1. Financial Economics
Instructor:
WANG, Jiang
Course Description:
This course covers the foundations of modern financial theory and applications. Main topics include: decision under uncertainty, consumption and portfolio choices, asset pricing theories under perfect market (arbitrage-based and equilibrium-based asset pricing models), corporate finance theory under perfect markets, and asset pricing theory under imperfect markets.
References:
(1) C.Huang and R.Litzenberger, Foundation of Financial Economics
(2) J.Ingersoll, Theory of Financial Decision Making.

2. Advanced Corporate Finance
Instructor:
CHANG, Chun
Course Description:
This course introduces the different topics in corporate finance theory, including capital structure theory analysis and research status quo, payout policy, merger and acquisition theory and research status quo, capital acquisition process and the recent develop of corporate finance theory.
Reference:
(1) Jean Tirole, Notes on Corporate Finance.
(2) This course relies more on research papers.

3. Workshop on Advance Topics in Finance
The workshop consists of two parts. In the first part, invited scholars will speak on selected advanced topics in finance. In the second part, open discussions are conducted with the speakers on current topics and developments in finance.

July 12 to 18, 2004 (From Monday to Sunday)
1. Financial Economics: July 12 to 14, 2004
2. Advanced Corporate Finance: July 15 to 17, 2004
3. Advance Topics in Finance: July 18, 2004.
Tsinghua University, Beijing.

The Program is free of charge, but the participants are responsible for the costs of teaching material and accommodations.

After the completion of the four core courses including passing the exams, the participants will receive the certificate for the Advanced Summer Training Program in Finance from CCFR.

Faculty members and graduate students from universities and researchers from financial institutions with appropriate economics and quantitative background are all welcome to apply. The size of the 2004 class is targeted at 40.

1. Applicants should complete the application form carefully and accurately. With the approval of the applicant's home institution bearing the official seal, the applicant can send (1) the application form, (2) a photocopy of the applicant's ID card, (3) a resume to CCFR.

2. The deadline for the application is April 30, 2004.

3. CCFR will complete the application review and inform the applicants before May 31, 2004. Applicants admitted to the program will receive the admission letter and the return receipt with CCFR's official seal.

Jiang WANG

Jiang WANG is the NTU Professor of Finance at MIT Sloan School of Management, a research associate of the National Bureau of Economic Research Associate, and a Special-Term Professor (STP) of Finance at Tsinghua University. His research interests include asset pricing theory, investment management, financial risk management, market microstructure, international finance, financial innovation and financial engineering. His current research focuses on asset pricing models in imperfect markets, the relation between security prices and trading volume, market liquidity and liquidity risk, and China's financial markets. He has taught finance theory, financial economics, and international finance at MIT Sloan School of Management.

Jiang WANG's research has been published in leading academic journals, such as Journal of Finance, Journal of Financial Economics, Journal of Political Economy, Review of Economics Studies, and Review of Financial Studies. He has received many academic awards, including the Trefftz Award, Batterymarch Fellowship, Leo Melamed Prize, and research grants from the National Science Foundation (NSF). Jiang WANG is currently an editor of Quantitative Finance and an associate editor of Journal of Financial Markets and Operation Research. He has also been the associate editor of Review of Financial Studies.

Chun CHANG

Chun CHANG is an associate professor with tenure at the Carlson School of Management, University of Minnesota. He received his B. S. in Mathematics from East China Normal University in 1982, M. S. in Mathematics from University of Oregon in 1983 and Ph. D. in Managerial Economics and Decision Science from Northwestern University in 1987. He has taught at the Kellogg Graduate School of Management, Northwestern University. He has also served as the President of the Chinese Economic Society.

Chun CHANG's research interest is corporate finance. He has published many papers in leading academic journals on merger and acquisition, payout policy, and the regulation of financial institutions. He has also worked extensively on labor economics and the relation between labor and capital. His recent research focuses on China's economic and enterprise reform. He is an editor of China Economic Review, the leading academic journal in English on Chinese economy. He also serves on the editorial board of several other journals in finance.

Professor Chun CHANG's teaching interest focuses on corporate finance and international finance. He has taught in MBA and EMBA programs in the U.S., China and Europe. He has supervised a number of doctoral students, many of whom are now teaching at top business schools in the U.S. Professor Chun CHANG has done extensive consulting work for corporations and institutions, including the World Bank, Northwest Airline and Grand Metropolitan.

Address: Weilun Building, Tsinghua University, Beijing.
Post Code: 100084
Telephone: 010-62788163, 010-62773180
Fax: 010-62773180
Contact Person: Fennie Zhao
E-mail: st2004@ccfr.org.cn
Website: http://www.ccfr.org.cn