吴锴
电子邮箱：wukai8759@cufe.edu.cn
个人主页：https://www.kaiwufinance.com
办公室：沙河校区3号教学楼304室
职位
4066金沙(中国)有限公司硕士生导师，2022-
4066金沙(中国)有限公司副教授，2022-
4066金沙(中国)有限公司助理教授，2018-2021
4066金沙私募投资基金研究中心副主任，2019-
教育背景
康奈尔大学博士，金融学方向，2018
康奈尔大学理学硕士，金融学方向，2016
厦门大学王亚南经济研究所博士研究生，2013
哈尔滨工程大学管理学学士，电子商务专业，2010
研究方向
公司金融，收购兼并，企业创新，风险管理
发表论文
1. 刘继明, 吴锴, 刘向丽. 2023. 自贸区金融改革与资本结构动态调整, 4066金沙学报, 已接收.
2. Zhou Z., Wu K., 2023. Does Climate Risk Exposure Affect Corporate Leverage Adjustment Speed? International Evidence, Journal of Cleaner Production, 389(2): 136036.
3. Wu K., Liu Y., Sun H., Xu Y., 2022. It Pays to Have Guanxi: How Social Capital Affects Household Income? International Studies of Economics, in press.
4. Kopyrina O., Wu K., Ying Z., 2023. Greening through Central Inspection: The Role of Legitimacy Pressure and Risk-Taking, Pacific-Basin Finance Journal, 77(2): 101894.
5. Liu J., Wu K., Zhou M., 2023. News Tone, Investor Sentiment, and Liquidity Premium, International Review of Economics and Finance, 84(3): 167-181.
6. Liu J., Wu K., 2022. Purifying Political Ecology: How Anti-Corruption Campaign Affects Capital Structure Decisions? Pacific-Basin Finance Journal, 75(10), 101845.
7. Zhang H., Liang S., Qiu Y., Cai Y., Chan G., Wang S., Zhou D., Zhou Y., and Li Z., 2022. The Role of Solar Photovoltaic in Global Poverty Removal is Overestimated, The Innovation, 3(6), 100311.
8. Wang, S., Wu, K., Lai, S., 2022. Acquisition for Innovations? M&A Intensity and Intra-Firm R&D Allocations, Research in International Business and Finance, 62(12), 101721.
9. Liu, J., Wu, K., Jiang, F., Shen, Z. 2022. How Is Illiquidity Priced in the Chinese Stock Market? Accounting and Finance, in press.
10. Wu, K., Liu Y., Feng W., 2022. The Effect of Index Option Trading on Stock Market Volatility in China: An Empirical Investigation, Journal of Risk and Financial Management, 15(4), 150.
11. Rehman, O., Liu, X., Wu, K., Li, J., Customer Concentration, Leverage Adjustments, and Firm Value, Accounting and Finance, in press.
12. Zhang, H., Huang Y., Wu, K., Wang S., Nygaard C., Qiu, Y., 2022. Do Political Connections Affect Corporate Poverty Alleviation Decisions? Evidence from China, China Economic Review, 73(6), 101785.
13. Wu, K., Xu, M., Jin, Z., 2022. Thirst for Money: External Guarantees and Stock Price Crash Risk, Pacific-Basin Finance Journal, 72(4), 101724.
14. Huang Y. Liang, B. Wu, K. 2021. Are Mutual Fund Manager Skills Transferable to Private Funds? International Review of Economics and Finance, 76, 614-638.
15. Huang D., Li, J. Wu K. 2021. The Effect of Oil Supply Shocks on Industry Returns, Journal of Commodity Markets, 100172.
16. Wu, K., Lai, S. 2020. Intangible Intensity and Stock Price Crash Risk, Journal of Corporate Finance, 64, 101682.
17. Zhang, H., Wu, K., Qiu, Y., Chan, G., Wang, S., Zhou, D., Ren, X. 2020. Solar photovoltaic interventions have reduced rural poverty in China, Nature Communications, 11: 1169.
