Professor Jinfan Zhang received his Ph.D. in Financial Economics from Yale University, Ph.D. in Electrical Engineering from Tsinghua University, MSc in Statistics from Harvard University, MSc in Electrical Engineering from Tsinghua University, BE in Electrical Engineering from Tsinghua University, and BA in Economics from Peking University (double major). He is Associate Professor of Finance at the School of Management and Economics (SME), CUHK-Shenzhen, director of doctoral studies, senior research fellow of the China Securities Regulatory Commission affiliated CIFCM and co-director of the Center for Macro-Financial Stability and Innovation at Shenzhen Finance Institute (SFI). Before joining CUHK-Shenzhen, he was Economist at the International Monetary Fund (IMF), assistant professor at the Cheung Kong Graduate School of Business (CKGSB). He also serived as senior visiting scholar of the Research Bureau of the People's Bank of China .

He has published papers in top finance and economics academic journals including American Economic Review: Insights, Journal of Financial Economics, Review of Financial Studies, Review of Finance, Journal of Comparative Economics, Journal of Financial Research, and China Economic Quarterly, etc. His research has won awards include the Best Paper Award in Asset Pricing at the Western Finance Association Annual Meeting (WFA) 2011, Outstanding Financial Paper Award, Financial Society of Shenzhen Special Economic Zone of 2018 and 2019, CUHK-Shenzhen SME Outstanding Research Award 2021.


Yale University, New Haven, CT

--Ph.D., Financial Economics, March 2013

Harvard University, Cambridge, MA

--M.A., Statistics, June 2008

Tsinghua University, Beijing, China

--Ph.D., Telecommunications System and Technology, June 2007

Dissertation: “Multiuser Technologies in the Fourth Generation Wireless Communications Systems” (awarded the Tsinghua Best Dissertation Prize)

Peking University, Beijing, China

--Economics (double major), June 2006

Tsinghua University, Beijing, China

--B.S., Electrical Engineering, May 2003

Professional Experience

Chinese University of Hong Kong (Shenzhen), School of Management and Economics

--Associate Professor (Tenured), Finance Ph.D. Program Director, From 2017-Now

China Securities Regulatory Commission (CSRC) affiliated Zhongzheng Finance Research Institute (中证金融研究院)

--Distinguished Research Fellow, From Dec. 2021-Now

People’s Bank of China, Research Department

--Senior Visiting Research Fellow, From Jun. 2018-Sep. 2018

International Monetary Fund

--Economist, From Sep. 2014 – Sep.2017

Cheung Kong Graduate School of Business

--Assistant Professor of Finance, From July 2013 – July 2015




1.    Xiao, Yaqing, Hongjun Yan, and Jinfan Zhang, 2022, A Global Version of Samuelson’s Dictum, American Economic Review: Insights, Volume.4, No.2, June, 239-254.

2.    Chang, Jeffery (Jinfan), Huancheng Du, Christopher Polk, Dong Lou, Ripple into Waves: Trade Networks, 2022Economic Activity and Asset Prices, American Finance Association Annual Conference, 2021, Journal of Financial Economics, 145, July 2022, 217-238.

3.    Yi Ding, Wei Xiong and Jinfan Zhang, 2022, Issuance Overpricing of China’s Corporate Debt Securities, Journal of Financial Economics, 144, 328–346.

4.    Chang, Jeffery (Jinfan), Ting Yang and Yanping Shi, 2022 Finance Leases: In the Shadow of Banks, Review of Finance, Volume 26, Issue 3, May 2022, 721–749.

—The Finalist of the 2022 Pagano-Zechner Award for the Best Non-Investments Paper in the Review of Finance

5.    Shen, Ji, Hongjun Yan and Jinfan Zhang, 2014, Collateral-Motivated Financial Innovation, Review of Financial Studies, Volume 27, Issue 10: 2961–2997.

6.    Lou, Dong, Hongjun Yan and Jinfan Zhang, 2013, Anticipated and Repeated Shocks in Liquid Markets, Review of Financial Studies, Volume 26, Issue 8: 1891–1912. (NASDAQ OMX Award for the Best Paper on Asset Pricing at Western Finance Association Annual Conference, 2011)

7.    Gokkaya,Sinan, Xi Liu, Veronika Pool, Fei Xie and Jinfan Zhang, 2022, Is There Investment Value in Soft Dollar Arrangements? Evidence from Mutual Funds, Review of Financial Studies, forthcoming.

8.    Chang, Jeffery (Jinfan), Qingbin Meng and Xiaoran Ni, 2022, A Tale of Riskiness: The Real Effects of Share Pledging on the Chinese Stock Market, Pacific-Basin Finance Journal, Volume 73, 101754.

9.    Wang, Xinjie, Xiao, Yaqing, Hongjun Yan and Jinfan Zhang, 2021, Under-reaction in the Sovereign CDS Market, Journal of Banking and Finance, Volume 130, 2021.

10. Hao, Zhuoqun, Yu Liu, Jinfan Zhang and Xiaoxue Zhao, 2020, Political Connection, Corporate Philanthropy and Efficiency: Evidence from China’s Anti-Corruption Campaign, Journal of Comparative Economics, Volume 48, Issue 3, 688-708.

11. Gang, Jianhua, Liang Peng and Jinfan Zhang, 2020, Are Pricier Houses Less Risky? Evidence from China, Journal of Real Estate Finance and Economics, Sep., 2020.

