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  1. Directory
  2. Faculty
  3. Neng Wang

Neng Wang

Chong Khoon Lin Professor of Real Estate
Finance Division
Chong Khoon Lin Professor of Real Estate
Paul Milstein Center for Real Estate
Columbia Business School
Areas of Expertise
Asset Management, Climate, Corporate Finance
Contact
Office: 1102 Kravis
Phone: (212) 8543869
E-mail: [email protected]
Links
Personal Website
Curriculum Vitae

Neng Wang is Chong Khoon Lin Professor of Real Estate and Finance at Columbia Business School. He is also a Research Associate at the National Bureau of Economic Research (NBER), a Senior Research Fellow at Asian Bureau of Financial and Economics Research (ABFER), and an Academic Member of the Luohan Academy. He has widely published in leading economics, finance, and business journals. Among other awards and honors, he won a Smith-Breeden Distinguished Paper Prize awarded by the Journal of Finance, and the Bettis Distinguished Scholar Award from Carey School of Business, Arizona State University. He is an Associate Editor at the Journal of Finance and was an Editor in the Finance area at the Management Science. 

His research interests include corporate finance, macroeconomics, contract theory, financial institutions, asset pricing, asset allocation, sovereign debt and international finance, risk management, entrepreneurial finance, household finance, wealth distribution, private equity, hedge funds, investor protection, real estate finance, FinTech, and the Chinese economy. He has taught courses at both MBA and PhD levels including advanced corporate finance, entrepreneurial finance and private equity, fixed income securities and markets, financial institutions, risk management, real estate finance, corporate finance theory, and continuous-time finance.

He received B.S. in Physical Chemistry from Nanjing University, China in 1992, M.S. in Chemistry from California Institute of Technology (Caltech) in 1995, M.A. in International Relations from the University of California, San Diego (UCSD) in 1997, and Ph.D. in Finance from the Graduate School of Business at Stanford University in 2002. He was born in 1973 in Anhui, China.

Education
BS, Nanjing University; MS, California Institute of Technology; MA, UC San Diego; PhD, Stanford, 2002
Joined CBS
2004

