樓棟
院長
HKUST Institute for Financial Research
香港科技大學金融研究院院長
香港科技大學商學院副院長(策略規劃與研究)
樓棟 現任香港科技大學(Hong Kong University of Science and Technology)金融學講座教授、花旗集團商學教授,香港科技大學金融研究院院長、商學院副院長 (分管策略規劃與研究)、中英雙語工商管理博士項目主任。在加入香港科技大學之前,曾任倫敦政治經濟學院(London School of Economics)金融學正教授。
樓棟教授是歐洲經濟政策研究中心(Centre for Economic Policy Research)和亞洲金融經濟研究局(Asian Bureau of Finance and Economic Research)的高級研究員,英格蘭中央銀行(Bank of England)的學術顧問,國家傑出青年科學基金獲得者,同時擔任《金 融學期刊》(Journal of Finance)、《金融經濟學期刊》(Journal of Financial Economics)和《管理科學》(Management Science)等國際學術期刊的副主編。
樓棟教授常爲政府組織和投資機構提供諮詢服務。他的研究成果多發表於頂級學術期刊, 獲得過諸多學術和業界獎項,並常見於《華爾街日報》(Wall Street Journal)、《福布斯》(Forbes)和彭博社(Bloomberg)等知名媒體。樓棟教授的主要研究領域包括資產定價、投資管理、行爲金融及中國金融市場。樓棟教授擁有耶魯大學金融學博士學位, 及哥倫比亞大學計算機科學學士學位。
Publications

1.A Flow-Based Explanation for Return Predictability, 2012
Review of Financial Studies, 25, 3457-3489
Lead Article

2.Complicated Firms (with Lauren Cohen), 2012
Journal of Financial Economics, 104, 383-400
Winner of First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, 2011
Winner of Best Paper Prize, the Center for Research in Security Prices (CRSP) Forum, 2010
Winner of Institute for Quantitative Investment Research (INQUIRE UK) Grant, 2010
Winner of First Prize, Istanbul Stock Exchange 25th Anniversary Best Paper Competition, 2010
Winner of Paul Woolley Center (UTS) Academic Grant, 2010

3.Anticipated and Repeated Shocks in Liquid Markets (with Hongjun Yan and Jinfan Zhang), 2013
Review of Financial Studies, 26, 1891-1912
Winner of NASDAQ OMX Award for Best Paper on Asset Pricing, Western Finance Association, 2011

4.Attracting Investor Attention through Advertising, 2014
Review of Financial Studies, 27, 1797-1829

5.Industry Window Dressing (with Huaizhi Chen and Lauren Cohen), 2016
Industry Window Dressing (with Huaizhi Chen and Lauren Cohen), 2016

6.A Tug of War: Overnight vs. Intraday Expected Returns (with Christopher Polk and Spyros Skouras), 2019
Journal of Financial Economics, 134, 192-213

7.Offsetting Disagreement and Security Prices (with Shiyang Huang, Byoung-Hyoun Hwang, and Chengxi Yin), 2020
Management Science, 66, 3295-3798

8.IQ from IP: Simplifying Search in Portfolio Choice (with Huaizhi Chen, Lauren Cohen, Umit Gurun, and Christopher Malloy), 2020
Journal of Financial Economics, 138, 118-137
Winner of First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, 2018

9.Casting Conference Calls (with Lauren Cohen and Christopher Malloy), 2020
Management Science, 66, 4921-5484
Winner of First Prize, Crowell Memorial Award for Best Paper in Quantitative Investments, 2014

10.The Rate of Communication (with Shiyang Huang and Byoung-Hyoun Hwang), 2021
Journal of Financial Economics, 141, 533-550

11.Informed Trading in Government Bond Markets (with Robert Czech, Shiyang Huang, and Tianyu Wang),
Journal of Financial Economics, 142, 1253-1274
Winner of Best Paper Award, China International Conference in Finance, 2019

12.Comomentum: Inferring Arbitrage Activity from Return Correlations (with Christopher Polk), 2022
Review of Financial Studies, 35, 3272–3302
Finalist for AQR Insight Award, 2014
Winner of Institute for Quantitative Investment Research (Q Group) Grant, 2012
Winner of Institute for Quantitative Investment Research (INQUIRE Europe) Grant, 2012

13.Ripples into Waves: Trade Networks, Economic Activity, and Asset Prices (with Jeffery Chang, Huancheng Du, and Christopher Polk), 2022
Journal of Financial Economics, 145, 217-238

14.Wealth Redistribution in Bubbles and Crashes (with Li An and Donghui Shi), 2022
Journal of Monetary Economics, 126, 134-153
Winner of Best Paper Award, China Financial Research Conference, 2019

15.The Booms and Busts of Beta Arbitrage (with Shiyang Huang, Xin Liu, and Christopher Polk), 2023
Management Science, forthcoming
Winner of Quantitative Management Initiative (QMI) Grant, 2013
Winner of Europlace Institute of Finance Research Grant, 2013

16.The Drivers and Implications of Retail Margin Trading (with Jiangze Bian, Zhi Da, Zhiguo He, Kelly Shue, and Hao Zhou), 2024
Journal of Finance, forthcoming
Winner of Best Paper Award in Asset Pricing, SFS Cavalcade Asia-Pacific, 2017
Winner of Best Paper Award, China Financial Research Conference, 2016

17.Superstar Firms and College Major Choice (with Darwin Choi and Abhiroop Mukherjee), 2024
Journal of Political Economy: Microeconomics, forthcoming

18.Yield Drifts when Issuance Comes before Macro News (with Gabor Pinter, Semih Uslu, and Danny Walker), 2024
Journal of Financial Economics, forthcoming

19.The Effect of Advisors’ Incentives on Clients’ Investments (with Diego Battiston, Jordi Blanes-Vidal, and Rafael Hortala-Vallve), 2025
Journal of Finance, forthcoming