Neng Wang

Columbia Business School - Finance and Economics

3022 Broadway

New York, NY 10027

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

42

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13,991

SSRN CITATIONS
Rank 996

SSRN RANKINGS

Top 996

in Total Papers Citations

276

CROSSREF CITATIONS

735

Scholarly Papers (42)

1.
Downloads 1,825 ( 9,060)
Citation 39

Market Timing, Investment, and Risk Management

AFA 2012 Chicago Meetings Paper
Number of pages: 59 Posted: 16 Mar 2010 Last Revised: 29 Mar 2012
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 1,776 (9,243)
Citation 41

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risk management, liquidity, financial crisis, market timing, investment, q theory

Market Timing, Investment, and Risk Management

NBER Working Paper No. w16808
Number of pages: 55 Posted: 28 Feb 2011
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 49 (418,204)

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A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

Journal of Finance, Forthcoming , AFA 2010 Atlanta Meetings Paper
Number of pages: 50 Posted: 19 Mar 2009 Last Revised: 12 Jul 2011
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 1,270 (15,743)
Citation 21

Abstract:

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investment, q theory, cash management, liquidity, hedging, payout, financing

A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management

NBER Working Paper No. w14845
Number of pages: 57 Posted: 07 Apr 2009 Last Revised: 26 Jul 2010
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 190 (167,444)

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3.
Downloads 438 ( 20,747)
Citation 13

Valuing Private Equity

Number of pages: 58 Posted: 03 Oct 2012 Last Revised: 14 Jun 2013
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 150 (206,088)
Citation 1

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Private equity, alternative investments, illiquidity, portfolio choice, asset allocation, management fees, carried interest, incomplete markets

Valuing Private Equity

Netspar Discussion Paper No. 04/2012-041
Number of pages: 59 Posted: 27 Nov 2012 Last Revised: 27 Sep 2019
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 150 (206,088)
Citation 7

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Private equity, alternative investments, illiquidity, portfolio choice, asset allocation, management fees, carried interest, incomplete markets

Valuing Private Equity

NBER Working Paper No. w19612
Number of pages: 64 Posted: 09 Nov 2013 Last Revised: 07 Oct 2014
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 138 (220,704)
Citation 4

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4.
Downloads 1,039 ( 21,661)
Citation 4

Agency Conflicts, Investment, and Asset Pricing

Journal of Finance, Vol. 63, 2008, Boston University Questrom School of Business Research Paper No. 2009-3, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 167/2007
Number of pages: 77 Posted: 31 Dec 2004 Last Revised: 04 Dec 2018
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia Business School - Finance and Economics
Downloads 986 (23,041)
Citation 4

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Asset prices, heterogeneous agents, agency, corporate governance, investor protection, volatility, overinvestment

Agency Conflicts, Investment, and Asset Pricing

NBER Working Paper No. w13251
Number of pages: 73 Posted: 13 Jul 2007 Last Revised: 17 Sep 2010
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia Business School - Finance and Economics
Downloads 29 (509,082)

Abstract:

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Agency Conflicts, Investment and Asset Pricing

CEPR Discussion Paper No. 4955
Number of pages: 62 Posted: 27 Jul 2005
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia Business School - Finance and Economics
Downloads 24 (539,780)
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Asset prices, heterogeneous agents, agency, corporate governance, investor protection, volatility, overinvestment

5.

Incentives and Investment Timing: Real Options in a Principal-Agent Setting

Simon School of Business Working Paper No. FR 03-12
Number of pages: 47 Posted: 23 Apr 2003
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 957 (24,483)
Citation 1

Abstract:

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Real Options, Agency Costs, Hidden Information, Hidden Action, Investment Timing

6.

Capital Structure, Investment, and Private Benefits of Control

Simon Business School Working Paper No. FR04-17
Number of pages: 31 Posted: 14 Sep 2004
Erwan Morellec and Neng Wang
Ecole Polytechnique Fédérale de Lausanne and Columbia Business School - Finance and Economics
Downloads 881 (27,564)
Citation 3

Abstract:

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private benefits of control, investment policy, financing policy

7.
Downloads 839 ( 29,526)
Citation 1

Debt, Taxes, and Liquidity

Columbia Business School Research Paper No. 14-17
Number of pages: 43 Posted: 13 Mar 2014 Last Revised: 22 Nov 2014
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 823 (29,867)

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Capital structure, liquidity, cash, financing frictions, marginal tax benefit of debt, tradeoff theory

Debt, Taxes, and Liquidity

NBER Working Paper No. w20009
Number of pages: 61 Posted: 31 Mar 2014
Patrick Bolton, Hui Chen and Neng Wang
Columbia Business School - Department of Economics, Massachusetts Institute of Technology and Columbia Business School - Finance and Economics
Downloads 16 (593,882)
Citation 1

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8.

