WEI  XIONG   熊伟

 

Trumbull-Adams Professor of Finance

Professor of Economics

Department of Economics and Bendheim Center for Finance

Princeton University

20 Washington Road, Princeton, NJ 08540, USA

Telephone: (609) 258-0282
Fax: (609) 258-0771

Email: wxiong@princeton.edu

Co-Editor, Journal of Finance

CV, BIO, Professional Disclosure

 

VoxChina.org (a bridge on economic issues between China and the world) 

The Handbook of China's Financial System Princeton University Press [Order from Amazon]

 

Recent Professional Activities 

2021 Midwest Finance Association Meeting Keynote "Data Privacy and Fintech"

2020 NBER Chinese Economy Meeting

Discussion of “Monetary Policy for Commodity Booms and Busts" in 2019 Jackson Hole Economic Policy Symposium

Discussion of “A Forensic Examination of China’s National Accounts” in Brookings Paper on Economic Activity, Spring 2019

IMF Lecture "The Institutional Foundation of China's Financial System"

NBER Reporter Summary of Commodity Research

 

 

Working Papers

8.  Long Chen, Yadong Huang, Shumiao Ouyang, and Wei Xiong (2021), The Data Privacy Paradox and Digital Demand [Online Appendix]

                                Summary on VoxChina and VoxEU

7.   Zhuang Liu, Michael Sockin, and Wei Xiong (2020), Data Privacy and Consumer Vulnerability

6.   Michael Sockin and Wei Xiong (2018), A Model of Cryptocurrencies

5.   Wei Xiong (2018), The Mandarin Model of Growth, American Economic Review, R&R

                    Summary on VoxChina and VoxDev

4.   Ting Chen, Laura Liu, Wei Xiong, and Li-An Zhou (2017), Real Estate Boom and Misallocation of Capital in China

3.   Ziying Fan, Wei Xiong, and Li-An Zhou (2016), Information Distortion in Hierarchical Organizations: A Study of China's Great Famine

2.  Kewei Hou, Lin Peng, and Wei Xiong (2009), A Tale of Two Anomalies: The Implication of Investor Attention for Price and Earnings Momentum

1.  Kewei Hou, Lin Peng, and Wei Xiong (2013), Is R-Squared a Measure of Market Inefficiency?

 

Academic Publications

45. Michael Sockin and Wei Xiong (2022), Decentralization Through Tokenization, Journal of Finance, forthcoming.  NEW 

44. Markus Brunnermeier, Michael Sockin, and Wei Xiong (2022), China's Model of Managing the Financial System [Online Appendix], Review of Economic Studies, forthcoming.

43. Yi Ding, Wei Xiong, and Jinfan Zhang (2022), Issuance Overpricing of China's Corporate Debt Securities [Online Appendix], Journal of Financial Economics 144, 328–346.

                Summary on VoxChina       

42. Hongqi Liu, Cameron Peng, Wei A. Xiong, and Wei Xiong (2022), Taming the Bias Zoo [Online Appendix], Journal of Financial Economics 143, 716–741.

41.  Matthew Baron, Emil Verner, and Wei Xiong (2021), Banking Crises without Panics [Online Appendix], Quarterly Journal of Economics 136, 51–113.

                Data download: BVX Crisis ListHistorical documentation, Full data and replication kit

40. Jinghan Cai, Jibao He, Wenxi Jiang, and Wei Xiong (2021), The Whack-A-Mole Game: Tobin Taxes and Trading Frenzy [Online Appendix], Review of Financial Studies 34, 5723–5755.

39. Zhenyu Gao, Michael Sockin, and Wei Xiong (2021), Learning about the Neighborhood, Review of Financial Studies 34, 4323–4372.

38. Zhenyu Gao, Michael Sockin, and Wei Xiong (2020), Economic Consequences of Housing Speculation [Online Appendix], Review of Financial Studies 33,5248-5287.

                Summary on VoxEU

37. Chang Liu and Wei Xiong (2020), China's Real Estate Market, The Handbook of China's Financial System, edited by Marlene Amstad, Guofeng Sun, and Wei Xiong, Princeton University Press, 181-207.

36. Ting Chen, Zhenyu Gao, Jibao He, Wenxi Jiang, and Wei Xiong (2019), Daily Price Limits and Destructive Market Behavior [Online Appendix], Journal of Econometrics 208, 249–264.

                   Summary on VoxChina

35. Zheng Song and Wei Xiong (2018), Risks in China’s Financial SystemAnnual Review of Financial Economics 10, 261–286.

34.  Markus Brunnermeier, Michael Sockin, and Wei Xiong (2017), China's Gradualistic Economic Approach and Financial Markets, American Economic Review Papers & Proceedings 107(5): 608-613.

33.  Matthew Baron and Wei Xiong (2017), Credit Expansion and Neglected Crash Risk [Online Appendix], Quarterly Journal of Economics 132, 713-764.

32.  Chunxin Jia, Yaping Wang, and Wei Xiong (2017), Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations, Review of Financial Studies 30, 2972-3008.

31.  Hanming Fang, Quanlin Gu, Wei Xiong, and Li-An Zhou (2016), Demystifying the Chinese Housing Boom, NBER Macroeconomics Annual, edited by Martin Eichenbaum and Jonathan Parker, 105-166.

