Jun Qian

Education Background:Ph.D. in Financial economics, University of Pennsylvania

Research Interests:Capital Markets, Corporate Finance, Financial Institutions, International Finance

Primary Email:qianj@fudan.edu.cn

Overview

Selected Publications

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Dr. Jun Qian has been Professor of Finance and Executive Dean at Fudan University's International School of Finance (FISF) since the school was founded in June 2017. He was elected to the Standing Committee of the Chinese People's Political Consultative Conference, Shanghai Committee, in January 2023. Prior to joining FISF, he was Professor of Finance and Director of the DBA/EMBA/EE programs at the Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University; he was also the Deputy Director of China Academy of Financial Research. Before returning to China, he was a tenured finance professor at the Carroll School of Management, Boston College.

Professor Qian's research interests span many areas of corporate finance, financial institutions, and capital markets. His research papers have been published in top academic journals including the Journal of Finance, Review of Financial Studies, Journal of International Economics, and Management Science. One of his best-known papers, entitled "Law, finance, and economic growth in China", published in the Journal of Financial Economics (JFE) in 2005, won an "All-Star Paper" award based on its large number of citations (as of March 2021, the average citation per year by journal articles since publication is 60.3, ranked 14th among all the papers published by JFE). In the paper, he and his coauthors explained how China had achieved its impressive economic growth without strong formal legal institutions or an efficient, 'standard' financial system that includes a stock market and a banking sector. This paper has led to a large and growing number of studies examining the role of alternative (non-market, non-bank) financing channels and governance mechanisms in promoting economic growth in China and other economies. He published a book entitled The Power of China's Financial System, and has contributed book chapters on developing financial systems in China and other emerging markets. He has been awarded "Highly Cited Chinese Researcher" (in the field of applied economics) by Elsevier for four consecutive years (2021-2024).

Professor Qian is an associate director of the Academic Committee of China Capital Market Society (under the supervision of CSRC), a member of the Issuance and Examination Committee of Corporate Bonds at the Shanghai Stock Exchange, and one of the first group of international financial legal experts of the Shanghai High People's Court. He is a Senior Fellow of the Asian Bureau of Finance and Economic Research, and was one of the academic advisors for the Chinese Finance Association, the largest organization for Chinese finance practitioners in the U.S. He has served as a visiting, special-term or guest professor at MIT's Sloan School of Management, the Wharton School, Stanford Graduate School of Business, School of Economics and Management of Tsinghua University, among other institutions. He is currently an independent director of Ant Consumer Finance Company and Guotai Haitong Securities Asset Management Company, and was on the board of China CITIC Bank (2016-2022).

Professor Qian received his Ph.D. from the University of Pennsylvania, and his B.S. degree from the University of Iowa. He also enrolled at Department of International Economics, Fudan University, as an undergraduate.

 

(Updated by December 2025)

Papers available from SSRN

For citation records see my Google Scholar Page 

  • Financing the Growth of Science and Technology Innovation Enterprises: Frontier, Challenges, and Solutions, with Y. Hu, Y. Gu, and C. Shan, Bulletin of National Natural Science Foundation of China (in Chinese), May 2025, 39 (2), Pages 292-301.
  • Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China, with Viral V. Acharya, Yang Su and Zhishu Yang, Management Science, July 2025, Volume 71, Issue 7,  Pages 5645-5675.
  • Dissecting the Long-term Performance of the Chinese Stock Market, with Franklin Allen, Chenyu Shan and Julie Lei Zhu, Journal of Finance, 2024, Volume 79, Issue 2, Pages 993-1054.
  • Stock Pledged Loans and Market Crash Risk: Evidence from China, with F. Li, H. Wang and Julie Lei Zhu, Journal of Finance and Data Sciences, November 2023, 100104.
  • Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products, with Franklin Allen, Xian Gu, Wei Li and Yiming Qian, Journal of Financial Economics, 2023, Volume 149, Issue 2, Pages 115-141.
  • The Reversal of Privatization in China: A Political Economy Perspective, with Zhangkai Huang, Lixing Li and Guangrong Ma, Journal of Corporate Finance, December 2021, Volume 71, 102115.
  • Improving Access to Banking: Evidence from Kenya, with Franklin Allen, Elena Carletti, Robert Cull, Lemma Senbet and Patricio Valenzuela, Review of Finance, 2021, Volume 25, Issue 2, Pages 403-447.
  • Enforceability and the Effectiveness of Laws and Regulations, with Ke li, Lei Lu and Julie Lei Zhu, Journal of Corporate Finance, 2020, Volume 62, 101598.
  • The Use of Credit Default Swaps by Bond Mutual Funds: Liquidity Provision and Counterparty Risk, with Aragon George and Lei Li, Journal of Financial Economics, 2019, Volume 131, Issue 1, Pages 168-185.
  • Return to Invested Capital and the Performance of Mergers and Acquisitions, with Julie Lei Zhu, Management Science, 2018, Volume 64, Issue 10, Pages 4471-4965.