個人簡介
餘劍峰教授目前是Betvictor中文版建樹金融學講席教授、Betvictor中文版金融科技研究院副院長、Betvictor中文版資産管理研究中心主任，加入五道口之前他是明尼蘇達大學卡爾森管理學院 Piper Jaffray 講席教授。他在2014-2015年是Betvictor中文版的訪問教授。他從2011年起是美國聯邦儲蓄銀行（達拉斯）的研究員。他主要從事行為金融和宏觀金融的理論和實證研究。他的研究成果已經發表在學術刊物，例如，美國經濟評論，金融期刊、金融經濟期刊、貨币經濟期刊、管理科學和動态經濟評論。餘教授獲得中國科技大學概率統計學學士，耶魯大學統計學碩士和賓夕法尼亞大學沃頓商學院的金融學博士。他的研究成果曾獲得多項獎項，其中包括 Smith-Breeden 一等獎。
教育背景
2003-2008 賓夕法尼亞大學，沃頓商學院，金融學，博士學位
2000-2003 耶魯大學，統計學，2001 年獲得碩士學位， 2003 年博士論文開題通過
1996-2000 中國科技大學，概率與統計學，學士學位
2016 至今 Betvictor中文版，建樹講席教授
2021 至今 Betvictor中文版全球母基金研究中心主任
2019 至今 Betvictor中文版金融科技研究院副院長
2017 至今 Betvictor中文版資産管理研究中心主任
2015-2016 香港中文大學（深圳），經管學院，金融學教授，執行副院長
2008-2017 明尼蘇達大學，卡爾森管理學院，金融學，助理教授, 副教授(終身教授),
正教授，Piper Jaffray 講席教授
其他職位
2011.10 至今 美國聯邦儲蓄銀行，研究員
主要研究領域
行為金融學，量化投資策略，市場摩擦中的資産定價，國際市場，基于經濟周期模型的資産定價
發表成果
1. Investor Sentiment and the Mean-Variance Relation, (with Yu Yuan), Journal of Financial Economics 100, May 2011, pp. 367-281
2. Investor Attention, Psychological Anchors, and Stock Return Predictability (with Jun Li), Journal of Financial Economics 104, May 2012, pp. 401-419
3. The Short of It: Investor Sentiment and Anomalies (with Rob Stambaugh, and Yu Yuan), Journal of Financial Economics 104, May 2012, pp. 288-302
· Inaugural AQR Insight Award, honorable mention, 2012
· RWC Marshall Blume Prize, honorable mention, 2011
4. Using Long-Run Consumption-Return Correlations to Test Asset Pricing Models, Review of Economic Dynamics 15, July 2012, pp. 317-335
5. Technological Growth and Asset Pricing, (with Nicolae Garleanu and Stavros Panageas), Journal of Finance 67, August 2012, pp. 1265-1292
· Smith-Breeden Prize (First Prize), 2012
6. Government Investment and the Stock Market (with Frederico Belo), Journal of Monetary Economics 60, April 2013, pp. 325-339
7. A Sentiment-based Explanation of the Forward Premium Puzzle, Journal of Monetary Economics 60, May 2013, pp.474-491
8. Uncertainty, Risk, and Incentives: Theory and Evidence, (with Zhiguo He, Si Li and Bin Wei), Management Science 60, January 2014, pp. 206-226
· 3rd Annual TCFA Best Paper Award, 2012
9. The Long of It: Odds That Investor Sentiment Spuriously Predicts Anomaly Returns, (with Rob Stambaugh and Yu Yuan), February 2014, Journal of Financial Economics 114, December 2014, pp. 613-619
10. Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion (with Nicolae Garleanu and Stavros Panageas), July 2015, American Economic Review 105, pp. 1979-2010
11. Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle (with Rob Stambaugh and Yu Yuan), October 2015, Journal of Finance 70, pp. 1903-1948
12. Asset Pricing in Production Economies with Extrapolative Expectations (with David Hirshleifer and Jun Li), November 2015, Journal of Monetary Economics 76, pp. 87-106
13. Short- and Long-Run Business Conditions and Expected Returns (with Qi Liu, Libin Tao and Weixing
Wu), December 2017, Management Science 63, pp. 4137-4157.
