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Publications

by members of

Renmin University of China → China Financial Policy Research Center

These are publications listed in RePEc written by members of the above institution who are registered with the RePEc Author Service. Thus this compiles the works all those currently affiliated with this institution, not those affilated at the time of publication. List of registered members. Register yourself. Citation analysis. This page is updated in the first days of each month.
| Working papers | Journal articles |

Working papers

2017

  1. Zhixin Dai & Fabio Galeotti & Marie Claire Villeval, 2017, "The efficiency of crackdowns. An experiment in public transportations," Post-Print, HAL, number halshs-01335686, DOI: 10.1007/s11238-016-9561-0.

2016

  1. Zhixin Dai & Fabio Galeotti & Marie Claire Villeval, 2016, "Cheating in the Lab Predicts Fraud in the Field: An Experiment in Public Transportations," Working Papers, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon, number 1605.

2015

  1. Zhixin Dai & Fabio Galeotti & Marie Claire Villeval, 2015, "The efficiency of crackdowns: A lab-in-the-field experiment in public transportations," Post-Print, HAL, number halshs-01183369, Jun.
  2. Zhixin Dai & Fabio Galeotti & Marie Claire Villeval, 2015, "Dishonesty in the lab predicts dishonesty in the field: An experiment in public transportations," Post-Print, HAL, number halshs-01184335, Jul.

2014

  1. Zhixin Dai & Robin M. Hogarth & Marie Claire Villeval, 2014, "Ambiguity on audits and cooperation in a public goods game," Working Papers, Groupe d'Analyse et de Théorie Economique Lyon St-Etienne (GATE Lyon St-Etienne), Université de Lyon, number 1403.

2012

  1. Zhixin Dai & Robin M. Hogarth & Marie Claire Villeval, 2012, "Intermittent Sanctions and Cooperation in a Public Good Game," Post-Print, HAL, number halshs-00725948, May.
  2. James B. Davies & Xiaojun Shi & John Whalley, 2012, "The Possibilities for Global Inequality and Poverty Reduction Using Revenues from Global Carbon Pricing," University of Western Ontario, Economic Policy Research Institute Working Papers, University of Western Ontario, Economic Policy Research Institute, number 20127.
  3. Huifang Tian & Xiaojun Shi & John Whalley, 2012, "Cross Country Fairness Considerations and Country Implications of Alternative Approaches to a Global Emission Reduction Regime," NBER Working Papers, National Bureau of Economic Research, Inc, number 18443, Oct.

2011

  1. James B. Davies & Xiaojun Shi & John Whalley, 2011, "The Possibilities For Global Poverty Reduction Using Revenues From Global Carbon Pricing," NBER Working Papers, National Bureau of Economic Research, Inc, number 16878, Mar.

2010

  1. Zhixin Dai, 2010, "The best fund manager in France: Christian Cambier," Post-Print, HAL, number halshs-00956773.
  2. Zhixin Dai, 2010, "Banque de Savoie: the service of approximation," Post-Print, HAL, number halshs-00956795.

2009

  1. John Whalley & Shunming Zhang, 2009, "On the Arbitrariness of Consumption," CESifo Working Paper Series, CESifo, number 2566.
  2. John Whalley & Jun Yu & Shunming Zhang, 2009, "Trade Retaliation in a Monetary-Trade Model," CESifo Working Paper Series, CESifo, number 2526.

2008

  1. Raymond Riezman & John Whalley & Shunming Zhang, 2008, "Metrics Capturing the Degree to Which Individual Economies Are Globalized," University of Western Ontario, Economic Policy Research Institute Working Papers, University of Western Ontario, Economic Policy Research Institute, number 20085.
  2. Yao Amber Li & John Whalley & Shunming Zhang & Xiliang Zhao, 2008, "The Higher Educational Transformation of China and Its Global Implications," NBER Working Papers, National Bureau of Economic Research, Inc, number 13849, Mar.

2006

  1. John Whalley & Shunming Zhang, 2006, "State-Owned Enterprise Behaviour Responses to Trade Reforms: Some Analytics and Numerical Simulation Results Using Chinese Data," NBER Working Papers, National Bureau of Economic Research, Inc, number 12780, Dec.

