Full-time Faculty

Faculty CV

Li An

Personal  Profile

SHI Zhan is currently an Associate Professor at PBC School of Finance, Tsinghua University. Zhan received his Ph.D. in Finance from The Pennsylvania State University in 2014.  Before that, he earned his B.S. in Statistics from Fudan University in 2008. In addition, he also worked as a Visiting Assistant Professor of Finance in The Ohio State University.

His research interests include Fixed Income, Market Microstructure, Dynamic Corporate Finance, FinTech. His work on time-varying ambiguity has won 2104 WFA Cubist Systematic  Strategies Ph.D. Candidate Award.

Academic Appointments

Associate Professor of Finance,                                                                                                         since 2021

Assistant Professor of Finance, PBC School of Finance, Tsinghua University, Beijing                 2016-2021

Visiting Assistant Professor of Finance, The Ohio State University, Columbus, OH                        2014-2016


Ph.D. in Finance, The Pennsylvania State University, University Park, PA                                              2014    

B.S. in Statistics, Cum Laude, Fudan University, Shanghai, China                                                            2008     


Research Interests

Fixed Income, Market Microstructure, Dynamic Corporate Finance, FinTech


"Time-Varying Ambiguity, Credit Spreads, and the Levered Equity Premium", Journal of Financial Economics, 2019, 134 (3): 617-646.

"Specification Analysis of Structural Credit Risk Models" , with Jingzhi Huang and Hao Zhou, Review of Finance, 2020, 24 (12): 45-98.

"What do we know about corporate bond returns?", with Jingzhi Huang, Annual Review of Financial Economics, 2021, 13 (1): 363-399.

"Machine-Learning-Based Return Predictors and the Spanning Controversy in Macro-Finance", with Jingzhi Huang, Management Science2023, 69 (3): 1323-1934.

"Determinants of Short-Term Corporate Yield Spreads — Evidence from the Commercial Paper Market", with Jingzhi Huang and Bibo Liu, Review of Finance, 2023, 27 (2): 539-579.

"The Global Credit Spread Puzzle", with Jingzhi Huang and Yoshio Nozawa, Journal of Finance, forthcoming.

Working Papers      

“Risk and Return Tradeoff in the Secondary Loan Market" , with Turan Bali and Fang Qiao

“Hedging Interest Rate Risk in the Corporate Bond Market", with Jingzhi Huang, R&R

“Corporate Debt  Illiquidity and Credit Risk: A Tale of Two Agency Conflicts",with Jingzhi Huang, Yuan Wang and Rui Zhong

“Corporate Basis and the International Role of The Dollar", with Grace Hu, Ganesh Viswanath-Natraj and Junxuan Wang

“Understanding Term Premia on Real Bonds", with Jingzhi Huang

Publications in Chinese

  • 违约风险传染的避险效应与溢出效应:隐性担保预期的视角,经济研究,2022年11月刊(合作者:陈卓、何治国、祝小全)

  • 债务协商、再融资风险与信用债定价——来自中国债券市场的证据,金融研究,2023年10月刊(合作者:刘碧波,叶彦义)

  • 汇率改革对中国外汇市场有效性的影响一一基于利率平价理论的实证研究经济管理学刊,2023年第4期(合作者: 胡杏,金昭,李思)

Book  Chapter  

Model Selection for High-Dimensional Problems (with Jingzhi Huang and Wei Zhong), 2013, Handbook of Financial Econometrics and Statistics, edited by C.F. Lee and John Lee, Chapter 77, Springer Verlag.


2023                Dynamic Asset Pricing(Tsinghua,PhD)

2021-2023       Interest Rate Models (Tsinghua, Master in Finance)

2021-2023       FinTech and Financing Innovation (Tsinghua, Master in Finance)

2020-2023       Fixed Income, Currencies and Commodities (Tsinghua, Master in Finance)

2016-2019       Financial Derivatives (Tsinghua, undergraduate)

2016-2019       Financial Risk Management (Tsinghua, undergraduate)

2014-2016       Options & Futures I (OSU, undergraduate)

2014-2016       Fixed Income & Credit Risk (OSU, MBA & Master in Finance)

2012                Derivative Markets (PSU, undergraduate)

2010-2011       Security Analysis and Portfolio Management (PSU, undergraduate)

Referee  Service

Journal of Finance, Review of Financial Studies, Review of Finance, Management Science, Journal of Financial and Quantitatie Analysis, Journal of Money, Credit and Banking, Journal of Business & Economic Statistics, Journal of Corporate Finance, Journal of Empirical Finance, Journal of Banking & Finance

Awards and Grants

2023                Tsinghua Outstanding Thesis Advisor

2023                CFRN Annual Meetings Best Paper Award

2018                PBC School of Finance Outstanding Research Award

2015-2016       Research Fellow, Charles A. Dice Center for Research in Financial Economics

2014                WFA Cubist Systematic Strategies Ph.D. Candidate Award

2012                Kenneth J. Carey Memorial Scholarship

2012                Competitive Dissertation Summer Award

2009-2013       Smeal Research Grant Award

2008                Fudan Best Undergraduate Thesis Prize