金融与财务学系系列讲座之303期

时   间：2024年4月25日（周四）13:30-15:00

地   点：史带楼504室

主   题：The China-U.S. Equity Valuation Gap

主讲人：Xiaoyan Zhang  Chair Professor, Tsinghua University

摘   要：The Chinese earnings yield differential relative to the U.S. switches from negative to positive around 2009, with the aggregate variation masking substantial cross-sector variation. Changes in sectoral composition and (changing) growth expectations are not important determinants of the variation in China-U.S. valuation differentials. Instead, changes in ownership structure, and most importantly cross-sectional and temporal variation in financial openness, are the key contributors. In addition, we show that IPOs in the banking sector and its internationalization played a critical role in the (relative) valuation change.

简   介：Prof. ZHANG Xiaoyan is the Chair Professor of Finance and Associate Dean at PBC School of Finance, Tsinghua University. Prof. Zhang received her B.A. in Economics from Peking University in 1997, and Ph.D. in Finance (with honor) from Columbia Business School in 2002. Before joining Tsinghua University, Prof. Zhang worked at the Johnson School of Management of Cornell University as an Assistant Professor of Finance, and the Krannert School of Management of Purdue University as Duke Realty Chair Full Professor of Finance and Finance Group Head. Professor Zhang’s research interests include international finance, empirical asset pricing, fintech and Chinese capital market. Many of her works have been published in JF, JFE, RFS and other top tier academic journals, and have won the best paper awards multiple times. Given her research excellence, Prof. Zhang is appointed as associate editor at MS, JFQA, FM, JBF and JEF. Her team’s research on Chinese capital market receives the highest level of grant from National Natural Sciences Foundation of China. Professor Zhang was named one of the “Global Top 40 under 40” business school professors.

金融与财务学系

2024-4-24