Wei Jiang

Biography

Wei Jiang is Arthur F. Burns Professor of Free and Competitive Enterprise in the Finance and Economics Division, and the Vice Dean (for Curriculum and Instruction) at Columbia Business School.  She is also a Scholar-in-Residence at Columbia Law School, a Senior Fellow at the Program on Corporate Governance at Harvard Law School, and a Research Associate of the NBER—Law and Economics.  Professor Jiang received her B.A. and M.A. in international economics from Fudan University (China), and Ph.D. in economics from the University of Chicago in 2001 after which she joined Columbia Business School.  She was an investment banking associate at Prudential Securities (Shanghai) before pursuing her Ph.D. degree.  

Professor Jiang is a leading scholar in corporate governance; in particular, she pioneered research in hedge fund activism.  She has published extensively in top economics, finance, and law journals, and her research has been frequently featured in major media, including the Wall Street Journal, Economist, Institutional Investors, Money, Fortune, Business Week, New York Times and Financial Times. She received numerous awards for research excellence, including the Smith-Breeden Distinguished Paper Prize from the Journal of Finance and the Michael J. Brennan Best Paper Award from the Review of Financial Studies, as well as the best paper prizes from the Western Finance Association, Chicago Quantitative Alliance, UK Inquire, the Q-Group, and the IRRC Institute. She is currently an associate editor at the Journal of Finance and served on the editorial boards of Review of Financial Studies.  Previously she was a Finance Department Editor at Management Science. 

Professor Jiang has taught courses in Corporate Finance, Corporate Governance, Activist Investing, Empirical Methods in Finance Research, and Panel Data Econometrics in the Master, MBA/EMBA, and Ph.D. programs, and has received numerous teaching excellence awards.  

Research

Journal articles

Out-of-the-Money CEOs: Private Control Premium and Option Exercises In Review of Financial Studies (2016)
Coauthor(s): Wei Jiang, Vyacheslav Fos

Reputation Concerns of Independent Directors: Evidence from Individual Director Voting In Review of Financial Studies (2016)
Coauthor(s): Wei Jiang, Hualin Wan, Shan Zhao

Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification In Annual Review of Financial Economics (2015)
Coauthor(s): Alon Brav, Wei Jiang, Hyunseob Kim

The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes In Review of Financial Studies (2015)
Coauthor(s): Alon Brav, Wei Jiang, Hyunseob Kim

The Long-Term Effects of Hedge Fund Activism In Columbia Law Review (2015)
Coauthor(s): Lucian Bebchuk, Alon Brav, Wei Jiang

Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage In American Economic Review (2015)
Coauthor(s): Alex Edmans, Itay Goldstein, Wei Jiang

Liar''s Loan? Effects of Origination Channel and Information Falsification on Mortgage Delinquency In The Review of Economics and Statistics (2014)
Coauthor(s): Wei Jiang, Ashlyn Aiko Nelson, Edward Vytlacil

Securitization and Loan Performance: Ex Ante and Ex Post Relations in the Mortgage Market In Review of Financial Studies (2014)
Coauthor(s): Wei Jiang, Ashlyn Aiko Nelson, Edward Vytlacil

Inferring Reporting-Related Biases in Hedge Fund Databases from Hedge Fund Equity Holdings In Management Science (2013)
Coauthor(s): Vikas Agarwal, Vyacheslav Fos, Wei Jiang

Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide In The Journal of Finance (2013)
Coauthor(s): Vikas Agarwal, Wei Jiang, Yuehua Tang, Baozhong Yang

Delinquency model predictive power among low-documentation loans In Economics Letters (2013)
Coauthor(s): Wei Jiang, Ashlyn Aiko Nelson, Edward Vytlacil

Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy In The Journal of Corporation Law (2013)
Coauthor(s): Lucian Bebchuk, Alon Brav, Robert Jackson, Jr., Wei Jiang

