Research
Published and Accepted Papers Link to heading
39 “A p Theory of Taxes and Debt Management”, with Wei Jiang, Thomas J. Sargent, and Jinqiang Yang, Journal of Finance, forthcoming
38 “Dynamic Banking and the Value of Deposits”, with Patrick Bolton, Ye Li, and Jinqiang Yang, Journal of Finance, forthcoming
37 “Dynamic Trading with Realization Utility”, with Min Dai and Cong Qin, Journal of Finance, forthcoming
36 “A q Theory of Internal Capital Markets,” Min Dai, Xavier Giroud, Wei Jiang, and Neng Wang, Journal of Finance, 79(2), 1147-1197, (2024), https://doi.org/10.1111/jofi.13318
35 “Managing government debt”, with Wei Jiang, Thomas J. Sargent and Jinqiang Yang, Proceedings of the National Academy of Sciences, 2024
34 “The Endowment Model and Modern Portfolio Theory,” Stephen G. Dimmock, Neng Wang, and Jinqiang Yang, Management Science, 70(3), 1554-1579, (2024), https://doi.org/10.1287/mnsc.2023.4759
33 “Mitigating Disaster Risks in the Age of Climate Change”, with Harrison Hong and Jinqiang Yang, Econometrica, 91(5), 1763–1802, (2023), https://doi.org/10.3982/ECTA20442
32 “Welfare Consequences of Sustainable Finance,” with Harrison Hong, Neng Wang and Jinqiang Yang, Review of Financial Studies, 36, 4864–4918, (2023), https://doi.org/10.1093/rfs/hhad048
31 “Rare Disasters, Financial Development, and Sovereign Debt,” Sergio Rebelo, Neng Wang, and Jinqiang Yang, Journal of Finance, 77(5), 2719-2764, (2022), https://doi.org/10.1111/jofi.13175
30 “Tokenomics and Platform Finance,” Lin William Cong, Ye Li, and Neng Wang, Journal of Financial Economics, 144, 972-991, (2022), https://doi.org/10.1016/j.jfineco.2021.10.00
29 “Earnings Growth and the Wealth Distribution,” with Thomas J. Sargent and Jinqiang Yang, Proceedings of the National Academy of Sciences, 2021
28 “Implications of Stochastic Transmission Rates for Managing Pandemic Risks,” Harrison Hong, Neng Wang and Jinqiang Yang, Review of Financial Studies, 34(11), 5224–5265, (2021), https://doi.org/10.1093/rfs/hhaa132
27 “Tokenomics: Dynamic Adoption and Valuation” Lin William Cong, Ye Li and Neng Wang, Review of Financial Studies, 34(3), 1105-1155, (2021), Editor’s Choice (lead article) https://doi.org/10.1093/rfs/hhaa089
26 “Investment under uncertainty with financial constraints,” Patrick Bolton, Neng Wang, and Jinqiang Yang, Journal of Economic Theory, 184, 1-58, #104912, (2019) https://doi.org/10.1016/j.jet.2019.06.008
25 “Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital,” Patrick Bolton, Neng Wang and Jinqiang Yang, Journal of Finance, 71(3), 1363-1429, 2019
24 “Investment, Tobin’s q, and interest rates,” Xiaoji Lin, Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 130, 620-640, 2018
23 “Optimal consumption and savings with stochastic income and recursive utility,” Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Economic Theory, 165. 292-331, 2016
22 “Dynamic investment, capital structure, and debt overhang,” Suresh Sundaresan, Neng Wang, and Jinqiang Yang, Review of Corporate Finance Studies, 1-42, 2015
21 “Valuing private equity,” Morten Sorensen, Neng Wang, and Jinqiang Yang, Review of Finanical Studies, 27(7), 1977-2021, 2014
20 “The Economics of Hedge Funds,” Yingcong Lan, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 110, 300-323, 2013
19 “Market Timing, Investment, and Risk Management,” Patrick Bolton, Hui Chen and Neng Wang, Journal of Financial Economics, 109, 40-62, 2013
18 “The Economic and Policy Consequences of Catastrophes,” Robert S. Pindyck and Neng Wang, American Economic Journal: Economic Policy, 5(4), 306-339, 2013
17 “Dynamic agency and the q theory of investment,” Peter DeMarzo, Mike Fishman, Zhiguo He, and Neng Wang, Journal of Finance, 67(6), 2295-2340, 2012
16 “A Unified Model of Entrepreneurship Dynamics,” Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 106(1), 1-23, 2012
