• CHANG, Chun

    Professor of Finance, Huifu Chair Professor

  • Email:



  • Support Staff:

    Lei Tao

  • Support Staff Email:

  • Research Interests

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

Chun Chang is a Professor of Finance and Huifu Chair Professor at Shanghai Advanced Institute of Finance (SAIF). From 2010 to 2021, Professor Chang acted as Executive Dean of SAIF. Prior to joining SAIF, Professor Chang was Associate Dean and Professor of Finance, ABN AMRO Chair in Risk Management, at China Europe International Business School (2004-2010). Before returning to China, Professor Chang has taught at Carlson School of Management, University of Minnesota, for 17 years. Professor Chang is the first who came out of People's Republic of China to be a finance professor in an American university. He is also the first scholar to return and work in China on a full time basis after becoming a tenured finance professor in an American university.

Professor Chang's current research interests are corporate finance, macro finance, economics of organizations and institutions. He published the book Corporate Finance for Chinese Entrepreneurs in 2006 and Corporate Finance in 2008. In 2009, Supply Chain Finance was published by a project team of CEIBS and Shenzhen Development Bank, in which he served as the team leader. His publications appear in Journal of Economic Theory, Journal of Finance, Review of Financial Studies, Journal of Monetary Economics, Journal of Business, Journal of Financial and Quantitative Analysis etc. Most notably, Professor Chang's research paper, "Capital Controls and Optimal Chinese Monetary Policy", published in Journal of Monetary Economics has just recently been awarded Sun Yefang Financial Innovation Award (2016). Professor Chang served as the President of the Chinese Economists Society. From 2004 to 2009, he was also the Executive Editor of Chinese Economic Review, the authoritative international academic journal on China's economy.

Professor Chang offers courses on Corporate Finance, Introduction of Research Methods, Challenges of Corporate Finance and Management.

Professor Chang received his Ph.D. in Managerial Economics and Decision Sciences from Kellogg Graduate School of Management, Northwestern University in 1987.

Journal Publications

1. 郭澄澄, 张春, 夏琦, 2022, 多层次资本市场对科技创新的作用机制研究——来自中国A股市场企业的经验数据, 华东经济管理

2. 张春, 2022, 人民币离岸金融体系建设的发展思路, 金融博览

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

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

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

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.