Dynamic Investment, Capital Structure, and Debt Overhang

Number of pages: 51 Posted: 21 Dec 2006
Suresh M. Sundaresan and Neng Wang
Columbia Business School - Finance and Economics and Columbia Business School - Finance and Economics
Downloads 740 (35,115)
Citation 48

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Endogenous default, leverage, real options, debt overhang, debt seniority

9.
Downloads 719 ( 36,516)
Citation 34

Entrepreneurial Finance and Nondiversifiable Risk

Review of Financial Studies, Forthcoming
Number of pages: 64 Posted: 27 Mar 2009 Last Revised: 07 Jul 2010
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia Business School - Finance and Economics
Downloads 667 (39,822)
Citation 6

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default, diversification benefits, entrepreneurial risk aversion, incomplete markets, idiosyncratic risk premium, hedging, capital structure, cash-out option, precautionary saving

Entrepreneurial Finance and Non-Diversifiable Risk

NBER Working Paper No. w14848
Number of pages: 45 Posted: 07 Apr 2009 Last Revised: 29 Oct 2014
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia Business School - Finance and Economics
Downloads 52 (407,195)
Citation 1

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10.
Downloads 666 ( 40,492)
Citation 46

Investment Timing, Agency and Information

Simon Business School Working Paper No. FR 03-26; AFA 2004 San Diego Meetings
Number of pages: 49 Posted: 04 Sep 2003
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 623 (43,684)

Abstract:

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real options, capital budgeting, agency cost, hidden information, hidden action, investment timing

Investment Timing, Agency, and Information

NBER Working Paper No. w11148
Number of pages: 50 Posted: 16 Mar 2005 Last Revised: 08 Aug 2009
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 43 (442,070)
Citation 3

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Investment Timing, Agency, and Information

Journal of Financial Economics, Vol. 75, pp. 493-533, 2005
Posted: 07 May 2005
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics

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Real options, investment timing, contracting, agency

11.

The Economics of Hedge Funds

AFA 2013 San Diego Meetings Paper
Number of pages: 46 Posted: 20 Mar 2012 Last Revised: 21 Sep 2012
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research - New York Office, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 512 (56,932)
Citation 3

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assets under management (AUM), high-water mark (HWM), alpha, management fees, incentive fees, conflicts of interest, agency, liquidation option, redemption, drawdown, managerial ownership, money flow, margin requirement, risk seeking

Investment Under Uncertainty and Time-Inconsistent Preferences

Stanford GSB Research Paper No. 1899
Number of pages: 48 Posted: 05 Aug 2005
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 304 (104,333)

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irreversible investment, hyperbolic discounting, time inconsistency, real options

Investment Under Uncertainty and Time-Inconsistent Preferences

NBER Working Paper No. w12042
Number of pages: 49 Posted: 04 May 2006 Last Revised: 02 Jul 2009
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 35 (477,854)
Citation 6

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13.

Learning, Investment, and Entrepreneurial Survival: A Real Options Approach

Number of pages: 35 Posted: 17 Mar 2006
Neng Wang and Jianjun Miao
Columbia Business School - Finance and Economics and Boston University - Department of Economics
Downloads 315 (100,914)

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real options, learning, private firm value, survival, precautionary savings, incomplete markets

14.
Downloads 310 (102,662)
Citation 6

Risk, Uncertainty, and Option Exercise

Number of pages: 36 Posted: 15 Oct 2004
Neng Wang and Jianjun Miao
Columbia Business School - Finance and Economics and Boston University - Department of Economics
Downloads 270 (118,332)
Citation 5

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Ambiguity, multiple-priors utility, real options, optimal stopping problem

Risk, Uncertainty, and Option Exercise

Journal of Economic Dynamics & Control, Vol. 35, pp. 442-461, 2004
Number of pages: 30 Posted: 26 Oct 2011
Neng Wang and Jianjun Miao
Columbia Business School - Finance and Economics and Boston University - Department of Economics
Downloads 40 (454,951)

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Investment, Consumption and Hedging Under Incomplete Markets

Number of pages: 42 Posted: 04 Aug 2005
Jianjun Miao and Neng Wang
Boston University - Department of Economics and Columbia Business School - Finance and Economics
Downloads 232 (138,361)
Citation 3

Abstract:

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real options, idiosyncratic risk, hedging, risk aversion, precautionary saving, incomplete markets

Investment, Consumption, and Hedging Under Incomplete Markets

NBER Working Paper No. w13250
Number of pages: 47 Posted: 13 Jul 2007 Last Revised: 29 Oct 2014
Neng Wang and Jianjun Miao
Columbia Business School - Finance and Economics and Boston University - Department of Economics
Downloads 42 (446,235)
Citation 2

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Investment under Uncertainty and the Value of Real and Financial Flexibility

