointed as the academic research partner for the People’s Bank of China, Shanghai Head Office. We have established extensive research network with institutions in academia and financial industry as well. We also host high-end event series for scholars, government officials and industry elites to exchange ideas. Shanghai Finance Forum, one of our event series, has been recognized as an impactful communication platform to discuss the issues in developing Shanghai into an international financial center.
  • Apr 09, 2018 SAIF Team Won CFA Research Challenge 2017-2018 in Shanghai & Ready for Asia ...
    During the Shanghai Local Final of The CFA Institute Research Challenge 2017-2018 held on December 24th, 2017, the team from Shanghai Advanced Institute of Finance (SAIF) beat 12 other competitors in the Written Report session and entered the final as the
  • Apr 09, 2018 Sparks of Thought on FinTech - 2018 IYLFS Successfully Held
    2018 International Youth Leadership Finance Summit (2018 IYLFS) organized by Shanghai Advanced Institute of Finance (SAIF) Master of Finance (MF) Program rang down its curtain in Shanghai recently.
  • Dec 20, 2017 Ian Goldin on Risks and Opportunities in the Age of Neo-Renaissance at SAIF·CAF ...
    During SAIF·CAFR Lecture on August 30th, 2017 at Shanghai Jiao Tong University Shanghai Advanced Institute of Finance (SAIF), Prof. Ian Goldin, Professor at Oxford Martin School and former Vice President of World Bank, served as the keynote speaker on the topic of “Risks and Opportunities in the Age of Neo-Renaissance”. Based on his latest bestseller Age of Discovery:Navigating the Risks and Rewards of Our New Renaissance, Prof. Goldin worked with Dr. Chris Kutarna, PhD of Political Science, co-author and Research Fellow at Oxford Martin School, and reviewed the risks and opportunities in the context of globalization in terms of geopolitics, technology and information media. In his lecture, Prof. Goldin claimed that China was expected to retain a growth rate of 6% or above over the next decade and would soon become the largest economy in the world. In the future, 80% of economic growth will derive from developing economies and emerging markets will act as the driving force behind worldwide economic changes, as they play an increasingly important role in the world economy. Prof. Goldin also pointed out that economic changes would gradually eliminate trading and financial barriers. Internet facilitates the spread of thoughts across the world and triggers radical changes in the era. However, as the connections between people grow closer and more complicated, there also comes contagious crises, similar to the case in the age of Renaissance in the 14th to 17th centuries. He sharply noted that the global governance system today wasn’t tailored for the 21st century.
  • Dec 20, 2017 Prof. Tao Zha of SAIF Named as Fellow of Econometric Society
    The Econometric Society officially named Prof. Tao Zha, Distinguished Professor of Economics at Shanghai Jiao Tong University Shanghai Advanced Institute of Finance, as Fellow of Econometric Society on November 17th, 2017. Founded on December 20th, 1930, the Econometric Society is one of the largest and most respected economic societies, which gathers the best economists across the world. 20 new fellows were named in 2017, among which Prof. Zha is the sole Chinese economist. Prof. Zha’s research interest focuses on macroeconomics, financial economics, Chinese economy and econometrics. At present, he serves as Chair Professor of Economics at Emory University and Director of Center for Quantitative Economics Research at Federal Reserve Bank of Atlanta. Three of his articles have been quoted by the Committee of Nobel Prizes in Economic Sciences. He has also won the grants of National Science Foundation and ECB Wim Duisenberg Fund. Prof. Zha has acted as Distinguished Professor at Shanghai Jiao Tong University Shanghai Advanced Institute of Finance (SAIF) and Director of Center for Macro Financial Research at China Academy of Financial Research (CAFR) since 2013. Thanks to his sponsorship, SAIF Center for Macro Financial Research was officially launched in December 2013, which is committed to driving the construction of fundamental data on China’s macroeconomy, analysis on typical facts and modeling characterized by China’s regime.
  • Dec 20, 2017 Prof. Statty Stattev from UNWE Visited SAIF & Shared his Insights on B&R ...
    Prof. Statty Stattev, D.Sc.(Econ.), Professor of Economics, University of National and World Economy (UNWE), Sofia, Bulgaria, was present at SAIF-CAFR Lecture on November 18th, 2017 and provided an exciting keynote speech on the Belt and Road (B&R) Initiative and macroeconomy in EU, in the front of nearly 200 participants from Shanghai Jiao Tong University Shanghai Advanced Institute of Finance (SAIF) and Antai College of Economics & Management (ACEM). Prof. Stattev, one of the leading scientists, economists and mathematicians in Bulgaria, currently serves as Professor and Chancellor at UNWE, Chairman of Board of Supervisors at Bulgarian National Bank, Chairman of Bulgarian Association of Chancellors and banker. According to Prof. Stattev, as one of the entrances of China’s B&R into EU, Bulgaria is now extensively promoting the initiative and is eager to increase the depth and breadth of its involvement in the Silk Road. As to the economic development in EU, Prof. Stattev noted that so far, EU’s political integration exceeded its economic integration, which resulted in a number of setbacks and concerns to Europe. He hoped that centralized financial and treasury policies would be developed and implemented in the Eurozone. After the speech, Prof. Stattev also discussed the greatest challenges Bulgaria is now facing and the potential benefits and challenges in “16+1” with Prof. Chun Chang, Executive Dean at SAIF and responded the questions from participants.

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