• CHANG, Chun

    Professor of Finance, Huifu Chair Professor

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  • Support Staff:

    Lucia Tong

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  • Research Interests

    Corporate Finance, Macro Finance, Economics of Organizations and Institutions.

Dr. Chun Chang is a Professor of Finance and Huifu Chair Professor at Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. Professor Chang has an extensive academic career, serving as the Executive Dean of SAIF from 2010 to 2021. Prior to joining SAIF, he was the Associate Dean and Professor of Finance at China Europe International Business School (CEIBS), holding the ABN AMRO Chair in Risk Management from 2004 to 2010. Before returning to China, Professor Chang taught at the Carlson School of Management at the University of Minnesota for 17 years.


Professor Chang is recognized as the first scholar from the People's Republic of China to become a finance professor at an American university. Additionally, he is the first scholar to return to China on a full-time basis after becoming a tenured finance professor at an American university.


Professor Chang's research interests encompass corporate finance, macro finance, economics of organizations, and institutions with recent attention to the issues related to offshore RMB financial system, data factor/data assets, and global macroeconomic policy paradigms. He has published over 30 high-standard international articles in prestigious journals such as the Journal of Finance, Review of Financial Studies, Review of Financial Studies, Journal of Economic Theory, Journal of Business, and Journal of Financial and Quantitative Analysis. He is the author of "Corporate Finance for Chinese Entrepreneurs" (2006) and "Corporate Finance" (2008). In 2009, he served as the team leader for the project "Supply Chain Finance," published by CEIBS and Shenzhen Development Bank.


Professor Chang received the Sun Yefang Financial Innovation Award in 2016 and the 8th Scientific Research Excellence Award of the Ministry of Education (Humanities and Social Sciences) in 2020. He has also presided over several key projects of the National Natural Science Foundation of China and received the SAIF Faculty Academic Research Award in 2018.


Professor Chang served as the President of the Chinese Economists Society and was the Executive Editor of the Chinese Economic Review, an authoritative international academic journal on China's economy, from 2004 to 2009.


At SAIF, Professor Chang offers courses on "Corporate Finance" and "Challenges of Corporate Finance and Management," blending theoretical knowledge with practical insights.

Journal Publications

1. Chang, Chun, Zheng Liu, Mark M. Spiegel and Jingyi Zhang, 2019, Reserve Requirements and Optimal Chinese Stabilization Policy, Journal of Monetary Economics.

2. Chang, Chun, Yao-Min Chiang, Yiming Qian, and Jay Ritter, 2017, Pre-market Trading and IPO Pricing, Review of Financial Studies.

3. Chang, Chun, Kaiji Chen, Daniel Waggoner, and Tao Zha, 2016, Trends and Cycles in China's Macroeconomy, Nber Macroeconomics Annual.

4. Chang, Chun, Zheng Liu, and Mark M. Spiegel, 2015, Capital Controls and Optimal Chinese Monetary Policy, Journal of Monetary Economics.

5. Chang, Chun, Guanmin Liao, Xiaoyun Yu, and Zheng Ni, 2014, Information from Relationship Lending: Evidence from Loan Defaults in China, Journal of Money, Credit and Banking.

6. Chang, Chun, Xin Chen, and Guanmin Liao, 2014, What are the Reliably Important Determinants of Capital Structure in China?, Pacific-Basin Finance Journal.

7. Chang, Chun, and Xiaoyun Yu, 2010, Informational Efficiency and Liquidity Premium as the Determinants of Capital Structure, Journal of Financial and Quantitative Analysis.

8. Chang, Chun, and Walid Y. Busaba, 2010, Bookbuilding vs. Fixed Price Revisited: The Effect of Aftermarket Trading, Journal of Corporate Finance.

9. Chang, Chun, John Boyd, and Bruce Smith, 2004, Deposit Insurance and Bank Regulation in a Monetary Economy: a General Equilibrium Exposition, Economic Theory.

10. Chang, Chun, and Xiaoyun Yu, 2004, Investment Opportunities, Liquidity Premiums and Conglomerate Mergers, Journal of Business.

11. Chang, Chun, Brian McCall, and Yijiang Wang, 2003, Incentive Contracting versus Ownership Reforms: Evidence from China’s Township-Village Enterprises, Journal of Comparative Economics.

12. Boyd, John, Chun Chang, and Bruce Smith, 2002, Deposit Insurance: A Reconsideration, Journal of Monetary Economics.

13. Chang, Chun, 2001, The Informational Requirement on Financial Systems at Different Stages of Economic Development: The Case of South Korea, China Economic Review.

14. Chang, Chun, and Yijiang Wang, 2000, Choosing between Up-or-Out and Spot Contracts: Human Capital Investment versus Job-Matching Considerations, Annals of Economics and Finance.

15. Chang, Chun, 1999, Capital Structure as Optimal Contracts, North American Journal of Economics and Finance.

16. Boyd, John H., Chun Chang, and Bruce Smith D., 1998, Moral Hazard under Commercial and Universal Banking, Journal of Money, Credit and Banking.

17. Wang, yijiang, and Chun Chang, 1998, Economic transition under a semifederalist government: The experience of China, China Economic Review.

18. Chang, Chun, and Yijiang Wang, 1996, Human Capital Investment under Asymmetric Information: the Pigovian Conjecture Revisited, Journal of Labor Economics.

19. Chang, Chun, and Yijiang Wang, 1995, A framework for understanding differences in labor turnover and human capital investment, Journal of Economic Behavior and Organization.

20. Chang, Chun, and Yijiang Wang, 1994, The Nature of Township-Village Enterprises, Journal of Comparative Economics.

21. Chang, Chun, 1993, Payout Policy, Capital Structure, and Compensation Contracts when Managers Value Control, Review of Financial Studies.

22. Chang, Chun, 1992, Capital Structure as an Optimal Contract between Employees and Investors, Journal of Finance.

23. Chang, Chun, and Yijiang Wang, 1992, Optimal Liquidation Rule and Debt in the Principal-Agent Model, Economics Letters.

24. Chang, Chun, 1990, The Dynamic Structure of Optimal Debt Contracts, Journal of Economic Theory.

Working Papers

1. Chun Chang and Xiaoming Li, 2020, Universal Banking and Optimal Financial Structure.

2. Chang, Chun, and Sen Li, 2019, Contract Coordination and Uninformative Transfer Prices as the Benefit and Cost of Vertical Integration.

3. Chang, Chun, and Huiyan Qiu, 2019, On the Popularity of and a Comparison of Convertible Preferred and Participating Preferred Equities in Venture Financing.

4. 张春,蒋一乐,仲文娜,董兵兵, 货币和财政政策动态关系演变及深层次原因 ——非常规政策的一个新理论框架.