笪治 - 特聘/访问教授 - SAIF | 高金

博士学位：西北大学金融学，2006
硕士学位：新加坡国立大学金融工程，2001
学士学位：新加坡国立大学工商管理(一级荣誉)，1999

笪治教授现任上海高级金融学院金融学访问研究教授、圣母大学门多萨商学院Howard J. and Geraldine F. Korth金融学讲席教授。

笪治教授的主要研究领域是实证资产定价和投资。在近期的论文中，他研究了投资者有限关注的作用( the role of limited investor attention), 机构投资者行为( the behavior of institutional investors)，金融资产现金流风险( cash flow risks of financial assets)。

他的论文已多次发表在Journal of Finance, Review of Financial Studies, Journal of Financial Economics 等期刊上。他目前在几家期刊担任副主编，包括Journal of Finance, Management Science, Journal of Financial and Quantitative Analysis, 和Journal of Banking and Finance。

笪治教授获得了2017年度JFQA William F. Sharpe Award，他还获得了其他研究奖励及研究基金。

在获得新加坡国立大学学士、硕士学位后，笪治教授曾就职于星展银行利率与外来衍生品交易平台。随后，他获得美国西北大学金融学博士学位。

在短期（流动性冲击、投资者情绪、有限关注等）和长期推动资产回报的因素（现金流、贴现率信息）

期刊论文

1. Azi Ben-Rephael, Bruce Carlin, Zhi Da and Ryan D. Israelsen. 2021. Information Consumption and Asset Pricing, Journal of Finance.

2. Baltussen, Guido, Zhi Da, Sten Lammers, and Martin Martens. 2021. Hedging Demand and Market Intraday Momentum, Journal of Financial Economics.

3. Zhi Da, Umit Gurun, Bin Li, and Mitch Warachka. 2021. Investment in a Smaller World: The Implications of Air Travel for Investors and Firms, Management Science.

4. Zhi Da, Lawrence Jin, and Xing Huang. 2021. Extrapolative Beliefs in the Cross-section: What Can We Learn from the Crowds, Journal of Financial Economics.

5. Da, Zhi, and Xing Huang. 2020. Harnessing the Wisdom of Crowds, Management Science.

6. Chen, Yong, Zhi Da, and Dayong Huang. 2019. Arbitrage Trading: the Long and the Short of it, Review of Financial Studies.

7. Baltussen, Guido, Sjoerd van Bekkum, and Zhi Da. 2019. Indexing and Stock Market Serial Dependence around the World, Journal of Financial Economics.

8. Da, Zhi, Hayong Yun, and Mitch Warachka. 2018. Fiscal Policy, Consumption Risk, and Stock Returns: Evidence from U.S. States, Journal of Financial and Quantitative Analysis.

9. Da, Zhi, and Sophie Shive. 2018. Exchange-Traded Funds and Asset Return Correlations, European Financial Management.

10. Da, Zhi, Borja Larrain, Clemens Sialm, and Jose Tessada. 2018. Destabilizing financial advice: Evidence from pension fund reallocations, Review of Financial Studies.

11. Azi Ben-Rephael, Da, Zhi, and Ryan D. Israelsen. 2017. It Depends on Where You Search: Institutional Investor Attention and Underreaction to News, Review of Financial Studies.

12. Da, Zhi, Dayong Huang, and Hayong Yun. 2017. Industrial Electricity Usage and Stock Returns, Journal of Financial and Quantitative Analysis.

13. Da, Zhi, Wei Yang, and Hayong Yun. 2016. Household Production and Asset Prices, Management Science.

14. Chen, Long, Zhi Da, and Borja Larrain. 2016. What Moves Investment Growth?, Journal of Money, Credit and Banking.

15. Da, Zhi, Keejae Hong and Sangwoo Lee. 2016. What Drives Target Price Forecasts and Their Investment Value?, Journal of Business Finance & Accounting.

16. Da, Zhi, Mitch Warachka, and Hayong Yun. 2015. Lottery Tax Windfalls, State-Level Fiscal Policy, and Consumption, Economics Letters.

