According to his parents, Mr. Cai was born in Ha-er-bin and grew up in Jiangxi province in China, although official records indicate his birthplace as Jin-de-zheng, the procelain town that produced royal treasures for Chinese emperors for more than a thousand years.

Mr. Cai started his undergraduate study in Wuhan University in 1984 majoring in Mathematics. After graduation, he decided to pursue a master's degree in the Economics & Management departement of Beijing University (often refered to as Beida). The department now has developed into a new business school of the University. While Mr. Cai studied
there, Professor Li, Yining, who is now the dean of the school and an advisor to the CFA, served as his advisor. Mr. Cai's thesis was about the productivity of state-owned enterprises in China and was later published as a chapter in a book edited by Professor Li.

Mr. Cai's research interests are in the areas of game theory, corporate finance, and organization theory. His research agenda also includes issues related to China's reform. Currently, he is working on a project on multilateral bargaining under complete information, which he hopes to include as a part of his doctoral dissertation. The study shows that strategic formation of subcoalitions may prevent efficient transactions even though there is no obvious transaction costs. This result sheds new light on one of the fundamental insights in modern economics---the Coase Theorem (Coase 1960), which asserts that in absence of transaction costs, resource allocation is always efficient and independent of property right allocation. The applications of the model include bankruptcy issues, corporate control, union-firm bargaining, etc..

Index

Mr. Huining Henry Cao, Ph.D.
Dr. Huining Henry Cao is currently an assistant professor of finance in the Haas School of Business at the University of California at Berkerly. He joined the faculty this fall after turning down other offers from schools such as the Wharton School and the University of Michigan. With a Ph.D. degree in finance from UCLA, Dr. Cao has a strong research interest in the role of derivatives in market economies. His research area encompasses asset and derivatives pricing, trading in dynamic incomplete markets and international portfolio management. Also on his current research agenda is the issue of how emerging markets affect major developed markets in a relatively segmented world. In addition, he is investigating the impact of these emerging markets on the portfolios of American investors. In the upcoming spring semester, he will be teaching two courses in finance at Berkeley, an MBA course on investment and a doctoral seminar on dynamic asset pricing.

Dr. Cao has one paper forthcoming in the Review of Financial Studies and another completed paper currently under review. Dr. Cao has also published his work in numerous biology journals. Prior to his graduate study at UCLA, Dr. Cao earned a Ph.D. in pathology from Yale University. At age 12 he was a top 40 finalist in the national pre-college mathematics competition of China in 1979, and enrolled at the University of Science and Technology of China. Five years later he was a top twenty finalist in the US-China Molecular Biology and Biochemistry Graduate Exchange Program.

Index

Ms. Bin Chen
Ms. Bin Chen is a Senior Financial Analyst at Partners HealthCare System, Inc., the parent company of two prestigious hospitals in Boston, Mass. General Hospital and Brigham & Women's Hospital. She works at the treasury department and is responsible for investment activities of the company's $2 billion Endowment fund and Pension fund.

Since joining Partners in 1994, Bin has involved actively in a number of Treasury/Finance projects and played key roles within different teams. She has performed some of the following reponsibilities:

- Developed and systematized twenty-three external manager's performance analysis.
- Interfaced with investment managers and custodian bank to collect information regarding market and investment strategies.
- Created investment performance summary for discussion at Investment Committee's (Members include Peter Lynch of Fidelity, jay Light of HBS, etc.) decision making.
- Coordinated with investment banks to assess the risk exposure of Partners long-term pool and the financial impact due to the market correction. Alternate risk control methodologies including the use of derivatives were studied in the assessment. Scenario analysis, probability distribution was applied in the assessment.
- Provided technical, analytical support for Partners investment pool's strategic asset allocation by using internal and external resources.
- Developed and Updated endowment spending policy for both institutions.
- Designed, installed and monitored investment tracking system supporting internal managed funds.

Currently, Bin is working on several projects including alternative investment design and monitoring currency exposure. Before joining Partners, Bin was an Accounting Analyst at Fidelity Investment and in charge of financial reports of Fidelity's European Capital Appreciation Fund and Advisor Overseas Fund. Bin is a CFA candidate.

