• Jan 05, 2022 2021 Shanghai International Finance Center Development Forum Held
    On December 25th, the Shanghai International Finance Center Development Forum was held in Shanghai. It was co-organized by SAIF, China Media Group Shanghai Bureau (CMG Shanghai), Shanghai Xuhui District People's Government, and the Shanghai Finance Association (SFA). The theme of the forum was "The Construction of Shanghai as an International Finance Center in the New Development Pattern". Qing Wu (Executive Vice Mayor of Shanghai, Chairman of theSAIFBoard), Xiwei Jiang (Vice Director of CMG), Zhenbin Yang (Secretary of the CPC SJTU Committee, Vice Chairman of SAIF Board), and Liqiang Cao (Secretary of Shanghai Xuhui District Committee) attended the forum and delivered speeches. They shared the mutual efforts we have made on building Shanghai as an International Finance Center on the behalf of the Shanghai Municipal government, China Media Group, and SAIF. Guangshao Tu (Member of CPPCC, Adjunct Professor at SJTU, Executive Director at SIAF), and Penghui Jin (Deputy Director, Deputy Secretary of the CPC PBC Shanghai Headquarter Committee, President of PBC Shanghai Branch) attended the forum and jointly released the 2021 International Finance Center Development Report. Professor Tu said that Shanghai International Finance Center has developed a lot in recent years in terms of internationalization, green finance, fintech, innovation of listed companies, agglomeration of foreign institutions, credit environment and financial consumer rights. At the same time, he also pointed out that the functioning of the Shanghai financial markets still needed to be improved — for example, the return rate of the stock market. In addition, there's still room to improve the Shanghai financial development environment in terms of the financial system, financial talent, business environment, and urban ecology. On the theme of "The New Global Economic Pattern in the Post-Epidemic Era", some participants gave opening speeches. They included: Xiaochuan Zhou (Vice Chairman of Boao Forum for Asia, President of China Society for Finance & Banking), Qifan Huang (Former Mayor of Chongqing, Academic Advisor of the China Finance 40 Forum), Yanli Zhou (Member of CPPCC, Former Deputy Secretary of the CIRC Party Committee, Vice Chairman of the CIRC), Jianqing Jiang (Former President of the ICBC, President of the CEIBS Lujiazui Institute of International Finance), Vincent Keaveny (Mayor of the City of London, UK), Mervyn King (Alan Greenspan Professor of Economics at New York University, Former Governor of the Bank of England), and Jean Tirole (Director of the Institute of Industrial Economics at the University of Toulouse, France, 2014 Nobel Laureate in Economics). During the forum, guests delivered keynote speeches on the topics of "Shanghai International Finance Center Development and the 14th Five-Year Financial Plan", "Regional Economic Development and New Financial Service Pattern", among others. Professor Chun Chang (Executive Dean, Professor of Finance, Huifu Chair Professor at SAIF) reported on "Research on the Construction of RMB Offshore Financial System". In the discussion session, participants also focused on "The Future and Challenges of Financial Development"and "The Road to Green Development of International Finance Center". They shared forward-looking thoughts on the construction of Shanghai as an International Finance Center in the new pattern based upon their own backgrounds. The inauguration ceremony for the Shanghai International Finance Center Development Forum in Xuhui Binjiang and the signing ceremony between Xuhui District People's Government and various financial institutions was held during the forum. The Xuhui District has vigorously developed strategic emerging industries, and it has also optimized its business environment to become a better partner for financial institutions.
