Faculty & Research

Academic Events

Call for Participation-Deadline: April 15, 2014

Peking University

Guanghua School of Management

Academy of Finance and Development

Fifth PhD Summer School in Dysfunctional Financial Markets

Beijing, China

July 4-8, 2014

In collaboration with the London School of Economics, theDuisenberg School of Finance, and the Universityof Toulouse, Peking University is hosting the fifth year of this summer doctoral programme in finance. The aim of the summer school is to teach cutting edge methodology in modelling the causes and outcomes of dysfunctional financial markets, both from a theoretical and an empirical perspective. Instructors are chosen from amongst top researchers actively working in these areas. The summer school is structured to offer tools to understand determinants of mispricing and excess risk creation, to incorporate them into valuation and risk choices, and ultimately to inform the debate on financial regulatory reform.

Lectures and Instructors

Over the fivedays there will be 6 lectures each of three hours in length, details as follow:

Friday July 4


Ø Wei Xiong (Princeton University):The Financialization of Commodities

Sunday July 6


Ø Franklin Allen (University of Pennsylvania): Systemic Risk and Banking Crises

Monday July 7


Ø Jiang Wang (MIT): Liquidity and Asset Pricing


Ø Harrison Hong (Princeton University): Bubbles and Behavioural Finance

Tuesday July 8


Ø Dimitri Vayanos (London School of Economics): Limits of Arbitrage.


Ø Andrew Karolyi (Cornell University): Are Assets Priced Locally or Globally?

Participantsare also invited to the third Annual Symposium on Emerging Market Finance: China and Beyond, which is scheduled to take place at Peking University on Saturday and Sunday, July 5 and 6. The lectures will be scheduled either before or after the symposium.


There is no attendance fee for admittedparticipants. Accommodationwill be covered from Thursday July4to Tuesday July8(5nights) at a nearby hotel. Due to budget constraints, we provide accommodation only for participants outside Beijing area. Lunch will also be provided during the five days of the summer school.Participants are responsible for their own travel costs and other local expenses.


Junior faculty members and PhD students in both finance and economics are welcome to submit applications to the summer school. Please send a one-page statement ofresearch interests and one letter of recommendation along with application form toMs. Yubing Hu at finss@gsm.pku.edu.cnbefore April 15, 2014. Successful applicants will be notified by May 1, 2014.

Application form

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