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On July 9th to 10th, 2022, the Fifth SAIF-CAFR Financial Research Summer Camp was held online by SAIF and CAFR. Designed for emerging scholars in China and beyond, the SAIF-CAFR Financial Research Summer Camp introduces participants to the frontiers of academic research in finance. It provides them with cutting-edge research methodologies and fresh perspectives, intending to inspire their future academic careers. As a further consequence, the overall quality of research and teaching in finance in China is enhanced as well. This year's Summer Camp consisted of lectures given by three renowned finance scholars. Listed in first name alphabetical order, they are: Professor Gordon Phillips (Laurence F. Whittemore Professor of Business Administration, Tuck School of Business), Professor Mariassunta Giannetti (Professor of Finance, Stockholm School of Economics), Professor Xiaoyun Yu (Professor of Finance at SAIF). This year's Summer camp program has received a lot of attention, with a total of over 200 applicants, including professors, PhD students and researchers from both domestic and international universities. Nearly 30% of the applicants were from the Asia Pacific, Europe, America and Oceania regions outside of China, which was an increase of 10% compared to last year. In the beginning, Professor Hong Yan (Deputy Dean for Faculty and Research, Director of China Hedge Fund Research Center, Academic Director of the Global Executive Scholars Program [GES], Professor of Finance at SAIF) gave a welcome speech. He pointed out that the SAIF-CAFR Financial Research Summer Camp improves the academic ability and research quality of participants, and promotes financial pedagogy in China. Professor Gordon Phillips's lecture focused on "Computational Linguistics, Big Data and Finance". It introduced the growing use of computational linguistics to analyze big data and text, as applied to both corporate finance and asset pricing. Professor Mariassunta Giannetti gave a lecture on "Trade Credit and Supply Chains". She reviewed empirical and theoretical work on trade credit, how trade credit contributes to the transmission of monetary policy, and the role of trade credit in fostering the stability of supply chains. She also introduced a new measure for supply chain risk and its effects on the composition of supply chains and industrial structure. Professor Xiaoyun Yu gave a lecture on "Corporate Governance and Financial Misconduct". The lecture provided a brief introduction to recent progress on corporate governance, with an emphasis on securities fraud. She also went over some theoretical models and reviewed empirical evidence on: (1) determinants and detection of financial misconduct, (2) social and financial market consequences, and (3) corporate governance issues related to fraud and beyond.

On May 31, 2022, a forum on "The Construction of Rule of Law in Cross-border Asset Management Ecosystem" was held. The forum was co-organized by SAIF, China (Shanghai) Pilot Free Trade Zone Arbitration Institute, Lingang Special Area Innovation and Financial Service Center, Lingang Special Area Legal Service Center, and the SAIF-HIWAYS Financial Law Practice Seminar Organizing Committee. Under the implementation of the new regulation on asset management, the forum focused on the key points of the construction of a cross-border asset management demonstration zone. It sorted out and analyzed the path of legal construction, discussed the market opportunities and challenges, provided innovative ideas to enhance global resource allocation capability and financial openness for the Lingang Special Area, and promoted a new round of reform and opening up of China's financial industry. Wei Liu (Vice President of Shanghai Lingang Economic Development [Group] Co.), Yi Ma (Vice Chairman of the Shanghai Council for the Promotion of International Trade, Deputy Director of the Shanghai International Economic and Trade Arbitration Commission), and Qigui Zhu (Special-Term Professor at SJTU, Secretary of the CPC SAIF Committee) delivered welcome speeches, respectively. In the keynote session, Professor Chun Chang (Professor of Finance, Huifu Chair Professor at SAIF) focused on the need to proactively build an offshore RMB financial system and the importance of building an offshore RMB system in Pudong. Professor Ligang Ji (Professor of Law, Executive Director, Chinese Institute for Rule of Law in Finance at Fudan University) analyzed the functional positioning and development direction of the Lingang Special Area and proposed to build a "Financial Law Pilot Zone". Weijun Wang (Secretary General of the Shanghai International Economic and Trade Arbitration Commission [SHIAC]) mentioned that asset management business has become an important aspect of Shanghai's development as an international financial center. Jie Chen (General Manager of the International Business Department of China Construction Bank [CCB Shanghai]) shared the practical exploration of cross-border asset management of CCB Shanghai in the Lingang New Area. During the discussion session, experts and scholars exchanged their opinions on the topics of "The Law Construction of Cross-border Asset Management Demonstration Zone Under the New Regulation on Asset Management" and "Opportunities and Challenges of the Construction of Cross-border Asset Management Demonstration Zone in Lingang Special Area". Presiding over the discussions were Suosheng Xu (Deputy Director of the Business Development Department of the Shanghai International Economic and Trade Arbitration Commission [SHIAC]) and Xin Yang (Deputy Director of Financial Service Center of the Shanghai Lingang Special Area Economic Development Co. Ltd.), respectively.

