Neng Wang

Columbia University - Columbia Business School, Finance

3022 Broadway

New York, NY 10027

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National Bureau of Economic Research (NBER)

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Asian Bureau of Finance and Economic Research (ABFER)

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SCHOLARLY PAPERS

56

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in Total Papers Downloads

24,476

SSRN CITATIONS
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Top 734

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631

CROSSREF CITATIONS

814

Scholarly Papers (56)

1.
Downloads 4,448 ( 3,035)
Citation 33

Tokenomics: Dynamic Adoption and Valuation

Becker Friedman Institute for Research in Economics Working Paper No. 2018-49, Fisher College of Business Working Paper No. 2018-03-015, Charles A. Dice Center Working Paper No. 2018-15, Columbia Business School Research Paper No. 18-62
Number of pages: 76 Posted: 30 Jul 2018 Last Revised: 14 Dec 2020
Lin William Cong, Ye Li and Neng Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Washington - Foster School of Business and Columbia University - Columbia Business School, Finance
Downloads 4,208 (3,261)
Citation 28

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Blockchain, Carry Cost, Convenience Yield, Cryptocurrency, FinTech, Intertemporal Feedback, Means of Payment, Network Externality, Platform, Token

Tokenomics: Dynamic Adoption and Valuation

NBER Working Paper No. w27222
Number of pages: 67 Posted: 26 May 2020 Last Revised: 20 May 2022
Lin William Cong, Ye Li and Neng Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Washington - Foster School of Business and Columbia University - Columbia Business School, Finance
Downloads 240 (177,906)
Citation 3

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2.
Downloads 1,896 ( 12,327)
Citation 57

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 University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,837 (12,739)
Citation 55

Abstract:

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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 Last Revised: 06 Jun 2021
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 59 (494,712)
Citation 15

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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 University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,359 (20,192)
Citation 59

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: 25 Jul 2022
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 200 (211,479)

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4.
Downloads 1,377 ( 20,143)
Citation 8

Token-based Platform Finance

Fisher College of Business Working Paper No. 2019-03-028, Charles A. Dice Center Working Paper No. 2019-28, Columbia Business School Research Paper Forthcoming
Number of pages: 64 Posted: 29 Oct 2019 Last Revised: 03 May 2021
Lin William Cong, Ye Li and Neng Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Washington - Foster School of Business and Columbia University - Columbia Business School, Finance
Downloads 1,371 (19,917)
Citation 6

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Blockchain, Cryptocurrency, Dynamic Corporate Financing, Durable Goods, Gig Economy, Optimal Token Supply, Time Inconsistency, Token/Coin Offering

Token-Based Platform Finance

NBER Working Paper No. w27810
Number of pages: 64 Posted: 14 Sep 2020 Last Revised: 27 Jun 2022
Lin William Cong, Ye Li and Neng Wang
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Washington - Foster School of Business and Columbia University - Columbia Business School, Finance
Downloads 6 (863,621)
Citation 3

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5.
Downloads 1,204 ( 24,657)
Citation 20

Valuing Private Equity

Number of pages: 58 Posted: 18 Apr 2012 Last Revised: 14 Jun 2013
Dartmouth College - Tuck School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 662 (55,624)
Citation 1

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Private equity, LP portfolio choice, certainty-equivalent valuation, incomplete markets, illiquidity, non-diversifiable risk, alpha, GP compensation, management fees, carried interest

Valuing Private Equity

Netspar Discussion Paper No. 04/2012-041
Number of pages: 59 Posted: 27 Nov 2012 Last Revised: 27 Sep 2019
Dartmouth College - Tuck School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 215 (197,688)
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: 04 Aug 2022
Dartmouth College - Tuck School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 174 (239,135)
Citation 10

Abstract:

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Valuing Private Equity

Number of pages: 58 Posted: 03 Oct 2012 Last Revised: 14 Jun 2013
Dartmouth College - Tuck School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 153 (266,553)
Citation 2

Abstract:

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

6.
Downloads 1,075 ( 29,018)
Citation 6

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 University - Columbia Business School, Finance
Downloads 1,019 (30,896)
Citation 7

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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: 18 Mar 2022
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia University - Columbia Business School, Finance
Downloads 31 (639,807)

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 University - Columbia Business School, Finance
Downloads 25 (683,562)
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Asset prices, heterogeneous agents, agency, corporate governance, investor protection, volatility, overinvestment

7.

