Faculty member · Asset Pricing, Portfolio, and Investment Research
高校教师 · 资产定价、投资组合与投资研究

I'm a university faculty member working in financial economics, with a primary research agenda in empirical asset pricing. My current work centers on the risk-return trade-off in asset markets, approached from a time-series predictability perspective using volatility, the scaled price ratio, and inflation.

Beyond the core asset-pricing agenda, I also work on climate risk and green finance, the economics of AI and financial stability, public finance and inclusive finance, industrial policy and credit risk, and pension finance & fiscal buffers. I bring a unified lens to these questions: how do institutional arrangements, policy shocks, and risk exposures enter firm decisions, household portfolios, and market prices?

我是一名高校教师，主要从事 金融经济学 与 实证资产定价 研究。我的核心研究主线是资产市场中的 风险收益权衡，目前主要从 时间序列预测 的角度切入，围绕波动率、缩放价格比和通货膨胀三个因素展开。

在资产定价核心主线之外，我的研究还覆盖 气候风险与绿色金融、AI 经济学与金融稳定、公共金融与普惠金融、产业政策与信用风险、以及 养老金融与财政缓冲 等方向。我希望用一个统一的视角来理解这些议题：制度安排、政策冲击和风险暴露究竟是通过什么机制进入企业决策、家庭投资组合以及金融市场定价之中的。

• 📈 Risk-Return Trade-off — Time-series return predictability using volatility, scaled price ratio, and inflation
• 🧩 Cross-sectional Asset Pricing — Risk premia, factor models, and expected-return anomalies
• 💼 Portfolio & Investment — Portfolio choice, investment decisions, and long-horizon allocation
• 🌍 Climate Risk & Green Finance — Pricing of transition and physical climate risks in financial markets
• ⏳ Patient Finance — Long-term capital, investment horizons, and patient risk bearing
• 🏛️ Public Finance & Inclusive Finance — Government credit guarantees, supply-chain financing, and data-as-collateral
• 🤖 Economics of AI — AI productivity paradox, task automation, and AI-driven financial fragility
• 🏭 Industrial Policy & Credit Risk — Policy design, implicit guarantees, and corporate credit risk
• 🏦 Pension Finance & Fiscal Buffers — Pension systems, fiscal buffers, and asset pricing in general equilibrium
• 📊 Market Microstructure & Treasury Futures — Price discovery, market quality, and high-frequency return decomposition

I care a lot about reproducible empirical research — clean code, version control, and well-documented data pipelines are core to how I work.

• 🔭 Studying the risk-return trade-off through time-series return prediction in stock markets
• 📊 Working with volatility, the scaled price ratio, and inflation as key predictors of expected returns
• 🧩 Extending the asset-pricing agenda to cross-sectional returns, portfolio choice, and investment
• 🌱 Exploring climate policy interactions, green monetary policy, and climate risk pricing
• 🤖 Investigating the economics of AI — including the productivity paradox, task automation, and AI-driven financial stability
• 🏛️ Working on public finance and inclusive finance — government risk-sharing, supply-chain credit, and digital collateral
• 🏭 Studying industrial policy design and its implications for corporate credit risk and market competition
• 🏦 Modeling pension systems and fiscal buffers in heterogeneous-agent general equilibrium
• 📊 Researching market microstructure and high-frequency return decomposition in Treasury futures and equity markets
• 🤖 Experimenting with LLM-assisted research workflows for literature review, empirical analysis, and paper drafting

• 🌐 Personal website: chenghang.work
• ✉️ Email: chenghangch@qq.com
• 💬 Open to research collaborations, student inquiries, and discussions on the topics above.

"In God we trust. All others must bring data." — W. Edwards Deming