• PAN, Jun

    Professor of Finance, SAIF Chair Professor

  • Email:

    junpan@saif.sjtu.edu.cn

  • 　　

    　　

  • Support Staff:

    Lillian Jin

  • Support Staff Email:

    cyjin@saif.sjtu.edu.cn

  • Research Interests

    Chinese Financial Markets, FinTech, Empirical Asset Pricing, Financial Derivatives Market, Credit Risk Model, Financial Crises, Market Liquidity, Market Microstructure, Risk Management, and Fixed-Income Markets.

Dr. Jun Pan is a Professor of Finance and SAIF Chair Professor at the Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. She was the School of Management Distinguished Professor of Finance at the MIT Sloan School of Management. Her research areas include Chinese financial markets, fintech, asset pricing, financial derivatives markets, credit risk models, financial crises, market liquidity, market microstructure, risk management, and fixed income markets. She has published over 20 papers in top academic journals such as Econometrica, Journal of Finance, Review of Financial Studies, and Journal of Financial Economics, with more than 17,700 citations in google scholar as of May 2025.

Professor Pan serves as the editor of the Review of Finance and associate editor of the Journal of Finance since 2022. She is a senior fellow at the Asian Bureau of Financial and Economic Research (ABFER) since 2014, and the executive committee member of the ABFER since 2024. She was a faculty research fellow and research associate at the National Bureau of Economic Research (NBER), and the associate editor of Review of Finance Studies. Professor Pan has been selected as one of Elsevier's "China's Most Cited Scholars" list for four consecutive years from 2021 to 2024.

Professor Pan Jun has received numerous awards, including the Stephen A. Ross Prize in Financial Economics in 2015, the Best Paper Award at the China International Finance Conference (CICF) in 2021, and the Wharton Research Data Services Best Paper Award in 2024.

Professor Pan obtained her Ph.D. in Physics from New York University in 1995, and Ph.D. in Finance from Stanford University in 2000.


Journal Publications

1. Hong, Claire Yurong, Xiaomeng Lu, and Jun Pan, 2025, Financial Inclusion via FinTech: From Digital Payments to Platform Investments, Management Science.

2. Hong, Claire Yurong, Xiaomeng Lu, and Jun Pan, 2025, Fintech Platforms and Mutual Fund Distribution, Management Science.

3. Ni, Sophie Xiaoyan, and Jun Pan, 2024, Trading options and CDS on stocks under the short sale ban, Journal of Banking & Finance.

4. Geng, Zhe and Jun Pan, 2024, The SOE Premium and Government Support in China's Credit Market, Journal of Finance.

5. Hu, Grace Xing, Jun Pan, Jiang Wang, Haoxiang Zhu, 2022, Premium for Heightened Uncertainty: Explaining Pre-Announcement Market Returns, Journal of Financial Economics.

6. Hu, Grace Xing, Jun Pan, and Jiang Wang, 2021, Chinese Capital Market: An Empirical Overview, Critical Finance Review.

7. Hu, Grace Xing, Jun Pan, and Jiang Wang, 2021, Tri-Party Repo Pricing, Journal of Financial and Quantitative Analysis.

8. Hu, Grace Xing, Jun Pan, and Jiang Wang, 2017, Early peek advantage? Efficient price discovery with tiered information disclosure, Journal of Financial Economics.

9. Hu, Grace Xing, Jun Pan, and Jiang Wang, 2013, Noise as Information for Illiquidity, Journal of Finance.

10. Bao, Jack, and Jun Pan, 2013, Bond Illiquidity and Excess Volatility, Review of Financial Studies.

11. Longstaff, Francis A., Jun Pan, Lasse H. Pedersen, and Kenneth J. Singleton, 2011, How Sovereign is Sovereign Credit Risk?, American Economic Journal: Macroeconomics.

12. Bao, Jack, Jun Pan, and Jiang Wang, 2011, The Illiquidity of Corporate Bonds, Journal of Finance.

13. Pan, Jun, and Kenneth J Singleton, 2008, Default and Recovery Implicit in the Term Structure of Sovereign CDS Spreads, Journal of Finance.

14. Ni, Sophie, Jun Pan, and Allen Poteshman, 2008, Volatility Information Trading in the Option Market, Journal of Finance.

15. Pan, Jun, and Allen Poteshman, 2006, The Information in Option Volume for Future Stock Prices, Review of Financial Studies.

16. Liu, Jun, Jun Pan, and Tan Wang, 2005, An Equilibrium Model of Rare-Event Premia and Its Implication for Option Smirks, Review of Financial Studies.

17. Pan, Jun, 2003, [Iterative and Recursive Estimation in Structural Nonadaptive Models]: Comment, Journal of Business and Economic Statistics.

18. Jun Liu, Francis A. Longstaff, and Jun Pan, 2003, Dynamic Asset Allocation with Event Risk, Journal of Finance.

19. Liu, Jun, and Jun Pan, 2003, Dynamic Derivative Strategies, Journal of Financial Economics.

20. Pan, Jun, 2002, The Jump-Risk Premia Implicit in Options: Evidence from an Integrated Time-Series Study, Journal of Financial Economics.

21. Duffie, Darrell, Jun Pan, and Kenneth Singleton, 2000, Transform Analysis and Asset Pricing for Affine Jump-Diffusions, Econometrica.

22. Duffie, Darrell, and Jun Pan, 1997, An Overview of Value at Risk, Journal of Derivatives.

Working Papers

1. Pan, Jun and Qing Peng, 2025, Top Government Meetings in China.

2. Gao, Junxiong and Jun Pan, 2025, Option-Implied Crash Index.

3. Hu, Grace Xing, Zhao Jin, and Jun Pan, 2025, The Stock-Bond Correlation: A Tale of Two Days in the U.S. Treasury Market.

4. Hong, Claire Yurong, Jun Liu, Jun Pan, and Shiwen Tian, 2025, What Can Cross-Sectional Stocks Tell Us About Core Inflation Shocks?.

5. Pan, Jun and Qing Peng, 2024, The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates.

6. Hong, Claire Yurong, Jun Pan, and Shiwen Tian, 2023, What Can Macro-Active Bond Funds Tell Us About Monetary Policy Changes?.

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