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    Page created 01/12/1996 and
last updated 02/18/2002
   
Member's Profiles
If you want to have your profile included, please email us at chinesefinance@yahoo.com.

Mr. Zhang, Xin
A member of TCFA since 1995. Currently Xin is a senior financial economist
and project manager at the Financial Sector Develpment . Current projects under responsibility cover Korea, Thailand,Colombia and Brazil, focusing on sovereign debt management, local currencysecurity market development, and corporate restructuring. Priorwork experience included Caxton Corp (a NY hedge fund), Merrill Lynch,People's Bank of China. He Received his Ph.D. in finance from Columbia Business School.

Index

Mr. Zhou, Tao
Tao has a broad background in business innovation, technical development,
industrial research and financial analysis. As co-founder and chief
visionary officer of NexJournal LLC, Tao is leading this nascent Internet
mdeia company with the vision to revolutionize the online journalism
industry. WHile being a financial analyst in teh Fixed Income Division at
Salomon SMith Barney, he has been involved in multi-billion-dollar
financings as well as private equity transactions, and has analyzed a wide
variety of industries including online services publishing, media and
technology.

Back in college, he played a leadership role in several engineering
innovation projects, including a talking speedometer for skiers and
snowboarders, and an award-winning walking walker for the ekderly and
siabled to enhance safety and flexibility. He also interned as a software
developer at D.E. Shaw where he designed and implemented a dynamic
Web-based application to automated quality assurance tasks for the
company's online trading system.

Tao earned his Bachelor of Engineering degree in EE from Dartmouth
College, and graduated cum laude with honors from Middlebury College,
holding a B.A. in math and computer sceince with minors in economics and
physics. He also received a certificate from the Tuck School of Business
at Dartmouth.

Index

Mr. Hu, Jian
Jian has been a member of TCFA since 1997. He is currently a financial
economist at the credit finance research group of Fannie Mae. His main
responsibilities are credit spread modeling, mortgage credit risk
valuation, credit portfolio risk measurement and risk capital
calculation.

He received his Ph.D. in finance from the University of Minnesota, and a
Bachelor's degree in economics from the School of Economics and management
of Tsinghua University. He worked for Tsinghua University and the State
Commission for Restructuring the Economy in Beijing.

He was an editor and editor-in-chief of the TCFA Update. He is now the
president of TCFA.

Index

Mr. Zhang, Xiaoling
A member of TCFA since 2000. Xiaoling is currently a financial economist
at the Trading Risk Analysis section of the Division of Research and
Statistics at the Federal Reserve Board in Washington, DC. Specilizes in
research of credit derivatives, fixed income securties, option pricing,
and risk management. He works on the evaluation of risk management and
derivatives pricing modeling of major US commercial banks. He received
Ph.D. in finance from the University of Maryland, and BS in Engineering
Mechanics from Tsinghua University in Beijing.

Index

Mr. Hongbin Cai
Mr. Hongbin Cai was the founding president of the Chinese Finance
Association (the CFA) and is currently a PhD candidate in the economics
department at Stanford University. He is happily married to Ms. Fangping
Zhou.

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 for
writing 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

Index

Ms. Hongmin Lu
Ms. Hongmin Lu joined the Chinese Finance Association in the summer of
1995. She is currently a quantitative investment analyst in the
investment department of Allstate Insurance Company. She has been with
Allstate for more than two years. Her major responsibility includes
conducting equity research and analysis to assist portfolio managers
managing Allstate's equity portfolios in excess of $5 billions.

Hongmin's research areas in equity concentrate on asset
allocation, equity security valuation and selection, and impact of various
economic and financial issues on stock performance. Since joining
Allstate, she has conducted a number of equity research projects. In the
asset allocation project, a model has been constructed to design the
optimal allocation of securities among three domestic equity portfolios.
The project on security selection aims to identify efficient valuation
measures for different industry groups, and convert the measures into
target prices for all stocks in the S&P500 universe.

Other projects include issues such as evaluating effect of foreign
exchange rate and credit spreads on stock performance. The purpose of the
research is to identify equity investment opportunities in response to
fluctuations of foreign exchange rates and credit spreads. The projects
investigate investment scenarios in a situation of dollar devaluation and
its potential rebound. It also examines equity investment opportunities
when the credit spreads reach historically low point, and the
corresponding investment strategies should the credit spreads widen.

Prior to joining Allstate, Hongmin was in the Ph.D. program at the
Business School of the University of Texas at Austin, majoring in
statistics and minoring in finance. She has a MS in statistics from
Baylor University in Waco, Texas and a BS in computer science from Beijing
Polytechnic University. Currently, she is a CFA Level II candidate.

Index

Ms. Ju Pann, Ph.D.
Dr. Jun Pan joined the Doctoral Program in Finance at Stanford
University in the fall of 1995. Although Jun has since given up almost
every single hobby she had pursued during the past 9 months, she admits
that studying Finance at Stanford is a gratifying experience.

