WEI XIONG 熊伟

 

Trumbull-Adams Professor of Finance

Professor of Economics

Department of Economics and Bendheim Center for Finance

Princeton University

26 Prospect Avenue, Princeton, NJ 08540, USA

Telephone: (609) 258-0282
Fax: (609) 258-0771

Email: wxiong@princeton.edu

 

CV, BIO

 

VoxChina.org (a bridge on economic issues between China and the world) NEW

 

RECENT PROFESSIONAL ACTIVITIES

2017 NBER-CUHK Shenzhen Chinese Economy Meeting NEW

6th JRC Conference---Escalating Risks: China's Economy, Society and Financial System

Workshop on Stock Trading Systems: China and US Comparison

2016 NBER Commodity Meeting

2016 Symposium on Emerging Financial Markets: China and Beyond

2016 NBER-CUHK Shenzhen Chinese Economy Meeting

2015 Symposium on Emerging Financial Markets: China and Beyond

2015 NBER Universities' Research Conference on Economics of Commodity Markets

NBER Reporter Summary of My Commodity Research

2014 Symposium on Emerging Financial Markets: China and Beyond

2013 NBER Meeting on Economics of Commodity Markets

2013 Symposium on Chinese Financial Markets

2012 NBER Meeting on Economics of Commodity Markets

2012 Symposium on Chinese Financial Markets

 

WORKING PAPERS 

1.      Jinghan Cai, Jibao He, Wenxi Jiang, and Wei Xiong (2017), The Whack-A-Mole Game: Tobin Tax and Trading Frenzy NEW

2.      Ting Chen, Laura Liu, Wei Xiong, and Li-An Zhou (2017), The Speculation Channel and Crowd Out Channel: Real Estate Shocks and Firm Investment in China NEW

3.      Ting Chen, Zhenyu Gao, Jibao He, Wenxi Jiang, and Wei Xiong (2017), Daily Price Limits and Destructive Market Behavior NEW

4.      Markus Brunnermeier, Michael Sockin, and Wei Xiong (2017), China's Model of Managing the Financial System [Online Appendix] NEW

5.      Ziying Fan, Wei Xiong, and Li-An Zhou (2016), Information Distortion in Hierarchical Organizations: A Study of China's Great Famine NEW

6.      Zhenyu Gao, Michael Sockin, and Wei Xiong (2017), Economic Consequences of Housing Speculation [Online Appendix] NEW

7.      Zhenyu Gao, Michael Sockin, and Wei Xiong (2015), Learning about the Neighborhood: Supply Elasticity and Housing Cycles [Online Appendix]

8.      Kewei Hou, Lin Peng, and Wei Xiong (2009), A Tale of Two Anomalies: The Implication of Investor Attention for Price and Earnings Momentum

9.      Kewei Hou, Lin Peng, and Wei Xiong (2013), Is R-Squared a Measure of Market Inefficiency?

 

ACADEMIC PUBLICATIONS

1.      Markus Brunnermeier, Michael Sockin, and Wei Xiong (2017), China's Gradualistic Economic Approach and Financial Markets, American Economic Review Papers & Proceedings, forthcoming NEW

2.      Matthew Baron and Wei Xiong (2016), Credit Expansion and Neglected Crash Risk [Online Appendix], Quarterly Journal of Economics, forthcoming

3.      Chunxin Jia, Yaping Wang, and Wei Xiong (2016), Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations, Review of Financial Studies, forthcoming

4.      Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou (2015), Demystifying the Chinese Housing Boom, NBER Macroeconomics Annual, edited by Martin Eichenbaum and Jonathan Parker, 105-166.

Housing price indices for 120 Chinese cities are available upon an email request

5.      Michael Sockin and Wei Xiong (2015), Informational Frictions and Commodity Markets [Online Appendix], Journal of Finance 70, 2063-2098

6.      Ing-haw Cheng, Andrei Kirilenko, and Wei Xiong (2015), Convective Risk Flows in Commodity Futures Markets, Review of Finance 19, 1733-1781.

7.      Markus Brunnermeier, Alp Simsek, and Wei Xiong (2014), A Welfare Criterion for Models with Distorted Beliefs, Quarterly Journal of Economics 129 (4), 1711-1752.

8.      Ing-haw Cheng, Sahil Raina, and Wei Xiong (2014), Wall Street and the Housing Bubble [Online Appendix], American Economic Review 104, 2797-2829.

