张介

联系方式:ecchang@saif.sjtu.edu.cn
秘书:樊玮娜
邮箱:wnfan@saif.sjtu.edu.cn

教育背景:
博士学位:普渡大学金融学、统计学和计量经济学,1982
硕士学位:美国莱特州立大学金融学,1979
学士学位:成功大学(台湾)土木工程,1974
教授介绍:

张介教授现任上海交通大学上海高级金融学院(SAIF)教授、MBA项目学术主任。在加入高金之前,张介教授曾全职在香港大学任教超过20年,并曾担任经济及工商管理学院院长(2011—2017)、钟瀚德基金教授(金融学)(2007—2018)及金融学讲席教授(1998—2018)。他也是「金融创新与风险管理研究中心」的创办人。

张介教授拥有美国普渡大学金融学博士学位。毕业后,张教授即受聘于美国爱荷华大学,继而于1986年转到美国马里兰大学并在1994年升任为金融学教授。张教授于1995年受聘于美国乔治亚理工学院担任Invesco国际金融学讲席教授,后于1998年加入香港大学为金融学讲席教授。

张教授的学术研究领域包括国际金融、资产定价、衍生证券、风险管理、行为金融学以及共同基金管理。其研究成果发表于国际一流学术期刊如 Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Journal of Accounting and Economics, Management Science, Journal of Financial and Quantitative Analysis, and Journal of Business.张教授亦曾被数家学刊委任为论文评审委员会成员。  


张教授曾获多家国际机构邀请担任高级行政人员培训课程导师。他亦曾获数家金融机构邀请担任咨询顾问,包括美国商品期货交易委员会、香港证券及期货事务监察委员会、台湾期货交易所、联合国研究及开发署。此外,还曾在多家私人金融机构担任咨询顾问。

同时,张教授还积极参与公职活动。曾担任欧洲质量发展认证体系(简称EQUIS)学术委员会委员,国际商学院促进协会(简称AACSB)同行评审小组成员、学术期刊指导委员会(简称AJGC)委员、香港特区政府证券及期货事务上诉审裁处成员。此外,还任职于香港证券及期货事务监察委员会、香港研究资助局、国家自然科学基金委员会/研究资助局合办的研究计划、香港特区政府财经界人力资源咨询委员会等多个公共组织及其下属的委员会。

国际金融、资产定价、衍生证券、风险管理、行为金融学、共同基金管理。
1. Zhang, Jin E, Eric C. Chang, and Huimin Zhao, Forthcoming Market Excess Returns, Variance and the Third Cumulant, International Review of Finance.

2. Chang, Eric C., Tse-Chun Lin and Xiaorong Ma, 2019, Does Short-selling Threat Discipline Managers in Mergers and Acquisitions Decisions?, Journal of Accounting & Economics.

3. Chang, Eric C., Tse-Chun Lin, Yan Luo and Jinjuan Ren, 2017, Ex-day Returns of Stock Distributions: An Anchoring Explanation, Management Science.

4. Chang, Eric C., Dragon Yongjun Tang and Miao Ben Zhang, 2015, Suitability Checks and Household Investments in Structured Products, Journal of Financial and Quantitative Analysis.

5. Chang, Eric C., Yan Luo and Jinjuan Ren, 2014, Short-Selling, Margin-Trading, and Price Efficiency: Evidence from the Chinese Market, Journal of Banking & Finance.

6. Chang, Eric C., Yan Luo and Jinjuan Ren, 2013, Pricing Deviation, Misvaluation Comovement, and Macroeconomic Conditions, Journal of Banking & Finance.

7. Chang, Eric C., Jianguo Xu and Liu Zheng, 2013, Short Sale Constraints, Heterogeneous Interpretations, and Asymmetric Price Reactions to Earnings Announcements, Journal of Accounting and Public Policy.

8. Chang, Eric C., Yan Luo and Jinjuan Ren, 2013, Cross-listing and pricing efficiency: The informational and anchoring role played by the reference price, Journal of Banking & Finance.

9. Chang, Eric C., Jin E. Zhang and Huimin Zhao, 2013, The Relation between Physical and Risk-Neutral Cumulants, International Review of Finance.

10. Chang, Eric C., Xingguo Luo, Lei Shi and Jin Zhang, 2013, Is Warrant really a Derivative? Evidence from the Chinese Warrant Market, Journal of Financial Markets.

11. Zhang, Jin E., Huimin Zhao and Eric C. Chang, 2012, Equilibrium Asset and Option Pricing Under Jump Diffusion, Mathematical Finance.

12. Chang, Eric C., Joseph W. Cheng, J. Michael Pinegar and Yinghui Yu, 2012, Short-Sales Constraints: Reductions in Costs of Capital or Overvaluation? Evidence from Hong Kong, Pacific Basin Finance Journal.

13. Chang, Eric C. and Sonia M. L. Wong, 2009, Governance with Multiple Objectives: Evidence from Top Executive Turnover in China, Journal of Corporate Finance.

14. Chang, Eric C., Jinjuan Ren and Qi Shi, 2009, Effects of the Volatility Smile on Exchange Settlement Practices: the Hong Kong Case, Journal of Banking & Finance.

15. Cao, Charles, Eric C. Chang, and Ying Wang, 2008, An Empirical Analysis of the Dynamic Relationship between Mutual Fund Flow and Market Return Volatility, Journal of Banking & Finance.

16. Tse, Wai-Man, Eric C. Chang, Leong Kwan Li and Henry M.K. Mok, 2008, Pricing and Hedging of Discrete Dynamic Guaranteed Funds, Journal of Risk and Insurance.

17. Chang, Eric C., Joseph W. Cheng and J. Michael Pinegar, 2008, The factor structure of time-varying conditional volume, Journal of Empirical Finance.

18. Chang, Eric. C., Joseph W. Cheng, and Yinghui Yu, 2007, Short-Sales Constraints and Price Discovery: Evidence from the Hong Kong Market, The Journal of Finance.

19. Chang, Eric C. and Sen Dong, 2006, Idiosyncratic Volatility, Fundamentals, and Institutional Herding: Evidence from the Japanese Stock Market, Pacific Basin Finance Journal.

20. Chang, Der-Chen, Eric C. Chang, Haitao Fan and Duy-Minh Nhieu, 2005, Mathematical Analysis of the Two-Color Partial Rainbow Options, Applicable Analysis.

21. Chang, Eric C. and Sonia M. L. Wong, 2004, Political Control and Performance in China’s Listed Firms, Journal of Comparative Economics.

22. Chang, Der-Chen, Eric C. Chang, and Haitao Fan, 2003, Mathematical Analysis of Pricing of Lookback Performance Options, Applicab Analysis.

23. Chang, Eric C. and Keith K. P. Wong, 2003, Cross-Hedging with Currency Options and Futures, Journal of Financial and Quantitative Analysis.

24. K. Lam, Eric C. Chang and M.C. Lee, 2002, An Empirical Test of the Variance Gamma Option Pricing Model, Pacific Basin Finance Journal.

25. Chang, Eric C. and Joseph W. Cheng, 2002, Inflation and Relative Price Variability: A Revisit, Applied Economics Letters.

26. Chang, Eric C., Joseph W. Cheng, and Ajay Khorana, 2000, An examination of Herd Behavior in Equity Markets: An International Perspective, Journal of Banking & Finance.

27. Chang, Eric C., Ray Y. Chou, and Edward F. Nelling, 2000, Market Volatility and the Demand for Hedging in Stock Index Futures, Journal of Futures Markets.

28. Chang, Eric C. and Joseph W. Cheng, 2000, Further Evidence on the Variability of Inflation and Relative Price Variability, Economics Letters.

29. Chang, Eric C., Grant R. McQueen, and J. Michael Pinegar, 1999, Cross-autocorrelation in Asian Stock Markets, Pacific Basin Finance Journal.

30. Chang, Eric C., Joseph W. Cheng, and J. Michael Pinegar, 1999, Does Futures Trading Increase Stock Market Volatility? -- The Case of the Nikkei Stock Index Futures Markets, Journal of Banking & Finance.

31. Madan, Dilip B., Peter Carr, and Eric C. Chang, 1998, The Variance Gamma Process and Options Pricing, European Finance Review.

32. Chang Eric C., J. Michael Pinegar and Ravi Ravichandran, 1998, US Day-of-the-Week Effects and Asymmetric Responses to Macroeconomic News, Journal of Banking & Finance.

33. Chang, Eric C., J. Michael Pinegar and Barry Schachter, 1997, Interday Variations in Volume, Variance and Participation of Large Speculators, Journal of Banking & Finance.

34. Chang, Eric C. and Peter R. Locke, 1996, The Performance and Market Impact of Dual Trading: CME Rule 552, Journal of Financial Intermediation.

