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SAIF Professors Won Sun Yefang Financial Innovation Awards

Three SAIF professors won the 2nd Sun Yefang Financial Innovation Awards for their academic studies on monetary policy modeling and the brain gain of corporate boards of listed companies.

Founded in 2013, the biennial award is one of the most recognized academic recognitions in China. This year, one book, three journal papers in English and two journal papers in Chinese were granted with this honor.

SAIF’s award-winning papers include “Capital Controls and Optimal Chinese Monetary Policy” (Journal of Monetary Economics, April 2015) coauthored by Prof. Chun Chang and Prof. Zheng Liu of SAIF together with Dr. Mark M. Spiegel of the Federal Reserve Bank of San Francisco. The paper focuses on the study of optimal monetary policy in a dynamics stochastic general equilibrium (DSGE) model that incorporates the Chinese characteristics.

The other winning paper was “The Brain Gain of Corporate Boards: Evidence from China” (Journal of Finance, August 2015), coauthored by Prof. Xiaoyun Yu of SAIF and , Prof. Mariassunta Giannetti and Prof. Liao Guanmin. This paper looks at the effects of corporate board directors with overseas education background on corporate performance in emerging markets by reviewing and systematically analyzing the background of 32,823 executive and non-executive directors in 1,667 public companies in China between 1999 and 2009. It is found that directors with international education background improve the quality of corporate governance. With the participation of such directors, the valuation and productivity of a company is improved and upgraded to a certain extent, so is its profitability. In short, when members with foreign experience joined a board, they bring significant improvement to the company they serve.

In the inaugural Sun Yefang Financial Innovation Awards in 2014, SAIF Prof. Tan Wang, also a deputy dean, and SAIF Prof. Kai Li won the recognition with their research paper of Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China”.

So far, SAIF faculty has contributed 3 of the 9 research papers recognized by the Sun Yefang Financial Innovation Awards for academic research published in world-class journals in English, which fully represents SAIF’s outstanding capabilities in financial research.

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