Bin was trained to become an industry designer while she attended Beijing Institute of Technology. She planned to study textile design at university of Minnesota but eventually graduated from Baruch College, NYC with an MBA degree. Reluctant to give up her teenage dream of being a designer, she enchants her fantasy by marrying a Landscape Architect, Xiao Wei Ma. Bin and Xiao Wei share not only the design sensibilities, but also the pleasure of investing. They have an aggressive portfolio with 20% commitment in China and a promising performance so far. Bin and Xiao Wei are city lovers. They enjoy alternative movies, photography, fashion and travel. Bin is also a devoted cook. Her favorite cuisine is Southeast Asian.

Index

Ms. Holly M. Chen
Ms. Holly Chen is currently an assistant to the Chairman of Merrill Lynch International. A Beijing native, Holly attended Vassar College in Poughkeepsie, NY where she obtained a bachelor degree in economics. After working in the Treasury Department of ITT Corporation's headquarters for the summer, Holly started her Wall Street career at Lehman Brothers as a financial analyst. In 1994, Holly graduated with an MBA degree from the Graduate School of Business at the University of Chicago. During the summer of her business school education, Holly took an internship in the Investment Banking Group at Merill Lynch which led to her full time employment with the company. After joining Merill Lynch for
only four months, Holly was promoted to her current position.

As the assistant to Mr. Win Smith, Chairman of Merrill Lynch International, Holly is actively involved in business activities around the globe with a specific focus in Asia. She is also responsible forwriting speeches for Mr. Smith. Holly constantly meets business and government delegations from China, arranges business meetings for Merrill Lynch executives involved in the Company's China operations, and helps coordinate Merrill's activities in China.

While attending school at Chicago, Holly was an active member of the Chinese Business Association of Chicago. She joined the Chinese Finance Association in March of 1996. In her spare time, Holly enjoys movies, dancing, making friends and exploring New York restaurants. She will surely make many friends in our organization.

Index

Mr. Qiang John Dai, Ph.D.
University of Science & Technology of China Hefei, China 1981-1986
B. S. in Chemical Physics, July 1986
Shanghai Metallurgy Institute Shanghai, China 1986-1989
Princeton University Princeton, New Jersey 1989-1993
Ph.D. in Chemistry, July 1993
Stanford University, Graduate School of Business Stanford, California
1993-1995
Candidacy for Ph.D. in Finance, June 1995

Lehman Brothers Holding New York, New York 1995-Present
Senior Vice President and Head, Latin America Foreign Exchange & Local Debt Trading

Index

Mr. Bin Gao
Mr. Bin Gao served as a member of the first board of directors of
TCFA. He is currently in his last year of the PhD program in finance at
the Stern School of Business at New York University.

Mr. Gao received his B.S. in Physics from the University of
Science and Techonology of China (USTC). He continued his graduate study
there under the guidance of Prof. Lizhi Fang. In 1991, making a seemingly
incongruous switch in career Mr. Gao transferred to study finance at New
York University after receiving a master's degree in Astrophysics from
Princeton University. Looking back upon his career path, he considers the
change both exciting and rewarding. Besides working on his dissertation,
he also does part time consulting for a financial software vendor in New
York city.

Mr. Gao's main research interest is in derivative securities
pricing, both numerical and theoretical. He has been writing a paper
entitled "Too Close to Call? Option Pricing with the Adaptive Mesh", which
is near completion. The paper attemps to address the pricing issue of the
first-passage-time options (barrier option, vulnerable option, and capped
calls) with the Adaptive Mesh Method, a methodology developed by Mr. Gao
himself. He also has two working projects with a fellow student, one on
the endogenous exchange rate and currency option pricing and the other on
the nonlinear term structure.

Index

Ms. Lin Guo
A Ph.D. candidate in Finance at Boston College, Lin Guo will be
joining Suffolk University in Boston as an assistant professor in the
fall.

Lin received her BA in International Economics from Nankai
University in China. She had been enrolled in the Ph.D. program in
Economics at Southern Methodist University before she transferred to
Boston College. Apart from her research and lecturing activities, she has
also worked for Act Research Corporation based in Cambridge, MA. and
Donggou Foreign Trade Committee in Liaoning, China. She translated a book
entitled "Environmental Quality Management", which was later published,
during her research internship at Resources for the Future in Washington,
DC.

