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Neng Wang

Columbia Business School - Finance and Economics

3022 Broadway

New York, NY 10027

United States

  • Columbia Business School - Finance and Economics

SCHOLARLY PAPERS

37

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CITATIONS
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302

Scholarly Papers (37)

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1.

Market Timing, Investment, and Risk Management

Downloads 1,695 ( 7,336)
Citation 14

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 1,659 (7,468)
Citation 14

Abstract:

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 36 (377,738)
Citation 14

Abstract:

2.

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

Downloads 1,293 ( 11,396)
Citation 34

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 1,118 (14,020)
Citation 33

Abstract:

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
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 175 (141,065)
Citation 34

Abstract:

3.

Agency Conflicts, Investment, and Asset Pricing

Downloads 996 ( 17,038)
Citation 31

Agency Conflicts, Investment, and Asset Pricing

Journal of Finance, Vol. 63, 2008, Boston University Questrom School of Business Research Paper No. 2009-3, ECGI - Finance Working Paper No. 167/2007
Number of pages: 71 Posted: 31 Dec 2004 Last Revised: 07 Jun 2017
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia Business School - Finance and Economics
Downloads 947 (18,048)
Citation 31

Abstract:

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
Rui A. Albuquerque and Neng Wang
Boston College, Carroll School of Management and Columbia Business School - Finance and Economics
Downloads 25 (427,921)
Citation 31

Abstract:

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 (433,396)
Citation 31

Abstract:

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

4.

Valuing Private Equity

Downloads 359 ( 18,498)
Citation 3

Valuing Private Equity

Number of pages: 58 Posted: 03 Oct 2012 Last Revised: 14 Jun 2013
Morten Sorensen, Neng Wang and Jinqiang Yang
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 138 (173,301)
Citation 3

Abstract:

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: 15 Jul 2013
Morten Sorensen, Neng Wang and Jinqiang Yang
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 124 (188,795)
Citation 3

Abstract:

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
Morten Sorensen, Neng Wang and Jinqiang Yang
Copenhagen Business School, Columbia Business School - Finance and Economics and Shanghai University of Finance and Economics
Downloads 97 (226,147)
Citation 3

Abstract:

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 909 (18,899)
Citation 1

Abstract:

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 808 (21,857)

Abstract:

private benefits of control, investment policy, financing policy

7.

Debt, Taxes, and Liquidity

Downloads 684 ( 29,437)

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 671 (29,796)

Abstract:

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 13 (496,670)

Abstract:

8.

Entrepreneurial Finance and Nondiversifiable Risk

Downloads 660 ( 30,954)
Citation 14

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 616 (33,477)
Citation 14

Abstract:

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
Hui Chen, Jianjun Miao and Neng Wang
Massachusetts Institute of Technology, Boston University - Department of Economics and Columbia Business School - Finance and Economics
Downloads 44 (349,074)
Citation 14

Abstract:

9.

Investment Timing, Agency and Information

Downloads 647 ( 31,770)
Citation 22

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 606 (34,167)
Citation 22

Abstract:

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
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 41 (359,271)
Citation 22

Abstract:

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

Abstract:

Real options, investment timing, contracting, agency

10.

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 613 (30,954)
Citation 20

Abstract:

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

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 406 (48,683)
Citation 4

Abstract:

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

12.

Investment under Uncertainty and Time-Inconsistent Preferences

Downloads 328 ( 74,146)
Citation 11

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 296 (82,610)
Citation 11

Abstract:

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
Steven R. Grenadier and Neng Wang
Stanford Graduate School of Business and Columbia Business School - Finance and Economics
Downloads 32 (394,061)
Citation 11

Abstract:

13.

Risk, Uncertainty, and Option Exercise

Downloads 298 ( 82,461)
Citation 7

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 263 (94,207)
Citation 7

Abstract:

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 35 (381,664)
Citation 7

Abstract:

14.

