Education Background
Ph.D., Finance, Duke University, 2001; M.A., Physics, Columbia University, 1995; B.S., Physics, University of Science and Technology of China, 1993
Research Field
Biography
Professor Xiong received his Ph.D in Finance from Duke University in 2001. Prior to that, he earned Bachelor's degree from the University of Science and Technology of China and Master's degree from Columbia University, both in Physics. He is the Trumbull-Adams Professor of Finance and Professor of Economics in the Department of Economics and Bendheim Center for Finance, Princeton University. He is also Academic Dean of School of Management and Economics, Chinese University of Hong Kong, Shenzhen.
Professor Xiong is one of the world's most influential scholars in the area of finance. He has published in top economics and finance journals on a wide range of research topics, such as speculative bubbles, financial crises, behavioral finance, financialization of commodity markets, China’s financial markets, and data economy. He has received multiple prestigious awards, including the 2012 Smith Breeden Award (first prize) from the American Finance Association, the 2013 NASDAQ OMX Award from the Western Finance Association, and the inaugural Sun Yefang Financial Innovation Award in 2014 and the China Economics Prize in 2018. He has currently served as Co-Editor of The Journal of Finance, the flagship journal of American Finance Association, since 2016.
1. Markus K. Brunnermeier, Michael Sockin, Wei Xiong, China’s Model of Managing the Financial System, The Review of Economic Studies, forthcoming.
2. Jinghan Cai, Jibao He, Wenxi Jiang, Wei Xiong (2020), The Whack-A-Mole Game: Tobin Taxes and Trading Frenzy, The Review of Financial Studies, forthcoming.
3. Zhenyu Gao, Michael Sockin, Wei Xiong (2020), Learning about the Neighborhood, The Review of Financial Studies, forthcoming.
4. Chen, T., Gao, Z., He, J., Jiang, W., and Xiong, W. (2018). Daily Price Limits and Destructive Market Behavior, Journal of Econometrics, forthcoming.
5. Baron, M., Xiong, W. (2017). Credit Expansion and Neglected Crash Risk. Quarterly Journal of Economics 132, 713-764.
6. Jia, C., Wang, Y., Xiong, W. (2017). Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations. Review of Financial Studies 30, 2972-3008.
7. “Credit Expansion and Neglected Crash Risk” (with Matthew Baron), Quarterly Journal of Economics, forthcoming.
8. “Informational Frictions and Commodity Markets” (with Michael Sockin), Journal of Finance, 2015.
9. “A Welfare Criterion for Models with Distorted Beliefs” (with Markus Brunnermeier and Alp Simsek), Quarterly Journal of Economics, 129 (4), 2014, 1711-1752.
10. “Why Do Hedgers Trade So Much?” (with Ing-haw Cheng), Journal of Legal Studies 43, 2014, S183-207.
11. “Wall Street and the Housing Bubble” (with Ing-haw Cheng and Sahil Raina) American Economic Review 104, 2014, 2797-2829.
12. “Delegated Asset Management, Investment Mandates, and Capital Immobility” (with Zhiguo He), Journal of Financial Economics, 2013, Vol 107, 239-258 (lead article).
13. “Realization Utility” (with Nicholas Barberis), Journal of Financial Economics, 2012, Vol. 104, 251-271.
14. “Rollover Risk and Credit Risk” (with Zhiguo He), Journal of Finance, 2012, Vol. 67, 391-429 (lead article). 2012 Smith Breeden Prize (first prize).
15. “Dynamic Debt Runs” (with Zhiguo He), Review of Financial Studies, 2012, Vol. 25, 1799-1843.
16. “Index Investment and Financialization of Commodities” (with Ke Tang), Financial Analysts Journal, 2012, Vol. 68, 54-74.
17. “The Chinese Warrants Bubble” (with Jialin Yu), American Economic Review, 2011, Vol. 101, 2723-2753.
18. “Heterogeneous Expectations and Bond Markets” (with Hongjun Yan), Review of Financial Studies, 2010, Vol. 23, 1433-1466.
19. “What Drives the Disposition and Momentum Effects? An Analysis of a Recent Preference-Based Explanation” (with Nicholas Barberis), Journal of Finance, 2009, Vol. 64, 751-784.
20. “Advisors and Asset Prices: A Model of the Origins of Bubbles” (with Harrison Hong and Jose Scheinkman), Journal of Financial Economics, 2008, Vol. 89, 268-287.
21. “Executive Compensation and Short-termist Behavior in Speculative Markets” (with Patrick Bolton and Jose Scheinkman), Review of Economic Studies, 2006, Vol. 73, pp. 577-610.
22. “Asset Float and Speculative Bubbles” (with Harrison Hong and Jose Scheinkman) Journal of Finance, 2006, Vol. 61, pp. 1073-1117. Final list of the Smith Breeden Best Paper Award.
23. “Investor Attention, Overconfidence and Category Learning” (with Lin Peng) Journal of Financial Economics, 2006, Vol. 80, pp. 563-602.
24. “Overconfidence and Speculative Bubbles” (with Jose Scheinkman) Journal of Political Economy, 2003, Vol. 111, pp. 1183-1219. Reprinted in New Perspectives on Asset Price Bubbles, edited by Douglas D. Evanoff, George G. Kaufman and A. G. Malliaris, 2012, Oxford University Press.
25. “Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial Markets” Journal of Financial Economics, 2001, Vol. 62, pp. 247-292.
26. “Contagion as a Wealth Effect” (with Albert Kyle) Journal of Finance, 2001, Vol. 56, pp. 1401-1440. Roger Murray Prize in 2001 Q-group meetings.