17. Chen, Leon, Zhi Da, and Ernst Schaumburg. 2015. Implementing Black-Litterman using an Equivalent Formula and Equity Analyst Target Prices, Journal of Investing.

18. Da, Zhi, Joey Engelberg, and Pengjie Gao. 2015. The Sum of All FEARS: Investor Sentiment and Asset Prices, Review of Financial Studies.

19. Da, Zhi, Umit Gurun, and Mitch Warachka. 2014. Frog in the Pan: Continuous Information and Momentum, Review of Financial Studies.

20. Da, Zhi, Qianqiu Liu, and Ernst Schaumburg. 2014. A Close Look at the Short-term Return Reversal, Management Science.

21. Chen, Long, Zhi Da, and Xinlei Zhao. 2013. What Drives Stock Price Movement?, Review of Financial Studies.

22. Zhi Da, Re-Jin Guo, Ravi Jagannathan. 2012. CAPM for Estimating the Cost of Equity Capital: Interpreting the Empirical Evidence, Journal of Financial Economics.

23. Chen, Long, Zhi Da, and Richard Priestley. 2012. Dividend Smoothing and Predictability, Management Science.

24. Da, Zhi, Pengjie Gao, and Ravi Jagannathan. 2011. Impatient Trading, Liquidity Provision, and Stock Selection by Mutual Funds, Review of Financial Studies.

25. Da, Zhi, and Ernst Schaumburg. 2011. Relative Valuation and Analyst Target Price Forecasts, Journal of Financial Markets.

26. Da, Zhi, Joey Engelberg, and Pengjie Gao. 2011. In Search of Attention, Journal of Finance.

27. Da, Zhi, and Mitch Warachka. 2011. The Disparity between Long-term and Short-term Forecasted Earnings Growth, Journal of Financial Economics.

28. Da, Zhi, and Pengjie Gao. 2010. Clientele Change, Liquidity Shock and the Return on Financially Distressed Stocks, Journal of Financial and Quantitative Analysis.

29. Da, Zhi, and Mitch Warachka. 2009. Cashflow Risk, Systematic Earnings Revisions, and the Cross-Section of Stock Returns, Journal of Financial Economics.

30. Da, Zhi. 2009. Cash flow, consumption risk, and the cross-section of stock returns, Journal of Finance.

31. Kian Guan Lim, and Zhi Da. 2002. Pricing Options using Implied Trees: Evidence from FTSE-100 Options, Journal of Futures Markets.
工作论文

1. Da, Zhi, Jiangze Bian, Zhiguo He, Dong Lou, Kelly Shue, and Hao Zhou, Leverage Networks and Market Contagion.
2. Da, Zhi, Mao Ye, Nitesh Chawla, and Jian Xu), Information Diffusion on Social Media: Does It Affect Trading, Return, and Liquidity?.
3. Da, Zhi, Azi Ben-Rephael, Peter Easton and Ryan D. Israelsen, Who Pays Attention to SEC Form 8-K?.
4. Da, Zhi, Ke Tang, Yubo Tao, and Liyan Yang, Financialization and Commodity Market Serial Dependence.
5. Da, Zhi, Joon Woo Bae and Virgilio Zurita, Digesting FOREXS.
6. Da, Zhi, Azi Ben-Rephael, Bruce Carlin, and Ryan D. Israelsen, Uncovering the Hidden Effort Problem.
7. Da, Zhi, Jian Hua, Chih-Ching Huang, and Lin Peng, Market Returns and a Tale of Two Types of Attention.
8. Da, Zhi, Yashar Barardehi, and Mitch Warachka, The Information in Industry-Neutral Self-Financed Trades.
9. Da, Zhi, Yong Chen and Dayong Huang, Short Selling Efficiency.
10. Da, Zhi, Ravi Jagannathan and Jianfeng Shen, Growth Expectations, Dividend Yields, and Future Stock Returns.
11. Da, Zhi, Ravi Jagannathan and Jianfeng Shen, Investor Optimism, Sales Fixation and Firm Lifecycle.
12. Da, Zhi, Joey Engelberg and Pengjie Gao, In Search of Fundamentals.

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