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张丽宏

金融系    教授

系副主任

系支部书记

电话:(86)(10)62789963

办公室:李华楼B317

邮箱:zhanglh2@sem.tsinghua.edu.cn

开放时间:邮件预约

教育经历

中国科学院应用数学所,概率论与数理统计,博士

南开大学,概率论与数理统计,硕士

南开大学,概率论与数理统计,学士

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工作经历

2013年12月--至今,清华大学经管学院教授

2003年12月--2013年11月,清华大学经管学院副教授

2001年11月--2003年11月,清华大学经管学院助理教授

2000年1月--2001年11月,北京大学数学学院博士后

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讲授课程

高级资本市场理论,金融经济学导论,应用随机过程

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研究领域

资本市场、资产定价理论、随机过程、风险理论与风险管理

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学术成果

1. Peixin Liu, Hao Wang, Lihong Zhang (2025), “Multiple climate ambiguities and optimal carbon emission abatement decisions,” Risk Sciences, Volume 1, 2025, 100024,

https://doi.org/10.1016/j.risk.2025.100024.

2. Liu, Y., Wang, H., Wang, T and Zhang, L. (2025), “Volatility Ambiguity, Portfolio Decisions,and Equilibrium Asset Pricing”, Management Science 71(6):5185-5203. https://pubsonline.informs.org/doi/abs/10.1287/mnsc.2022.02902

3. Lu, T., Zhang. L., Zhang, X. and Zhao, Z. (2025), “Beyond Risk: A Measure of Distribution Uncertainty”, Information Systems Research 36(2):944-961.

https://pubsonline.informs.org/doi/abs/10.1287/isre.2022.0089

4. Zhang, L. and Zhang, X.(2025), “Mispricing and Algorithm Trading”, Information Systems Research 36(1):21-40. https://pubsonline.informs.org/doi/10.1287/isre.2021.0570.

5. Cheng, B., Wang, H. and Zhang, L.(2024),“Robust Investment for Insurers with Correlation Ambiguity” , Quarterly Review ofEconomics and Finance 93(2024), 247--257.

6. Liu, B., Zhang, L. and Zhou, M (2024), “Portfolio selections for insurers with ambiguity aversion: minimizing the probability of ruin”, Applied Economics, 2024, vol. 56, issue 12, 1423- 1439.

7. 王浩,刘敬哲,张丽宏(2022),“碳排放与资产定价---来自中国上市公司的证据 ”,经济学报第9卷第2期,28--75.

8. 张丽宏,林海嵩,王浩(2021) ,“概率测度间差异性度量方法与不确定性及金融经济学应用 ”, 中国科学:数学, 第51卷第11期, 1933—1954.

9. 张丽宏,刘敬哲,王浩(2021) ,“绿色溢价是否存在?来自中国绿色债券市场的证据,经济学报第 8 卷第 2 期,157-184

10. 刘语,王一迪,张丽宏(2020)“关于中国股票市场模糊性、风险与风险资产收益率的实证研究 ”,经济学报第 7 卷第 3 期,84-111.

11. Zhang, X. and Zhang, L.(2015) “How Does the Internet Affect the Financial Market? An Equilibrium Model of Internet-Facilitated Feedback Trading,” MIS QUARTERLY Vol. 39, No. 1, pp 17-37.

12. Zhang, L. and Zhao, L. (2013) “Quantifying the Impact of Partial Information on Sharpe Ratio Optimization” Probability in Engineering and Informational Sciences, Volume 27 / Issue 03 / July 2013, pp 375-402

13. Wang, Y., Zhang, L. and Yin, K., (2012) “Behavioral patterns of Chinese stock funds: Evidence from closed growth stock funds”, Tsinghua Science and Technology Vol. 52, 260-264 (in Chinese)

14. Sun, L., Zhang, L. (2011) “Optimal Consumption and Investment under Irrational Beliefs”, Journal of Industrial and Management Optimization, Vol 7,139-156.

15. Gao, J., Song, F. and Zhang, L. (2011), “Who wants to be informed---More risk aversion or less risk aversion”, Tsinghua Science and Technology Vol. 16, 69-73

16. Chen, B., Zhang, L. and Zhao, L (2010), “On the Robustness of Longevity Risk Pricing”, Insurance: Mathematics and Economics 47, 358-373

17. Wang, Z., Xia, J. and Zhang, L.H., (2007) “Optimal Investment for An Insurer: the Martingale Approach”, Insurance: Mathematics and Economics 40(2) ,322-334

18. Gao, F., Song, F. and Zhang, L.H., (2007) “Coherent Risk Measure, Equilibrium and Equilibrium pricing”, Insurance: Mathematics and Economics 40, 85-94.

19. Ng, KW, Yang, H. and Zhang, L.H., (2006) “Upper Bounds for Ruin Probability under Compound Filtered Poisson Models”, International Journal of Statistics and System Vol.1 No. 2, 191-201.

20. Yang, J., Cheng, S. and Zhang, L.H., (2006) “Bivariate Copula Decomposition in Terms of Comontonicity, Countermonotocity and Independence”. Insurance: Mathematics and Economics 39, 267-284.

21. Yang Hailiang. & Zhang L.H. (2006) “Ruin Problems for a Discrete Time Risk Model with Random Interest Rate”, Mathematical Methods of Operations Research Vol 63, No. 2, 287-299.

22. Zhang L.H., (2005) “Upper Bounds for Ruin Probability with Stochastic Investment Return”, Tsinghua Science and Technology, Vol. 10, No. 2, 254-258

23. Zhang L.H., (2005) “Ruin Probability in Linear Time Series Model”, Tsinghua Science and Technology, Vol. 10, No. 2, 259-264.

24. Yang H. & Zhang, L.H., (2005) “Optimal Investment for Insurer with Jump-Diffusion Risk Process”, Insurance: Mathematics and Economics 37(3), 615-634

25. Ng KW, Yang H. & Zhang L.H., (2004) “Ruin Probability under Compound Poisson Models with Random Discount Factor”, Probability in Engineering and Informational Sciences, 18, 2004, 55-70

26. Yang H. & Zhang L.H., (2003)“Martingale Method for Ruin Probability in an Autoregressive Model with Constant Interest Rate”, Probability in Engineering and Informational Sciences, 17, 2003, 183-198

27. Yang H. & Zhang L.H., (2001) “The Joint Distribution of Surplus Immediately before Ruin and the Deficit at Ruin under Interest Force”, North American Actuarial Journal 5(3): 92-103.

28. Yang H. & Zhang L.H, (2001) “On the Distribution of Surplus Immediately after Ruin under Interest Force”, Insurance: Mathematics & Economics, Vol. 29, Issue 2, 247-255.

29. Yang H. & Zhang L.H., (2001) “On the Distribution of Surplus Immediately before Ruin under Interest Force”, Statistics & Probability Letters, Vol.55, Issue 3, 329-338.

30. Yang, H. and Zhang, L. (2000) Ruin Theory with Interest Income, Statistics and Finance: An Interface, p355-369, Edited by Chan, Li and Tong, Imperial College Press, London.

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