18. Zhang, H., Xu, Z., Wu, K., Zhou, D., Wei, G. 2019. Multi-dimensional poverty measurement for photo-voltaic poverty alleviation areas: Evidence from pilot counties in China. Journal of Cleaner Production, 241.
19. 陈海强, 韩乾, 吴锴. 融资约束抑制技术效率提升吗?——基于制造业微观数据的实证研究. 金融研究, 2015, 10: 148-162.
20. Chen, H., Han, Q., Li, Y., Wu, K. 2013. Does index futures trading reduce volatility in the Chinese stock market? A panel data evaluation approach. Journal of Futures Markets, 33(12), 1167-1190.
21. 陈海强, 韩乾, 吴锴. 现金流波动, 盈利稳定性与公司价值——基于沪深上市公司的实证研究. 金融研究, 2012, 9: 181-194.
22. 吴锴, 喻登科, 肖振红. 股息公告与自由现金流假说: 理论与验证. 经济与管理研究, 2009, 2: 70-75.
教育研究
1. 吴锴, 金融学类员工第二课堂育人机制研究，国际援助，2021, 11.
2. 吴锴, 卢昱霏.《计量经济学》研究性学习教法探究, 新教育时代(教师版), 2022, 2.
3. 吴锴, 卢昱霏, 史柯. 本科《计量经济学》案例教学与课程思政融合研究, 高教学刊, 已接收
工作论文
1. Supplier Concentration and Speed of Capital Structure Adjustment, with Yi Liu and Sirui Ruan, Revised and resubmitted, Pacific-Basin Finance Journal.
2. Does Shale Gas Development Promote Local Innovation? with Zixuan Jiang, Revised and resubmitted, Energy Economics.
3. Does Political Inspection Promote Corporate Green Innovation?, with Huiming Zhang, Dayu Wan, Chuanwang Sun, and Caixia Lin, Revised and resubmitted, Energy Economics.
4. 环保政策影响股票分析师的预测行为吗？基于准自然实验的证据, 与孙玉莹、林潜润、洪永淼合作
5. 数字生态下企业共同富裕研究：基于多重分配的视角, 与余俊焱合作
6. 中小股东的声音：网络投票影响企业内部薪酬差距吗？, 与刘继明合作
7. Informativeness of Incentive Contracts: Relative Performance Evaluation and Stock Price Crash Risk, with Suwei An and Xiaofen Tan
8. How Do Natural Disasters Impede Corporate Earnings Management?, with Huiming Zhang, Shouyang Wang, Yueming Qiu, and Mark Seasholes
9. Blessing or Curse? Government Subsidy Dependence and Stock Price Crash Risk, with Obaid Rehman
10. Manager Sentiment, Deal Characteristics, and Takeover Performance, with Suwei An and Xiaofen Tan
11. Central Judicial Inspector: Establishment of Circuit Tribunals and Corporate Innovation in China, with Minli Sun and Yuzi Chen
12. Cheap Money Talk: Banking Liberalization and Corporate Innovation in China, with Haoan Yan and Yi Liu
13. From Promise to Peril: Corporate Liquidity Effect of Performance Commitment Clauses in Acquisitions, with Yufei Lu and Zixuan Jiang
14. The Cost of Capital and Corporate Employment, with Soku Byoun and Zhaoxia Xu
15. Talents at Large: How Natural Disasters Affect Regional Innovation?, with Ziyang Zhan
16. Why Do M&A Bidders Adopt Performance Commitment Clauses? A Tunneling Perspective, with Maobin Xu and Yuzi Chen
17. Does Economic Policy Uncertainty Drive Global ETF Flows?, with Yuying Sun, Yi Liu, and Ke Shi
18. Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter?, with Obaid Ur Rehman and Jia Liu
19. Hedging-Motivated Corporate Tax Avoidance, with Yuying Sun and Yao Yue, and Shouyang Wang
20. Banking Liberalization and Analyst Forecast Accuracy, with Linghao Zhang