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

Number of pages: 47 Posted: 23 Apr 2003
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia University - Columbia Business School, Finance
Downloads 977 (33,259)
Citation 2

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

8.

Capital Structure, Investment, and Private Benefits of Control

Number of pages: 31 Posted: 14 Sep 2004
Erwan Morellec and Neng Wang
Ecole Polytechnique Fédérale de Lausanne and Columbia University - Columbia Business School, Finance
Downloads 917 (36,399)
Citation 2

Abstract:

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private benefits of control, investment policy, financing policy

9.
Downloads 906 ( 37,008)

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 University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 879 (38,089)

Abstract:

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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 Last Revised: 05 Mar 2022
Patrick Bolton, Hui Chen and Neng Wang
Columbia University - Columbia Business School, Economics, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 27 (668,192)

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10.

Dynamic Investment, Capital Structure, and Debt Overhang

Number of pages: 51 Posted: 21 Dec 2006
Suresh M. Sundaresan and Neng Wang
Columbia University - Columbia Business School, Finance and Columbia University - Columbia Business School, Finance
Downloads 768 (46,279)
Citation 52

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

11.
Downloads 758 ( 47,143)
Citation 38

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 University - Columbia Business School, Finance
Downloads 703 (51,420)
Citation 9

Abstract:

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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 Jul 2022
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 55 (511,424)
Citation 1

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12.
Downloads 728 ( 49,726)
Citation 1

Welfare Consequences of Sustainable Finance

Columbia Business School Research Paper Forthcoming
Number of pages: 55 Posted: 17 Mar 2021 Last Revised: 27 Dec 2021
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 724 (49,419)

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Sustainable Investing, Decarbonization, Externalities, Mitigation, Climate Tipping Point, Global Warming

Welfare Consequences of Sustainable Finance

NBER Working Paper No. w28595
Number of pages: 56 Posted: 05 Apr 2021 Last Revised: 18 Feb 2022
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 4 (887,244)
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13.
Downloads 677 ( 54,752)
Citation 55

Investment Timing, Agency and Information

Number of pages: 49 Posted: 04 Sep 2003
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia University - Columbia Business School, Finance
Downloads 629 (59,401)

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: 19 Jun 2022
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia University - Columbia Business School, Finance
Downloads 48 (543,594)
Citation 12

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Investment Timing, Agency, and Information

Posted: 07 May 2005
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia University - Columbia Business School, Finance

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Real options, investment timing, contracting, agency

14.

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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 539 (73,132)
Citation 8

Abstract:

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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

15.

Investment, Tobin's q, and Interest Rates

Journal of Financial Economics (JFE), Forthcoming, Charles A. Dice Center Working Paper No. 2016-20, Fisher College of Business Working Paper No. 2016-03-020
Number of pages: 48 Posted: 04 Nov 2016 Last Revised: 19 Sep 2017
University of Minnesota, Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 502 (79,866)
Citation 4

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term structure of interest rates; capital adjustment costs; average q; marginal q; duration; assets in place; growth opportunities; bond q

16.
Downloads 460 ( 88,666)
Citation 4

Mitigating Disaster Risks in the Age of Climate Change

Number of pages: 71 Posted: 13 May 2020 Last Revised: 25 Feb 2022
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 451 (89,895)
Citation 2

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Weather Disasters, Growth, Learning, Mitigation, Market Failure, Climate Change

Mitigating Disaster Risks in the Age of Climate Change

NBER Working Paper No. w27066
Number of pages: 72 Posted: 28 Apr 2020 Last Revised: 16 Jun 2022
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 9 (830,672)
Citation 2

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The Reopening Effect of COVID-19 Vaccines on Corporate Earnings

Number of pages: 51 Posted: 12 Sep 2020 Last Revised: 27 Jul 2022
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Syracuse University - Department of Economics, Columbia University - Columbia Business School, Finance, Columbia UniversityColumbia University, Graduate School of Arts and Sciences, Department of Economics and Shanghai University of Finance and Economics
Downloads 329 (128,809)
Citation 5

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COVID-19, vaccines, reopening effect, corporate earnings, analyst earnings forecasts

Pandemics, Vaccines and an Earnings Damage Function

NBER Working Paper No. w27829
Number of pages: 46 Posted: 21 Sep 2020 Last Revised: 17 Jul 2022
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Syracuse University - Department of Economics, Columbia University - Columbia Business School, Finance, Columbia University and Columbia University
Downloads 67 (463,699)