2005

  1. Hui Huang & John Whalley & Shunming Zhang, 2005, "Trade Liberalization in a Joint Spatial Inter-Temporal Trade Model," CESifo Working Paper Series, CESifo, number 1463.
  2. Hui Huang & Yi Wang & Yiming Wang & John Whalley & Shunming Zhang, 2005, "A Trade Model with an Optimal Exchange Rate Motivated by Current Discussion of a Chinese Renminbi Float," CESifo Working Paper Series, CESifo, number 1471.

2004

  1. John Whalley & Shunming Zhang, 2004, "Inequality Change in China and (Hukou) Labour Mobility Restrictions," NBER Working Papers, National Bureau of Economic Research, Inc, number 10683, Aug.

2001

  1. Wang, Changyun, 2001, "The behavior and performance of major types of futures traders," MPRA Paper, University Library of Munich, Germany, number 36426, Dec, revised Jul 2002.
  2. Wang, Changyun, 2001, "The effect of net positions by type of trader on volatility in foreign currency futures markets," MPRA Paper, University Library of Munich, Germany, number 36428, Mar, revised Nov 2001.

2000

  1. Wang, Changyun, 2000, "Investor sentiment and return predictability in agricultural futures markets," MPRA Paper, University Library of Munich, Germany, number 36425, Jan, revised Sep 2002.
  2. Xiaotie Deng & Chunlei Xu & Shunming Zhang, 2000, "Dynamic Arbitrage-free Asset Pricing with Proportional Transaction Costs," University of Western Ontario, Departmental Research Report Series, University of Western Ontario, Department of Economics, number 200013.

Journal articles

2025

  1. Yulin Chen & Changyun Wang & Yang Yi & Jianyu Zeng, 2025, "Holding cash for corruption? Evidence from China's anti‐corruption campaign," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 65, issue 1, pages 581-619, March, DOI: 10.1111/acfi.13341.
  2. Sun, Yanmei & Wang, Changyun & Wang, Yuqi, 2025, "CEO reputation in corporate innovation: Financing versus talent-attraction," Research in International Business and Finance, Elsevier, volume 75, issue C, DOI: 10.1016/j.ribaf.2024.102736.

2024

  1. Wang, C. & Li, C.R. & Guo, W. & Du, L.C., 2024, "Collective motion with the self-propelled directional reversals effect," Chaos, Solitons & Fractals, Elsevier, volume 189, issue P1, DOI: 10.1016/j.chaos.2024.115621.

2023

  1. Changyun Wang & Chenyu Wang & Weixing Wu, 2023, "Customers' stock price crash risk and suppliers' investment inefficiency: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 63, issue 5, pages 5069-5092, December, DOI: 10.1111/acfi.13143.
  2. Liu, Xiaoming & Shen, Xieyang & Wang, Changyun & Zeng, Jianyu, 2023, "Do fund managers' tones predict future performance? Evidence from China," Pacific-Basin Finance Journal, Elsevier, volume 82, issue C, DOI: 10.1016/j.pacfin.2023.102144.
  3. Tong Zhou & Yongxin Jiang & Xuenong Wang & Jianhua Xie & Changyun Wang & Qian Shi & Yi Zhang, 2023, "Detection of Residual Film on the Field Surface Based on Faster R-CNN Multiscale Feature Fusion," Agriculture, MDPI, volume 13, issue 6, pages 1-13, May.

2021

  1. Weerasinghe, R.P.N.P. & Yang, R.J. & Wakefield, R. & Too, E. & Le, T. & Corkish, R. & Chen, S. & Wang, C., 2021, "Economic viability of building integrated photovoltaics: A review of forty-five (45) non-domestic buildings in twelve (12) western countries," Renewable and Sustainable Energy Reviews, Elsevier, volume 137, issue C, DOI: 10.1016/j.rser.2020.110622.
  2. Xiaojun Shi & Changyun Wang & Teng Zhong, 2021, "Can public medical insurance promote rural entrepreneurship? Evidence from China," Applied Economics, Taylor & Francis Journals, volume 53, issue 37, pages 4292-4309, August, DOI: 10.1080/00036846.2021.1899118.