Born and raised in Shanghai, Jun received a B.S. from Shanghai
Jiao Tong University and came to the States in 1990. After getting her
M.S. from Western Illinois University, she graduated with a Ph.D. in
Physics from New York University (NYU) in September 1995, and learned to
love New York City during that four years. Her doctoral dissertation is
entitled "Nanostructures of Silicon", in which she develops an analytical
model to explain reactivity of silicon clusters, and a computer simulation
program with Simulated Annealing Algorithm to optimize complex systems
with many degrees of freedom. She also integrates vectorized and
parallelized version of the simulation program in her dissertation.

Jun was recently named the Jaedicke Merit Scholar (1996-1997) at
Stanford, given in recognition of a student's superlative academic work
during the initial years of the Ph.D. Program. She is also the recipient
of several other awards including 1995 winner of the Luise Meyer-
Schutzmeister Award, American Women in Science, Dean's Dissertation
Fellowship, NYU (1995), Andre Meyer Fellowship, NYU (1991-1992). Jun Pan
is also an Honor Graduate from Shanghai Jiao Tong University (1990).

Jun's publications include articles in "Physical Review", "Journal
of Chemical Physics", "Surface Review and Letters", "Physics, Chemistry,
and Application of Nanostructures" and "Modern Physics Letter".

Index

Mr. Chunsheng Zhou, Ph.D.
Dr. Chunsheng Zhou is a charter member of TCFA. He is currently a
financial economist in the trading risk analysis section of the Federal
Reserve Board at Washington D.C. His job function involves conducting
research and policy analysis on the risks and regulations of financial
markets, especially market risks and credit risks involved in derivatives
and other new financial instruments.

Dr. Zhou enrolled in the Ph.D. program in economics at Princeton
University in 1992 after obtaining one of the highest scores in GRE
economics subject test (99+%). (Princeton was the only school to which he
formally applied.) While at Princeton, he was awarded the Harold W. Dodds
Merit Fellowship in 1994. The fellowship was one of the highest honors
given to Princeton graduate students based on academic achievements and
professional promise. As a student of Professor John Campbell, he was
highly productive in research, finishing five papers in both theoretical
and empirical finance. As a result, he received his Ph.D. degree from
Princeton in about 3 years.

The fast-track record did not only begin in the U.S. Growing up
in a relatively poor countryside of China with few opportunities, Dr. Zhou
went to a technical high school in the city to study computer technology
after junior high school. While at the technical school, he studied high
school and college math by himself in his spare time within two years.
Based on recommendations from a number of professors at various top math
departments in China, he obtained an opportunity to take the graduate
admission examination. Upon passing the exam, he was admitted to the
Mathematics Department at Beijing University as a graduate student
directly from the technical high school. After receiving his M.S. degree
from Beida (Beijing University), he decided to change his major to
International Finance, which was very popular in China at that time.

The following is a partial list of Dr. Zhou's research papers.
Most of them are in their first and second round at top academic journals.
If you are interested in any of them, please send him an email at
czhou@frb.gov.

1. Dynamic Portfolio Choice and Asset Pricing under Asymmetric Information;
2. Dynamic Portfolio Choice and Asset Pricing under Differential Information;
3. Informed Trading, Uninformed Trading, and the Asset Pricing Puzzles;
4. Stock Market Fluctuations and the Term Structure;
5. Forecasting Long- and Short-Horizon Stock Returns in a Unified Framework;
6. Time-to-build, the Stock Market, and Investment Dynamics.

Index

Chi Su , Ph.D. degree at BC

From 1988-1992, Chi Su studied economics at Beijing University. In 1992, he worked for a short period of time at China Stock Exchange Executive Council in Beijing. He started graduate study at Boston College's Finance Department in 1994 after obtaining a Master Degree in Economics from Bowling Green State University in Ohio. While pursuing his Ph.D. degree at BC, he worked first as a research assistant and later as a teaching fellow.

In 1999, Chi Su went to University of Chicago's Graduate School of Business to pursue an MBA degree. He did an internship at Salomon Smith Barney's Fixed Income Division in Hong Kong during the Spring of 2000, and did another internship at Merrill Lynch's Equity Division in New York during that Summer. Chi joined Merrill Lynch in 2001, and currently works at the firm's Equity Linked Capital Markets group in New York City.

Chi Su served as a member of the Board of Directors and also the Director of Finance for Harvard China Review in 1998. From 1999 to 2000, He served as the president of the Chinese Finance Association in North America (TCFA). In his free time, Chi enjoys reading, hiking, golfing, and skiing.

Index

Yanfang Yan,Ph.D degree

Ms. Yanfang Yan is currently a Senior Portfolio Manager working for Banc of
America Capital Management at Bank of America. Prior to joining Bank of
America, she worked for Putnam Investments Management. Ms. Yan served as
the Chairman of the Board of Directors from (98-99?), and Editor-in-chief
for the term (97-98). She has an MA degree from University of Notre Dame
and has completed all Ph.D. course work but dissertation at the Carroll
Business School at Boston College in Finance.