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18.
Downloads 350 (121,150)
Citation 2

Dynamic Banking and the Value of Deposits

Fisher College of Business Working Paper No. 2020-03-013, Charles A. Dice Working Paper No. 2020-13
Number of pages: 61 Posted: 10 Jun 2020 Last Revised: 23 Sep 2021
Columbia University - Columbia Business School, Economics, University of Washington - Foster School of Business, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 344 (122,650)
Citation 2

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Deposits, Dynamic Banking, Q-Theory, Risk Management, Financial Constraint, Supplementary Leverage Ratio, Low Interest Rate, Inside Money, Payment

Dynamic Banking and the Value of Deposits

NBER Working Paper No. w28298
Number of pages: 61 Posted: 04 Jan 2021 Last Revised: 28 Apr 2022
Columbia University - Columbia Business School, Economics, University of Washington - Foster School of Business, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 6 (863,621)
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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 University - Columbia Business School, Finance
Downloads 309 (137,603)

Abstract:

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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: 29 May 2022
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia University - Columbia Business School, Finance
Downloads 40 (585,187)
Citation 13

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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 University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 299 (142,387)
Citation 7

Abstract:

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Investment Under Uncertainty with Financial Constraints

NBER Working Paper No. w20610
Number of pages: 81 Posted: 27 Oct 2014 Last Revised: 25 Apr 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 40 (585,187)
Citation 5

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21.

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

Number of pages: 35 Posted: 17 Mar 2006
Neng Wang and Jianjun Miao
Columbia University - Columbia Business School, Finance and Boston University - Department of Economics
Downloads 330 (129,107)

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

22.
Downloads 320 (133,287)
Citation 8

Risk, Uncertainty, and Option Exercise

Number of pages: 36 Posted: 15 Oct 2004
Neng Wang and Jianjun Miao
Columbia University - Columbia Business School, Finance and Boston University - Department of Economics
Downloads 275 (155,199)
Citation 3

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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 University - Columbia Business School, Finance and Boston University - Department of Economics
Downloads 45 (558,519)
Citation 3

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23.
Downloads 308 (138,785)
Citation 1

The Endowment Model and Modern Portfolio Theory

Columbia Business School Research Paper Forthcoming
Number of pages: 51 Posted: 24 Feb 2019 Last Revised: 14 Dec 2021
National University of Singapore, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 274 (155,763)
Citation 1

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endowment model, portfolio choice, liquidity, modern portfolio theory, asset allocation, alternative assets

The Endowment Model and Modern Portfolio Theory

NBER Working Paper No. w25559
Number of pages: 52 Posted: 19 Feb 2019 Last Revised: 04 May 2022
National University of Singapore, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 34 (620,316)

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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 University - Columbia Business School, Finance
Downloads 247 (172,897)
Citation 2

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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: 17 Mar 2022
Neng Wang and Jianjun Miao
Columbia University - Columbia Business School, Finance and Boston University - Department of Economics
Downloads 51 (529,483)
Citation 2

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25.
Downloads 260 (165,023)
Citation 26

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 University - Columbia Business School, Finance
Downloads 202 (209,562)
Citation 6

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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: 04 Jul 2022
Robert S. Pindyck and Neng Wang
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Columbia University - Columbia Business School, Finance
Downloads 58 (498,824)
Citation 17

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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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 198 (213,378)

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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 Last Revised: 10 Jul 2022
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research - New York Office, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 58 (498,824)

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Implications of Stochastic Transmission Rates for Managing Pandemic Risks

Review of Financial Studies forthcoming
Number of pages: 52 Posted: 13 May 2020 Last Revised: 13 Oct 2020
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 211 (201,216)
Citation 1

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COVID-19, stochastic epidemic model, risk management, stock valuation

Implications of Stochastic Transmission Rates for Managing Pandemic Risks

NBER Working Paper No. w27218
Number of pages: 53 Posted: 26 May 2020 Last Revised: 19 Nov 2021
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 23 (699,615)
Citation 3

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28.

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 University - Columbia Business School, Finance
Downloads 225 (189,546)
Citation 26

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29.

A Life-Cycle Model of Income and Wealth Distribution

Number of pages: 50 Posted: 05 Aug 2003
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 214 (198,801)
Citation 1

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Wealth Distribution, Stochastic Life Horizon, Conditional Heteroskedasticity

30.

