Subjects

Ning Zhu

Deputy Dean and Oceanwide Professor of Finance, Tsinghua University
Faculty Fellow, Yale University International Center for Finance

A behavioral finance, Chinese economic and financial reform expert

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Biography

Ning Zhu is a Deputy Dean and Oceanwide Professor of Finance at the PBoC School of Finance, Tsinghua University and a professor at Shanghai Advanced Institute of Finance (SAIF), Shanghai JiaoTong University, and a Special Term Professor of Finance at University of California and at GuangHua School of Management at Beijing University.

He is also a faculty fellow at the Yale University International Center for Finance and Dean’s Scholar in Finance at University of California. Prior to coming back to Asia and founding SAIF, he was a tenured professor of finance at University of California.

Professor Zhu is an internationally recognized expert in behavioral finance, Chinese economic and financial reform, investments, and corporate finance. He has published numerous articles in leading journals in the finance, economics, management and legal fields and won various awards for his research and teaching excellence.

He commands extensive consulting experiences advising international organizations, such as the World Bank and IMF; central banks, market regulators, and securities exchanges around the globe; and some of the largest institutional money managers and investment banks in the world. He also sits on many corporate boards and advisory boards of academic, policy, and practitioner institutions.

During his leave from the University of California, he implemented his research into practice and held leading positions at Lehman Brothers and Nomura International in Hong Kong. He sits on the board of several leading financial companies in China.

Professor Zhu is widely regarded as a leading expert on Chinese economics and finance by the media. He has been regularly interviewed by leading TV programs, in both Chinese and English, and featured as event keynote speakers. He contributes regularly to columns at the China Daily, Financial Times (Chinese), and Sina Finance, the largest Chinese online financial website.

Professor Zhu is the author of the Chinese best sellers The Investors’ Enemy on behavioral finance and China’s Guaranteed Bubble, on the implicit guarantees in Chinese financial reform and stability. Both books are being translated into several other languages. He has won numerous prizes for his excellence in research, teaching, and publications.

Ning Zhu received his B. Econ. Degree from Beijing University, Master of Science degree from Cornell University (NY), and Ph.D. degree (finance) from Yale University (CT).

Books

Financial Decision Making

Understanding Chinese Investment Behavior — 1st Edition

Ning Zhu

This book sheds light on financial decision making and lays down the major biases in human behavioral decision making, such as over-confidence, naive extrapolation, attention, and risk aversion, and how they lead investors and corporations to make considerable mistakes in investment.

It draws on a large body of literature, from psychology and social psychology to, most importantly, behavioral economics and behavioral finance. It also looks at the progress in behavioral finance research over recent decades and includes research outputs based on retail and institutional investors from the United States, China, and many other international financial markets.

The book focuses on China’s financial reforms and economic transition and includes many cases from that country to highlight the importance of behavioral finance and investor education. It therefore provides much needed in-depth understanding of the Chinese capital market.

Routledge; 1 edition (May 28, 2017)

Reviews

Are bailout hopes fueling a Chinese debt bubbleChina Daily
Beware of the bubbleChina Daily

Video

China's economic bubble: Government guarantees and growing risks — Brookings Institution

Praise

"Professor Ning Zhu’s new book is a must read for those who want to understand the behaviors behind Chinese investment and its decision making. Continued development and understanding of these factors behind investments is essential for all readers whether the causal investor or the investment professional. I find this book well-written, make interesting points and highly relevant."
― David Yu, CFA, Adjunct Professor of Finance, New York University Shanghai and Managing Director & Chief Investment Officer, Inception Aviation

"Professor Zhu provides a compelling and easy to read analysis on the dangers of investing that many other investment books fail to appreciate. His numerous historical examples and other research provides a useful perspective and antidote to common fallacies in investor thinking. The timeliness of the topic makes it a must read for Chinese investors in particular who are now engaged in financial market activities more than any time in its history. This book is definitely a worthwhile addition to any syllabus covering investment topics."
― Ann Lee, Adjunct Professor of Economics and Finance, New York University

"One of the things that sets this book apart is that it takes many different perspectives. While much has been written about the failures of individual decision-making, the implications of behavioral finance extend to the corporate sector and to the regulatory and government sectors as well. Professor Zhu shows us how decision-making in all of these arenas is actually influenced by a common set of psychological tendencies that, in turn, tie back into fundamental human nature. The book demonstrates not only why behavioral finance is important, but it also shows how our personal analytical limitations can be overcome, once we recognize them."
― William N. Goetzmann, Edwin J. Beinecke Professor of Finance and Management Studies; Director of the International Center of Finance, Yale School of Management, Yale University

China's Guaranteed Bubble

How implicit government support has propelled China's economy while creating systemic risk — 1st Edition

Ning Zhu

The truth about China’s financial industry ― and the growing bubble that’s guaranteed to blow it apart…

In recent years, the Chinese economy has been fueled by the implicit guarantee of major banks and local governments by the nation’s central government. The resultant bubble has led to the emergence of a large shadow banking industry that poses major risks to China’s real estate market, speculative stock investments, state-owned enterprises, and more.

It’s not a matter of if China’s bubble will burst. It’s a matter of when.

This eye-opening book from renowned financial scholar Ning Zhu provides a provocative in-depth analysis of China’s current economic practices ― and the profound dangers they pose ― as well as a powerful wake-up call to investors, regulators, and the entire financial industry. Zhu’s book is packed with startling revelations, including:

  • The enormous impact of China’s implicit guarantees on economic growth ― and what will happen when those guarantees are gone
  • The ever-increasing size of China’s shadow banking industry ― and how it’s just the tip of the iceberg
  • The once-reliable strength of China’s real estate and stock markets ― and how they’re threatened by government distortion
  • The latest financial innovations and channels ― and how they are circumventing regulations and triggering unprecedented risks

Filled with fascinating case studies, worst case scenarios, and a well-argued case for much-needed reforms, Zhu’s enlightening book is a must-read for anyone with interests or investments in China’s rapidly changing economy. You’ll find intriguing new perspectives on traditional growth models, innovative solutions for overcapacity problems, and revealing new stats on so-called Voodoo Statistics. You’ll get a glimpse behind the curtain of the “unknown unknowns” of China’s implicit guarantees ― and learn just how risky these government policies can be. Most importantly, Zhu’s book provides solid recommendations for diffusing the time bomb these guarantees can and will set off.

Brilliant, incisive, and ultimately optimistic, China’s Guaranteed Bubble will incite a much-needed call for change and set us on a new path of prosperity and growth ― for China, the economy, and the world.

McGraw-Hill Education; 1 edition (March 11, 2016)

Topics

Ning tailors each presentation to the needs of his audience and is not limited to the topics we have listed below. These are subjects that have proven valuable to customers in the past and are meant only to suggest his range and interests. Please ask us about any subject that interests you; we are sure that we can accommodate you.

China’s macro economy

Chinese financial system and financial reform

One Belt One Road

Investment in China

China for Multi-National Corporations

Behavior Finance

Videos

China's economic bubble: Government guarantees and growing risks