Neng Wang

Columbia University - Columbia Business School, Finance

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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

58

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in Total Papers Downloads

29,524

SSRN CITATIONS
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Top 510

in Total Papers Citations

1,737

CROSSREF CITATIONS

816

Scholarly Papers (58)

1.
Downloads 4,957 ( 3,445)
Citation 200

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 4,693 (3,743)
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 2023
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 264 (211,408)
Citation 3

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2.
Downloads 1,992 (15,222)
Citation 99

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
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,901 (16,022)
Citation 55

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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: 05 Jun 2023
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 91 (518,609)
Citation 77

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3.
Downloads 1,820 (17,478)
Citation 71

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 1,783 (17,750)
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: 28 Jun 2023
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 37 (816,269)
Citation 62

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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
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 1,424 (24,985)
Citation 59

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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
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 238 (241,273)

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5.
Downloads 1,425 (25,368)
Citation 40

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 715 (65,957)
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 307 (180,902)
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: 02 Feb 2023
Dartmouth College - Tuck School of Business, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 214 (259,799)
Citation 31

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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 189 (291,100)
Citation 3

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

6.
Downloads 1,142 (35,086)
Citation 12

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 1,059 (38,522)
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: 17 Sep 2022
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia University - Columbia Business School, Finance
Downloads 58 (671,648)

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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 (921,488)
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Asset prices, heterogeneous agents, agency, corporate governance, investor protection, volatility, overinvestment

7.
Downloads 1,097 (37,219)
Citation 9

Welfare Consequences of Sustainable Finance

Review of Financial Studies, forthcoming
Number of pages: 67 Posted: 17 Mar 2021 Last Revised: 23 Feb 2023
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 1,083 (37,382)

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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: 68 Posted: 05 Apr 2021 Last Revised: 18 Feb 2023
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 14 (1,037,845)
Citation 10

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8.
Downloads 1,012 (42,047)
Citation 2

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
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 949 (45,134)
Citation 1

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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 2023
Patrick Bolton, Hui Chen and Neng Wang
Imperial College London, Massachusetts Institute of Technology and Columbia University - Columbia Business School, Finance
Downloads 63 (660,264)
Citation 2

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9.

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 1,010 (41,857)
Citation 2

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

10.

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 953 (45,336)
Citation 4

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private benefits of control, investment policy, financing policy

11.
Downloads 849 (53,348)
Citation 15

Mitigating Disaster Risks in the Age of Climate Change

Econometrica
Number of pages: 71 Posted: 13 May 2020 Last Revised: 30 May 2023
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 824 (54,582)
Citation 1

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Weather Disasters, Growth, Learning, Mitigation, Market Failure, Climate Change, Social Cost of Carbon

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 2023
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 25 (922,352)
Citation 14

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12.
Downloads 813 (56,386)
Citation 42

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 735 (63,799)
Citation 9

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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 78 (570,681)
Citation 1

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13.

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 809 (56,868)
Citation 52

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

14.
Downloads 721 (66,235)
Citation 64

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 653 (74,114)

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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 68 (618,267)
Citation 21

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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

15.
Downloads 583 (87,798)
Citation 5

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: 65 Posted: 10 Jun 2020 Last Revised: 14 Nov 2023
Imperial College London, University of Washington - Foster School of Business, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 557 (91,575)
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 2023
Imperial College London, University of Washington - Foster School of Business, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 26 (931,291)
Citation 3

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16.

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, Inc. - New York Office, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 566 (89,969)
Citation 8

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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

17.

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 544 (94,566)
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

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 407 (132,598)
Citation 4

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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: 15 Jan 2023
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 84 (545,341)

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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
Imperial College London, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 366 (149,613)
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 Last Revised: 26 Apr 2023
Patrick Bolton, Neng Wang and Jinqiang Yang
Imperial College London, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 77 (575,613)
Citation 22

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20.
Downloads 411 (132,286)
Citation 3

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 360 (152,245)
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: 59 Posted: 19 Feb 2019 Last Revised: 04 May 2023
National University of Singapore, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 51 (714,401)

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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 334 (165,200)

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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 54 (696,275)
Citation 18

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22.
Downloads 363 (152,077)
Citation 15

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 299 (185,925)
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 64 (638,456)
Citation 3

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23.

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 356 (155,328)

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

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 275 (202,876)
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: 16 Sep 2022
Neng Wang and Jianjun Miao
Columbia University - Columbia Business School, Finance and Boston University - Department of Economics
Downloads 71 (603,007)
Citation 2

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25.
Downloads 317 (175,938)
Citation 45

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 245 (227,983)
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: 05 Jul 2023
Robert S. Pindyck and Neng Wang
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Columbia University - Columbia Business School, Finance
Downloads 72 (598,711)
Citation 41

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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, Inc. - New York Office, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 229 (243,285)

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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: 08 Jan 2023
Yingcong Lan, Neng Wang and Jinqiang Yang
Cornerstone Research, Inc. - New York Office, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 76 (579,704)

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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 265 (210,613)
Citation 2

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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: 15 May 2023
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 34 (840,276)
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, Stanford University - Knight Management Center and Columbia University - Columbia Business School, Finance
Downloads 291 (193,256)
Citation 26

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29.