Columbia Business School Research Paper No. 14-1
Number of pages: 50 Posted: 07 Dec 2013 Last Revised: 28 Aug 2014
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 243 (132,114)
Citation 7

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Investment Under Uncertainty with Financial Constraints

NBER Working Paper No. w20610
Number of pages: 81 Posted: 27 Oct 2014
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 28 (515,008)
Citation 1

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The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

Number of pages: 44 Posted: 04 Feb 2011 Last Revised: 16 Mar 2011
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research - New York Office, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 191 (166,640)

Abstract:

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assets under management (AUM), high-water mark, alpha, management fees, incentive fees, conflicts of interest, liquidation option, managerial ownership

The Economics of Hedge Funds: Alpha, Fees, Leverage, and Valuation

NBER Working Paper No. w16842
Number of pages: 45 Posted: 07 Mar 2011
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research - New York Office, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 49 (418,204)

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18.
Downloads 234 (137,720)
Citation 20

The Economic and Policy Consequences of Catastrophes

MIT Sloan Research Paper No. 4751-09
Number of pages: 28 Posted: 18 Sep 2009
Robert S. Pindyck and Neng Wang
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Columbia Business School - Finance and Economics
Downloads 192 (165,864)
Citation 2

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Catastrophes, disasters, rare events, economic uncertainty, consumption tax, national security

The Economic and Policy Consequences of Catastrophes

NBER Working Paper No. w15373
Number of pages: 43 Posted: 28 Sep 2009 Last Revised: 05 Jul 2010
Robert S. Pindyck and Neng Wang
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Columbia Business School - Finance and Economics
Downloads 42 (446,235)
Citation 12

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19.

Dynamic Agency and the Q Theory of Investment

Journal of Finance, Forthcoming
Number of pages: 70 Posted: 30 Apr 2012
Stanford Graduate School of Business, Kellogg School of Management - Department of Finance, University of Chicago - Finance and Columbia Business School - Finance and Economics
Downloads 201 (159,098)
Citation 11

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20.

Token-Based Platform Finance

Fisher College of Business Working Paper No. 2019-03-028, Charles A. Dice Center Working Paper No. 2019-28
Number of pages: 45 Posted: 29 Oct 2019 Last Revised: 19 Nov 2019
Lin William Cong, Ye Li and Neng Wang
Cornell University, Ohio State University and Columbia Business School - Finance and Economics
Downloads 193 (165,173)
Citation 2

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Blockchain, Cryptocurrency, Dynamic Investment, Dynamic Corporate Finance, Financial Constraint, Gig Economy, Token and Coin Offerings, Optimal Token Supply

21.

A Life-Cycle Model of Income and Wealth Distribution

Simon Business School Working Paper No. FR 03-23
Number of pages: 50 Posted: 05 Aug 2003
Neng Wang
Columbia Business School - Finance and Economics
Downloads 188 (169,136)

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Wealth Distribution, Stochastic Life Horizon, Conditional Heteroskedasticity

22.

Investor Protection, Diversification, Investment, and Tobin's Q

Number of pages: 46 Posted: 20 Mar 2012 Last Revised: 20 Sep 2012
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research - New York Office, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 186 (170,801)
Citation 3

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23.

Investment, Hedging, and Consumption Smoothing

Simon School Working Paper No. FR 04-15
Number of pages: 47 Posted: 19 Jul 2004
Jianjun Miao and Neng Wang
Boston University - Department of Economics and Columbia Business School - Finance and Economics
Downloads 163 (191,647)
Citation 1

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Real options, risk aversion, incomplete markets, hedging, precautionary saving

The Endowment Model and Modern Portfolio Theory

Number of pages: 49 Posted: 24 Feb 2019
Nanyang Technological University - Division of Finance, Columbia Business School - Finance and Economics and Columbia University
Downloads 139 (219,372)

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endowment model, portfolio choice, illiquid assets, illiquidity, modern portfolio theory, asset allocation, alternative assets, alternative investments

The Endowment Model and Modern Portfolio Theory

NBER Working Paper No. w25559
Number of pages: 50 Posted: 19 Feb 2019
Nanyang Technological University - Division of Finance, Columbia Business School - Finance and Economics and Columbia University
Downloads 6 (666,993)
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25.
Downloads 119 (246,575)
Citation 2

Dynamics of Entrepreneurship Under Incomplete Markets

Number of pages: 45 Posted: 24 Feb 2011 Last Revised: 09 Nov 2011
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 99 (282,404)
Citation 3

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idiosyncratic risk premium, hedging, liquidity constraints, precautionary saving, portfolio choice, investment, entry, exit, the q theory of investment, real options

A Unified Model of Entrepreneurship Dynamics

NBER Working Paper No. w16843
Number of pages: 54 Posted: 07 Mar 2011 Last Revised: 29 Oct 2014
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 20 (566,352)

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26.