Summary on VoxEU

Data download: Housing price indices for 120 Chinese cities

30.  Michael Sockin and Wei Xiong (2015), Informational Frictions and Commodity Markets [Online Appendix], Journal of Finance 70, 2063-2098.

29.  Ing-haw Cheng, Andrei Kirilenko, and Wei Xiong (2015), Convective Risk Flows in Commodity Futures Markets, Review of Finance 19, 1733-1781.

28.  Ing-haw Cheng, Sahil Raina, and Wei Xiong (2014), Wall Street and the Housing Bubble [Online Appendix], American Economic Review 104, 2797-2829.

Summary on VoxEU; coverage by [FT Gillian Tett], [James Hamilton], [WSJ Justin Lahart]

27. Markus Brunnermeier, Alp Simsek, and Wei Xiong (2014), A Welfare Criterion for Models with Distorted Beliefs, Quarterly Journal of Economics 129 (4), 1711-1752.

26.  Ing-haw Cheng and Wei Xiong (2014), The Financialization of Commodity Markets, Annual Review of Financial Economics 6, 419-441.

25.  Ing-haw Cheng and Wei Xiong (2014), Why Do Hedgers Trade So Much?, Journal of Legal Studies 43, S183-S207.

24.  Conghui Hu and Wei Xiong (2013), Are Commodity Futures Prices Barometers of the Global Economy?Apres le Deluge: Finance and the Common Good after the Crisis, edited by E. Glen Weyl, Edward L. Glaeser, and Tano Santos.

23.  Zhiguo He and Wei Xiong (2013), Delegated Asset Management, Investment Mandates, and Capital Immobility, Journal of Financial Economics 107, 239-258 (lead article).

22.  Wei Xiong (2013), Bubbles, Crises, and Heterogeneous Beliefs, Handbook for Systemic Risk, edited by Jean-Pierre Fouque and Joe Langsam, Cambridge University Press, 663-713.

21.  Ke Tang and Wei Xiong (2012), Index Investment and Financialization of Commodities, Financial Analysts Journal 68 (6), 54-74.

Summary on VoxEU

20.  Zhiguo He and Wei Xiong (2012), Debt Financing in Asset Markets [Online Appendix], American Economic Review Papers & Proceedings 102, 88-94.

19.  Zhiguo He and Wei Xiong (2012), Dynamic Debt Runs, Review of Financial Studies 25, 1799-1843.

18.  Zhiguo He and Wei Xiong (2012), Rollover Risk and Credit Risk, Journal of Finance 67, 391-429 (lead article).

(first prize) Smith Breeden Prize 2012

17.  Nicholas Barberis and Wei Xiong (2012), Realization Utility, Journal of Financial Economics 104, 251-271.

16.  Wei Xiong and Jialin Yu (2011), The Chinese Warrants Bubble, American Economic Review 101, 2723-2753.

15.  Wei Xiong and Hongjun Yan (2010), Heterogeneous Expectations and Bond Markets, Review of Financial Studies 23, 1433-1466.

14.  Nicholas Barberis and Wei Xiong (2009), What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation, Journal of Finance 64, 751-784.

13.  Jianping Mei, Jose Scheinkman, and Wei Xiong (2009), Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia, Annuals of Economics and Finance 10, 225-255.

12.  Harrison Hong, Jose Scheinkman, and Wei Xiong (2008), Advisors and Asset Prices: A Model of the Origins of Bubbles, Journal of Financial Economics 89, 268-287.

11.  Ronnie Sircar and Wei Xiong (2007), A General Framework for Evaluating Executive Stock Options, Journal of Economic Dynamics and Control 31, 2317-2349.

10.  Lin Peng, Wei Xiong, and Tim Bollerslev (2007), Investor Attention and Time-Varying Comovements, European Financial Management 13, 394-422.

9.    Albert Kyle, Hui Ou-Yang, and Wei Xiong (2006), Prospect Theory and Liquidation Decisions, Journal of Economic Theory 129, 273-288.

8.    Lin Peng and Wei Xiong (2006), Investor Attention, Overconfidence and Category Learning, Journal of Financial Economics 80, 563-602.

7.    Harrison Hong, Jose Scheinkman, and Wei Xiong (2006), Asset Float and Speculative Bubbles, Journal of Finance 61, 1073-1117.  

6.    Patrick Bolton, Jose Scheinkman, and Wei Xiong (2006), Executive Compensation and Short-termist Behavior in Speculative Markets, Review of Economic Studies 73, 577-610.

5.    Patrick Bolton, Jose Scheinkman, and Wei Xiong (2005), Pay for Short-Term Performance: Executive Compensation in Speculative Markets, Journal of Corporation Law 30, 721-747. 

4.    Jose Scheinkman and Wei Xiong (2003), Heterogeneous Beliefs, Speculation and Trading in Financial Markets, Paris-Princeton Lectures on Mathematical Finance, 217-250, Springer-Verlag, Berlin. 

3.    Jose Scheinkman and Wei Xiong (2003), Overconfidence and Speculative Bubbles, Journal of Political Economy 111, 1183-1219.

2.    Albert Kyle and Wei Xiong (2001), Contagion as a Wealth Effect, Journal of Finance 56, 1401-1440.

1.    Wei Xiong (2001), Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial Markets, Journal of Financial Economics 62, 247-292.