On May 11, 2022, Times Higher Education (THE) released the third edition of its China Subject Ratings. SJTU performed well in this year's ratings, with a total of 41 disciplines being awarded an A+ ranking. Three disciplines co-constructed by SAIF (Industry & Business Administration, Management Science and Engineering, and Applied Economics) regained A+ designation. Based on the discipline classification system by Chinese Ministry of Education, the THE China Subject Ratings provide universities in mainland China with opportunities to compare and demonstrate academic strengths with universities worldwide. This year’s ratings include 1,543 universities worldwide, 91 of which are in mainland China. Using the subject classification system by the Chinese Ministry of Education, they measure performance in 82 subjects on a scale of A+ to C-. The results show that in the vast majority of disciplines, mainland Chinese universities outperformed universities overseas. Overall, mainland China scores an average grade of B+ in the ratings, above the global average of B. The data for the 2022 THE China Subject Ratings come from the 2022 THE World University Rankings, the THE China Reputation Survey for 2021 and 2022, the THE Academic Reputation Survey for 2020 and 2021, and Elsevier bibliometrics. The Times Higher Education China Subject Ratings are the only performance tables that judge Chinese institutions against their global peers based upon the Chinese Ministry of Education's classification of subjects. The ratings measure research-intensive universities' subject performance across five key areas: teaching (the learning environment); research (volume, income, and reputation); citations (research influence); international outlook (staff, students, and research); and industry income (knowledge transfer).

In March 2022, a new Omicron Covid epidemic outbreak occurred in Shanghai, impacting industry supply chains in China and abroad. Recently, the Central Political Bureau proposed a number of measures to protect and stabilize supply chains, and to promote the operation and upgrade of foreign trade and industry. On May 13th, SAIF held an online closed-door seminar on "Impact on Supply Chains: An Analysis of Financial Markets after the Epidemic in Shanghai". During the seminar, scholars exchanged views on recent changes and development trends in domestic and international financial markets, and discussed improvements for China's financial market system. Professor Guangshao Tu (Member of the CPPCC, Executive Dean at SAIF) stated that it was China's requirement and an extremely challenging task to coordinate epidemic prevention and control, protect people's livelihoods, and ensure economic stability. The impact of the epidemic in Shanghai is multi-faceted. Due to the status and unique characteristics of Shanghai, the impact on supply chains brought about by the epidemic is a systemic issue which requires more attention. Professor Feng Li (Professor of Accounting at SAIF, Associate Director ofCAFR, Co-Director of SAIFR) delivered the report. He reviewed the development of the epidemic in Shanghai, its prevention and control measures, and the impact of the epidemic on Shanghai as a core node of domestic and international supply chains. Using an empirical analysis method, he then analyzed the impact of the epidemic on Shanghai, the Yangtze River Delta region, and the global economy——from the perspectives of financial markets. Professor Li suggested that Chinese government should ensure people's livelihoods while still helping industries and enterprises, that are at the core of domestic and international supply chains, to resume production as soon as possible. Meanwhile, Chinese government should improve functionality for financial markets, thus making a positive contribution to supply chain stability. Other experts from financial industries also analyzed the adverse impact of the pandemic and gave suggestions to counter the supply chain impact upon enterprises and capital markets in various sectors, including: foreign trade supply chain, the national unified market, stock markets, domestic credit debt markets, and commodity markets (international and domestic). In the discussion session presided over by Professor Xiaochun Liu (Associate Director of CAFR), scholars highly praised the report and shared their professional opinions. They included: Professor Jiang Wang (Chair of Academic Council at SAIF, Mizuho Financial Group Professor at Sloan School of Management, MIT), Professor Hong Yan (Professor of Finance at SAIF), Professor Chun Chang (Professor of Finance, Huifu Chair Professor at SAIF), Professor Jun Pan (Professor of Finance, Chair Professor at SAIF), Professor Haizhou Huang (Special-Term Professor at SAIF, Managing Director and Member of Management Committee at CICC), Professor Fangwei Wu (Associate Director of CAFR), Professor Rui Kan (Professor of Practice at SAIF), and Professor Ying Ma (Affiliated Professor at SAIF).

Recently, Xinlei Chen’s (Professor of Marketing at SAIF) paper “Does Concealing Gender Identity Help Women Win the Competition? An Empirical Investigation into Online Video Games” has been accepted for publication inMarketing Science(MS). Marketing Scienceis one of the top 24 international journals in Economics and Management (based at UT-Dallas) and was ranked as one of the top 50 business school journals by the Financial Times. The paper’s co-authors are Xiaohua Zeng (Associate Professor of Marketing at Peking University HSBC Business School), and Cheng Chang (Professor and Chair of the Department of Information Management and Information Systems at Fudan University School of Management). The gender gap is a widespread phenomenon in human society, especially within the labor market. It includes the difference between men and women in income, promotion opportunities, and the scarcity of women in management. Xinlei Chen said that he has been thinking about this issue for many years, but is constrained by real conditions. “Gender differences can be caused by a variety of factors, such as differences in ability between men and women, differences in inputs, different preferences for competition, and gender discrimination, which is a major concern in society… These intertwined factors make it complex to study the problem and analyze the data. Conventional experimental tools are often difficult to work as well.” The prevalence of virtual worlds such as online games brought a new opportunity for this research. He has since been able to study how gender bias leads to gender gaps by using data from players of an online game that has been popular in China, in recent years, as a data sample. The study shows that men are indeed influenced by gender bias in competition and their performance improves when competing with women, while women can reduce the negative effects of gender bias to some extent by masking or misrepresenting their gender information. Professor Chen suggested that people should be aware of the existence of gender bias and take the initiative to reduce bias, and that we should diminish the gender gap gradually by strengthening group collaboration.

Recently, Zhe Geng, a 2022 PhD graduate from SAIF, received a teaching offer from the School of Management of Fudan University. Two other PhD graduates, Xiaoming Li and Mingmei Liu, also received offers from the University of International Business and Economics and Jinan University, respectively. They all joined the tenure track. In fact, since Chinese universities have tried to implement the tenure track faculty system, most of the newly recruited professors are PhD graduates in relevant fields from famous overseas universities. So, what makes PhD students from SAIF stand out among so many Finance PhD returnees ? Zhe Geng said, “Thanks to the academic training and encouragement from my supervisors, Professors Jun Pan and Tan Wang, during my PhD, as well as the guidance from Professors Jiang Wang and Darrell Duffie, I was able to get the offer from Fudan University. I also want to express my gratitude to SAIF’s international cultivation model and the whole faculty team.” As for the three PhD graduates entering the tenure track of top universities in China this year, Nengjiu Ju (Professor of Finance, PhD Program Academic Director atSAIF) said, “It shows that SAIF PhD graduates basically have the strength to compete with PhD students from famous overseas universities at the same level. It also shows that SAIF PhD program has been recognized by peers.”

On April 14th, 2022, Elsevierreleased the list of Highly Cited Chinese Researchers 2021(the List). Two SAIF professors, Jun Pan and Ning Zhu, were named as Highly Cited Researchers in Applied Economics. The List was released by Elsevier, a globally renowned academic publication group. The List was based on Scopus, an authoritative citation and indexing database, as its statistical source and a methodology developed by Shanghai Ranking Consultancy. This year, Elsevier used updated data based on the first-degree disciplinary classification by the Ministry of Education (which covers 111 disciplines). Elsevier explained that it improves and depicts the research output of Chinese scholars scientifically and accurately, which helps to further study the citation performance of scholars. Meanwhile, more scholars with outstanding performance in subdivided fields have been introduced to the public. A total of 4,701 scholars from 523 universities, enterprises and research institutions are selected in the 2021 Highly Cited Chinese Researchers List, covering 10 subjects and 84 first-degree Disciplines of the Ministry of Education. 139 SJTU scholars are on the list, ranking the 4th among universities in the mainland. Faculty Profile Professor Jun Pan Jun Pan is currently a Professor of Finance and SAIF Chair Professor at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University. Prior to joining SAIF in 2019, she was the School of Management Distinguished Professor of Finance and Professor of Finance at MIT Sloan School of Management. Jun has a B.S. degree in Physics from Shanghai Jiao Tong University, a Ph.D. in Physics from New York University, and a Ph.D. in Finance from Stanford University. Professor Ning Zhu Ning Zhu is a Professor of Finance and Deputy Dean at the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. He is aGlobal leading expert on China's economy and financial system.Professor Ning Zhu is a faculty fellow at the Yale University and General Secretariat at the International Finance Forum. Previously, he was a chair professor at Tsinghua University and tenured professor of finance at University of California. He provides advising government agencies and corporations in the world and is frequently featured in global media. In addition to his academic research, Professor Zhu helps asset management companies in a wide range of capacities. He has published award-winning and best selling "China's Guaranteed Bubble" and "The Investors' Enemy". During his leave from the University of California in 2008-2010, he leads award-winning quantitative strategies and portfolio advisory teams at Lehman Brothers and Nomura.