  • Jan 03, 2022 SAIF-ICBC 2021 Entrepreneur Financial Well-being Index Released
    On December 22nd, the Entrepreneur Financial Well-being Index Report (Report) was released online by SAIF and ICBC Private Banking. Professor Guangshao Tu (Adjunct Professor at SJTU, Executive Director at SAIF) served as the academic director and delivered a speech at the report release ceremony. Combining the efforts of the top think tank and the "national team"of financial institutions, both sides were able to use their academic and practical advantages together to propose a management model to assess the financial well-being of entrepreneurs. This is of great significance to the field of wealth management. An energetic group of enterprises and entrepreneurs are key elements in building a new development pattern in China today. This Report comprehensively reviews the financial well-being status of the entrepreneur group. It makes practical suggestions to help entrepreneurs effectively manage their business through a financial well-being management system. At the same time, the Report provides data support and market feedback for regulators'policy formulations. It helps to promote the transformation of residents'wealth into social-friendly capital and to ensure the healthy development of the wealth management industry. The Report interviewed 1,223 entrepreneurs who were private banking clients, of which 39% were from the manufacturing industry, 12% were from the real estate industry, and 10% were from the wholesale and retail industries. The majority of the clients (70% ) had assets of more than 50 million RMB, and 65% were between the ages of 40-59, with a geographical coverage of 30 provincial administrative regions and subordinate cities. Drawing upon advanced foreign models, the Report simplified a large number of theoretical studies and divided the wealth management system of Chinese private entrepreneurs into four dimensions. By weighting adjustment simulations, it formed a quantifiable assessment system to help entrepreneurs effectively manage their companies, finances, and family assets through a financial well-being management system. According to the Report, the overall 2021 ICBC Entrepreneurial Financial Well-Being Index scored 75, reflecting the good overall financial well-being of Chinese entrepreneurs. Among the other indices, Confidence in Family Business Development scored 82, which was the highest among the four sub-indices. Family Business Well-Being scored 62, which was the lowest, indicating that private enterprises face greater challenges in transformation, upgrading, and inheritance arrangements. Financial Assets Well-Being scored 77, indicating that entrepreneurs'family wealth is healthier than corporate wealth. And lastly, Family Governance Well-Being scored 68, indicating that there is still space for improvement in family internal governance. In the future, SAIF will continue to pay attention to the wealth management of entrepreneurs, to their family businesses, and to their enterprise development. It will provide more research and education support for the wealth management industry — thus helping entrepreneurs to improve their financial well-being.
  • Dec 15, 2021 New Finance Advanced 2021 Workshop Held in Nanjing Jiangbei New Area
    From November 15th to November 19th, the Jiangbei New Area New Finance Advanced Workshop was held in Nanjing Jiangbei New Area. The workshop was jointly launched by the SAIF Fintech Innovation Base (Nanjing Jiangbei New Area Campus), the Party-Masses Department, and the CBD Construction and Management Office at Jiangbei New Area. It was aimed at strengthening fintech talent in the Nanjing Jiangbei New Area and helping build a new, first-class finance center in China. On November 15th, the opening ceremony was held and was presided over by Professor Jie Hu (Professor of Practice, Director of Fintech Innovation Base at SAIF Jiangbei New Area Campus). Qun Luo (Deputy Secretary of the Party Working Committee of Jiangbei New Area), Zhong Wang (Deputy Dean at SAIF), Guanghui Chen (Director of the Comprehensive Management of Administration Committee at Jiangbei New Area), Xiaorong Wang (Director of the Party-Masses Department at Jiangbei New Area), and Jianpeng Chen (Secretary of Jiangbei CBD Party Working Committee) were also present. Qun Luo delivered a speech at the opening ceremony on behalf of the Jiangbei New Area. He said that new finance in the Jiangbei New Area had been groundbreaking in the past few years, forming a new finance system with fintech, digital finance, free trade finance, green finance, and inclusive finance as its core. This workshop aimed to develop the finance acumen of officials in the Jiangbei New Area, in order to improve their capabilities for enterprises in the chip, gene, and new finance industries. He hoped it would help create a beneficial development environment — with active innovation and entrepreneurship favored by capital markets. Zhong Wang pointed out in his speech that since the establishment of the SAIF Financial Technology Innovation Base (at the Nanjing Jiangbei New Area Campus) in the CBD in 2020 by SAIF and the Jiangbei New Area Administration Committee, the two sides had achieved a series of remarkable achievements through the deep cooperation. SAIF has top-class faculty in China, Asia, and worldwide which provide innovative ideas, solutions, products, and technologies to aid in the development of China's modern finance market. He also mentioned that SAIF was willing to expand its cooperation with the Jiangbei New Area to support and participate in the economic development of the Jiangbei New Area, in all aspects. During the opening ceremony, Professor Jie Hu introduced the course system and learning methods to all the participants and encouraged them to study hard. He hoped that participants would use their earned knowledge in their future work. The 5-day workshop was held in a combined online and on-site format, and the participants were excellent front-line representatives from various organs, units, and enterprises recommended by the Party-Masses Department of the Jiangbei New Area, with a total of 45 