Summary on VoxEU; coverage by [FT Gillian Tett], [James Hamilton], [WSJ Justin Lahart]

9.      Ing-haw Cheng and Wei Xiong (2014), The Financialization of Commodity Markets, Annual Review of Financial Economics 6, 419-441.

10.  Ing-haw Cheng and Wei Xiong (2014), Why Do Hedgers Trade So Much?, Journal of Legal Studies 43, S183-S207.

11.  Conghui Hu and Wei Xiong (2013), Are Commodity Futures Prices Barometers of the Global Economy?, Apres le Deluge: Finance and the Common Good after the Crisis, edited by E. Glen Weyl, Edward L. Glaeser, and Tano Santos.

12.  Zhiguo He and Wei Xiong (2013), Delegated Asset Management, Investment Mandates, and Capital Immobility, Journal of Financial Economics 107, 239-258 (lead article).

13.  Wei Xiong (2013), Bubbles, Crises, and Heterogeneous Beliefs, Handbook for Systemic Risk, edited by Jean-Pierre Fouque and Joe Langsam, Cambridge University Press, 663-713.

14.  Ke Tang and Wei Xiong (2012), Index Investment and Financialization of Commodities, Financial Analysts Journal 68 (6), 54-74.

Summary of findings and implications on VoxEU.

15.  Zhiguo He and Wei Xiong (2012), Debt Financing in Asset Markets [Online Appendix], American Economic Review Papers & Proceedings 102, 88-94.

16.  Zhiguo He and Wei Xiong (2012), Dynamic Debt Runs, Review of Financial Studies 25, 1799-1843.

17.  Zhiguo He and Wei Xiong (2012), Rollover Risk and Credit Risk, Journal of Finance 67, 391-429 (lead article).

Awarded 2012 Smith Breeden Prize (first prize)

18.  Nicholas Barberis and Wei Xiong (2012), Realization Utility, Journal of Financial Economics 104, 251-271.

19.  Wei Xiong and Jialin Yu (2011), The Chinese Warrants Bubble, American Economic Review 101, 2723-2753.

20.  Wei Xiong and Hongjun Yan (2010), Heterogeneous Expectations and Bond Markets, Review of Financial Studies 23, 1433-1466.

21.  Nicholas Barberis and Wei Xiong (2009), What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation, Journal of Finance 64, 751-784.

22.  Jianping Mei, Jose Scheinkman, and Wei Xiong (2009), Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia, Annals of Economics and Finance 10, 225-255.

23.  Harrison Hong, Jose Scheinkman, and Wei Xiong (2008), Advisors and Asset Prices: A Model of the Origins of Bubbles, Journal of Financial Economics 89, 268-287.

24.  Ronnie Sircar and Wei Xiong (2007), A General Framework for Evaluating Executive Stock Options, Journal of Economic Dynamics and Control 31, 2317-2349.

25.  Lin Peng, Wei Xiong, and Tim Bollerslev (2007), Investor Attention and Time-Varying Comovements, European Financial Management 13, 394-422.

26.  Albert Kyle, Hui Ou-Yang, and Wei Xiong (2006), Prospect Theory and Liquidation Decisions, Journal of Economic Theory 129, 273-288.

27.  Lin Peng and Wei Xiong (2006), Investor Attention, Overconfidence and Category Learning, Journal of Financial Economics 80, 563-602.

28.  Harrison Hong, Jose Scheinkman, and Wei Xiong (2006), Asset Float and Speculative Bubbles, Journal of Finance 61, 1073-1117.  

29.  Patrick Bolton, Jose Scheinkman, and Wei Xiong (2006), Executive Compensation and Short-termist Behavior in Speculative Markets, Review of Economic Studies 73, 577-610.

30.  Patrick Bolton, Jose Scheinkman, and Wei Xiong (2005), Pay for Short-Term Performance: Executive Compensation in Speculative Markets, Journal of Corporation Law 30, 721-747

31.  Jose Scheinkman and Wei Xiong (2003), Heterogeneous Beliefs, Speculation and Trading in Financial Markets, Paris-Princeton Lectures on Mathematical Finance, 217-250, Springer-Verlag, Berlin. 

32.  Jose Scheinkman and Wei Xiong (2003), Overconfidence and Speculative Bubbles, Journal of Political Economy 111, 1183-1219.

33.  Albert Kyle and Wei Xiong (2001), Contagion as a Wealth Effect, Journal of Finance 56, 1401-1440.

34.  Wei Xiong (2001), Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial Markets, Journal of Financial Economics 62, 247-292.