教授简介：

曹辉宁教授现任长江商学院金融学教授、研究院主任，以及美国财务学会会员，曾任教于加州大学伯克利分校、北卡罗来纳大学Chapel Hill分校。

主要研究领域

主要集中在投资组合管理、 期权定价、资产定价、市场微观结构、国际财务等。

学术成就

在过去几年中，曹博士在国际著名期刊Journal of Finance、Review of Financial Studies、Journal of Financial Economics发表多篇论文，并被大量引用；曾两次获得Journal of Finance的最佳论文提名(1998年和2000年)；曾获Northern Finance Association评选的新兴市场领域最佳论文奖；曾获Western Finance Association 评选的最有投资价值的最佳论文奖；在2004中国金融国际年会上获得最佳论文三等奖；任Annals of Economics and Finance的编委会成员及International Financial Review和China Financial Review的主编。

主要学术成果

PUBLICATIONS

1.  “How Does Competition Affect Exploration vs. Exploitation? A Tale of Two Recommendation Algorithms.”, H. H. Cao, Liye Ma, Eddie Ning and Baohong Sun, Management Science, forthcoming.

2.   "Disclosure, Learning and Coordination," H. H. Cao, Y. Ma, Dongyan Ye, 2022, Quarterly Journal of Economics and Management, Vol. 1.

3. “Transaction risk, derivative assets, and equilibrium.” H. H. Cao, and Dongyan Ye. Quarterly Journal of Finance, 6.01 (2016): 1650001.

4. “Taking The Road Less Traveled By: Does Conversation Eradicate Pernicious Cascades?” with Hirshleifer, D., Journal of Economic Theory, Vol.146, July 2011.

5. “Fear of The Unknown: The Effects of Familiarity on Financial Decisions,” H. H. Cao, Bing Han, David Hirshleifer and Harold H. Zhang, Review of Finance, 2011,15 (1): 173-206.

6. “Portfolio Performance Measurement: A No Arbitrage Bounds Approach,” with Dong-Hyun Ahn, H. H. Cao and Stephane Chretien, European Financial Management，2009, 15 (2):298-339.

7. “Differences of Opinion of Public Information and Speculative Trading in Stocks and Options,” H. H. Cao and Hui Ou-Yang, Review of Financial Studies, 2009, 22(1):299-335; Won the third place best paper award at 2004 CIFC and best paper award most relevant to practitioners at 2005 WFA.

8. “Inventory Information,” H. H. Cao, Martin Evans and Rich Lyons, Journal of Business, 2006, 79：325-364.

9. “Model Uncertainty, Limited Market Participation and Asset Prices,” H. H. Cao, Tan Wang and Harold H. Zhang, Review of Financial Studies, 2005，1219 - 1251.

10. “The Dynamics of International Equity Market Expectations,” Michael J. Brennan, H. H. Cao, Norman Strong and Xinzhong Xu, Journal of Financial Economics, 2005，257-288

11. “Product Strategy for Innovators in Markets with Network Effects,” Sun, B., Xie, J. and H. H. Cao, Marketing Science,2004, 243-254.

12. “Sidelined Investors, Trading-Generated News, and Security Returns,” H. H. Cao, J. Coval and D. Hirshleifer, Review of Financial Studies, 2002, 15, 615-648. 2011, 1418-36.

13. “Imperfect Competition Among Informed Traders,” K. Back, H. H. Cao and G. Willard, Journal of Finance, 2000, 5, 2117-2155. Nominated for Smith-Breeden Prize.

14. “The Effect of Derivative Assets on Endogenous Information Acquisition and Price Behavior in a Rational Expectations Equilibrium,” H. H. Cao, Review of Financial Studies, 1999, 12, 131-163.

15. “International Portfolio Investment Flows,” Michael J. Brennan and H. H. Cao, Journal of Finance, 1997, 52, 1851-1880, Nominated for Smith-Breeden Prize. Best paper award in emerging market research at NFA. Reprinted in International Library of Critical Writings in Financial Economics, Edited by Richard Roll.

16. “Information, Trade, and Derivative Securities,” Michael J. Brennan and H. H. Cao, Review of Financial Studies, 1996,9, 163-208. 

OTHER PUBLICATIONS

1. “A Subdomain in the Transmembrane Domain Is Necessary for P185neu* Activation,” H. N. Cao, L. Banglore L, B. J.Bormann, D. F. Stern. EMBO Journal, 11 (3): 923-932 MAR 1992.

2. “An Extra Cysteine Proximal to the Transmembrane Domain Induces Differential Cross-Linking of P185(neu) and P185*(neu*),” H. N. Cao, L. Banglore, C. Dompe, B. J. Bormann, D. F. Stern, Journal of Biological Chemistry, 1992, 267 20489-20492.

3. “TPA Inhibits the Tyrosine Kinas-Activity of the Neu Protein In Vivo and In Vitro,” H. N. Cao, S. DECKE, D. F.STERN, 1991, Oncogene, 6 705-711.

4. “Oncogenic Activation of P185new Stimulates Tyrosine Phosphorylation in Vivo,” D. F. Stern, M. P. Kamps, H. Cao, Molecular and Cellular. Biology, 1988, 8 3969-3973.

5. “Cell-Surface Expression of a Membrane-Anchored Form of the Human Chorionic-Gonadotropin Alpha-Subunit,” J. L.Guan, H. Cao, J. K. Rose, Journal of Biological Chemistry, 1988, 263 5306-5313.

6. “Effects of Altered Cytoplasmic Domains on Transport of the Vesicular Stomatitis-Virus Glycoprotein Are Transferable to Other Proteins,” J. L. Guan, A. Ruusala, H. Cao, J. K. Rose, 1988, Molecular and Cellular Biology, 8 2869-2874.