participants. The course given by SAIF professors and industry experts combined theoretical and practical lectures together. It introduced leading international financial research concepts and models from the most pioneering perspectives, and analyzed relevant policies and applied theories on China's financial reform and development. The courses of this workshop effectively integrate international and local, historical and modern issues, showing profundity, thoughtfulness, and cultural sensitivity. The courses include: "Principles of Finance and Financial Systems in China and Beyond", "Fintech and Innovation", and "Blockchain Principles and Applications"by Professor Jie Hu; "Green Finance"by Professor Tzu-Kuan CHIU; "Multi-level Capital Market Construction"by Professor Hong Yan; "Fintech: Development Trends and Shanghai Practices"by Professor Feng Li; "Global Economic and Financial Changes and China's Countermeasures under the Great Change"by Professor Chun Chang; and "Financial Regulations and Supervision in China"by Professor Duoqi Xu. Through masterful teaching in different styles, their conveyed professional knowledge and colorful experiences had a strong impact upon every participant. To deepen understanding, and better interact with professors and peers, a discussion session was set into each course. Participants conveyed that they had benefited from this workshop and would apply financial knowledge gained to further promote financial development for the Nanjing Jiangbei New Area. On November 19th, the closing ceremony was held. Professor Zhong Wang delivered an online speech. He expressed his sincere respect to the leaders of the Jiangbei New Area who have been supporting SAIF, congratulated the participants, and expressed his gratitude to all the staff. He emphasized that this workshop was an expansion of the cooperation between SAIF and the Jiangbei New Area in order to build a new series of brand activities for "Yangtze River New Finance". SAIF would cooperate closely with the Jiangbei New Area in multiple dimensions to cultivate talent in the finance field. In the future, with the development of regional construction and industrial development reforms, SAIF would also use its resource channels to support economic and social development for the Nanjing Jiangbei New Area.
  • Dec 10, 2021 Salary of SAIF FMBA 2021 Graduates Hits High
    Recently, SAIF released the Employment Report of the Full-time Financial MBA (FMBA) Graduates in 2021. The report showed that, the "Finance +"multidisciplinary FMBA graduates have been recognized and favored by the market. Nearly 80% of the graduates chose to work in the finance industry, and another 20% chose to join real enterprises or government/regulatory institutions. Their salaries and positions have significantly increased compared against those before enrollment. About 64% of the graduates have an annual starting salary of RMB 300,000 or more. As China's first financial MBA program, the SAIF FMBA Program has been highly recognized by the industry for its world-leading financial education system and outstanding teaching. Graduates have continued to gain great favor from financial institutions and enterprises. This year, 36 FMBA graduates had an average starting salary of RMB 362,000 (up 25.8% and 49.9% over figures from 2020, and before enrollment, respectively), with the median being RMB 300,000 (an increase of 7.1% and 50% over figures from 2020, and before enrollment, respectively). Aimed at fostering industry leaders with modern financial expertise, the SAIF FMBA Program is committed to training a community of financial talent with local influence and international competitiveness. Entrepreneurs and professional managers with an industry background, a financial mindset, and an innovative spirit are also welcomed to join. Statistics show that in this intake, before joining SAIF, 67.6% of the FMBA graduates came from the financial sector and 32.4% came from non-financial industries. After two years of systematic education and training through the SAIF FMBA Program and guidance from the Career Development Center (CDC), their professionalism, skills, and global outlook have been strengthened. They have a clearer understanding of their ability and have the wherewithal to combine their interests and personal characteristics to find a more suitable career path for themselves. According to the recent statistics, 79.4% of this year’s FMBA graduates preferred the finance industry and 14.7% were engaged in the technology and medical industries. Compared to past years, this year's graduates chose to enter more diversified industries, with asset management and securities being the two main industries that attracted them — 38.2% of the students entered asset management institutions and 29.4% were engaged in brokerage firms. The employers included leading brokerage firms and well-known institutions in China, such as: China International Capital Corporation, Huatai United Securities, Guotai Junan Securities, China Renaissance, Yunqi Partners, and China Asset Management. Many graduates joined government-guided funds, industrial funds, and emerging technology enterprises, such as: Shanghai Pudong Technology Investment, Shanghai Semiconductor Equipment & Material Investment Management, Beijing Yuanxin Technology Group, and Kingstar. The Shanghai Stock Exchange, the Securities Association of China, and other regulatory bodies have also attracted MBA graduates. In terms of functions, investment and research positions are the most popular categories among this year's SAIF FMBA graduates, accounting for 32.4% and 20.6% respectively. In addition, strategic investment/planning and sales/trading both represent 11.8%. Another 5.9% of graduates chose to be management trainees. In 2008, SAIF launched the first FMBA Program (Finance Track). The program integrates top educational resources globally, comparable to the finance curriculum of the MIT Sloan Business School, the Wharton Business School, and other top international business schools. It also focuses on Chinese economic and financial development, covering basic finance, professional finance, and management courses.