Index

Xuemin (Sterling) Yan,an Assistant Professor

Prof. Xuemin (Sterling) Yan is currently an Assistant Professor of Finance at the
University of Missouri - Columbia. Prof. Yan graduated from Renmin
University of China with a B.A. in international finance. He obtained
his Ph.D. in finance from the University of Iowa in 2001. His
research interest lies in empirical asset pricing. He was a director of
TCFA from 2000 to 2001. Research website: http://business.missouri.edu/yan.

Index

Hongbin Cai,Ph.D. in Economics

Ph.D. in Economics, 1997, Stanford University; MA in
Statistics, 1997, Stanford University; MA in Economics, 1991, Beijing
University; B.S. in Mathematics, 1988, Wuhan University. Current position:
Assistant Professor, Department of Economics, UCLA. Research Interests:
Game Theory (bargaining), Contract Theory, Corporate Finance, and Political
Economy. TCFA: president, 1994-1995. Research website:
www.econ.ucla.edu/~cai.

Index

Zhijie Xiao

Prof. Zhijie Xiao jointed the faculty of University of Illinois (Urbana-Champaign), College of Commerce and Business Administration, since 1997. He obtained his Ph.D. in Economics from Yale University in 1997 and his B. Sc. in Mathematics and Computer Science from Renmin (People¡¯s) University of China. He is the winner of Multa Scripsit Award in Econometric Theory (2002) and National Prize of Science and Technology Progress in China (1993). He teaches courses in econometrics, time series analysis, and microeconomics. Research focuses on econometrics and empirical finance. He has published many papers in leading journals such as Econometrica, Journal of Econometrics, Econometric Theory, Journal of Empirical Finance, Journal of Time Series Analysis. He was the vice president of The Chinese Finance Association in 1995 ¨C 1996.

Index

Zheng Liu

With a BA and an MA degree from the People¡¯s University of China, Zheng Liu joined the graduate economics program at the University of Minnesota in 1991 and got a Ph.D. degree in 1997. Prof. Liu first taught at Clark University in Massachusetts, and is now teaching at Emory University in Georgia. He has been a chartered member of the TCFA since 1994 and was elected Director of Academic Affairs of TCFA in 1995. His deepest involvement with TCFA was to co-organize the international conference ¡°China: Towards a Modern Financial System,¡± held in Beijing. Prof. Liu¡¯s current research is on the transmission mechanisms of monetary policy and the interactions of monetary policy with business cycles. He has also done some work in open economy macroeconomics. Those who are curious about the details may find his papers at the following URL: http://userwww.service.emory.edu/~zliu/.

Index

Qianli Wu

From 7/2001 to present, portfolio manager at Rydex Funds, managing and co-managing several U.S. large-cap and sector funds with total assets over $2 billion.
Got Ph.D. in economics from Boston University in January 2000.
Elected director from 1995 to 1998, involved in organizing the conference on financial reform in Beijing in 1996, and the four annual meetings from 1995 to 1998.

Index

Ming Huang

Currently at Stanford Business School:
http://www.stanford.edu/~mhuang/.

Index

Qiang Dai

Assistant professor at NYU Stern School, currently visiting Stanford Business School.
Websites:
http://www.stanford.edu/~dq
or
http://www.stern.nyu.edu/~qdai
There is also a brief bio for Qiang in the following article
from the CFO magazine:
http://www.cfo.com/article/1,5309,1899,00.html.

Index

Jun (John) Qian, Ph.D.

Jun Qian is a Managing Director and Senior Deal Structurer in Banc Of America Securities' Global Structured Finance Group. Jun¡¯s responsibilities include all facets of structuring asset-backed and mortgage-backed securities.

Prior to joining Banc Of America Securities in July 2001, Jun was a Director and Senior Structurer in Deutsche Bank Securities' Global Asset Backed Securitization Group, where he was responsible for asset-backed deal structuring. Before joining Deutsche Bank in June of 2000, Jun was the Senior mortgage-backed Structurer in Bank of America/NationsBanc's Real Estate Capital Markets Group, which he joined in 1994. Prior to that Jun was a Senior Software Engineer at Bond-Tech Inc. where he built the firm¡¯s ABS structuring system.

Jun holds a Bachelor¡¯s Degree in Electrical Engineering from Zhejiang University in China, an MS in Statistics, as well as a Ph.D. in Engineering Science, from the University of Toledo in Toledo, Ohio. He obtained his MBA from the Fuqua School of Business at Duke University.

Index

Xiaoyun Yu

Xiaoyun Yu is an assistant professor of Finance at Kelley School of
Business, Indiana University. She completed her Ph. D. in finance at the
University of Minnesota. Her research interests include: security design,
initial public offering of equity, financial institutions and market
microstructures. She has taught courses in financial markets and interest
rates and asset pricing at the undergraduate and Ph.D. level. She served as a director of TCFA in 2000-2001.

Index