On April 6th, 2022, QS (Quacquarelli Symonds) released its 12th World University Rankings by Subject. Shanghai Jiao Tong University (SJTU) ranked among the top 50 in the world in 6 disciplines. Three of these six disciplines were co-constructed by SAIF, including: Accounting and Finance, ranked 48th globally; Business and Management Studies, ranked 50th globally; and Economics and Econometrics, ranked 63rd globally — with all 3 disciplines ranked in the top 3 in mainland China. In addition, Statistics and Operations Research ranked 51st-100th in the world, and 4th in mainland China. The ranking conducted an independent comparative analysis of the performance across 51 disciplines and 5 academic fields of 15,200 universities globally. In QS Rankings by Subject 2021, a total of 93 universities from mainland China were listed, ranking 3rd in the world after the U.S. and the U.K in terms of the number of disciplines. One hundred disciplines of 22 universities in mainland China were ranked in the top 50 globally. QS World University Rankings by Subject is one of the four most authoritative global university rankings, along with Times High Education, U.S. News & World Report, and ShanghaiRanking. Unlike the Times and U.S. News rankings, which focus on comprehensive indicators (including academic conditions and funding), the QS and ShanghaiRanking emphasize academic reputation, research output, and impact. In the 2021 ShanghaiRanking’s Academic Ranking of World Universities released last year, in Finance, SJTU ranked 1st in mainland China and 55th in the world.

On February 25th, the Faculty and Staff Spring Semester Meeting was held at SAIF. Professor Shijun Cheng (Executive Dean), Professor Qigui Zhu (Secretary of the CPC SAIF Committee), Professor Jiang Wang (Executive Director, Chair of Academic Council at SAIF), and Professor Guangshao Tu (Adjunct Professor of SJTU, Executive Director of SAIF Board) delivered speeches. Nearly 200 SAIF professors and staff attended the meeting. Professor Shijun Cheng said that in 2022, SAIF needs to further develop and innovate with talent training, faculty training, think tank construction, resource expansion, internal management, and party construction. SAIF also needs to strive for breakthroughs in teaching and research, optimize resource allocation and management structure, and give full play to synergy efforts to enhance SAIF's core competitiveness. Professor Qigui Zhu said that in order to ensure the successful completion of the 14th Five-Year Plan and the key tasks of SAIF, we should continuously emphasize both quality and quantity in 2022. We must focus on key and difficult points, so as to comprehensively promote SAIF's agenda. Professor Jiang Wang pointed out that SAIF has entered version 2.0 of its development since the start of the Phase III Strategic Plan, which requires more effort to achieve higher standards and goals. SAIF will innovate, strengthen sustainable development, and enhance the functions of the Shanghai Municipal Government. In his concluding speech, Professor Guangshao Tu said that all faculty should further build upon their strengths and transform existing resources into developmental momentum for Shanghai, SJTU, and SAIF itself.

On February 14th, 2022, China issued a list of eligible universities for the second stage of its initiative to build top-class universities and assemble academic disciplines. Shanghai Jiao Tong University (SJTU) has been listed in 18 of the disciplines, including Industry & Business Administration which was co-constructed by SAIF. In this stage of the "Double First-Class"initiative of Industry & Business Administration, SJTU took Industry & Business Administration as the main construct, and three first-level disciplines as supporting elements, including Management Science & Engineering, Applied Economics, and Public Management. It was co-constructed by SAIF and its main research fields included: Enterprise Management, Data Science & Management Optimization, Accounting & Finance, Technological Innovation & Industrial Development, and Business Environment & Policy Innovation. In the first stage of "Double First-Class"initiative (2016-2020), SJTU achieved expected results in the construction of "Business and Management"(which will change into "Industry & Business Administration"in the second stage), with some of the tasks having been completed beyond expectations. It ranked A+ in the 4th round of discipline assessment by the Ministry of Education, and, of its five directions, ranked in the top 100 in the QS World University Rankings. Accounting & Finance, which was constructed mainly by SAIF, ranked in the top 50 globally and in the top three among mainland universities.