Shen, Tao 

Associate Professor, Department of Finance


Phone             (86) (10) 62794702
Office             317 Weilun Building
Office Hours    Fri.  17:00-18:00


SHEN Tao is an associate professor of the Department of Finance in the School of Economics and Management, Tsinghua University. He received his Ph.D. in Finance from the University of Minnesota-Twin Cities in 2013. He received his Master degree of Economics, and Master degree of Statistics from the Georgia Institute of Technology in 2008. In 2006, SHEN Tao received his Bachelor of Finance from Nankai University, China. His research interests include corporate finance and financial market.

Journal Publications

“Investment and the Weighted Average Cost of Capital”, with Murray Frank,  Journal of Financial Economics, Volume 119, Issue 2, February 2016, Pages 300-315, ISSN 0304-405X,
presented at the University of Minnesota, North Carolina State University, Cheung Kong Graduate School of Business, Shanghai Advanced Institute for Finance, Washington University of St. Louis, the 2013 Northern Finance Association meetings, the 2013 Tsinghua Finance Workshop, the 2015 China International Conference in Finance, and the Center for Economic Policy Research (CEPR) meetings at Gerzensee, Switzerland 

“Private Equity Firm Heterogeneity and Cross-Border Acquisitions”, with Hoan Soo Lee and Isaac Holloway, International Review of Economics and Finance, Volume 44, July 2016, Pages 118–141,
presented at the 2014 Harvard-NBER workshop on private equity and international finance, the 1st Duke International Finance Forum at Duke Kunshan University, the 2015 China International Conference in Finance, and the Ivey Business School

“Credit Spreads and Investment Opportunities”, (solo author),  Review of Quantitative Finance and Accounting,  Volume 48, Issue 1, January 2017,  Pages 117–152,
presented at the University of Minnesota, the Georgia Institute of Technology, the 2011 China International Conference in Finance, and the 2011 Financial Management Association Annual meetings

“Organized Labor and Loan Pricing: A Regression Discontinuity Design Analysis”, with Yue Qiu, Journal of Corporate Finance, Volume 43, April 2017, Pages 407–428,

presented at University of Minnesota, the 2015 Eastern Finance Association Annual Conference, the 2015 Financial Management Association Annual Conference, the 2015 Tsinghua Finance Workshop, the 2016 Financial Intermediation Research Society Conference, and the 2016 Midwest Finance Association Annual Conference.

“Financing Entrepreneurship and Innovation in China”, with Charles M.C. Lee, Lin William Cong and Yuanyu Qu, Foundations and Trends ® In Entrepreneurship, 2019

“Going Public in China: Reverse Mergers versus IPOs”, with Charles M.C. Lee and Yuanyu Qu, Journal of Corporate Finance, 2019,



“壳溢价:错误定价还是管制风险”屈源育, 吴卫星,《金融研究》,2018

“上市公司壳价值与资源配置效率”屈源育, 吴卫星,《会计研究》,2018

IPO 还是借壳:什么影响了中国企业的上市选择”屈源育, 吴卫星,《管理世界》,2018