MEI Jianping

Professor Mei Jianping is a Professor of Finance at CKGSB. His major areas of research include international asset pricing and real asset finance.

Mei earned a PhD in Economics from Princeton University and BS in Mathematics from Fudan University. He has taught at the University of Chicago, Princeton University, New York University, Tsinghua University, University of Amsterdam, Bocconi University and Hong Kong University of Science and Technology.

He has published over 30 articles in the American Economic Review, Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Real Estate Economics, Journal of Real Estate Finance and Economics, and other academic journals. He has received several “Best Research Paper” awards from various academic organizations. His research has been covered extensively by major news media in China, the US, UK, Germany, Italy, Netherlands, Japan, Canada, Korea, Taiwan and Singapore.

Mei has served as a consultant and financial advisor to some of the largest financial institutions in the world, including Prudential Insurance of America, Fidelity Investment, UBS Warburg, Asia Development Bank, NCH capital, Koo’s Group, and W.P. Carey. He provides international asset allocation and real estate investment research to top decision makers and their clients. He has advised several major Chinese asset management companies as well as the Yunan Investment Trust Company.

Mei has acted as faculty director for New York University’s numerous international residency programs. He served as an organizer for several investment conferences, including a post as chairman of the Greater China real estate investment session for the American Real Estate and Urban Economics Association. He is also a faculty sponsor of US-China exchange program at the Stern Business School at New York University. The program has trained over 100 senior Chinese government officials and investment professionals.

Mei was a principal developer of the Mei Moses Fine Art Price Indices, which have been covered in the New York Times, Wall Street Journal, Financial Times, Barron’s, Los Angeles Times, Business Week, Time, Forbes and other world news media. The indices have been emplyed by several major US and overseas banks in private banking transactions.

Areas of Expertise

Art Investing, Asset Pricing, Culture and the Arts, International Finance, Market Manipulation, Real Estate Finance, Wealth Management

Education:

• Princeton University, Ph.D. (Economics), 1990, M.A. (Economics), 1988
• Fudan University, B.S. (Mathematics), 1982

Professional Experience:

• Associate Dean, EMBA program, Cheung Kong Graduate School of Business, 2013-2016
• Professor of Finance and Director of Real Estate Research Center, Cheung Kong Graduate
• School of Business, 2006-
• Director of the ASEAN Global Leadership Program, Cheung Kong Graduate School of Business,
• 2013-2015
• Fellow, Wharton Financial Institutions Center, 2004-
• Associate Professor of Finance (tenured), New York University, 1996- 2006
• Special Term Professor, Tsinghua University, 2003-2008
• Visiting Associate Professor, University of Chicago, Spring 1999
• Assistant Professor of Finance, New York University, 1990-1995
• Instructor, Princeton University, 1989-1990

Selected Publications

• Wealth Management for Collectors (with M. Moses), Journal of Investment Consulting, forth coming.
• Behavior Based Manipulation (with Chunsheng Zhou), Journal of Financial Research, forthcoming.
• Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia (with José Scheinkman and Wei Xiong), Annals of Economics and Finance10, 2009, 225-255.
• “Turning Over Turnover”, (with M. Cremers), Review of Financial Studies, 2007, 6, 1749-1782.
• “Idiosyncratic risk and creative destruction in Japan”, (with Y. Hamao & Y. Xu). Journal of Money, Credit and Banking, 2007, 4, 901-924.
• “Large Investors, Price Manipulation, and Market Breakdown – An Anatomy of Market Corners”, (with Franklin Allen and Lubomir Litov), Review of Finance, 2006,10: 645-693
• “Market manipulation: A comprehensive study of stock pools”, (with G. Jiang and P. Mahoney) Journal of Financial Economics, 2005, 77, 147-170
• “Conditional Risk Premium in Asian Real Estate Properties”, with (J. Hu), Journal of Real Estate Finance and Economics, 2000, 3, 295-311.
• “Vested Interests and Biased Price Estimates: Evidence from An Auction Market” (with M. Moses), Journal of Finance, 2005, 60, 2409-2436.
• “Art as Investment and the Underperformance of Masterpieces: Evidence from 1875-2000”, (With M. Moses), American Economic Review, 2002, December, 1656-1668.
• “What Makes the Stock Market Jump?—An Analysis of Political Risk on the Hong Kong Stock Returns”, (with H. Kim), Journal of International Money and Finance, 2001, 1003-1016.
• “Living with the Enemy: an Analysis of Japanese Experience with Foreign Investment”, (with Y. Hamao), Journal of International Money and Finance, 2001, 715-735.
• “Have U.S. Financial Institutions’ Real Estate Investments Exhibited ‘Trend-Chasing’ Behavior?” with A. Saunders,Review of Economics and Statistics, 79, 248-258, 1997.
• “Measuring International Economic Linkage with Stock Market Data” with J. Ammer, Journal of Finance, 51, 1743-1764, 1996.
• “Explaining the Cross-section of Returns under a Multi-Factor Model”, Journal of Financial and Quantitative Analysis, 28, 331-345, 1993.
• “Where Do Betas Come From? Asset Pricing Dynamics and the Sources of Systematic Risk” with J. Campbell, Review of Financial Studies, 6, 567-592, 1993.
• “A Semi-autoregression Approach to the Arbitrage Pricing Theory”, Journal of Finance, 48, 599-620, 1993

Working Papers

• “Speculative Trading and Stock Prices: An Analysis of Chinese A-B Share Premia” (with José Scheinkman and Wei Xiong)
• “Behavior Based Manipulation” (with Chunsheng Zhou)
• “Mandatory vs. contractual disclosure in securities markets: Evidence from the 1930s” (with P. Mahoney)
• Ordering and Revenue in sequential Auction (with H. Hong, M. Moses, J.Kubic, and I.Kremer) submitted to JPE

Books and Monographs

• From Wall Street to Great Wall(with B Malkiel, P. Taylor, and R. Yang), Norton, 2007.
• Global Bargain Hunting(with B. Malkiel), Simon & Schuster, 1998, 1999. Also published by Penguin, 1999. An International Best Seller.
• Principles of Real Estate Finance, jointly with H. Liao and A. Lee, Rentai Publishing Company, 1995, 570 pages, Third Edition (in Chinese)
• New Methods for the Arbitrage Pricing Theory and the Present Value Model,World Scientific Publishing Ltd., 1994, 111 pages