Hedge Funds and Chapter 11 In The Journal of Finance (2012)
Coauthor(s): Wei Jiang, Kai Li, Wei Wang

The Real Effects of Financial Markets: The Impact of Prices on Takeovers In Journal of Finance (2012)
Coauthor(s): Alex Edmans, Itay Goldstein, Wei Jiang

Activist arbitrage: A study of open-ending attempts of closed-end funds In Journal of Financial Economics (2010)
Coauthor(s): Michael Bradley, Alon Brav, Itay Goldstein, Wei Jiang

Hedge Fund Activism: A Review In Foundations and Trends in Finance (2010)
Coauthor(s): Alon Brav, Wei Jiang, Hyunseob Kim

Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows In Journal of Financial Economics (2010)
Coauthor(s): Qi Chen, Itay Goldstein, Wei Jiang

When Shareholders Are Creditors: Effects of the Simultaneous Holding of Equity and Debt by Non-commercial Banking Institutions In The Review of Financial Studies (2010)
Coauthor(s): Wei Jiang, Kai Li, Pei Shao

Directors'' Ownership in the U.S. Mutual Fund Industry In Journal of Finance (2008)
Coauthor(s): Qi Chen, Itay Goldstein, Wei Jiang

Hedge Fund Activism, Corporate Governance, and Firm Performance In Journal of Finance (2008)
Coauthor(s): Alon Brav, Wei Jiang, Frank Partnoy, Randall Thomas

The Returns to Hedge Fund Activism In Financial Analyst Journal (2008)
Coauthor(s): Alon Brav, Wei Jiang, Frank Partnoy, Randall Thomas

Price Informativeness and Investment Sensitivity to Stock Price In Review of Financial Studies (2007)
Coauthor(s): Qi Chen, Itay Goldstein, Wei Jiang

Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates In Journal of Financial Services Research (2007)
Coauthor(s): Gur Huberman, Sheena Iyengar, Wei Jiang

Offering Versus Choice by 401(k) Plan Participants: Equity Exposure and Number of Funds In Journal of Finance (2006)
Coauthor(s): Wei Jiang, Gur Huberman

A nonparametric approach to measuring and testing curvature In Journal of Business and Economic Statistics (2005)
Coauthor(s): Jason Abrevaya, Wei Jiang

Analysts'' Weighting of Private and Public Information In Review of Financial Studies (2005)
Coauthor(s): Wei Jiang, Qi Chen

Investor Learning About Analysts Ability In Journal of Accounting and Economics (2005)
Coauthor(s): Wei Jiang, Qi Chen, Jennifer Francis

Positive hurdle rates without asymmetric information In Finance Research Letters (2004)
Coauthor(s): Qi Chen, Wei Jiang

Chapters

Hedge Fund Activism In Research Handbook on Hedge Funds, Private Equity and Alternative Investments (2012)
Coauthor(s): Alon Brav, Wei Jiang, Hyunseob Lim

Working papers

How Does Hedge Fund Activism Reshape Corporate Innovation? (2016)
Coauthor(s): Alon Brav, Wei Jiang, Song Ma, Xuan Tian

Influencing Control: Jawboning in Risk Arbitrage (2016)
Coauthor(s): Wei Jiang, Tao Li, Danqing Mei

Mutual Fund Holdings of Credit Default Swaps: Liquidity, Yield, and Risk Taking (2016)
Coauthor(s): Wei Jiang, Zhongyan Zhu

CoCo Bonds Issuance and Bank Funding Costs: An Empirical Analysis (2016)
Coauthor(s): Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton, Wei Jiang, Anastasia Kartasheva

Dancing with the Activists (2016)
Coauthor(s): Lucian Bebchuk, Alon Brav, Wei Jiang, Thomas Keusch

How Quickly Do Markets Learn? Private Information Dissemination in a Natural Experiment (2015)
Coauthor(s): Robert Jackson, Jr., Wei Jiang, Joshua Mitts