2020

  1. Nan Jia & Jing Shi & Changyun Wang & Yongxiang Wang, 2020, "Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority Shareholders," Journal of Management Studies, Wiley Blackwell, volume 57, issue 1, pages 129-162, January, DOI: 10.1111/joms.12537.
  2. Guo, Jie (Michael) & Li, Yichen & Wang, Changyun & Xing, Xiaofei, 2020, "The role of investment bankers in M&As: New evidence on Acquirers’ financial conditions," Journal of Banking & Finance, Elsevier, volume 119, issue C, DOI: 10.1016/j.jbankfin.2018.02.004.
  3. Hu, Yi & Wang, Changyun & Xiao, Gang & Zeng, Jianyu, 2020, "The agency cost of political connections: Evidence from China's File 18," Pacific-Basin Finance Journal, Elsevier, volume 64, issue C, DOI: 10.1016/j.pacfin.2020.101426.

2019

  1. Hu, Yi & Wang, Changyun & Xiao, Gang & Zeng, Jianyu, 2019, "The value of political connections in opaque firms: Evidence from China's file 18," Pacific-Basin Finance Journal, Elsevier, volume 55, issue C, pages 329-351, DOI: 10.1016/j.pacfin.2019.05.001.
  2. Changyun Wang & Zonglong Li & Teng Zhong, 2019, "Social Trust, Rule of Law, and Economic Exchange: Evidence from China and Its Major Trading Partners," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 55, issue 14, pages 3134-3150, November, DOI: 10.1080/1540496X.2019.1572505.

2017

  1. Zhixin Dai & Fabio Galeotti & Marie Claire Villeval, 2017, "The efficiency of crackdowns: a lab-in-the-field experiment in public transportations," Theory and Decision, Springer, volume 82, issue 2, pages 249-271, February, DOI: 10.1007/s11238-016-9561-0.
  2. Huang, Helen Hui & Zhang, Shunming & Zhu, Wei, 2017, "Limited participation under ambiguity of correlation," Journal of Financial Markets, Elsevier, volume 32, issue C, pages 97-143, DOI: 10.1016/j.finmar.2016.10.002.

2015

  1. Dai, Zhixin & Hogarth, Robin M. & Villeval, Marie Claire, 2015, "Ambiguity on audits and cooperation in a public goods game," European Economic Review, Elsevier, volume 74, issue C, pages 146-162, DOI: 10.1016/j.euroecorev.2014.11.009.

2014

  1. Bo Li & Qian Sun & Changyun Wang, 2014, "Liquidity, Liquidity Risk and Stock Returns: Evidence from Japan," European Financial Management, European Financial Management Association, volume 20, issue 1, pages 126-151, January, DOI: 10.1111/j.1468-036X.2011.00629.x.
  2. Ke Tang & Changyun Wang & Shiyi Wang, 2014, "China's Imported Inflation and Global Commodity Prices," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 50, issue 3, pages 162-177, May.
  3. Whalley, John & Zhang, Shunming, 2014, "Parametric persistence of multiple equilibria in an economy directly calibrated to 5 equilibria," Economic Modelling, Elsevier, volume 41, issue C, pages 356-364, DOI: 10.1016/j.econmod.2014.05.015.
  4. Jiangfeng Li & Weifang Liu & Jinliang Wang & Shunming Zhang, 2014, "The risk averse newsvendor problem from rank-dependent expected utility approach," International Journal of Operational Research, Inderscience Enterprises Ltd, volume 20, issue 3, pages 262-282.

2013

  1. Ke Tang & Changyun Wang, 2013, "Are Chinese warrants derivatives? Evidence from connections to their underlying stocks," Quantitative Finance, Taylor & Francis Journals, volume 13, issue 8, pages 1225-1240, July, DOI: 10.1080/14697688.2012.740570.
  2. Hui Huang & John Whalley & Shunming Zhang, 2013, "Multiple Nash equilibria in tariff games," Applied Economics Letters, Taylor & Francis Journals, volume 20, issue 4, pages 332-342, March, DOI: 10.1080/13504851.2012.701003.
  3. Ji, Jingjing & Ye, Zhiqiang & Zhang, Shunming, 2013, "Welfare analysis on optimal enterprise tax rate in China," Economic Modelling, Elsevier, volume 33, issue C, pages 149-158, DOI: 10.1016/j.econmod.2013.03.019.
  4. Raymond G. Riezman & John Whalley & Shunming Zhang, 2013, "Metrics capturing the degree to which individual economies are globalized," Applied Economics, Taylor & Francis Journals, volume 45, issue 36, pages 5046-5061, December, DOI: 10.1080/00036846.2013.815312.

