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Full-time Faculty

Faculty CV

Li An

Hao Gao

Director, Global Family Business Research Center

Associate Director, Center for Green Finance Research

Beijing, China (100083)

PBC School of Finance, Tsinghua University

Email: gaoh@pbcsf.tsinghua.edu.cn  

CV

PERSONAL  PROFILE

Hao Gao is the Director of NIFR Global Family Business Research Center and an Associate Director of Center for Green Finance Research at Tsinghua University PBC School of Finance. He is a Co-Editor-in-chief of Wealth Management Journal, and the Editor-in-chief of Family Governance Series and Family Wealth Series.

He teaches in the Master, MBA, DBA and Executive Education Programs at Tsinghua University. He is the Faculty Chair of Investment Banking and Wealth Management and Private Banking, and the Academic Director of Executive Education Programs on Family Business, Family Office, Family Trusts and Philanthropy Leadership.

He is a member of Global Future Councils/Expert Network of World Economic Forum (WEF), a council member of All-China Federation of Industry and Commerce’s Thinktank, a board member and the Public Policy Chair of STEP China Committee, a board member and research fellow of China Enterprise Reform and Development Society (CERDS), and an associate chair of China Will Registration Center’s Academic Committee.

His research focuses on family business, wealth management, corporate governance, corporate finance, family philanthropy and green finance. He has published 16 books, as well as 180+ academic papers, policy papers and case studies in leading academic journals such as Financial Management, Research Policy, Pacific-Basin Finance Journal, Journal of Contemporary China, Management World, China Industrial Economics, Journal of Financial Research, Insurance Studies, Taxation Research and leading policy/professional journals such as China Finance, Tsinghua Financial Review, Directors & Boards, New Fortune and China Family Business Review. He has co-authored the first Chinese family office case, the first Asian private banking case and the first Asian university foundation case in the Harvard Business School Case Collection.

Hao Gao is the principle investigator of numerous research projects granted by China Ministry of Civil Affairs, China Banking Association, Beijing Financial Supervision and Administration, Hong Kong Financial Services Development Council, Bill & Melinda Gates Foundation and UBS, etc. He is awarded the China Society for Private-Sector Economy Best Research Award and the Lixiang Mao Family Business Research First Prize Award (twice). His research and viewpoints are profiled in leading media domestic and abroad, such as CGTN, CNBC, Financial Times, Economist, Bloomberg, Businessweek, Xinhua News and Caixin.

He advises government organizations in China and abroad, including China Ministry of Finance, China Ministry of Civil Affairs, China Banking and Insurance Regulatory Commission, Beijing Financial Supervision and Administration, Hong Kong Financial Services Development Council, as well as the governments of Singapore and UK Channel Islands. He advises/serves on the boards of some of the largest family businesses and philanthropy foundations in China and the world, including several Fortune 500 Companies, and domestic and international financial institutions including private banks, investment banks, trust companies, and family offices.

He earned a bachelor degree (engineering), a Ph.D. degree (management) and two post-doctorates (finance and economics) from Tsinghua University, and a bachelor degree (economics) from Peking University. He holds Harvard Business School Corporate Director Certificate and Temasek Fellowship of Singapore Wealth Management Institute.


EDUCATION

2012             Ph.D in Management, School of Economics and Management, Tsinghua University

2007             B.A in Economics, National School of Development, Peking University

2005             B.Sc in Engineering, Department of Automation, Tsinghua University

                     Vice President of Tsinghua University Student Union

                     Outstanding Graduate Award of Beijing


PROFESSIONAL  EXPERIENCE

2015-Present    Director, NIFR Global Family Business Research Center, 

                          Tsinghua University PBC School of Finance

2021-Present    Associate Director, NIFR Research Center for Green Finance Development, 

                          Tsinghua University PBC School of Finance

2020-Present    Researcher, Research Center for Contemporary Management, Tsinghua University 

                          (Ministry of Education Key Research Institute on Humanities and Social Sciences)

2015-2020        Director, Strategic Cooperation and Development Office, 

                         Tsinghua University PBC School of Finance

2014-2015        Executive Director, China Finance Case Center, Tsinghua University PBC School of Finance

2017-2019        Postdoctoral Fellow (Economics), Tsinghua University PBC School of Finance

2013-2017        Postdoctoral Fellow (Finance), Tsinghua University PBC School of Finance

 

RESEARCH  INTERESTS

Family Business, Wealth Management, Corporate Finance, Capital Market, Green Finance

 

ACADEMIC/THINKTANK  APPOINTMENTS

2021-present

 

2020-Present

 

2019-Present

 

 

 

 

2018-Present

2017-Present

2016-Present

 

2010-Present

Associate Chair, China Will Registration Center’s Academic Committee

Youth Council Member, China Corporate Governance 50 Forum

Board Member   and Chair of Public Policy, STEP China Committee Member, Family Firm Institute

World   Economic Forum (WEF)

Global   Future Council Member

Expert   Network Member

Co-Editor, Journal of Wealth Management [Chinese Academy of Social Sciences (CASS)]

