GAO Feng

Department of Finance    Associate Professor

Secretary of CPC Branch


Office:B330 Lihua Building

Office Hours:Tue.13:00-17:00

Educational Background

1999-2006 Finance, Tsinghua University, Beijing, China


1995-1999    Bachelor in Finance, Tsinghua University, Beijing, China



Work Experience


Associate Professor School of Economics and Management, Tsinghua University, Beijing, China


Assistant Professor

School of Economics and Management, Tsinghua University, Beijing, China


Visiting Scholar

Sloan School of Management, MIT,

Cambridge, USA



School of Economics and Management, Tsinghua University, Beijing, China




Investment, International Finance, Real Analysis


Research Areas

Asset Pricing, Risk Management, Financial Econometrics



1. Yeyu Zhang, Guyang Zou, Feng Gao, Jie Jiang, Local Officials’ Replacement, Institutional Environment and Stock Price Crash Risk, Review of Investment Studies, Vol.1, No.39, pp.105-122, 2020

2. Yao Wu, Hui Yue, Feng Gao, Tail Risk and Bond Pricing: Evidence from China, China Journal of Economics, Vol.1No.7, pp.112-126, 2020

3. Shyu, Hawfeng, Wu, Peng, Gao, Feng, Zhu, Song, Earnings dispersion in the spotlight: The effects of media coverage on stock liquidity, Pacific Basin Finance Journal, Vol.No.60, pp.101161, 2020

4. Zeyu Xia, Feng Gao, Zhishu Yang, Overnight Non-Trading Mechanism and Volatility Risk Premium, China Journal of Economics, No.2, pp155-176, 2019


5. Feng Gao, AlexXi He, Ping He, "A theory of intermediated investment with hyperbolic discounting investors", Journal of Economic Theory, Vol.177, No.9, pp.70-100, 2018


6. Gao Feng, Powers, Michael R and Wang Jun, Decomposing Asymmetric Information in China's Automobile Insurance Market, Journal of risk and Insurance, 2017, 84(4): 1269–1293

7. He Zhiguo, Wei Bin, Yu Jianfeng and Gao Feng, Optimal Long-term Contracting with Learning, Review of Financial Studies, 2017, 30(6): 2006-2065

8. Lv Zh, Zhang X, Gao F, State-Controlled Banks and the Effectiveness of Monetary and Credit Policy, Review of Investment Studies, No.10, 2015, 37-52

9. Yuanqi Li, Yin Liu, Feng Gao, Trading Frequency and Capital Allocation Efficiency, Investment Research, No.7, pp43-57, 2016

10. Jin P, Zhang X, Gao F, Bank Excessive Risk Taking and the Coordination between Monetary Policy and Countercyclical Capital Regulation, Economic Research Journal, No.6, 2014, 73-85

11. Gao H, Li MW, Gao F, Risk Attitudes, Investment Styles and Fund Performance of Fund Managers, Review of Investment Studies, No5, 2014, 82-96

12. Jin P, Zhang X, Gao F, The Effect of Monetary Policy on Bank Risk Taking: From the Banking Industry Perspective, Journal of Financial Research, No.2, 2014, 16-29

13. Wang J, Gao F, Separating Moral Hazard from Adverse Selection: An Empirical Analysis, Insurance Studies, No.12, 2013, 98-104

14. Gao F, Song FM, Wang J, Rational Expectations Equilibrium With Uncertain Proportion Of Informed Traders, Journal of Financial Markets, No.3, 2013, 387-413

15. Liu Y, Gao F, Song FM: Trading frequency and market efficiency, Journal of Financial Research, 2012

16. Wang J, Gao F,Testing for Adverse Selection in China's Auto Insurance Market, Asia-Pacific Journal of Risk and Insurance, 2010, Vol. 5, Iss. 1, Article 5.

17. Wang J, Gao F, Leng HQ, Testing for Moral Hazard in Health Insurance Market, Mamagement World, No. 6, 2010

18. Song FM, Jiang Q, Gao F, The Impact of cash dividends on the relationship between stock return volatility and stock fundamental, Journal of Financial Research, No.10, 2010

19. Gao F, Michael R. Powers, Wang J, "Adverse Selection or Advantageous Selection? Risk and Underwriting in Chinas Health-Insurance Market", Insurance Mathematics and Economics , No.44,  pp. 505-510, 2009


20. Leng HQ, Wang J, Gao F, Policy research on the development of forest insurance, Insurance Studies, No.3, pp. 66-70, 2009


21. Ding DW, Wang J, Gao F, The Optimal Deductible Pricing Analysis, Insurance Studies, No.8, pp. 51-56, 2009


22. Song FM, Huang JX, Gao F, On How to Promote Small Forestry Property Rights Mortgage Loan, Forestry Economics, 2009


23. Gao F & Song FM, “Estimation Risk in GARCH VaR and ES Estimates”, Econometric Theory, 24(5), 1404-1424, 2008


24. 17.Chen Zh.S, Gao F & Qi B, “Study on the Trading Strategy of Institutional Investors”, Journal of Financial Research, 2008, 4, 122-130, (in Chinese)


25. 18.Gao F, Song FM, Wang J, "Rational or irrational expectations evidence from China stock market", The Journal of Risk Finance, No.5. Vol. 9, pp. 432-448, 2008


26. 19.Wang J, Gao F, Song FM, A simulated study on adverse selection in the insurance market, Insurance Studies, No. 1, 2008


27. 20.Wang J, Gao F, Commentary on the testing for adverse selection, Economic Perspectives, No.8, Vol 2008, 2008


28. 21.Gao F, Wang J, An analysis on the demands for micro-insurance, Insurance Studies, No.10, 2008


29. 22.Wang J, Gao F, The Coexistence of Adverse Selection and Advantageous Selection Phenomenon in China's Health Insurance Market, Journal of Financial Research, No.11, pp.160-170, 2008


30. 23.Wang J, Gao F, Understanding the Paradox of Insurance Demand: Evidence from China’s Auto Insurance Market, Nankai Business Review, No. 5, Vol 11, 2008


31. 24.Lin S, Wu YF, Gao F, Research on Credit Portfolio Risk Measurement, Operations Research and Management Science, No.5, Vol 17, pp. 114-119, 2008


32. 25.Wang J & Gao F. “Testing for Adverse Selection in China Auto Insurance Market”, Journal of Financial Research, 2007, 12, 223-230, (in Chinese)


33. 26.Gao F, Song FM & Zhang LH, “Coherent risk measure, Equilibrium and Equilibrium pricing”, Insurance Mathematics and Economics. 40(1), 85-94. 2007


34. 27.Sun X.Ch, Gao F, Ma JY & Cui WQ, “Does Shanghai Stock Exchange Composite Index Deviate China’s Fundamentals”, Journal of Financial Research 2007, No. 9, 173-183, (in Chinese)