Prof. Tony Zhenjiang QIN (秦振江)

• Ph.D. in Finance, Aarhus University, Denmark, 2012.
• M.Sc. in Finance, Aarhus University, Denmark, 2010.
• M.Sc. in Probability and Statistics, Central South University, China, 2007.
• B.Sc. in Mathematics and Applied Mathematics, Central South University, China, 2004.

• Associate Professor of Finance, Faculty of Business Administration, University of Macau (2023-present).
• Assistant Professor of Finance, Faculty of Business Administration, University of Macau (2017-2023).
• Associate Professor of Finance, Institute of Financial Studies, Southwestern University of Finance and Economics (2012-2017).
• Assistant Professor of Finance, Institute of Financial Studies, Southwestern University of Finance and Economics (2012-2012).

• Dean’s Award for Service Excellence, 2022/2023.
• Dean’s Award for Teaching Excellence, 2021/2022.
• FBA Outstanding Teaching Award, 2020/2021. (Faculty level)
• Research Excellence Award by Southwestern University of Finance and Economics, 2014/2015.

• Undergraduate Courses
  • Advanced Financial Mathematics (FINC436/FINC4013)
  • Exotic Options and Structured Products (FINC437/FINC4014)
  • Financial Management (FINC210)

• Graduate Courses
  • Advanced Topics in Finance (FINC7041)
  • Research Topics in Business Economics and Finance (FINC8012)
  • Mathematical Techniques in Finance (FINC7033)

• Impact of Transaction Costs on Investment Strategies and Asset Prices in Equilibrium, funded by the Research Committee of University of Macau (MYRG), 2023-2024, Principal Investigator.
• The Impacts of Corporate Cultures on Firms’ Investment and Financing Policies – The Social Identity Perspective, funded by the Research Committee of University of Macau (MYRG), 2023-2024, Co-Investigator.
• Information Quality and Asset Pricing: The Implications of Heterogeneous Beliefs, funded by the Research Committee of University of Macau (MYRG), 2019-2022, Principal Investigator.
• Achieving Pareto Equilibrium with Continuous Trading, funded by the Research Committee of University of Macau (SRG), 2018-2021, Principal Investigator.
• Influence of Market Frictions on Optimal Investment Strategies, funded by the Research Committee of Southwestern University of Finance and Economics, 2016-2017, Principal Investigator.

• Asset Pricing
• Corporate Finance

(Notes: 1. * indicates corresponding author. 2. Authors in all papers are alphabetically ordered unless clarified.)

1. Liang Dong, Bo Yu, Zhenjiang Qin, Keith Lam (2024), Liquidity risk and expected returns in China’s stock market: A multidimensional liquidity approach, Research in International Business and Finance, Volume 69, 102247. (Not alphabetically ordered.) (ABS2)
2. Stanley Ko, Rose Lai*, Zhenjiang Qin (2023), Social network matters: Capital structure risk control on REITs, Journal of Real Estate Finance and Economics, V66:709–742. (ABS3)
3. Yishu Fu, Chunbo Liu, Zhenjiang Qin*, Dongwei Zhao (2022), Institutional cross-ownership and firm social performance, Corporate Governance: An International Review, V30: 738–764. (ABS3)
4. Zhenzhong Zhang, Xiaofeng Wang, Jinying Tong, Tiandao Zhou, Zhenjiang Qin (2022), Some explicit expressions for GBM with Markovian switching and parameter estimations, Communications in Statistics — Theory and Methods, 1-31. (Not alphabetically ordered.)
5. Yishu Fu and Zhenjiang Qin* (2021), Institutional cross-ownership and corporate philanthropy, Financial Research Letters, V43, 101996. (ABS2)
6. Yishu Fu, Chunbo Liu, Zhenjiang Qin* (2021), Does CEO-chairman dialect similarity affect stock price informativeness for Chinese listed firms?, The North American Journal of Economics and Finance, V55, 101313 (ABS2)
7. Andreas Karathanasopoulos, Chia Chun Lo, Xiaorong Ma, Zhenjiang Qin* (2021), Maintaining cost and ruin probability, Review of Quantitative Finance and Accounting, V57, pages 759–793. (ABS3)
8. Jinying Tong, Yaqin Sun, Zhenzhong Zhang*, Tiandao Zhou, and Zhenjiang Qin (2021), Some characterizations for the CIR model with Markov switching, Stochastics and Dynamics, V21, 2150022. (Not alphabetically ordered.)
9. Ke Du, Yishu Fu, Zhenjiang Qin*, and ShuoxunZhang (2020), Regime shift, speculation, and stock price, Research in International Business and Finance, V52, 101181. (ABS2)
10. Peter Ove Christensen and Zhenjiang Qin* (2014), Heterogeneous beliefs and information: Cost of capital, trading volume and investor welfare, The Accounting Review, V89，page 209–242. (ABS4*, FT50, UTD)
11. Zhenjiang Qin* (2013), Speculations in option markets enhance allocation efficiency with heterogeneous beliefs and learning, Journal of Banking and Finance, V37，page 4675–4694. Lead article. (ABS3)

1. An Equilibrium Model of Hedging with Transaction Costs. 11th World Congress of the Bachelier Finance Society. Hong Kong (2022).
2. How does the number of institutional investors affect the impact of exit threat on agency costs? Institution of Financial Studies, Southwestern University of Finance and Economics. Chengdu (2019).
3. Regime shift, Speculations, and Stock price. 2019 China Research in Accounting and Finance Conference,Tongji University, Shanghai (2019).
4. Ruin Probability and Maintaining Costs. 27th PBFEAM Conference, National Taiwan University, Taipei (2019).
5. Achieving Pareto Equilibrium with Continuous Trading. Taiwan Finance Association Annual Meeting in National Chengchi University, Taipei (2018).
6. How to Squander Your Endowment: Pitfalls and Remedies, with Philip Dybvig. China International Conference in Finance (2015) and American Finance Association Annual Meeting (2016).

1. How Does the Number of Institutional Investors Influence the Effect from Threat of Disciplinary Trading on Agency Costs? With Eric C. Chang, Tse-Chun Lin, and Xiaorong Ma, 2022.
2. Does Distance Matter for Bank Lending: Evidence from Private Firms in China. With Xu Du and Shuoxun Zhang, 2022.
3. How to Squander Your Endowment: Pitfalls and Remedies, with Philip Dybvig, 2022.
4. Non-linearity of Short Rate Drift after Quantitative Easing. With Stanley Iat-Meng Ko, Chia Chun Lo, and Konstantinos Skindilias, 2022.
5. Achieving Pareto Optimality by Continuous Trading: An Ex Ante Perspective, 2022.
6. An Equilibrium Model of Hedging with Transaction Costs, with Mark Loewenstein, 2022.

• PhD Students
  • Minxing Zhu