Council Member, All-China Federation of Industry and Commerce’s Think Tank

Board   Member, China Enterprise Reform and Development Society (CERDS)

Member, STEP

Research Fellow, China Enterprise Reform and Development Society (CERDS)

Member, China Charity Alliance (CCA)

Editor-in-Chief, Family Business Series, Family Wealth Series


HONORS & AWARDS

Temasek Fellowship, Singapore Wealth Management Institute (WMI), 2021

Best Research Achievement Award, China Society for Private-Sector Economy, 2020

Third Prize for Outstanding Achievements in Taxation Research, Chinese Tax Institute (CTI), 2020

First Prize of the 15th Lixiang Mao Family Business Research Award, Zhejiang University, 2019

Best Paper in the 10th International Symposium on China Corporate Governance, Nankai University, 2019

First Prize of the 10th Lixiang Mao Family Business Research Award, Zhejiang University, 2014


TEACHING

2018-Present

 

2019-Present

2013-Present

 

Wealth Management and Private Banking (80602141), Tsinghua University Master Course

Investment Banking (80602351), Tsinghua University Master Course

Family Business, Wealth Management, Family Trusts, Family Office, Philanthropy   Finance, Digital Transformation, etc., Tsinghua University Executive Education Programs

ACADEMIC  VISITS  AND  PROGRAMS

2018

2018

2017

2015

 

2014

2013

Harvard Business School (HBS)

The Wharton School, University of Pennsylvania

Stanford Graduate School of Business

Harvard Business School (HBS)

Awarded: Harvard Business School (HBS) Corporate Director Certificate

Kellogg School of Management, Northwestern University

IMD Business School


ACADEMIC  PAPERS (SELECTED)

(IN ENGLISH)

1. Geographic Proximity and Price Efficiency: Evidence from High-speed Railway Connections Between Firms and Financial Centers(with Yuanyu Qu, Tao Shen), Financial Management (SSCI), 2022, 51(1), 117-141.

2. Media Spotlight, Corporate Sustainability and the Cost of Debt (with Jing He, Yong Li), Applied Economics (SSCI), Forthcoming.

3. Political Tie Hot Potato: The Contingent Effect of China's Anti-corruption Policy on Cash and Innovation (with Feifei Lu, Zhu Zhu, Lina Zhu), Research Policy (SSCI), 2022, 51(4), 104476.

4. Corporate Governance of Controlling Shareholders and Labor Employment Decisions: Evidence from a Parent Board Reform in China (with Rui Fan, Jianping Pan, Minggui Yu), Economic Modelling (SSCI), 2022, Volume 108, 105753.

5. Family Control and Cost of Debt: Evidence from China (with Jing He, Yong Li, Yuanyu Qu), Pacific-Basin Finance Journal (SSCI), 2020, 60(4), 101286.

6. Role of Family in Entrepreneurial Endeavour and Business in Hong Kong: Implications of Declining Fertility (with Victor Zheng), Journal of Contemporary China (SSCI), 2020, 29(4), 585-597.

7. An Entrepreneurial Migrant Family: The Rise of Aw Boon Haw’s Business Empire in the Asia-Pacific (with Victor Zheng), Asia and Pacific Migration Journal (SSCI), 2020, 29(2), 254-268.

8. Materialities and Corridors: The Chinese Diaspora and Connected Societies (with Cangbai Wang, Victor Zheng), Asia and Pacific Migration Journal (SSCI), 2020, 29(2), 133-138.

9. Where There is a Will, There is a Trust on the Way: Case Analysis of the First Testamentary Trust Judgment in China (with Jun Luo), Trust Quarterly Review, 2020, 18(3), 24-31.

10. Dynamism in Adversity: A Comparative Study of Trends in the Performance of Listed Family- and Non-Family-Controlled Companies in Hong Kong (with Victor Zheng, Po-san Wan), East Asia, 2018, 35(4), 359-378.

(IN CHINESE)

11. The Influence of Working Background of Funds’ Executive Partners on the Return Performance of Venture Capital Funds (with Dan Wang, Musong Zhang), Management Review (CSSCI), forthcoming

12. Policy Uncertainty and Firms’ Non-Market Strategy: An Empirical Analysis Based on Chinese Family Listed Companies (with Lina Zhu, Xiaogang He), Management Review (CSSCI), forthcoming

13. Corporate Philanthropy from the Perspective of Crisis Management: An Empirical Analysis Based on the China’s Listed Companies (with Lina Zhu), Management Review (CSSCI), forthcoming

14. Executive Linguistic Styles in the Conference Call and Investors' Market Reaction (with Xiaotong Jian, Guangli Zhang), System Engineering Theory and Practice (CSSCI), forthcoming

15. Nominal Price Illusion: Direct Evidence from Security Analysts’ Price Target (with Guihua He, Chenyu Cui, Yuanyu Qu), Journal of Financial Research (CSSCI), 2021, (6), 189-206