21. Does Political Turnover Matter in Executive Compensation?, with Jiming Liu and Xiangli Liu
22. Investment Incentives and Corporate Social Responsibilities: Does Managerial Long-Termism Matter? with Olga Kopyrina and Zhanyu Ying
23. Political Uncertainty, Monetary Policy Contraction and Capital Structure Dynamics, with Yi Liu and Seiwai Lai
24. How Does COVID-19 Pandemic Affect Corporate Financial Flexibility?, with Obaid Rehman and Jia Liu
25. Trusting the Theft: Relative Performance Evaluation and Corporate Tax Avoidance, with Ke Shi
26. Do Intangible Assets Really Foster Corporate Tax Avoidance?, with Weimian Ai and Yi Liu
27. Racing to Accomplishment: Relative Performance Evaluation and Corporate Innovation, with Ke Shi
28. Relative Performance Evaluation and Long-term Acquisition Performance, with Suwei An and Xiaofen Tan
29. The Power of Title: Firm Innovation under Intergovernmental Competition, with Maobin Xu
30. From Red Tape to Innovation: How Does Government Financing Reform Affect Corporate R&D Activities?, with Dingyao Guo
31. Supplier Concentration and Analyst Forecasting Bias, with Xiaotong Jia
32. Understanding the Information Content of Alternative Cost-of-Equity Proxies, with Soku Byoun
33.The A-H Premia and Stock Liquidity: Evidence from Chinese Cross-Listed Stocks, with Jun Liu and Botao Fan
34. Mutual Fund Advisory Misconduct: Investor Flows and Firm Reactions, with Bing Liang and Yuying Sun
35. Innovation Overload?, with Byoung-Hyoun Hwang and Hugh Hoikwang Kim
36. Minority Shareholder Protection and Corporate Common Prosperity, with Olga Kopyrina and Zhanyu Ying
37. Corporate Digital Transformation and Financial Distress: Pennies from Heaven or Hidden Risk? with Yufei Lu
38. Workplace Anti-Discrimination and Organization Capital, with Kehan Zhang
39. Non-Controlling Large Shareholders and Corporate Internal Control: The Role of Exit Threat and Supervisory Incentive, with Zihang Yan, Jiahao Xie and Ruihui Wang
40. Do Performance Commitment Clauses Affect Accounting Information Quality? The Case of Bidder Fraud, with Zihan Zhou
出版书籍
金融科技理论与实践, 李建军主编, 中国财政经济出版社, 2021，北京
金融科技学, 李建军主编, 高等教育出版社, 2021, 北京
理财规划基础, 李青云主编, 中国金融出版社, 2020, 北京
课题基金
4066金沙公司产品改革基金2022年度课题, 主持
4066金沙“青年英才”培育支持计划 (QYP2202)，主持
国家自然科学基金青年基金项目 (No. 72103217)，主持
国家自然科学基金面上项目 (No. 72073126)，主要参与人
4066金沙2021年度教学方法研究项目, 主持
4066金沙创新科研团队项目 (No. 20190119, 20210024)，成员
北京市社科联基金 (No. SM202110038003)，成员
会议报告
Financial Markets and Corporate Governance Conference (2021, 2022, 2023)
China Bay-Area Finance Summit (2023)
中国低碳产业发展论坛 (2023)
数字经济与高质量发展论坛 (2023)
中国技术经济学会年会 (2022)
中国财务与会计学术年会 (2022)
International Conference on Derivatives and Capital Markets (2022)
中国计量经济学者论坛 (2022)
Vietnam Symposium in Banking and Finance (2022)
大数据计量经济学理论与应用——文本数据分析及其应用研讨会 (2022)
海上丝路会计与财务学术研讨会 (2022)
中国金融学会年会 (2020, 2022)
China International Risk Forum (2021, 2022)
