斯坦福大学金融学博士
长江商学院金融学教授、杰出院长讲席教授
学术高级副院长

教授简介：

王能博士是长江商学院金融学教授、杰出院长讲席教授、学术高级副院长，美国国民经济研究局（NBER）高级研究员，亚洲金融经济研究局（ABFER）高级研究员，国际货币基金组织（IMF）访问教授。 

王能博士1973年出生于安徽省马鞍山市当涂县，1992年毕业于南京大学少年班物理化学专业, 1995年获得加州理工学院化学硕士学位，1997年获得加州大学圣地亚哥分校国际关系及亚太研究硕士学位，2002年获得美国斯坦福大学商学院金融学博士学位。2002-2004年任教于美国罗切斯特大学商学院。自2004年任教于哥伦比亚大学，于2007年被破格提升为终身，讲席，正教授，时为哥伦比亚大学商学院最年轻的终身讲席正教授。2008-2011年曾任哥伦比亚大学商学院金融系主任。

王能博士的研究领域广泛，包括公司金融学，资产定价理论，宏观经济学，货币银行学，金融科技，消费金融学，创业金融学，金融机构，国际金融学，等。

王能博士以理论紧密结合实践的方式讲授MBA，EMBA，金融硕士及博士生课程，其中包括高级公司金融理论，高级资产定价理论，宏观经济学理论，创业金融学及私募股权，房地产金融，固定收益证券及市场，金融机构和风险管理等。

主要研究领域

公司金融学，资产定价理论，宏观经济学

学术成就

他在金融学领域取得了突出的学术成就，多篇学术论文发表在国际顶级金融学与经济学期刊上， 担任过《管理科学》(Management Science), 《金融学杂志》(Journal of Finance)等国际顶级商学金融学及经济学杂志的主编和编委，也多次获得金融学领域的学术荣誉奖（如美国亚利桑那州立大学杰出金融学者奖和《金融学杂志》的Smith-Breeden杰出论文奖）。