All Activities

  • Research
  • Teaching
  • Awards and Honors
  • Press
  • Journal articles
  • Working papers
  • Articles
  • Books
  • Chapters
Type
Journal Article
Dai, Min, Xavier Giroud, Wei Jiang, and Neng Wang
. “A Q Theory of Internal Capital Markets.” (Forthcoming).
Read More about A Q Theory of Internal Capital Markets
Download PDF on A Q Theory of Internal Capital Markets
Type
Journal Article
Dai, Min, Neng Wang, and Cong Qin
. “Dynamic Trading with Realization Utility.”
Journal of Finance
(Forthcoming).
Read More about Dynamic Trading with Realization Utility
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Type
Journal Article
Bolton, Patrick, Ye Li, Neng Wang, and Jinqiang Yang
. “Dynamic Banking and the Value of Deposits.” (Forthcoming).
Read More about Dynamic Banking and the Value of Deposits
Download PDF on Dynamic Banking and the Value of Deposits
Type
Journal Article
Hong, Harrison, Jinqiang Yang, and Neng Wang
. “Mitigating Disaster Risks in The Age Of Climate Change.” (Forthcoming).
Read More about Mitigating Disaster Risks in The Age Of Climate Change
Download PDF on Mitigating Disaster Risks in The Age Of Climate Change
Type
Journal Article
Hong, Harrison, Neng Wang, and Jinqiang Yang
. “Welfare Consequences of Sustainable Finance.”
Review of Financial Studies
(Forthcoming).
Read More about Welfare Consequences of Sustainable Finance
Download PDF on Welfare Consequences of Sustainable Finance
Type
Journal Article
Rebelo, Sergio, Neng Wang, and Jinqiang Yang
. “Rare Disasters, Financial Development, and Sovereign Debt.”
Journal of Finance
vol.
77
, no.
5
(Forthcoming):
2719
-
2764
. doi:
https://doi.org/10.1111/jofi.13175
Read More about Rare Disasters, Financial Development, and Sovereign Debt
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Type
Journal Article
Bolton, Patrick, Neng Wang, and Jinqiang Yang
. “Investment under Uncertainty and the Value of Real and Financial Flexibility.”
Journal of Economic Theory
vol.
184
, (November 01, 2019):
1
-
58
.
Read More about Investment under Uncertainty and the Value of Real and Financial Flexibility
Download PDF on Investment under Uncertainty and the Value of Real and Financial Flexibility
Type
Journal Article
Wang, Chong, Neng Wang, and Jinqiang Yang
. “Optimal consumption and savings with stochastic income and recursive utility.”
Journal of Economic Theory
vol.
165
, (January 01, 2016):
292
-
331
.
Read More about Optimal consumption and savings with stochastic income and recursive utility
Download PDF on Optimal consumption and savings with stochastic income and recursive utility
Type
Journal Article
Sundaresan, M. Suresh, Neng Wang, and Jinqiang Yang
. “Dynamic Investment, Capital Structure, and Debt Overhang.”
Review of Corporate Finance Studies
vol.
4
, (January 01, 2015):
1
-
42
.
Read More about Dynamic Investment, Capital Structure, and Debt Overhang
Download PDF on Dynamic Investment, Capital Structure, and Debt Overhang
Type
Journal Article
Pindyck, Robert and Neng Wang
. “The Economic and Policy Consequences of Catastrophes.”
American Economic Journal: Economic Policy
vol.
5
, (November 01, 2013):
306
-
339
.
Read More about The Economic and Policy Consequences of Catastrophes
Download PDF on The Economic and Policy Consequences of Catastrophes
Type
Journal Article
Lan, Yingcong, Neng Wang, and Jinqiang Yang
. “The Economics of Hedge Funds.”
Journal of Financial Economics
vol.
110
, (November 01, 2013):
300
-
323
.
Read More about The Economics of Hedge Funds
Download PDF on The Economics of Hedge Funds
Type
Journal Article
Bolton, Patrick, Hui Chen, and Neng Wang
. “Market Timing, Investment, and Risk Management.”
Journal of Financial Economics
vol.
109
, (January 01, 2013):
40
-
62
.
Read More about Market Timing, Investment, and Risk Management
Download PDF on Market Timing, Investment, and Risk Management
Type
Journal Article
DeMarzo, Peter, Mike Fishman, Zhiguo He, and Neng Wang
. “Dynamic agency and the q theory of investment.”
Journal of Finance
vol.
67
, (December 01, 2012):
2295
-
2340
.
Read More about Dynamic agency and the <i>q</i> theory of investment
Download PDF on Dynamic agency and the <i>q</i> theory of investment
Type
Journal Article
Wang, Chong, Neng Wang, and Jinqiang Yang
. “A Unified Model of Entrepreneurship Dynamics.”
Journal of Financial Economics
vol.
106
, (January 01, 2012):
1
-
23
.
Read More about A Unified Model of Entrepreneurship Dynamics
Download PDF on A Unified Model of Entrepreneurship Dynamics
Type
Journal Article
Bolton, Patrick, Hui Chen, and Neng Wang
. “A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management.”
Journal of Finance
vol.
66
, (October 01, 2011):
1545
-
1578
.
Read More about A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
Download PDF on A Unified Theory of Tobin's q, Corporate Investment, Financing, and Risk Management
Type
Journal Article
Wang, Neng and Jianjun Miao
. “Risk, Uncertainty, and Option Exercise.”
Journal of Economic Dynamics & Control
vol.
35
, (January 01, 2011):
442
-
461
.
Read More about Risk, Uncertainty, and Option Exercise
Download PDF on Risk, Uncertainty, and Option Exercise
Type
Journal Article
Chen, Hui, Jianjun Miao, and Neng Wang
. “Entrepreneurial finance and non-diversifiable risk.”
Review of Financial Studies
vol.
23
, (January 01, 2010):
4348
-
4388
.
Read More about Entrepreneurial finance and non-diversifiable risk
Type
Journal Article
Wang, Neng
. “Optimal Consumption and Asset Allocation with Unknown Income Growth.”
Journal of Monetary Economics
vol.
56
, (January 01, 2009):
524
-
534
.
Read More about Optimal Consumption and Asset Allocation with Unknown Income Growth
Download PDF on Optimal Consumption and Asset Allocation with Unknown Income Growth
Type
Journal Article
Eberly, Janice and Neng Wang
. “Capital reallocation and growth.”
American Economic Review: Papers and Proceedings
vol.
99
, (January 01, 2009):
560
-
566
.
Read More about Capital reallocation and growth
Download PDF on Capital reallocation and growth
Type
Journal Article
Wang, Neng and Rui Albuquerque
. “Agency Conflicts, Investment, and Asset Pricing.”
Journal of Finance
vol.
63
, (January 01, 2008):
1
-
40
.
Read More about Agency Conflicts, Investment, and Asset Pricing
Download PDF on Agency Conflicts, Investment, and Asset Pricing
Type
Journal Article
Wang, Neng and Steven Grenadier
. “Investment Under Uncertainty and Time-Inconsistent Preferences.”
Journal of Financial Economics
vol.
84
, (January 01, 2007):
2
-
39
.
Read More about Investment Under Uncertainty and Time-Inconsistent Preferences
Download PDF on Investment Under Uncertainty and Time-Inconsistent Preferences
Type
Journal Article
Wang, Neng and M. Suresh Sundaresan
. “Investment Under Uncertainty with Strategic Debt Service.”
American Economic Review Papers and Proceedings
vol.
97
, (January 01, 2007):
256
-
61
.
Read More about Investment Under Uncertainty with Strategic Debt Service
Download PDF on Investment Under Uncertainty with Strategic Debt Service
Type
Journal Article
Wang, Neng
. “An Equilibrium Model of Wealth Distribution.”
Journal of Monetary Economics
vol.
54
, (January 01, 2007):
1882
-
1904
.
Read More about An Equilibrium Model of Wealth Distribution
Download PDF on An Equilibrium Model of Wealth Distribution
Type
Journal Article
Wang, Neng and Jianjun Miao
. “Investment, Consumption, and Hedging Under Incomplete Markets.”
Journal of Financial Economics
vol.
86
, (January 01, 2007):
608
-
642
.
Read More about Investment, Consumption, and Hedging Under Incomplete Markets
Type
Journal Article
Wang, Neng
. “Generalizing the Permanent-Income Hypothesis: Revisiting Friedman's Conjecture on Consumption.”
Journal of Monetary Economics
vol.
53
, (January 01, 2006):
737
-
52
.
Read More about Generalizing the Permanent-Income Hypothesis: Revisiting Friedman's Conjecture on Consumption
Download PDF on Generalizing the Permanent-Income Hypothesis: Revisiting Friedman's Conjecture on Consumption
Type
Journal Article
Grenadier, Steven and Neng Wang
. “Investment Timing, Agency, and Information.”
Journal of Financial Economics
vol.
75
, (January 01, 2005):
493
-
533
.
Read More about Investment Timing, Agency, and Information
Type
Journal Article
Wang, Neng
. “Precautionary Saving and Partially Observed Income.”
Journal of Monetary Economics
vol.
51
, (January 01, 2004):
1645
-
81
.
Read More about Precautionary Saving and Partially Observed Income
Type
Journal Article
Wang, Neng
. “Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium.”
American Economic Review
vol.
93
, (June 01, 2003):
927
-
36
.
Read More about Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium
Download PDF on Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium
Type
Journal Article
Hansen, Lars, Thomas Sargent, and Neng Wang
. “Robust Permanent Income and Pricing with Filtering.”
Macroeconomic Dynamics
vol.
6
, (January 01, 2002):
40
-
84
.
Read More about Robust Permanent Income and Pricing with Filtering
Download PDF on Robust Permanent Income and Pricing with Filtering
Type
Working Paper
Dimmock, Stephen, Neng Wang, and Jinqiang Yang