15 “A unified theory of Tobin’s q, corporate investment, financing, and risk management,” Patrick Bolton, Hui Chen, and Neng Wang, Journal of Finance, 66(5), 1545-1578, 2011
14 “Risk, Uncertainty, and Option Exercise,” Jianjun Miao and Neng Wang, Journal of Economic Dynamics & Control, 35(4), 442‐461, 2011
13 “Entrepreneurial Finance and Non-diversifiable Risk,” Hui Chen, Jianjun Miao, and Neng Wang, Review of Financial Studies, 23(12), 4348‐88, 2010
12 “Optimal Consumption and Assest Allocation with Unknown Income Growth” Neng Wang, Journal of Monetary Economics_,_ 56(4), 524-34, 2009
11 “Capital Reallocation and Growth,” Janice Eberly and Neng Wang, American Economic Review Papers and Proceedings, 99 (2), 560-66, 2009
10 “Agency Conflicts, Investment and Asset Pricing,” Rui Albuquerque and Neng Wang, Journal of Finance, 63(1), 1-40, 2008 -Smith-Breeden Distinguished Paper Prize by the Journal of Finance
9 “Investment, Consumption and Hedging under Incomplete Markets,” Jianjun Miao and Neng Wang, Journal of Financial Economics, 86, 608-642, 2007.
8 “Investment under Uncertainty with Strategic Debt Service,” Suresh Sundaresan and Neng Wang, American Economic Review Papers & Proceedings_,_ 97(2), 256-261, 2007
7 “An Equilibrium Model of Wealth Distribution,” Neng Wang_,_ Journal of Monetary Economics, 54 (7), 1882-1904, 2007 -working paper version containing appendices, click here
6 “Investment under Uncertainty and Time-Inconsistent Preference,” Steven R. Grenadier and Neng Wang, Journal of Financial Economics, 84, 2-39, (lead article), 2007
5 “Generalizing the Permanent-Income Hypothesis: Revisiting Friedman’s Conjecture on Consumption,” Neng Wang, Journal of Monetary Economics, 53(4), 737-52, 2006
4 “Investment timing, agency, and information,” Steven R. Grenadier and Neng Wang, Journal of Financial Economics 75, 493–533, 2005
3 “Precautionary saving and partially observed income,” Neng Wang Journal of Monetary Economics 51, 1645–1681, 2004
2 “Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium,” Neng Wang, American Economic Review 93, 927-936, 2003
1 “Robust Permanent Income and Pricing with Filtering,” Lars Peter Hansen, Thomas Sargent and Neng Wang, Macroeconomic Dynamics 6, 40–84, 2002
Working Papers Link to heading
- Reputation, Competition, and Capital Structure, with Min Dai and Zhaoli Jiang
- “Strategic Investment under Uncertainty with First- and Second-mover Advantages”, with Min Dai and Zhaoli Jiang
- “Leverage Dynamics under Costly Equity Issuance”, with Patrick Bolton and Jinqiang Yang
- “Stochastic Earnings Growth and Equilibrium Wealth Distribution”, with Thomas J. Sargent and Jinqiang Yang
- Dynamic Trading with Realization Utility, with Min Dai and Cong Qin
- “Robust Financial Contracting and Investment”, with Aifan Ling and Jianjun Miao
- “Pandemics, Vaccines, and an Earnings Damage Function”, with Harrison Hong, Jeffrey Kubik, Xiao Xu, and Jinqiang Yang
- “Investor protection, financial development, and corporate valuation”, with Yingcong Lan, Xiaoji Lin, and Jinqiang Yang
- Career concerns and investment, with Patrick Bolton and Jinqiang Yang
- “Reallocating and pricing illiquid capital: Two productive trees”, with Janice Eberly
- Entrepreneurial experimentation and duration, with Guojun Chen and Jianjun Miao
- “Debt, taxes, and corporate liquidity”, with Patrick Bolton and Hui Chen
- Financial constraints, corporate savings, and the value of cash, with Patrick Bolton and Huntley Schaller
Other Publications Link to heading
- Dynamic corporate finance under costly equity issuance, NBER Reporter 2, 10-13, 2021
- Mitigating COVID-19 Risks to Sustain Growth, with Harrison Hong and Jinqiang Yang, in Impact of COVID-19 on Asian Economies and Policy Responses, eds. Sumit Agarwal, Zhiguo He and Bernard Yeung, 2021.