35. Chang, Eric C., M. W. Rhee and Keith K. P. Wong, 1995, A Note on the Spread Between the Rates on Fixed and Variable Rate Loans, Journal of Banking & Finance.

36. Chang, Eric C., Cheol Eun and Richard Kolodny, 1995, International Diversification through Closed End Country Funds, Journal of Banking & Finance.

37. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1995, European Day-of-the-Week Effects, Beta Asymmetries and International Herding, European Financial Management.

38. Chang, Eric C., Peter R. Locke and Prem C. Jain, 1995, S&P 500 Index Futures Volatility and Price Changes around the NYSE Close, Journal of Business.

39. Chang, Eric C., Peter R. Locke and Steve C. Mann, 1994, Dual Trader Business Choices and the Effect of CME Rule 552, Journal of Futures Markets.

40. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1994, Predictability and Regional Integration of Pacific Basin Equity Markets, Journal of International Financial Management & Accounting.

41. Chang, Eric C., J. Michael Pinegar and Ravi Ravichandran, 1993, International Evidence on the Robustness of the Day-of-the-Week Effect, Journal of Financial and Quantitative Analysis.

42. Chang, Eric C., Grant R. McQueen and J. Michael Pinegar, 1992, Tests of the Nominal Contracting Hypothesis Using Stocks and Bonds of the Same Firms, Journal of Banking & Finance.

43. Chang, Eric C. and J. Michael Pinegar,, 1991, The Predictive Power of January Returns in Foreign and Domestic Markets, Economics Letters.

44. Chang, Eric C. and J. Michael Pinegar, 1990, Stock Market Seasonals and Prespecified Multifactor Pricing Relations, Journal of Financial and Quantitative Analysis.

45. Chang, Eric C. and Roger D. Huang, 1990, Time-Varying Returns and Risk in the Corporate Bond Market, Journal of Financial and Quantitative Analysis.

46. Brauer, A. Gregory and Eric C. Chang, 1990, Return Seasonality in Stocks and Their Underlying Assets: Tax Loss Selling versus Information Explanations, The Review of Financial Studies.

47. Chang, Eric C. and J. Michael Pinegar, 1990, Another Look at Risk and Reward in January and Non-January Months: Response, Journal of Portfolio Management.

48. Chang, Eric C., Chao Chen and Son Nan Chen, 1990, Risk and Return in Copper, Platinum, and Silver Futures, Journal of Futures Markets.

49. Chang, Eric C. and J. Michael Pinegar, 1989, Seasonal Fluctuations in Industrial Production and Stock Market Seasonals, Journal of Financial and Quantitative Analysis.

50. Chang, Eric C. and J. Michael Pinegar, 1988, Does the Market Reward Risk Bearing in Months Other Than January? Evidence from the Bond and Stock Markets, Journal of Portfolio Management.

51. Chang, Eric C. and J. Michael Pinegar, 1988, A Fundamental Study of Seasonal Risk-Return Relationship: A Note, The Journal of Finance.

52. Chang, Eric C., 1988, A Monthly Effect in Commodity Price Changes: A Note, Journal of Futures Markets.

53. Chang, Eric C. and C. W. Kim, 1988, Day-of-the-Week Effects and Commodity Price Changes, Journal of Futures Markets.

54. Chang, Eric C. and J. Michael Pinegar, 1987, Risk and Inflation, Journal of Financial and Quantitative Analysis.

55. Chang, Eric C. and J. Michael Pinegar, 1986, Return Seasonality and Tax-Loss Selling in the Market for Long-Term Government and Corporate Bonds, Journal of Financial Economics.

56. Chang, Eric C., 1986, A Note on the Variability of Inflation and the Cross-Sectional Dispersion of Stock Returns, Economics Letters.

57. Chang, Eric C. and J. Michael Pinegar, 1986, Inflation and Rates of Return on Long-Term Bonds, Economics Letters.

58. Chang, Eric C. and Richard Stevenson, 1985, The Timing Performance of Small Traders, Journal of Futures Markets.

59. Chang, Eric C., 1985, Returns to Speculators and the Theory of Normal Backwardation, The Journal of Finance.

60. Chang, Eric C. and Wilbur G. Lewellen, 1985, An Arbitrage Pricing Approach to Evaluating Mutual Fund Performance, Journal of Financial Research.

61. Chang, Eric C. and Wilbur G. Lewellen, 1984, Market Timing and Mutual Fund Investment Performance, Journal of Business.

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