14. Reference-Dependent Preferences and the Risk-Return Trade-off (with Huijun Wang and Jinghua Yan), February 2017, Journal of Financial Economics 123, pp.395-414
· Q-Group Research Award, 2012
· Chicago Quantitative Alliance Academic Competition, Third Prize, 2014
15. Optimal Long-Term Contracting with Learning, (with Zhiguo He, Bin Wei, and Feng Gao), October 2017, Review of Financial Studies 30, pp. 2006-2065
16. Investor Sentiment and Economic Forces (with Junyan Shen and Shen Zhao), April 2017, Journal of Monetary Economics 86, pp.1-21, Lead Article
· Chicago Quantitative Alliance Academic Competition, First Prize, 2012
· Crowell Memorial Prize (Third Prize), PanAgora Asset Management, 2013
· TCFA Best Paper Award, 2013
17. The Role of Reference-Dependent Preferences (with Li An, Huijun Wang, and Jian Wang), 2020, Management Science, 66, pp. 473-501
a. CQAsia Academic Competition, First Prize, 2016
18. Impediments to Financial Trade: Theory and Applications (with Nicolae Garleanu and Stavros Panageas),2020, Review of Financial Studies, 33, pp. 2697-2727
19. Time‐Varying Demand for Lottery: Speculation Ahead of Earning Announcements (with Bibo Liu, Huijun Wang and Shen Zhao), 2020, Journal of Financial Economics, 138, pp. 789-817
20. Aggregate Expected Investment Growth and Stock Market Returns (joint with Jun Li and Huijun Wang), 2021, Journal of Monetary Economics, 117, pp. 618-638
21. Media Coverage and Underreaction-Related Anomalies (with Xin Chen, Wei He, and Libin Tao), Management Science, Forthcoming
22. Attention Spillover in Asset Pricing (with Xin Chen, Li An, and Zhengwei Wang), Journal of Finance, Forthcoming
工作論文
1. Drifting Apart: The Pricing of Assets when the Benefits of Growth are not Shared Equally (with Nicolae Garleanu, Stavros Panageas, and Dimitris Papanikolaou), August 2015
2. Characteristics‐Based Factors (with Zhuo Chen, Bibo Liu, Huijun Wang, Zhengwei Wang), January 2020
3. Investor Sentiment and the Pricing of Characteristics‐Based Factors (with Zhuo Chen, Bibo Liu, Huijun Wang and Zhengwei Wang), February 2020
4 Priming and Stock Preferences: Evidence from IPO Lotteries (with Conghui Hu, Yu‐Jane Liu, and Xin Xu), December 2019
5. Time Variation in Extrapolation and Anomalies (with Wei He and Yuehan Wang), April 2020
6. Similar Stocks (with Wei He and Yuehan Wang), March 2021
7. Extrapolative Market Participation (with Wanbin Pan, Zhiwei Su, and Huijun Wang), April 2021
· XiYue Best Paper Award, CICF, 2022
8. Extrapolation and Risk-Return Trade-offs (with Qi Liu, Zhiwei Su, and Huijun Wang), April 2022
· GARP Research Excellence Award, CIRF, 2022
9. Macroeconomic Perceptions and Anomalies (with Wei He and Zhiwei Su), June 2022
講授課程
· 行為金融學(金融PhD), 2018~
· 行為金融學(金融EMBA, GFD, 和各種高管教育項目), 2016~
· 行為金融學(金融碩士), 2014, 2018~
· 數據分析與創業抉擇I (金融MBA), 2018-2020
· 數據分析與創業抉擇II (金融MBA), 2017~
· 行為金融學(本科和MBA), 2014, 2015
· 公司财務中的期權(本科), 2010 – 2013
· 企業金融決策(本科), 2009
· 資本市場理論(博士), 2010 – 2013
· 實證資産定價(博士), 2012
· 金融學實證研究(博士), 2006 – 2008
· 貨币經濟學與全球經濟(MBA) 2006 – 2007
· 固定收益證券(MBA), 2004
· 基金投資(MBA), 2005 – 2006
· 投資與交易(MBA), 2005
榮譽與獎項
XiYue Best Paper Award, China International Conference in Finance, 2022
GARP Research Excellence Award, CIRF, 2022
Keynote Address: The Fifth International Workshop on Futures and Derivatives, 2016
CQAsia Academic Competition, First Prize, 2016
Keynote Address: The 7th International Workshop on Behavioral Operations Management,
Chicago Quantitative Alliance (CQA) Academic Competition, Third Prize, 2014
4th Annual TCFA Best Paper Award, 2013
Crowell Memorial Prize (Third Prize), PanAgora Asset Management, 2013
Annual Faculty Research Award, Carlson School of Management, 2012 & 2014
Smith‐Breeden Prize (First Prize), 2012
Institute for Quantitative Research in Finance (Q‐Group) Research Award, 2012
Chicago Quantitative Alliance (CQA) Academic Competition, First Prize, 2012
3rd Annual TCFA Best Paper Award, 2012
Inaugural AQR Insight Award, honorable mention, 2012
RWC Marshall Blume Prize, honorable mention, 2011
Dean’s Small Research Grant, Carlson School of Management, 2009‐2012
Sterling Prize Fellow, Yale University, 2000‐2002
The Best Senior Thesis Award, Univ. of Science & Technology of China, 2000
其他服務
副主編, Journal of Financial Economics, 2021~
副主編, Journal of Empirical Finance, 2020~
副主編, Journal of Economic Dynamics and Control, 2018~
副主編, Financial Management, 2019~ 2022
Ph.D. Program Coordinator in Finance, 2013-2015, University of Minnesota
Faculty Recruiting Committee, 2013-2014, University of Minnesota
Seminar and Brownbag Organizer, 2009-2010, University of Minnesota