  • Dec 08, 2021 SAIF Professor Jun Pan Made Editor at the Review of Finance
    Recently, Professor Jun Pan (Chair Professor at SAIF) joined the Review of Finance (a leading international journal in the field of finance) as the journal editor for a three-year term starting in January 2022. The Review of Finance (RF), founded by the European Finance Association (EFA), is a renowned global journal that publishes the most cutting-edge and influential academic financial research. It is also the only top international journal that places China's finance at the same level of significance as world finance. As China's influence on the world economy and finance grows, the RF made an important strategic decision — to enhance its research focus on China's financial markets. This coincided with Professor Jun Pan's main research after she resigned from MIT and returned to China in 2019. RF provided a great avenue for the frontier academic financial research in China to spread around the world and it also creates a window for the world to better understand China's economy and finance. After returning to China, Professor Jun Pan focused her research upon finance in China, including Fintech, and China's debenture market. She finished many papers, in collaboration with her Ph.D. students and young professors at SAIF. It was because of Professor Pan's strong academic research reputation and her continuous voice for China's finance on the world stage that she stood out in this global selection of journal editors. Professor Pan has always attached great importance to the research on China's economy and finance. She hoped to take this opportunity to increase the voice of Chinese scholars on the international stage — enabling more overseas scholars to gain access to research on China's economy and finance. Prior to joining SAIF in 2019, Professor Jun Pan was the School of Management Distinguished Professor of Finance and Professor of Finance at the MIT Sloan School of Management, and she was also a research associate at the National Bureau of Economic Research. Her work has appeared in Econometrica, Journal of Finance,Review of Financial Studies,Journal of Financial Economics, among other leading academic journals and she once worked as the subeditor at the Review of Finance. She has also won many honors and achievements, including: Best Paper at the China International Conference in Finance (2021), The Stephen A. Ross Prize in Financial Economics (2015), First Prize in the Chicago Quantitative Alliance Annual Academic Competition (2003), the Distinguished Alumni Award at Western Illinois University (2001), the Lieberman Fellowship at Stanford University (1998-99), the Jaedicke Award Scholar at Stanford University (1996-97), and the Luise Meyer-Schutzmeister Award for American Women in Science (1995).
  • Dec 07, 2021 Shanghai Municipal SASAC and SAIF Sign 2021 Strategic Agreement
    On November 2nd, the signing ceremony for the strategic cooperation framework agreement between the Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC) and SAIF was held. Professor Guangshao Tu (Adjunct Professor at SJTU and Executive Director of the SAIF Board) and Dinghui Bai (Secretary of the Shanghai SASAC Committee) attended the ceremony and gave speeches. Jie Kang (Deputy Director of Shanghai SASAC) and Professor Chun Chang (Professor of Finance, Huifu Chair Professor, Executive Dean at SAIF) signed the strategic cooperation agreement on behalf of both sides. Chiefs of relevant departments for both sides also attended the signing ceremony. Tinghui Bai said that this strategic cooperation would set a good example for the SASAC and state-owned enterprises to introduce professional foreign talent, achieve sustainable development of talent, and comprehensively promote resource sharing and complementary advantages. Professor Tu said that Shanghai Municipal SASAC had made inspiring achievements in reform, development and innovation. SAIF is an international finance institute established to cultivate professional talent and set up research platforms for the Shanghai International Finance Center by the Shanghai Municipal Government. He hoped that both sides could further deepen cooperation on cultivating talent, issue research, and establishing platforms.