Consumption and Conditionally Heteroskedastic Income

Simon Business School Working Paper No. FR 03-20
Number of pages: 29 Posted: 17 Jul 2003
Neng Wang
Columbia Business School - Finance and Economics
Downloads 118 (248,157)
Citation 4

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Precautionary Savings, Permanent Income, Conditional Heteroskedasticity

27.

An Equilibrium Model of Wealth Distribution

Number of pages: 27 Posted: 08 Feb 2006
Neng Wang
Columbia Business School - Finance and Economics
Downloads 111 (259,100)
Citation 4

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precautionary savings, wealth distribution, Bewley models, affine process, recursive utility, stochastic discounting

28.

Precautionary Savings and Partially Observed Income

Simon Business School Working Paper No. FR 03-22
Number of pages: 33 Posted: 05 Aug 2003
Neng Wang
Columbia Business School - Finance and Economics
Downloads 100 (278,684)

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Precautionary Savings, Separation Principle,

29.

Optimal Consumption and Savings with Stochastic Income and Recursive Utility

Columbia Business School Research Paper No. 15-19
Number of pages: 39 Posted: 24 Jan 2015
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 94 (290,051)
Citation 2

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buffer stock; precautionary savings; incomplete markets; borrowing constraints; permanent income; non-expected utility

30.

Debt, Default, and Risk Management: Corporate Policies Under Incomplete Markets

Number of pages: 50 Posted: 30 Sep 2019
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 76 (330,210)

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leverage, capital structure, debt capacity, payouts

31.

Capital Reallocation and Growth

American Economic Review: Papers and Proceedings, Vol. 99, No. 2, pp. 560-566, 2009
Number of pages: 7 Posted: 26 Oct 2011
Janice C. Eberly and Neng Wang
Northwestern University - Kellogg School of Management and Columbia Business School - Finance and Economics
Downloads 55 (390,596)

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32.

A Unified Model of Entrepreneurship Dynamics

Number of pages: 53 Posted: 03 Oct 2012
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 44 (429,586)
Citation 5

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33.

Investment, Tobin's Q, and Interest Rates

NBER Working Paper No. w19327
Number of pages: 51 Posted: 17 Aug 2013
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics, Shanghai University of Finance and Economics and Columbia University
Downloads 41 (441,343)

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34.

Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital

NBER Working Paper No. w20979
Number of pages: 65 Posted: 02 Mar 2015
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 36 (462,397)
Citation 5

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35.

Optimal Consumption and Asset Allocation with Unknown Income Growth

Journal of Monetary Economics, Vol. 56, No. 4, pp. 524-534, 2009
Number of pages: 28 Posted: 26 Oct 2011
Neng Wang
Columbia Business School - Finance and Economics
Downloads 35 (466,827)

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36.

Optimal Consumption and Savings with Stochastic Income and Recursive Utility

NBER Working Paper No. w19319
Number of pages: 55 Posted: 10 Aug 2013
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 19 (553,879)
Citation 3

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Rare Disasters, Financial Development, and Sovereign Debt

NBER Working Paper No. w25031
Number of pages: 49 Posted: 17 Sep 2018
Northwestern University - Kellogg School of Management, Columbia Business School - Finance and Economics and Columbia University
Downloads 4 (682,557)
Citation 2
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38.

Leverage Dynamics and Financial Flexibility

NBER Working Paper No. w26802
Number of pages: 60 Posted: 09 Mar 2020
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia Business School - Department of Economics, Columbia Business School - Finance and Economics and Columbia University
Downloads 4 (653,204)
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39.

Consumption and Asset Allocation with Unknown Income Growth

Posted: 16 Nov 2005
Neng Wang
Columbia Business School - Finance and Economics

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Incomplete markets, precautionary saving, Kalman filter, learning, regime switching, portfolio choice, hedging, estimation risk

40.

Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium

American Economic Review, Vol. 93, No.3, pp. 927-936, June 2003
Posted: 05 Aug 2005
Neng Wang
Columbia Business School - Finance and Economics

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Precautionary saving, Permanent Income, Consumption, Income fluctuation

41.

Robust Permanent Income and Pricing with Filtering

Macroeconomic Dynamics, Vol. 6, pp. 40-84, 2002
Posted: 07 May 2005
University of Chicago - Department of Economics, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business and Columbia Business School - Finance and Economics

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Kalman filter, approximating model, Knightian uncertainty, robustness, equity premium, market price of uncertainty, permanent income

42.

Precautionary Saving and Partially Observed Income

Journal of Monetary Economics, Vol. 51, pp. 1645-1681, 2004
Posted: 07 May 2005
Neng Wang
Columbia Business School - Finance and Economics

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Precautionary saving, separation principle, incomplete information, Kalman filter