Asset Pricing with “Buy Now, Pay Later”

Swiss Finance Institute Research Paper No. 22-85
Number of pages: 100 Posted: 14 Nov 2022
Semyon Malamud, Neng Wang and Yuan Zhang
Ecole Polytechnique Federale de Lausanne, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 273 (205,509)

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asset pricing, yield curve, buy-now-pay-later, consumer credit, financial frictions, credit frictions

30.
Downloads 267 (210,155)
Citation 2

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 238 (234,399)

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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 2023
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 27 (902,259)
Citation 2

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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 (1,150,335)
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31.

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, Inc. - New York Office, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 266 (211,751)
Citation 3

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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
Imperial College London, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 240 (236,385)

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leverage, capital structure, debt capacity, payouts

33.

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 233 (240,289)
Citation 1

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Wealth Distribution, Stochastic Life Horizon, Conditional Heteroskedasticity

Dynamic Trading with Realization Utility

Columbia Business School Research Paper No. 4021117
Number of pages: 67 Posted: 30 Jan 2022 Last Revised: 15 Sep 2023
Min Dai, Cong Qin and Neng Wang
The Hong Kong Polytechnic University, Soochow University and Columbia University - Columbia Business School, Finance
Downloads 212 (261,825)

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prospect theory; loss aversion; option value; disposition effect; leverage; time diversification

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
Downloads 4 (1,133,709)

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35.

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 199 (278,340)
Citation 1

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

36.
Downloads 177 (309,056)
Citation 12

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 138 (381,231)
Citation 5

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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: 10 Jul 2023
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 39 (799,845)

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37.

Strategic Investment under Uncertainty with First- and Second-mover Advantages

Number of pages: 81 Posted: 30 Dec 2022 Last Revised: 02 Dec 2023
Min Dai, Zhaoli Jiang and Neng Wang
The Hong Kong Polytechnic University, Hong Kong Polytechnic University and Columbia University - Columbia Business School, Finance
Downloads 156 (346,300)

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real option games, mixed strategies, probabilistic entry, wars of attrition

38.
Downloads 146 (369,767)
Citation 1

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 139 (385,310)
Citation 1

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

A P Theory of Taxes and Debt Management

NBER Working Paper No. w29931
Number of pages: 61 Posted: 11 Apr 2022 Last Revised: 14 Apr 2023
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
Downloads 7 (1,107,747)

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39.

Consumption and Conditionally Heteroskedastic Income

Number of pages: 29 Posted: 17 Jul 2003
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 143 (369,767)
Citation 4

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Precautionary Savings, Permanent Income, Conditional Heteroskedasticity

40.

An Equilibrium Model of Wealth Distribution

Number of pages: 27 Posted: 08 Feb 2006
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 127 (405,642)
Citation 8

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

Strategic Real Option Exercising and Second-Mover Advantage

Number of pages: 50 Posted: 08 Jul 2022
Min Dai, Zhaoli Jiang and Neng Wang
The Hong Kong Polytechnic University, Hong Kong Polytechnic University and Columbia University - Columbia Business School, Finance
Downloads 118 (430,389)

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

Strategic Investment Under Uncertainty with First- and Second-Mover Advantages

NBER Working Paper No. w30150
Number of pages: 82 Posted: 13 Jun 2022 Last Revised: 20 May 2023
Min Dai, Zhaoli Jiang and Neng Wang
The Hong Kong Polytechnic University, Hong Kong Polytechnic University and Columbia University - Columbia Business School, Finance
Downloads 7 (1,107,747)

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42.

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 122 (418,016)
Citation 2

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

43.

Precautionary Savings and Partially Observed Income

Number of pages: 33 Posted: 05 Aug 2003
Neng Wang
Columbia University - Columbia Business School, Finance
Downloads 118 (428,527)

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Precautionary Savings, Separation Principle,

44.

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 114 (439,681)

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capital asset pricing, reallocation

45.

Dynamic Banking and the Value of Deposits

NBER Working Paper No. w26802
Number of pages: 66 Posted: 09 Mar 2020 Last Revised: 14 Apr 2023
Patrick Bolton, Neng Wang and Jinqiang Yang
Imperial College London, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 111 (470,185)

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46.

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 100 (483,127)

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47.

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 2023
Patrick Bolton, Neng Wang and Jinqiang Yang
Imperial College London, Columbia University - Columbia Business School, Finance and Shanghai University of Finance and Economics
Downloads 89 (531,964)
Citation 38

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48.

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 84 (539,593)
Citation 1

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49.

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 71 (594,326)
Citation 9

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Robust Financial Contracting and Investment

Number of pages: 49 Posted: 18 Feb 2021
Aifan Ling, Jianjun Miao and Neng Wang
Shanghai International Studies University, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 35 (831,753)

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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 2023
Aifan Ling, Jianjun Miao and Neng Wang
Shanghai International Studies University, Boston University - Department of Economics and Columbia University - Columbia Business School, Finance
Downloads 14 (1,036,838)

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51.

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 46 (730,665)
Citation 2

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52.

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 2023
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 43 (750,771)
Citation 8

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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 2023
Northwestern University - Kellogg School of Management, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 22 (951,358)
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
Downloads 1 (1,159,322)
Citation 3
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54.

Stochastic Earnings Growth and Equilibrium Wealth Distributions

NBER Working Paper No. w28473
Number of pages: 39 Posted: 22 Mar 2021 Last Revised: 20 Apr 2023
New York University (NYU) - Department of Economics, Leonard N. Stern School of Business, Columbia University - Columbia Business School, Finance and Columbia University
Downloads 21 (941,312)
Citation 3

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55.

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

56.

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

57.

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

58.

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