Professor Chang Ma’s Paper is Accepted and Published Online in International Level-A Journal, Focusing on Emerging Financial Channels for China’s Monetary Policy Transmission to Global Stock Markets | Academic

Release time：2026-03-17    

The paper entitled Emerging International Financial Channels for China’s Monetary Policy Transmission, coauthored by Chang Ma, Associate Professor in Finance at FISF, and his two partners Alessandro Rebucci and Sili Zhou, was published online on international Level-A journal Journal of International Economics.

Professor Introduction

Chang Ma

Associate Professor in Finance at FISF

Main contents of the paper:

With the opening of China’s capital account, the scale of its outward portfolio investment has grown significantly over time. Through the stock-fund matched holdings data under the Qualified Domestic Institutional Investor (QDII) framework, the authors identified emerging financial channels for China’s monetary policy transmission to global stock markets. Event studies based on monetary policy announcement days reveal a cross-sectional differential effect: MSCI index constituents and U.S. stocks held by QDII funds exhibit significantly stronger yield responses to monetary policy than non-exposed stocks. This effect is more pronounced among stocks with smaller market capitalization, lower liquidity and lower turnover, but is unrelated to “China-concept” stocks or those highly exposed to mainland macroeconomic shocks. The authors also found evidence consistent with a retail-driven portfolio rebalancing mechanism: monetary tightening is accompanied by outflows from QDII funds with high equity portfolio shares, and fund managers are unable to fully offset this effect. Compared with institutional investors, retail flows appear to be more strongly linked to monetary policy changes.

Ever since establishment, FISF has witnessed 40 professors publishing a total of 194 papers on world-famous academic journals, among which 136 academic papers of 34 professors were published on international level-A journals. The teaching team of the school has always upheld the school motto of “Unified FISF, Excellence, Responsibility, Innovation”, devoting themselves wholeheartedly to the academic research work. They manage to maintain a high level of academic achievements in both quantity and quality, which fully reflects the excellent strength of the teaching team of FISF in the field of academic research. In the future, FISF will keep on pursuing international cutting-edge scientific research achievements and continue to make greater contributions to the promotion of first-class financial and economic disciplines.