中国金融工程学会年会 (2020, 2021, 2022)
China Financial Engineering and Quantitative Finance Conference (2022)
中国留美经济学会年会 (2012, 2019, 2021, 2022)
Research Symposium on Finance and Economics Symposium (2022)
香樟金融学年会 (2022)
Journal of International Accounting Research Annual Conference (2021, 2022)
香樟经济学年会 (2022)
China Fintech Research Conference (2022)
China Empirical Accounting and Finance Conference (2022)
China Finance Review International Conference (2021）
中国创新经济研讨会(2021)
金融科技，创新与金融发展会议 (2021)
中国区域金融学年会 (2021)
Eastern Finance Association Annual Meeting (2016, 2021)
高质量发展下的金融供给侧改革研讨会 (2019)
金融供给侧改革与金融风险会议 (2019）
中国财经实证研究论坛 (2019）
京津冀地区金融研究联盟年会（2019）
金融科技与金融发展会议 (2019）
金融合作的一带一路经济效应 (2018, 2019）
中国经济学年会 (2011, 2019）
FMA Asia-Pacific Meeting (2019）
Conference on Asia-Pacific Financial Markets (2019）
International Conference on Asian Financial Markets and Economic Development (2019）
China Financial Research Conference (2019）
国际金融与银行研讨会 (2019）
立信金融论坛 (2019）
大中华地区金融研讨会 (2018）
Asian Finance Association Annual Meeting (2018）
SFS Cavalcade North America (2018）
美国中西部金融学会年会 (2016）
全国金融学研究生学术论坛 (2012, 2019）
经济转型与金融市场发展研讨会 (2012）
首届厦门大学-台湾逢甲大学金融研讨会 (2012）
澳门国际会计与金融学术研讨会 (2011）
中国管理学会年会 (2011）
论文评审
Journal of Corporate Finance, China Economic Review, Review of Quantitative Finance and Accounting, International Review of Financial Analysis, Financial Research Letters, Journal of Applied Accounting Research, International Journal of Financial Studies, Journal of Risk and Financial Management, Journal of Cleaner Production, Emerging Market Finance and Trade, Financial Innovation, North America Journal of Economics and Finance, Cogent Economics and Finance, Environment, Development and Sustainability, International Journal of Environmental Research and Public Health, Sustainability, Forecasting, Journal of Strategy and Management, Econometrics, Risk Management and Healthcare Policy, Risks, 管理科学学报, 金融论坛, 金融监管研究
教学经历
计量经济学（2019, 2020, 2021, 2022,2023）
金融工程概论（2019, 2022, 2023）
金融时间序列分析（2019）
高级计量经济学（2018, 2020, 2021）
奖励荣誉
学术研究
江苏省哲学社会科学优秀成果二等奖 (2022)
江苏省研究生学术创新论坛特等奖 （2022）
中国金融工程学会年会优秀论文三等奖（2022）
普华永道PwC3535论坛最佳论文提名奖 (2022)
江苏省高校哲学社会科学研究成果二等奖 (2021)
海峡两岸会计与审计论坛最佳论文奖 (2021)
中国区域金融学年会论文特等奖 (2021)
中国金融工程学会年会优秀论文三等奖（2020）
4066金沙骋望一流学术成果奖（2020）
国泰安金融实证论文大赛优秀论文奖（2013, 2019）
全国金融学研究生生学术论坛最佳论文奖（2012, 2019）
亚洲金融学年会最佳博士论文奖（2018）
美国东部金融学会最佳公司金融论文奖（2016）
澳门国际会计与金融研讨会最佳员工论文奖（2011）
TCI基金会暑期研究奖学金（2014）
Ashley基金会暑期研究奖学金（2016）
Aplin基金会暑期研究奖学金（2017）
教学指导
北京市课程思政教学名师 (2022)
北京市优秀本科论文指导教师 (2021）
中央财经老员工创新创业大赛优秀指导教师 (2021)
媒体报道
1. 深化金融监管改革推动经济高质量发展, 《中国金融》, 2023年第7期
2. 有序推进新能源汽车“车-电”分离的政策建议, 环球网, 2021年8月20日 （先后被网易新闻、今天头条转载，政策建议被民盟中央采纳）
3. 光伏扶贫战略显著提高了中国农村人均可支配收入, 中国能源网, 2020年4月27日 （先后被新浪财经、PV Magazine转载）
4. 现金流波动、盈利稳定性与公司价值, 中国人民大学复印资料《投资与证券》2013年第2期
5. 从面板数据的评估方法看期指对股市波动性影响, 期货日报，2012年11月12日 （先后被中国期货业协会、证券时报网转载）