  • Dec 06, 2021 SAIF and BOC FINTECH Signed 2021 Strategic Cooperation Agreement
    On November 18th, the signing ceremony for the strategic cooperation agreement between SAIF and the Bank of China Financial Technology Company Limited (BOC FINTECH) was held at SAIF. Professor Jiang Wang (Chair of the Academic Council at SAIF; Mizuho Financial Group Professor at Sloan School of Management, MIT), Professor Chun Chang (Executive Dean, Professor of Finance, Huifu Chair Professor at SAIF), Professor Xianglin Li (Professor of Practice, MF Program Academic Co-Director, Associate Director of CAFR), Xiaochun Liu(Associate Director of CAFR), Guiwei Xing (Chairman of BOC FINTECH), Puyu Shi (Vice President of BOC FINTECH), Chaoyang Guo (General Manager of Financial Business Department and Innovation Research Center at BOC Fintech), and representatives from BOC FINTECH attended the ceremony. Both sides discussed details and future cooperation points during the ceremony. The ceremony was presided over by Professor Xiaochun Liu. Professor Chun Chang delivered a welcome speech and expressed thanks to all the guests present from BOC FINTECH. He believed that with the rapid development of cutting-edge technology, fintech and digital transformation are both opportunities and challenges for the finance industry. An in-depth discussion on how to integrate academic research and practice is therefore necessary. He emphasized that the strategic cooperation between SAIF and BOC FINTECH would provide leading business management experience for the digital transformation of financial institutions and the development of the fintech industry, and also contribute to the reform and development of China’s finance industry. GuiWei Xing delivered a speech on behalf of BOC FINTECH, saying that as a pioneer of domestic banking financial technology development, BOC FINTECH had always adhered to the precept of "Take technology as the core, use innovation as the engine". BOC FINTECH has also improved the quality and efficiency of financial services by constructing radiating capacity for financial technology services in major regions. He believed that, as the top domestic finance school, SAIF had a world-class faculty team. Although established for only 13 years, SAIF was already a leader in Asia and was world-renowned in academic research and talent cultivation. Xing expressed that, in the future, both sides would cooperate comprehensively with both macro policy and applied practice. Afterwards, Professor Chun Chang and Puyu Shi signed the strategic cooperation agreement on behalf of both sides, as witnessed by Professor Jiang Wang and Guiwei Xing. During the discussion session, the two sides focused on future cooperation opportunities, including: research platform co-construction, study base projects, and joint talent cultivation.
  • Dec 02, 2021 PBC (Shanghai) and SJTU Promote Shanghai as an International Finance Center
    On October 25th, 2021, the People's Bank of China Shanghai Head Office (PBC Shanghai) and Shanghai Jiao Tong University (SJTU) renewed the strategic cooperation agreement to provide strong intellectual support for the construction of Shanghai as an International Finance Center. Hui Sun (Member of the CPC PBC Shanghai Committee, Deputy Director at PBC Shanghai), Weiming Wang (Deputy Secretary of the CPC SJTU Committee, Vice President at SJTU) and other leaders and experts from SJTU and PBC Shanghai attended the signing ceremony. Hui Sun delivered a welcome speech on behalf of the PBC Shanghai head office. He pointed out that PBC Shanghai had attached great importance to research over the years, and had achieved fruitful results through cooperation with SJTU. He hoped that both sides would make joint efforts on building Shanghai as an International Finance Center, promote green finance reform and innovation, and enhance the monitoring of international economic and financial risks. Professor Weiming Wang delivered a speech on behalf of SJTU. He pointed out that SJTU has been developing steadily towards becoming a comprehensive, innovative, and international university with the advantages of multiple disciplines. Moreover, the rapid development of SJTU SAIF couldn't have been achieved without the strong support from PBC Shanghai. In 2010, SAIF took the lead in launching a strategic cooperation between SJTU and PBC Shanghai. The renewal of the agreement was not only a recognition of productive partnership over the years, but also a milestone for the deepening and upgrading of the cooperation between the two sides. Afterwards, Hui Sun and Weiming Wang signed the strategic cooperation agreement on behalf of PBC Shanghai and SJTU respectively. Both sides will continue to jointly carry out various model development and subject research, release and publish the International Finance Center Development Report every year, and cultivate talent. After the signing ceremony, scholars and experts discussed the topic of "2035 Shanghai International Finance Center Construction"and shared their suggestions. The discussion session was chaired by Professor Qigui Zhu (Secretary of the CPC SAIF Committee). Other participants included: Professor Chun Chang (Executive Dean, Professor of Finance at SAIF), Professor Xiaochun Liu (Associate Director of CAFR), Professor Jie Hu (Professor of practice at SAIF, Director of Financial Technology Innovation Basement at SAIF Nanjing Jiangbei New District), Professor Yingli Pan (Professor at Antai College of Economics and Management, Director of Center for Modern Financial Research at SJTU), and Yu Shao (Chief Economist at Orient Securities).