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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 207 (205,108)
Citation 3

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31.

Investment, Hedging, and Consumption Smoothing

Number of pages: 47 Posted: 19 Jul 2004
Jianjun Miao and Neng Wang
Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 170 (243,652)
Citation 1

Abstract:

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

32.

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

Columbia Business School Research Paper Forthcoming
Number of pages: 50 Posted: 30 Sep 2019
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 160 (256,427)

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leverage, capital structure, debt capacity, payouts

A q Theory of Internal Capital Markets

Number of pages: 61 Posted: 09 Dec 2020
Min Dai, Xavier Giroud, Wei Jiang and Neng Wang
The Hong Kong Polytechnic University, Columbia University - Columbia Business School, Finance, Hong Kong University of Science and Technology and Columbia University - Columbia Business School, Finance
Downloads 121 (319,948)

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internal capital markets, risk management, cash management, financing constraints, spinoff

A Q Theory of Internal Capital Markets

NBER Working Paper No. w27931
Number of pages: 100 Posted: 14 Oct 2020 Last Revised: 27 Apr 2022
Min Dai, Xavier Giroud, Wei Jiang and Neng Wang
The Hong Kong Polytechnic University, Columbia University - Columbia Business School, Finance, Hong Kong University of Science and Technology and Columbia University - Columbia Business School, Finance
Downloads 10 (820,175)

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A Q Theory of Internal Capital Markets

CEPR Discussion Paper No. DP15341
Number of pages: 64 Posted: 03 Nov 2020
Min Dai, Xavier Giroud, Wei Jiang and Neng Wang
The Hong Kong Polytechnic University, Columbia University - Columbia Business School, Finance, Hong Kong University of Science and Technology and Columbia University - Columbia Business School, Finance
Downloads 2 (915,112)
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34.
Downloads 132 (298,467)
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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 108 (346,788)
Citation 4

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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: 09 Jan 2022
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 24 (691,563)

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35.

Consumption and Conditionally Heteroskedastic Income

Number of pages: 29 Posted: 17 Jul 2003
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 125 (310,918)
Citation 4

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Precautionary Savings, Permanent Income, Conditional Heteroskedasticity

36.

An Equilibrium Model of Wealth Distribution

Number of pages: 27 Posted: 08 Feb 2006
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 111 (338,280)
Citation 4

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

37.

Precautionary Savings and Partially Observed Income

Number of pages: 33 Posted: 05 Aug 2003
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 105 (351,203)

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Precautionary Savings, Separation Principle,

38.

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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 101 (360,279)
Citation 2

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

39.

Reallocating and Pricing Illiquid Capital: Two Productive Trees

Columbia Business School Research Paper
Number of pages: 47 Posted: 23 Aug 2011
Neng Wang and Janice C. Eberly
Columbia University - Columbia Business School, Finance and Northwestern University - Kellogg School of Management
Downloads 79 (418,546)

Abstract:

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capital asset pricing, reallocation

40.

Investment, Tobin's Q, and Interest Rates

NBER Working Paper No. w19327
Number of pages: 51 Posted: 17 Aug 2013 Last Revised: 24 Apr 2022
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia University - Columbia Business School, Finance, Shanghai University of Finance and Economics and Columbia University
Downloads 67 (457,691)

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41.

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 University - Columbia Business School, Finance
Downloads 63 (472,051)
Citation 1

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42.

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

NBER Working Paper No. w20979
Number of pages: 65 Posted: 02 Mar 2015 Last Revised: 29 Apr 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 54 (507,397)
Citation 15

Abstract:

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43.

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 University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 50 (524,775)
Citation 9

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Portfolio Rebalancing with Realization Utility

Columbia Business School Research Paper Forthcoming
Number of pages: 50 Posted: 30 Jan 2022 Last Revised: 07 Mar 2022
Min Dai, Cong Qin and Neng Wang
The Hong Kong Polytechnic University, Soochow University and Columbia University - Columbia Business School, Finance
Downloads 47 (548,415)

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prospect theory; loss aversion; option value; disposition effect

Portfolio Rebalancing with Realization Utility

NBER Working Paper No. w29821
Number of pages: 51 Posted: 07 Mar 2022 Last Revised: 26 Jun 2022
Min Dai, Cong Qin and Neng Wang
The Hong Kong Polytechnic University, Soochow University and Columbia University - Columbia Business School, Finance
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A p Theory of Government Debt and Taxes