主要学术成果

Published and Accepted Papers

1. Dynamic trading with realization utility, with Min Dai and Cong Qin, Journal of Finance, forthcoming
2. A p Theory of Taxes and Debt Management, with Wei Jiang, Thomas J. Sargent, and Jinqiang Yang, Journal of Finance, forthcoming
3. Dynamic Banking and the Value of Deposits, with Patrick Bolton, Ye Li, and Jinqiang Yang, Journal of Finance, forthcoming.
4. The marginal value of cash: corporate savings, investment, and financing, with Patrick Bolton and Hui Chen, Annual Review of Financial Economics, (2024),  https://doi.org/10.1146/annurev-financial-111021-103759
5. A q theory of internal capital markets, with Min Dai, Xavier Giroud, and Wei Jiang, Journal of Finance, 79(2), 1147-1197, (2024), https://doi.org/10.1111/jofi.13318
6. Managing government debt, with Wei Jiang, Thomas J. Sargent, and Jinqiang Yang, Proceedings of the National Academy of Sciences, 120(11), (2024), https://www.pnas.org/doi/epdf/10.1073/pnas.2318365121
7. The endowment model and modern portfolio theory, with Steve Dimmock and Jinqiang Yang, Management Science, 70(3), 1554-1579, (2024), https://doi.org/10.1287/mnsc.2023.4759 
8. Mitigating Disaster Risks in the Age of Climate Change, with Harrison Hong and Jinqiang Yang, Econometrica,  91(5), 1763–1802, (2023), https://doi.org/10.3982/ECTA20442
9. Welfare Consequences of Sustainable Finance, with Harrison Hong and Jinqiang Yang, Review of Financial Studies, 36, 4864–4918, (2023), https://doi.org/10.1093/rfs/hhad048
10. Rare disasters, financial development, and sovereign debt, with Sergio Rebelo and Jinqiang Yang, Journal of Finance, 77(5), 2719-2764, (2022), https://doi.org/10.1111/jofi.13175
11. Tokenomics and platform finance, with Lin William Cong and Ye Li, Journal of Financial Economics, 144, 972-991, (2022), https://doi.org/10.1016/j.jfineco.2021.10.002
12. Earnings growth and the wealth distribution, with Thomas J. Sargent and Jinqiang Yang, Proceedings of the National Academy of Sciences, 118(15), (2021), https://doi.org/10.1073/pnas.2025368118
13. Implications of stochastic transmission rates for managing pandemic risks, with Harrison Hong and Jinqiang Yang, Review of Financial Studies, 34(11), 5224–5265, (2021), https://doi.org/10.1093/rfs/hhaa132
14. Tokenomics: Dynamic adoption and valuation, with Lin William Cong and Ye Li, Review of Financial Studies, 34(3), 1105-1155, (2021), Editor’s Choice (lead article) https://doi.org/10.1093/rfs/hhaa089
15. Investment under uncertainty with financial constraints, with Patrick Bolton and Jinqiang Yang, Journal of Economic Theory, 184, 1-58, #104912, (2019) https://doi.org/10.1016/j.jet.2019.06.008
16. Optimal contracting, corporate finance, and valuation with inalienable human capital, with Patrick Bolton and Jinqiang Yang, Journal of Finance, 74, 1363-1429, (2019)
17. Investment, Tobin’s q, and interest rates, with Xiaoji Lin, Chong Wang, and Jinqiang Yang, Journal of Financial Economics, 130, 620-640, (2018)
18. Optimal consumption and savings with stochastic income and recursive utility, with Chong Wang and Jinqiang Yang, Journal of Economic Theory, 165, 292-331, (2016)
19. Dynamic investment, capital structure, and debt overhang, with Suresh Sundaresan and Jinqiang Yang, Review of Corporate Finance Studies, 1-42, (2015), Editor’s Choice (lead article).
20. Valuing private equity, with Morten Sorensen and Jinqiang Yang, Review of Financial Studies, 27(7), 1977-2021, (2014)
21. The economics of hedge funds, with Yingcong Lan and Jinqiang Yang, Journal of Financial Economics, 110(2), 300-323, (2013)
22. Market timing, investment, and risk management, with Patrick Bolton and Hui Chen, Journal of Financial Economics, 109(1), 40-62, (2013)
23. The economic and policy consequences of catastrophes, with Robert Pindyck, American Economic Journal: Economic Policy, 5(4), 306-339, (2013)
24. Dynamic agency and the q theory of investment, with Peter DeMarzo, Michael Fishman, and Zhiguo He, Journal of Finance, 67(6), 2295-2340, (2012)
25. A unified model of entrepreneurship dynamics, with Chong Wang and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, (2012), lead article
26. A unified theory of Tobin’s q, corporate investment, financing, and risk management, with Patrick Bolton and Hui Chen, Journal of Finance, 66(5), 1545-1578, (2011)
27. Risk, uncertainty, and option exercise, with Jianjun Miao, Journal of Economic Dynamics and Control, 35(4), 442-461, (2011)
28. Entrepreneurial finance and non-diversifiable risk, with Hui Chen and Jianjun Miao, Review of Financial Studies, 23(12), 4348-88, (2010)  
29. Optimal consumption and asset allocation with unknown income growth, Journal of Monetary Economics, 56(4), 524-34, (2009)
30. Capital reallocation and growth, with Janice Eberly, American Economic Review Papers & Proceedings, 99(2), 560-66, (2009)
31. Agency conflicts, investment, and asset pricing, with Rui Albuquerque, Journal of Finance, 63(1), 1-40, (2008), lead article Smith-Breeden Distinguished Paper Prize by the Journal of Finance
32. Investment, consumption, and hedging under incomplete markets, with Jianjun Miao, Journal of Financial Economics, 86(3), 608-642, (2007)  
33. Investment under uncertainty with strategic debt service, with Suresh Sundaresan, American Economic Review Papers & Proceedings, 97(2), 256-261 (2007)
34. An equilibrium model of wealth distribution, Journal of Monetary Economics, 54(7), 1882-1904 (2007)
        ● Reprinted in Davies, James B., Ed.: The Economics of Wealth Distribution.
35. Investment under uncertainty and time-inconsistent preferences, with Steven Grenadier, Journal of Financial Economics, 84(1), 2-39, (2007), lead article.
36. Generalizing the permanent-income hypothesis: Revisiting Friedman's conjecture on consumption, Journal of Monetary Economics, 53(4), 737-52 (2006)
37. Investment timing, agency, and information, with Steven Grenadier, Journal of Financial Economics, 75(3), 493-533, (2005) (lead article).
38. Precautionary saving and partially observed income, Journal of Monetary Economics, 51(8), 1645-1681, (2004)
39. Caballero meets Bewley: The permanent-income hypothesis in general equilibrium, American Economic Review 93(3), 927-936, (2003)
40. Robust permanent income and pricing with filtering, with Lars Peter Hansen and Thomas J. Sargent, Macroeconomic Dynamics 6, 40-84, (2002)

Working Papers  

1. Implementing a Ramsey Plan, with Wei Jiang and Thomas J. Sargent
2. 42.Leverage Dynamics under Costly Equity Issuance, with Patrick Bolton and Jinqiang Yang 
3. Strategic Investment under Uncertainty with First- and Second-mover Advantages, with Min Dai and Zhaoli Jiang
4. Creditor-on-Creditor Violence and Secured Debt Dynamics, with Samuel Antill and Zhaoli Jiang
5. Reputation, Competition, and Capital Structure, with Min Dai and Zhaoli Jiang
6. Stochastic Earnings Growth and Equilibrium Wealth Distribution, with Thomas J. Sargent and Jinqiang Yang
7. Asset Pricing with “Buy Now, Pay Later”, with Semyon Malamud and Yuan Zhang
8. Robust Financial Contracting and Investment, with Aifan Ling and Jianjun Miao
9. Investor protection, financial development, and corporate valuation, with Yingcong Lan, Xiaoji Lin, and Jinqiang Yang
10. Career concerns and investment, with Patrick Bolton and Jinqiang Yang
11. Reallocating and pricing illiquid capital: Two productive trees, with Janice Eberly
12. Entrepreneurial experimentation and duration, with Guojun Chen and Jianjun Miao
13. Debt, taxes, and corporate liquidity, with Patrick Bolton and Hui Chen
14. Financial constraints, corporate savings, and the value of cash, with Patrick Bolton and Huntley Schaller

Other Publications

1. Dynamic corporate finance under costly equity issuance, NBER Reporter 2, 10-13, 2021, with Patrick Bolton 
2. Mitigating COVID-19 Risks to Sustain Growth, with Harrison Hong and Jinqiang Yang, in Impact of COVID-19 on Asian Economies and Policy Responses, eds. Sumit Agarwal, Zhiguo He and Bernard Yeung, 2021.