  • Dec 02, 2021 Yangtze River Delta REITs Seminar Held in Shanghai
    Between October 18th and October 20th, 2021, as publicly traded REITs have started again for a second time, the Yangtze River Delta Publicly Traded REITs Seminar was held at SAIF with the help of SAIFR and the Shanghai Stock Exchange (SSE). The purpose of the seminar is to promote the development and implementation of publicly traded REITs projects in the Yangtze River Delta. More than 70 participants from 40 institutions attended the conference, including companies, brokerages, funds and investors who intend to participate in publicly traded REITs. The conference was academically guided by SAIF and was co-organized by the China Securitization Forum, China Merchants Securities, and King & Wood Mallesons. The two-day seminar was presided over by Fangwei Wu (Deputy Director of SAIFR, Secretary General of China Securitization Forum) and Yun Zhu (Executive Secretary of China Securitization Forum). Professor Hong Yan (Deputy Dean for Faculty and Research at SAIF, Vice Chairman of the China Securitization Forum Board) and Professor Feng Li (Co-Director of SAIFR) attended the opening ceremony. During the seminar, participants from different areas shared their views on publicly traded REITs. Wenxuan Xiao (Regional Head of the Bond Department at SSE), Yaping Wu (Expert of Investment Research Institute at National Development and Reform Commission, and Guilian Luo (Chief Expert of Investment and Financing Center at Shanghai State-owned Capital Operation Research Institute) gave speeches on "the general situation and project review of the first pilots", "key points and operational suggestions on the asset side", and "transformation of the investment and financing model of the original equity holders", respectively. Others shared their experiences and suggestions on participating in the first pilots for publicly traded REITs. They included: Li Min (Deputy General Manager of the Finance Management Center of Capital Group), Minsi Wang (Deputy Director/Head of Asset Securitization of GLP), Cheng Wang (Head of REITs Business of CICC), Shi Qiu (Head of REITs Group of CITIC Securities), Yue Cao (General Manager of Fullgoal Asset), Zhiguo Feng (Tax Partner of KPMG China), Fushen Chen (Partner of King & Wood Mallesons), Yang Zhi ( Director/Head of Asset Securitization Business of Valuation Department of DTZ), and Kangjia Ni (Head of REITs Business of Investment Banking Committee of China Merchants Securities). On the morning of the 20th, the closed seminar was held. Professor Hong Yan (Deputy Dean for Faculty and Research at SAIF), Dongxing Duan (Deputy General Manager of the Bond Department of SSE), Qi Zhao (Senior Manager and Head of REITs Business of SSE), Cen Chang (Deputy Director of the Finance and Economics Department of Shanghai Municipal Development & Reform Commission) and other participants attended the seminar. Some representatives expressed their views on "the latest policy changes of Document No.958", "key points of the compliance review of infrastructure projects", "reflections on publicly traded REITs in 5A scenic spots", "reflections on banks","participation in publicly traded REITs", "problems in publicly traded REITs in the exhibition industry", "publicly traded REITs for protected housing" and other related issues. They also provided policy consultation on problems encountered during the operation of new energy generation projects, indemnificatory housing projects, and non-government business projects. Cen Chang said that Shanghai Municipal Government and Shanghai Development and Reform Commission actively supported publicly traded REITs. Chang interpreted Shanghai’s supporting policies and encouraged institutions to actively explore high-quality local assets and enterprises in other regions for the issuance of publicly traded REITs through the SSE. Representatives of SSE introduced relevant work in the pilot promotion of publicly traded REITs, analyzed problems that commonly exist in this phase, and urged all parties to communicate and cooperate further in the joint promotion of healthy development for the REITs market.
  • Dec 01, 2021 Pagano and Zechner 2021 Prize Won by Professor Xiaoyun Yu
    Recently, the paper "The Externalities of Corruption: Evidence from Entrepreneurial Firms in China"was awarded the 2021 Review of Finance Pagano and Zechner Prize, as announced by the European Finance Association (EFA). It was co-authored by Professors Xiaoyun Yu (Professor of Finance; SAIF), Mariassunta Giannetti (Professor of Finance; Stockholm School of Economics), Liao Guanmin (Professor of Accounting; School of Business, Renmin University), and Jiaxing You (Professor, School of Management, Xiamen University). The Review of Finance Pagano and Zechner Prize was established by the EFA to laud the best non-investment paper published in EFA's journal, the Review of Finance. This was the first time that the award had been given to a paper focusing on corporate finance in China, which was based entirely on data from Chinese companies.