Lin's research interest includes financial institutions, cost
analysis of primary and secondary equity markets and the informational
impact of stock splits on corporations in the frictional secondary
markets. Two of her papers co-authored with Professor Timothy Mech of
Boston College are currently in the process of revision & resubmission for
the "Journal of Financial Economics" and "Review of Financial Studies"
respectively. A brief description of her current research projects is
listed at the end of the profile. You may contact her directly for paper
requests by sending email to: guoli@bcvms.bc.edu.

Lin is happily married to Liang Tang, who is a Ph.D. candidate of
Finance at Temple University. In their spare time, they enjoy playing
tennis and swimming together.

1. "When and Why are Thrifts Resolved?," 1996

This paper employs a two-step hazards model to estimate the conditional
relation between insolvency and resolution and to identify the
determinants of the timing of regulators' insolvency resolutions for
thrift institutions. The results support the hypothesis that prompt
insolvency resolution was hindered by economic, political and bureaucratic
constraints faced by regulators. The findings in this paper have
important implications for the cost efficiency of capital forbearance
policies.

2. "Share Prices, Bid-Ask Spreads, and the Costs of Issuing Equity,"
with Timothy Mech, 1995

This paper argues for a relation between the costs of issuing stock and
the expected costs of trading the stock in the secondary market. Using
share price and the bid-ask spread as proxies for trading costs, we find
that issue costs are substantially higher for stocks with low share prices
and high bid-ask spreads, holding other firm and issue attributes
constant. The paper concludes that firms issuing equity compensate
investors who participate in the offerings for the costs they expect to
bear when trading the stocks later.

3. "Stock Splits and Seasoned Equity Issues, "
with Timothy Mech, 1995

This paper uses logit regressions and event-study methods to test whethe r
stock splits help firms issue equity by reducing asymmetric information or
moving share prices to more marketable levels. In support of splits
reducing asymmetric information, evidence is presented that firms
frequently declare splits shortly before announcing equity issues. When
preceded by split declarations, issue announcement returns are decidedly
less negative. The results are also consistent with a trading range
motivation for splits, but this does not seem to be related to equity
issues.

Index

Mr. Shi Han
One of our new members, Shi Han is the managing director of
ChinaLine, an international management consulting practice focusing on
establishing and managing operations for US companies in China.

Shi Han founded ChinaLine three years ago in Rochester, NY. The
success of its clients, such as Eastman Kodak, Bausch & Lomb and over
fifty others, duly justified the move. ChinaLine is currently a member of
Rochester International Business Council, Western New York International
Trade Council and the International Resource Group. Shi Han works jointly
with his partners in Beijing and Shanghai in devising financial management
strategies for US companies operating in China and setting up joint
ventures and other entities for those starting to enter the emerging
market.

Shi Han finds his job both challenging and rewarding. A recent
project of ChinaLine is to form a $50 million holding company for a US
multinational seeking to consolidate financial management of its multiple
operations in China. The client wants the entity to be structured so as to
both provide immediate solutions to some acute cash flow problems and
serve as the vehicle for centralized financial management in the long run.
An entity of this size and category, however, is subject to the approval
of China's local and central governments, whose priorities may well be at
odds with the investors'. When the business plan he drafted in English and
Chinese was approved by both the senior management and the Chinese
authorities, he felt a good sense of relief.

Shi Han holds a master's degree in international economics from
Beijing University. He was a research fellow at the J. F. Kennedy School
of Government, Harvard University, a visiting scholar at the Economics
Department of Brown University, and a lecturer of economics at the
Department of International Economy, Beijing University.

Index

Mr. Jingzhi (Jay) Huang
Mr. Jingzhi (Jay) Huang is a charter member of the Chinese Finance
Association (TCFA). He is currently a PhD candidate in Finance at Stern
School of Business at New York University (NYU).

Born and raised in Beijing, Jingzhi went to the University of
Science and Technology of China (USTC) in AnHui province for his under-
graduate studies. While at USTC, he majored in theoretical physics. After
receiving the B.S. degree from USTC, he returned to Beijing to enroll in
the master's program in physics at Beijing University (Beida). Jingzhi
came to the U.S. to seek a PhD degree at Auburn University, the alma mater
of two of his favorite sports players, Charles Barkley and Bo Jackson.
Like some of his Chinese peers, he switched to pursue a career in finance
upon receiving his doctorate in Physics.