Number of pages: 64 Posted: 15 Apr 2022
Hong Kong University of Science and Technology, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 38 (596,285)

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sovereign debt, default, limited commitment, Ricardian equivalence, debt capacity, debt sustainability

A P Theory of Government Debt and Taxes

NBER Working Paper No. w29931
Number of pages: 65 Posted: 11 Apr 2022 Last Revised: 24 Jul 2022
Hong Kong University of Science and Technology, New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Columbia University - Columbia Business School, Finance and Columbia University
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46.

Leverage Dynamics and Financial Flexibility

NBER Working Paper No. w26802
Number of pages: 60 Posted: 09 Mar 2020 Last Revised: 27 Mar 2022
Patrick Bolton, Neng Wang and Jinqiang Yang
Columbia University - Columbia Business School, Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 40 (572,823)

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47.

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 University - Columbia Business School, Finance
Downloads 38 (583,232)
Citation 1

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Strategic Real Option Exercising and Second-Mover Advantage

Number of pages: 50 Posted: 08 Jul 2022
Min Dai, Zhao Li Jiang and Neng Wang
The Hong Kong Polytechnic University, The Chinese University of Hong Kong (CUHK) - Department of Systems Engineering and Engineering Management and Columbia University - Columbia Business School, Finance
Downloads 29 (653,622)

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Stackelberg game, wars of attrition, real option games, mixed strategies, duopoly, separation principle, first-mover advantage, second-mover advantage

Strategic Real Option Exercising and Second-Mover Advantage

NBER Working Paper No. w30150
Number of pages: 51 Posted: 13 Jun 2022 Last Revised: 27 Jun 2022
Min Dai, Zhao Li Jiang and Neng Wang
The Hong Kong Polytechnic University, The Chinese University of Hong Kong (CUHK) - Department of Systems Engineering and Engineering Management and Columbia University - Columbia Business School, Finance
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49.

Optimal Consumption and Savings with Stochastic Income and Recursive Utility

NBER Working Paper No. w19319
Number of pages: 55 Posted: 10 Aug 2013 Last Revised: 16 Apr 2022
Chong Wang, Neng Wang and Jinqiang Yang
Naval Postgraduate School - Graduate School of Business and Public Policy, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 24 (671,511)
Citation 8

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Robust Financial Contracting and Investment

Number of pages: 49 Posted: 18 Feb 2021
Aifan Ling, Jianjun Miao and Neng Wang
Jiangxi University of Finance and Economics, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 16 (760,571)

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Robustness, Overconfidence, Dynamic agency, q theory, Financial constraints, Ambiguity aversion, Asset pricing

Robust Financial Contracting and Investment

NBER Working Paper No. w28367
Number of pages: 49 Posted: 27 Jan 2021 Last Revised: 06 Jul 2022
Aifan Ling, Jianjun Miao and Neng Wang
Jiangxi University of Finance and Economics, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
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Rare Disasters, Financial Development, and Sovereign Debt

NBER Working Paper No. w25031
Number of pages: 54 Posted: 17 Sep 2018 Last Revised: 25 May 2022
Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 9 (830,672)
Citation 1

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Rare Disasters, Financial Development, and Sovereign Debt

CEPR Discussion Paper No. DP13202
Number of pages: 56 Posted: 02 Oct 2018 Last Revised: 11 Feb 2021
Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Columbia University
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Citation 2
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52.

Stochastic Earnings Growth and Equilibrium Wealth Distributions

NBER Working Paper No. w28473
Number of pages: 39 Posted: 22 Mar 2021 Last Revised: 20 Apr 2022
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Columbia University - Columbia Business School, Finance and Columbia University
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53.

Consumption and Asset Allocation with Unknown Income Growth

Posted: 16 Nov 2005
Neng Wang
Columbia University - Columbia Business School, Finance

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

54.

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 University - Columbia Business School, Finance

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Precautionary saving, Permanent Income, Consumption, Income fluctuation

55.

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 University - Columbia Business School, Finance

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

56.

Precautionary Saving and Partially Observed Income

Posted: 07 May 2005
Neng Wang
Columbia University - Columbia Business School, Finance

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Precautionary saving, separation principle, incomplete information, Kalman filter