Zhiwu Chen

Professor of Finance

Faculty Directory

Professor Zhiwu Chen is an expert on finance theory, securities valuation, emerging markets, and China's economy and capital markets. Dr. Chen started his career by publishing research papers in top economics and finance journals on topics related to financial markets and theories of asset pricing. Around 2001, Dr. Chen began to expand his research focus by going beyond mature markets and investigating market development and institution-building issues in the context of China’s transition process and other emerging markets. What institutions are necessary for markets to develop? Why is finance important for society? How does financial development affect social structure and individual freedom? His work has been featured in newspapers and magazines in the United States, Hong Kong, China and other countries. He is a frequent contributor to media publications in China on topics of economic policy, market development and legal reform. His list of books published in China includes: How Is Wealth Created? (2005), Media, Law and Markets (2005), Why Are the Chinese Industrious and Yet Not Rich? (2008), Irrational Overconfidence? (2008), The Logic of Finance (2009), 24 Wealth Lectures (2009), and Assessing China’s Economic Growth of the Past 30 Years (2010). 



  • PhD, Yale University, 1990
  • MS, Changsha Institute of Technology, China, 1986
  • BS, Central-South University of Technology, China, 1983

Selected Articles

Free Press Could Help China's Economy

Z. Chen
Financial Times

Selected Working Papers

Nonparametric Predictions of Future Stock Returns

Z. Chu & Y. Sun


  • 10 Public Intellectuals influencing China, Times Weekly (a national newspaper in China) , 2010


  • Annals of Economics and Finance Editor
  • Journal of Financial and Quantitative Analysis Associate Editor
  • Journal of Empirical Finance Associate Editor
  • Pacific-Basin Finance Journal Associate Editor


  • Chief Academic Advisor, China Central Television (CCTV) documentary series, 10 episodes, "Wall Street" 2009-2010 and "Money" 2010-
  • Expert Advisory Commission to the Beijing Government on the 12th Five-Year Plan, 2010-
  • Board of Directors, Yale-China Association, 2010-
  • Board of Directors, Bank of Communications, China, 2010-
  • Academic Committee, Unirule Institute, Beijing, China, 2008-
  • Board of Directors, Lord Abbett China Fund Management Company, China, 2006-
  • Expert Advisory Panel on the Formation of the China Investment Corporation, State Council, China, 2007