Jingzhi is currently working on his dissertation. His research
interest is in asset pricing, term structure models, and derivatives. He
has one paper forthcoming in "The Review of Financial Studies." The
paper, coauthored with Professor Marti Subrahmanyam (NYU) and G. George Yu
(Goldman Sachs), is entitled "Pricing and Hedging American Options: A
Recursive Integration Method". He also consults for JP Morgan and some
other investment and brokerage firms.

Jingzhi enjoys reading. He is also a fan of professional
basketball and college and professional football, and an occasional fan of
Atlanta Braves. He used to be a member of the American Contract Bridge
League.

Jingzhi is married to Lily Feng, whom he met at Beida. Lily is
currently working at a Japanese real estate dealing and consulting firm in
Manhattan, NYC. They are "married without children."

Index

Dr. Ming Huang
Ming Huang is a charter member of TCFA. He graduated from Beijing
University with a B.S. in physics in 1985 and got his PhD in theoretical
physics in 1991 from Cornell University. He has since been a PhD student
in the finance program at Stanford University and expects to get (yet
another) PhD in June, 1996. He will join the finance faculty of the
University of Chicago in the spring of 1996.

Ming Huang's main research interest is in the area of capital
markets with imperfections. He has written on "Swap Rates and Credit
Quality" with Darrell Duffie, "Liquidity Shocks and Equilibrium Liquidity
Premium," and "Asset Pricing with Linear Collateral Constraints" with
Ayman Hindy. He is also interested in the impact of toeholds (partial
ownership by bidders in a takeover contest) on takeover competition and
wrote "Toeholds and Takeovers" with Jeremy Bulow and Paul Klemperer.

Index

Mr. Ivan Ing
An early member of the Chinese Finance Association, Mr. Ivan Ing
is the Managing Partner of ING Corp. in Toronto, Ontario Canada. ING Corp
is a boutique advisory firm offering business development and investment
advisory services to institutional clients and international companies.
Recently, Mr. Ing has been working with the Republic of the Philippines to
structure and finance a number of infrastructure projects.

Mr. Ing did his graduate study in Business Administration and
Urban Planning at the University of Calgary and recieived his Bachelor of
Design in Environmental Planning from Nova Scotia College of Art and
Design. During his tenure as the Vice President of a US subsidiary of a
Canadian life insurance company, he built and managed an investment
portfolio with a gross market value in excess of US$1 Billion for over
eight years. His job responsibilities included but were not limited to
business development, joint venture partnership, acquisition and
divestment, equity and debt financing, asset based securitization,
restructuring and work-out, asset management and performance reporting of
the invested assets for the Company. In many complex transactions, he
served as the Managing General Partner of the joint venture limited
partnerships.

Mr. Ing's education and professional affiliations include The
Joint Centre for Urban Studies at Harvard University, and Investment
Management Workshop at Princeton University. He was selected as a member
for the Governor General's Canadian Study Conference designed for future
decision makers. He also holds a committee chair position for the
Association of Foreign Investors in U.S. Real Estate. Among many
corporate positions he held in the past and is holding currently, he
served as Chairman and President of Southern Living Corporation, and
Corporate Secretary and V.P. for Confederation Properties (US) Inc. He
has also been on the Board of Director for Peel Senior Link, Portals
Confederation Corporation, Peachtree Confederation Corporation, YQ
Confederation Corporation, CNP Inc., CRP Inc., and Westside Club I & II
Corporation.

Last April, Mr. Ing was invited by one of the largest state-owned
companies of the People's Republic of China to work on a business
development and trade related assignment in Shanghai. Recently he has
been retained to structure and finance a major development in Beijing.
With over ten years of institutional, brokerage and government experience
in North America and Asia, Mr. Ing finds "life in the fast lane" in Asia
particularly exciting and challenging at times. Presently, the multi-
talented investment executive is working hard on his Putonghua, or
Mandarin, the Chinese official language.

Index

Mr. Bo Li
Current Work:

Attorney at Law, Davis Polk & Wardwell, New York

Education:

J.D. magna cum laude, Harvard Law School
Ph.D., Economics, Stanford University
M.A., Economics, Boston University

Former Position at TCFA:

President, TCFA, 1996-1997