. The Endowment Model and Modern Portfolio Theory. November 15, 2022.
Read More about The Endowment Model and Modern Portfolio Theory
Download PDF on The Endowment Model and Modern Portfolio Theory
Type
Working Paper
Jiang, Wei, Thomas Sargent, Neng Wang, and Jinqiang Yang
. A P Theory of Government Debt and Taxes. April 01, 2022.
Read More about A P Theory of Government Debt and Taxes
Download PDF on A P Theory of Government Debt and Taxes
Type
Working Paper
Bolton, Patrick, Jinqiang Yang, and Neng Wang
. Leverage Dynamics under Costly Equity Issuance. June 29, 2021.
Read More about Leverage Dynamics under Costly Equity Issuance
Download PDF on Leverage Dynamics under Costly Equity Issuance
Type
Working Paper
Cong, Lin, Ye Li, and Neng Wang
. Token-based Platform Finance. June 03, 2021.
Read More about Token-based Platform Finance
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Type
Working Paper
Ling, Aifan, Jianjun Miao, and Neng Wang
. Robust Financial Contracting and Investment. January 01, 2021.
Read More about Robust Financial Contracting and Investment
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Type
Working Paper
Bolton, Patrick, Hui Chen, and Neng Wang
. Debt, Taxes, and Liquidity. January 01, 2014.
Read More about Debt, Taxes, and Liquidity
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Type
Working Paper
Wang, Neng and Jinqiang Yang
. Valuing Private Equity. January 01, 2013.
Read More about Valuing Private Equity
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Type
Working Paper
Bolton, Patrick, Neng Wang, and Jinqiang Yang
. Investment, Liquidity, and Financing under Uncertainty. January 01, 2013.
Read More about Investment, Liquidity, and Financing under Uncertainty
Download PDF on Investment, Liquidity, and Financing under Uncertainty
Type
Working Paper
Eberly, Janice and Neng Wang
. Reallocating and pricing illiquid capital: Two productive trees. January 01, 2010.
Read More about Reallocating and pricing illiquid capital: Two productive trees
Download PDF on Reallocating and pricing illiquid capital: Two productive trees
Type
Working Paper
Chen, Hui, Jianjun Miao, and Neng Wang
. Entrepreneurial Finance and Nondiversifiable Risk. January 01, 2009.
Read More about Entrepreneurial Finance and Nondiversifiable Risk
Download PDF on Entrepreneurial Finance and Nondiversifiable Risk
Type
Working Paper
Sundaresan, M. Suresh and Neng Wang
. Financing real options. January 01, 2008.
Read More about Financing real options
Type
Working Paper
Grenadier, Steven and Neng Wang
. Recurrent Investment Opportunities: Real Options with Illiquid Projects. May 01, 2007.
Read More about Recurrent Investment Opportunities: Real Options with Illiquid Projects
Type
Working Paper
Wang, Neng and Jianjun Miao
. Experimentation under Uninsurable Idiosyncratic Risk: An Application to Entrepreneurial Survival. January 01, 2007.
Read More about Experimentation under Uninsurable Idiosyncratic Risk: An Application to Entrepreneurial Survival
Download PDF on Experimentation under Uninsurable Idiosyncratic Risk: An Application to Entrepreneurial Survival
Type
Working Paper
Lan, Yingcong, Neng Wang, and Jinqiang Yang
. Investor Protection, Diversification, Investment, and Tobin's q. January 01, 2006.
Read More about Investor Protection, Diversification, Investment, and Tobin's <em>q</em>
Download PDF on Investor Protection, Diversification, Investment, and Tobin's <em>q</em>
Type
Newspaper/Magazine Article
Lin, Xiaoji, Chong Wang, Neng Wang, and Jinqiang Yang
. “Investment, Tobin's q, and interest rates.”
Journal of Financial Economics
. Forthcoming.
Read More about Investment, Tobin's <em>q</em>, and interest rates
Download PDF on Investment, Tobin's <em>q</em>, and interest rates
Type
Newspaper/Magazine Article
Bolton, Patrick, Neng Wang, and Jinqiang Yang
. “Liquidity and Risk Management: Coordinating Investment and Compensation Policies.”
Journal of Finance
. Forthcoming.
Read More about Liquidity and Risk Management: Coordinating Investment and Compensation Policies
Download PDF on Liquidity and Risk Management: Coordinating Investment and Compensation Policies
  • Courses
  • Case Studies
This faculty member has no associated courses currently. Please check back next semester.
Type
Case Study
Piskorski, Tomasz and Neng Wang
. Revising Case 1: Associate Task written by Lynne Sagalyn.  2010.
Read More about Revising Case 1: Associate Task written by Lynne Sagalyn
  • Awards & Honors
  • In the Media
  • Ideas
  • Research In Brief
  • Press Releases
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