2012

  1. Whalley John & Yu Jun & Zhang Shunming, 2012, "Trade Retaliation in a Monetary-Trade Model," Global Economy Journal, De Gruyter, volume 12, issue 1, pages 1-29, March, DOI: 10.1515/1524-5861.1701.

2011

  1. Yitao Jiang & Xiaojun Shi & Shunming Zhang & Jingjing Ji, 2011, "The threshold effect of high‐level human capital investment on China's urban‐rural income gap," China Agricultural Economic Review, Emerald Group Publishing Limited, volume 3, issue 3, pages 297-320, September, DOI: 10.1108/17561371111165752.
  2. Huang, Hui & Shi, Xiaojun & Zhang, Shunming, 2011, "Counter-cyclical substitution between trade credit and bank credit," Journal of Banking & Finance, Elsevier, volume 35, issue 8, pages 1859-1878, August.
  3. Bo, Hong & Huang, Zhongnan & Wang, Changyun, 2011, "Understanding seasoned equity offerings of Chinese firms," Journal of Banking & Finance, Elsevier, volume 35, issue 5, pages 1143-1157, May.
  4. Yulu Chen & Donald Lien & Changyun Wang, 2011, "Guest Editors' Introduction," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 47, issue 0, pages 3-6, January.
  5. Ke Tang & Changyun Wang, 2011, "Corporate Governance and Firm Liquidity: Evidence from the Chinese Stock Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 47, issue 0, pages 47-60, January.
  6. John Whalley & Shunming Zhang, 2011, "On the arbitrariness of consumption," Applied Economics Letters, Taylor & Francis Journals, volume 18, issue 4, pages 301-304, DOI: 10.1080/13504851003655024.
  7. Yao Amber Li & John Whalley & Shunming Zhang & Xiliang Zhao, 2011, "The Higher Educational Transformation of China and Its Global Implications," The World Economy, Wiley Blackwell, volume 34, issue 4, pages 516-545, April.
  8. Riezman, Raymond & Whalley, John & Zhang, Shunming, 2011, "Distance measures between free trade and autarky for the world economy," Economic Modelling, Elsevier, volume 28, issue 4, pages 2000-2012, July.
  9. Hui Huang & Shunming Zhang, 2011, "The Distorted Theory of Rank-Dependent Expected Utility," Annals of Economics and Finance, Society for AEF, volume 12, issue 2, pages 233-263, November.
  10. Yu, Jun & Zhang, Shunming, 2011, "Optimal trade policy in tariff games with inside money," Economic Modelling, Elsevier, volume 28, issue 4, pages 1604-1614, July.
  11. John Whalley & Shunming Zhang, 2011, "Tax-induced multiple equilibria," Applied Economics Letters, Taylor & Francis Journals, volume 18, issue 15, pages 1469-1477, DOI: 10.1080/13504851.2010.543065.
  12. Zhuming Chen & Shunming Zhang, 2011, "Optimal Timing And Equilibrium Price For Soe Property Rights Transfer Under Imperfect Information," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., volume 10, issue 02, pages 353-372, DOI: 10.1142/S0219622011004361.

2010

  1. Shi, Xiaojun & Zhang, Shunming, 2010, "An incentive-compatible solution for trade credit term incorporating default risk," European Journal of Operational Research, Elsevier, volume 206, issue 1, pages 178-196, October.
  2. Changyun Wang & Lei Xie, 2010, "Information Diffusion and Overreaction: Evidence from the Chinese Stock Market," Emerging Markets Finance and Trade, Taylor & Francis Journals, volume 46, issue 2, pages 80-100, March.

2009

  1. Hui Huang & John Whalley & Shunming Zhang, 2009, "Exploring policy options in joint intertemporal-spatial trade models using an incomplete markets approach," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), volume 41, issue 1, pages 131-145, October, DOI: 10.1007/s00199-008-0414-0.