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 277 (82,144)
Citation 2

Abstract:

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

15.

Investment, Consumption and Hedging under Incomplete Markets

Downloads 257 ( 97,037)
Citation 35

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 222 (112,256)
Citation 35

Abstract:

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
Neng Wang and Jianjun Miao
Columbia Business School - Finance and Economics and Boston University - Department of Economics
Downloads 35 (381,664)
Citation 35

Abstract:

16.

The Economic and Policy Consequences of Catastrophes

Downloads 220 (113,730)
Citation 2

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 184 (134,743)
Citation 2

Abstract:

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
Robert S. Pindyck and Neng Wang
Massachusetts Institute of Technology (MIT) - Sloan School of Management and Columbia Business School - Finance and Economics
Downloads 36 (377,738)
Citation 2

Abstract:

17.

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

Downloads 217 (115,314)
Citation 3

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 178 (138,895)
Citation 3

Abstract:

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 39 (366,509)
Citation 3

Abstract:

18.

Investment under Uncertainty and the Value of Real and Financial Flexibility

Downloads 214 (116,918)

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 205 (121,561)

Abstract:

Investment Under Uncertainty and the Value of Real and Financial Flexibility

NBER Working Paper No. w20610
Number of pages: 49 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 9 (519,271)

Abstract:

19.

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 169 (141,102)

Abstract:

Wealth Distribution, Stochastic Life Horizon, Conditional Heteroskedasticity

20.

Dynamic Agency and the Q Theory of Investment

Journal of Finance, Forthcoming
Number of pages: 70 Posted: 30 Apr 2012
Peter M. DeMarzo, Michael J. Fishman, Zhiguo He and Neng Wang
Stanford Graduate School of Business, Kellogg School of Management - Department of Finance, University of Chicago - Booth School of Business, and NBER and Columbia Business School - Finance and Economics
Downloads 167 (136,260)
Citation 39

Abstract:

21.

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 147 (157,746)
Citation 34

Abstract:

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

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 123 (158,682)
Citation 3

Abstract:

23.

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 104 (204,415)
Citation 4

Abstract:

Precautionary Savings, Permanent Income, Conditional Heteroskedasticity

24.

An Equilibrium Model of Wealth Distribution

Number of pages: 27 Posted: 08 Feb 2006
Neng Wang
Columbia Business School - Finance and Economics
Downloads 94 (218,636)
Citation 4

Abstract:

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

25.

Dynamics of Entrepreneurship Under Incomplete Markets

Downloads 93 (231,119)
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 80 (256,371)
Citation 2

Abstract:

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
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 13 (496,670)
Citation 2

Abstract:

26.

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 89 (227,861)
Citation 5

Abstract:

Precautionary Savings, Separation Principle,

27.

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 35 (278,930)

Abstract:

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

28.

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 32 (339,632)
Citation 1

Abstract:

29.

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 27 (373,244)

Abstract:

30.

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 17 (397,284)
Citation 5

Abstract:

31.

Investment, Tobin's Q, and Interest Rates

NBER Working Paper No. w19327
Number of pages: 41 Posted: 17 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 13 (451,613)

Abstract:

32.

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 8 (487,632)

Abstract:

33.

A Theory of Liquidity and Risk Management Based on the Inalienability of Risky Human Capital

NBER Working Paper No. w20979
Number of pages: 67 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 3 (515,872)

Abstract:

34.

Consumption and Asset Allocation with Unknown Income Growth

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

Abstract:

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

35.

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

Abstract:

Precautionary saving, Permanent Income, Consumption, Income fluctuation

36.

Robust Permanent Income and Pricing with Filtering

Macroeconomic Dynamics, Vol. 6, pp. 40-84, 2002
Posted: 07 May 2005
Lars Peter Hansen, Thomas J. Sargent and Neng Wang
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

Abstract:

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

37.

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

Abstract:

Precautionary saving, separation principle, incomplete information, Kalman filter

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