12. 张劲帆,郭云瀚,2023,中国银行间回购市场微观结构研究,《金融研究》,第8, 160-178

13. 张劲帆李丹丹杜涣程,2020IPO限价发行与新股二级市场价格泡沫——论股票市场“弹簧效应”《金融研究》,第1, 190-206

14. 张劲帆,汤莹玮,刚建华,樊林立,2019,中国利率市场的价格发现——对国债现货,期货以及利率互换市场的研究,《金融研究》,第1期,19-34

15. 张劲帆,刚健华,钱宗鑫张龄琰,2018,基于混频向量自回归模型的宏观经济预测《金融研究》7: 34-48(世界经济年鉴:统计学2018年最佳中文论文Top10; 2019深圳特区金融学会优秀论文奖)

16. 张劲帆,李汉涯,何晖,2017,企业上市与企业创新——基于中国企业专利申请的研究《金融研究》5:160-175

17. 刚健华杜涣程刘鹏程张劲帆, 2020, 基于因子模型的商品房住宅价格机制研究《中国软科学》7:147-156

18. 孟庆斌,黄清华,张劲帆,王松, 2020,上市公司与投资者的互联网沟通具有信息含量吗?——基于深交所“互动易”的研究《经济学(季刊)》第1期。

19. “危机的逻辑”王松,张劲帆,2018,民主与建设出版社

20. 张劲帆,中国利率市场化必经之路——影子银行、利率双轨制和金融风险,2014.3, 财经网


Working Papers

1.    Chang, Jeffery (Jinfan), Yuheng Wang and Wei Xiong, Price and Volume Divergence in China's Real Estate Markets: The Role of Local Governments, 2023

2.    Chang, Jeffery (Jinfan) and Zehao Liu, Optimal Shadow Banking, 2021 (2021 CIFFP)

3.    Chang, Jeffery (Jinfan) and Pengcheng Liu, Famine and Young Leader Boom— China’s 1962-63 Phenomenon, 2021

4.    Chang, Jeffery (Jinfan), Shijie Yang and Bohui Zhang, Does Express Delivery Run ahead of Stock Price? 2021

5.    Chang, Jeffery (Jinfan) and Huangcheng Du, Superstition Everywhere, CFRC 2022, CIRF 2022, Forth Guanghua International Symposium on Finance (GISF2022).

6.    Chang, Jeffery (Jinfan) and Yuzhe Zhang, The Invisible Hand of State in Privatization, 2022

7.    He, Hui, Hanya Li and Jinfan Zhang, Does Stock Market Boosts Firm Innovation? Evidence from the Chinese Firms, 2019

8.      王先爽,张劲帆,任浥和刘力源货币政策的量化度量兼论央行缩表货币宽松的关系(2021年第七届全国经济学研究生学术年会优秀论文一等奖),金融研究,R&R



·       2022 欧洲金融学会会刊Review of Finance最佳论文(Pagano-Zechner Award)三等奖

·       2021 香港中文大学深圳经管学院杰出研究奖(创始)

·       2021年第七届全国经济学研究生学术年会优秀论文一等奖(货币政策的量化度量—兼论“央行缩表”与“货币宽松”的关系,王先爽,张劲帆,任浥

·       2020, 2019深圳特区金融学会优秀论文奖

·       2020 带领深高经团队与北金所联合撰写的研究报告《 关于中国高收益债券市场量化定价与机制创新的研究》获得2020中国人民银行青年课题一等奖

·       2018世界经济年鉴:经济统计学2018年最佳中文论文Top10

·       2012年耶鲁大学 Social and Policy Study Fellowship- Awarded to Excellent Policy Related Research, 2012

·       2011美国西部金融年会(Western Finance Association Annual Conference NASDAQ OMX 最佳资产定价论文奖

·       2006 清华大学十佳优秀研究生

·       2006 清华优秀博士论文

·       2004 清华大学学生会副主席

Research on Wireless Communications

1.    "Low Complexity Scheduling Algorithms for Downlink Multiuser MIMO Systems," IEICE Transactions on Communications, Feb. 2007 (with Shidong Zhou and Jing Wang)

2.    "Joint Linear Transmitter and Receiver Design for the Downlink of Multiuser MIMO Systems," IEEE Communications Letters, Nov. 2005 (with Yongle Wu and Jing Wang)

3.    “Linear transmitter precoding design for downlink of multiuser MIMO systems” IEE Electronics Letters, July. 2005 (with Yongle Wu, Mingguang Xu and Jing Wang)

4.     “Multiuser MIMO Downlink Precoder Design Based on the Maximal SJNR Criterion”, IEEE Globecom 2005 (with Yongle Wu, Mingguang Xu, Shidong Zhou, and Xibin Xu)

5.    Polynomial expansion based fast iterative multiuser detection algorithm for synchronous DS-CDMA systems”, IEEE VTC 2005 (with Yongle Wu, Jing Gu, Shidong Zhou and Jing Wang)

6.    “Minimum system-wide mean-squared error for downlink spatial multiplexing in multiuser MIMO channels”, IEEE GLOBECOM 2005, (with Mingguang Xu, Shidong Zhou and Jing Wang)

7.    A New Serial Interference Cancellation Algorithm Based On Joint Multiple Timeslots Processing”, ICACT 2005 (with Shidong Zhou and Jing Wang)

8.    发明专利: “基于加权展开的DSCDMA系统多用户检测方法”, 专利号: CN1252959C, 2006.04.19: