Jing Shi is currently a professor of finance at Zhongnan University of Economics and Law and the chief expert of the Innovation and Intelligence Introduction Base for Digital Technology and Modern Finance. He has been selected for the national high-level talent program. He graduated with a Doctor of Philosophy in finance from the Australian National University.

He is currently a fellow of the Accounting and Finance Association of Australia and New Zealand, a council member of the Asian Finance Association, an associate editor of the SSCI source journal Accounting and Finance, a section editor of Journal of Accounting Literature, and an associate editor of Research in International Business and Finance.

His research fields include fintech, empirical corporate finance, corporate governance, bond ratings, and corporate business strategies. The main research objects are the Chinese economy and financial markets. He has published more than 70 papers in domestic and international academic journals such as American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Strategic Management Journal, Management Science, Review of Finance, and Economic Research.

Research Interests

Chinese Capital Markets, Corporate Finance, Corporate Governance, FinTech, Cond Ratings and Pricing

Ecudation

1997 - 2001 Ph.D. in Finance, Australian National University

1993 - 1996 B.Com. (First-Class Honors), University of Otago

Professional Experiences

2023 - Present Professor, Zhongnan University of Economics and Law; Chief Expert, Digital Technology and Modern Finance Innovation Center

2018 - 2023 Professor of Finance, Macquarie University

2014 - 2018 Professor of Finance, RMIT University

1997 - 2014 Lecturer to Associate Professor, Australian National University

Academic Achievements and Standing

Professor Jing Shi has long been engaged in financial theory and empirical research and enjoys a high international academic reputation. His main research directions include fintech, empirical finance, banking and corporate finance, capital markets, political economy, etc. The main research contents cover the following five aspects: (1) Bond credit ratings, pricing, and their influencing factors; (2) Equity structure, corporate governance, and their economic consequences; (3) Corporate debt behavior and bank credit; (4) Innovative asset pricing and risk measurement methods; (5) The economic consequences of personal connections. He has published over 70 papers in top domestic and international journals such as Economic Research, Financial Research, American Economic Review, Journal of Political Economy, Administrative Science Quarterly, Management Science, Journal of Banking and Finance, and Accounting and Finance, achieving a series of landmark results. The cumulative citation times on Google Scholar reach up to 1,868.

(1) Equity Structure, Corporate Governance, and Their Economic Consequences

Professor Jing Shi has been deeply involved in the research of equity structure, corporate governance, and their economic consequences in the field of corporate finance. He is adept at constructing quasi-natural experiments by leveraging the reform and innovation practices of the Chinese capital market. His research encompasses various aspects, including the characteristics of corporate management and corporate innovation, property rights protection and corporate mergers and acquisitions, the institutional environment and corporate investment efficiency, equity structure reform and the interests of small and medium-sized shareholders, the economic consequences of IPOs, corporate dividend policies and dividend distributions, corporate governance reform and corporate value. 

Representative Achievements

· Value creation and value capture in governing shareholder relationships: evidence from a policy experiment in an emerging market. Strategic Management Journal, 2018, 39, 9, 2466-2488.

· Coinsurance within business groups: evidence from related party transactions in an emerging market. Management Science, 2013, 59, 10, 2295-2313.

· Do secondary shares in the IPO process have a negative effect on aftermarket performance? Journal of Banking and Finance, 2007, 31, 9, 2612-2631.

(2) Personal Connections from an Economic Perspective

Professor Jing Shi is a leading scholar in researching personal connections from an economic perspective. He has explored the economic impacts of hometown connections, alumni connections, political connections, etc. The research contents include the relationship between personal connections and election results, as well as the relationship between political connections and corporate production and operation performance.

Representative Achievements

· Social ties and the selection of China's political elite. American Economic Review, 2020, 110, 6, 1752-1781.

· Social ties and favoritism in Chinese science. Journal of Political Economy, 2018, 126, 3, 1134-1171.

· The dynamics of political embeddedness in China. Administrative Science Quarterly, 2017, 62, 1, 67-104.

(3) Innovative Asset Pricing and Risk Measurement Methods

In the fields of asset pricing and risk management, Professor Jing Shi mainly focuses on innovative asset pricing and risk measurement methods to enhance the accuracy of predicting asset yields and measuring asset risks. The research contents include the predictive role of robust skewness measurement indicators on asset yields, innovative measurement methods for time-varying covariance, tail risk measurement methods for dynamic expected losses, and the impact of transactions by different types of investors on the synergy of market and stock liquidity and yields.

Representative Achievements

· Xiao Jun, Jing Shi. Fund performance and fund flow: Is there a "redemption anomaly" in China's fund market? [J]. Economic Research, 2011(1):14.

· Gui Hefa, Cai Mingchao, Jing Shi, et al. Contracts, commitments, and institutions: Evidence from China's share reform. [J]. Economic Research, 2011(11):13.

· Lv Jianglin, Li Mingsheng, Jing Shi. An empirical analysis of the impact of RMB appreciation on the Chinese stock market. [J]. Financial Research, 2007(06A):12.

· Large-scale minimum variance portfolio allocation using double regularization. Journal of Economic Dynamics and Control, 2020, 116, 1 - 16.

· Dynamic expected shortfall: A spectral decomposition of tail risk across time horizons. Journal of Economic Dynamics and Control, 2019, 108, 1 - 15.

(4) Bond Credit Ratings, Pricing, and Their Influencing Factors

Based on the practices of the Chinese bond market, Professor Jing Shi has systematically studied key scientific issues in the bond market, such as how issuers select bond rating agencies, the information effects of bond rating agencies and their influencing factors, and the regional differences in Chinese bond pricing and their influencing factors. 

Representative Achievements

· Foreign ownership in Chinese credit ratings industry: information revelation or certification?. Journal of Banking and Finance, 2020, 118, 1-19.

· Information asymmetry and credit rating: A quasi-natural experiment from China. Journal of Banking and Finance, 2019, 106, 132-152.

(5) Corporate Debt Behavior and Bank Credit

The banking system is not only the core of the Chinese financial system but also occupies a crucial position in the global financial system. In recent years, Professor Jing Shi has started to focus on issues related to corporate debt behavior and bank credit and has obtained some valuable results. He mainly focuses on the impact of factors such as information asymmetry on corporate debt and bank credit. The research contents include the information effect of bank credit under environmental protection regulations, and the relationship between relationship lending and bank credit default.

Representative Achievements

· Are banks really special? Evidence from a natural experiment. Journal of International Financial Markets, Institutions and Money, 2021, 72, 1-16.

· Relationship lending and bank loan covenant violations. Accounting and Finance, 2021, 61, 4, 5847-5878.