2008

  1. Changyun Wang & Wei Zhang & Weng Kit Tan, 2008, "American futures options arbitrage: evidence from the Nikkei 225 options market," Quantitative Finance, Taylor & Francis Journals, volume 8, issue 3, pages 313-320, DOI: 10.1080/14697680701400671.

2007

  1. Whalley, John & Zhang, Shunming, 2007, "A numerical simulation analysis of (Hukou) labour mobility restrictions in China," Journal of Development Economics, Elsevier, volume 83, issue 2, pages 392-410, July.

2006

  1. Ping Li & Housheng Chen & Xiaotie Deng & Shunming Zhang, 2006, "On Default Correlation And Pricing Of Collateralized Debt Obligation By Copula Functions," International Journal of Information Technology & Decision Making (IJITDM), World Scientific Publishing Co. Pte. Ltd., volume 5, issue 03, pages 483-493, DOI: 10.1142/S0219622006002076.

2005

  1. Wang, Changyun, 2005, "Ownership and operating performance of Chinese IPOs," Journal of Banking & Finance, Elsevier, volume 29, issue 7, pages 1835-1856, July.
  2. Whalley, John & Zhang, Shunming, 2005, "VAT base broadening when the location of some consumption is mobile," Economics Letters, Elsevier, volume 87, issue 2, pages 199-205, May.

2004

  1. Wang, Changyun, 2004, "Futures trading activity and predictable foreign exchange market movements," Journal of Banking & Finance, Elsevier, volume 28, issue 5, pages 1023-1041, May.
  2. Wang, Changyun & Yu, Min, 2004, "Trading activity and price reversals in futures markets," Journal of Banking & Finance, Elsevier, volume 28, issue 6, pages 1337-1361, June.
  3. Wang, Changyun, 2004, "Relative strength strategies in China's stock market: 1994-2000," Pacific-Basin Finance Journal, Elsevier, volume 12, issue 2, pages 159-177, April.
  4. Wang, Changyun & Chin, Shengtyng, 2004, "Profitability of return and volume-based investment strategies in China's stock market," Pacific-Basin Finance Journal, Elsevier, volume 12, issue 5, pages 541-564, November.
  5. Yun Wang, Chang & Sang Cheng, Nam, 2004, "Extreme volumes and expected stock returns: Evidence from China's stock market," Pacific-Basin Finance Journal, Elsevier, volume 12, issue 5, pages 577-597, November.

2003

  1. Changyun Wang, 2003, "Investor sentiment, market timing, and futures returns," Applied Financial Economics, Taylor & Francis Journals, volume 13, issue 12, pages 891-898, DOI: 10.1080/0960310032000129653.
  2. Changyun Wang, 2003, "The behavior and performance of major types of futures traders," Journal of Futures Markets, John Wiley & Sons, Ltd., volume 23, issue 1, pages 1-31, January.

2002

  1. Changyun Wang, 2002, "Information, Trading Demand, and Futures Price Volatility," The Financial Review, Eastern Finance Association, volume 37, issue 2, pages 295-315, May, DOI: 10.1111/1540-6288.00016.
  2. Changyun Wang, 2002, "The effect of net positions by type of trader on volatility in foreign currency futures markets," Journal of Futures Markets, John Wiley & Sons, Ltd., volume 22, issue 5, pages 427-450, May.
  3. Shunming Zhang & Chunlei Xu & Xiaotie Deng, 2002, "Dynamic Arbitrage‐Free Asset Pricing with Proportional Transaction Costs," Mathematical Finance, Wiley Blackwell, volume 12, issue 1, pages 89-97, January, DOI: 10.1111/1467-9965.00006.

2001

  1. Changyun Wang, 2001, "Investor Sentiment and Return Predictability in Agricultural Futures Markets," Journal of Futures Markets, John Wiley & Sons, Ltd., volume 21, issue 10, pages 929-952, October.

1996

  1. Zhang, S. M., 1996, "Extension of Stiemke's lemma and equilibrium in economies with infinite-dimensional commodity space and incomplete financial markets," Journal of Mathematical Economics, Elsevier, volume 26, issue 2, pages 249-268.

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