17. “Voting with Your Mouth” on Management Voluntary Disclosure (with Dan Wang, Kunpeng Sun), Journal of Financial Research (CSSCI), 2020, (11), 188-206

18. Administrative supervision over audit firms and stock price crash risk: Evidence from CSRC’srandom inspection (with Hai Wen, Sicen Chen, Jinli Xiao), System Engineering Theory and Practice (CSSCI), 2020, 40(11), 2769-2783

19. A Study on the Relationship between Family Control, Socioemotional Wealth and Corporate Charitable Donation (with Lina Zhu), Chinese Journal of Management (CSSCI), 2020, 17(11), 1679-1687

20. A Research on the Establishment of Insurance Trust Protector Mechanism (with Yanli Zhou, Jun Luo,), Insurance Studies (CSSCI), 2020, (9), 20-31

21. Interim CEO Successions and Media Coverage: An Evidence from Chinese Listed Companies (with Yanling Lian, Yilin Liu), China Industrial Economics (CSSCI), 2020, 37(8), 175-192

22. Does “Green” Have Economic Value? A Study Based on the Listed Companies in China (with Lina Zhu, Xiaogang He), Foreign Economics and Management (CSSCI), 2020, 42(7), 121-136

23. Tax Burden of Civil Trust in China: Analysis from the Perspective of Law (with Jun Luo), Taxation Research (CSSCI), 2020, (5), 97-103 (Lead Article)

24. Xiaogang He, Bellwether Effects? A Family Firm’s Leading Position in an Industry and Green Strategies(with Feifei Lv, Lina Zhu), Management Review (CSSCI), 2020, 32(3), 252-264

25. A Study on the Relationship between Financial Aspirations, Family Emotional Attachment and Entrepreneurial Persistence (with Feifei Lv, Ke Zhang, Lina Zhu), Chinese Journal of Management (CSSCI), 2020, 17 (3), 394-401

26. A Research on the Application of Insurance in Wealth Management(with Yanli Zhou), Insurance Studies (CSSCI), 2019, (11), 3-12 (Lead Article)

27. Does the Improvement of the Governance Mechanism Play a Repairing Role? A Study Based on the Relationship between Immoral Irregularities and Organizational Performance(with Yanling Lian, Yilin Liu, Kun Luo,), Foreign Economics and Management (CSSCI), 2019, 41 (7), 72-84

28. Controlling Shareholders’ Equity Pledge and CEO Dismissal (with Jinli Xiao,), Systems Science and Mathematical Sciences (CSSCI), 2019, 39 (4), 575-594

29. Dongxiao Wang Family Control, Socioemotional Wealth (SEW) and IPO Underpricing: An Empirical Study Based on Chinese Family Listed Companies(with Yanling Lian), Economic Management (CSSCI), 2016, 38 (8), 120-134

30. The Performance Aspiration Gap and the Strategy Adjustment: A Study Based on China’s Listed Companies (with Xiaogang He, Yanling Lian), Management World (CSSCI), 2014, 31(11), 119-132

31. The Influence of Enterprise Operating Model to IT Governance Model: A Multiple Case Study (with Tao Zhu, Jing Zhang), Science of Science and Management of S.&T. (CSSCI), 2011, 32(4), 138-146

32. Empirical Study on IT Governance Mechanisms for China's Enterprises (with Tao Zhu, Jing Zhang, Shaobo Song), Science of Science and Management of S.&T. (CSSCI), 2010, 31(4), 162-167

33. An Integrated Model for Evaluating IT Value in Firms from Resource-based View (with Jing Zhang, Jinghua Huang), Science of Science and Management of S.&T. (CSSCI), 2010, 31 (2), 130-136

 

POLICY  PAPERS

34. The Inheritance Policy for China’s Housing Assets (with Lei Xu), Finance and Economics, 2021, (15), 107-109

35. The Strategy of China’s Private Banking in the New Era (with Lei Xu), Tsinghua Financial Review, 2021, (3), 107-112

36. The Regulation of Family Offices with Global Perspectives (with Jun Luo), China Finance, 2020, (14), 59-60

37. China Private Banking Development Report (2019): Wealth Management for the High Net Worth Individuals in China (with Lei Xu), Tsinghua Financial Review, 2020, (2), 107-112

38. The Rise and Prospects of Family Offices in China (with Jiawei Ye), Tsinghua Financial Review, 2018, (10), 40-43

39. Dual-class Governance of Family and Business, Tsinghua Financial Review, 2015, (5), 101-102


CASES (SELECTED)

40. ROI vs. ROI: The Grupo Baobá Family Office (with Lauren Cohen, Kevin Ye, Grace Headinger), Harvard Business School Case, 2022. Forthcoming

41. Baofeng's Philanthropic Efforts in China (with Lauren Cohen, Bo Li, Zhaoheng Gong), Harvard Business School Case, 2022. Forthcoming

42. The Incentive for Legacy: Tsinghua University Education Foundation (with Lauren Cohen, Spencer Hagist), Harvard Business School Case 221-100, 2021

43. Spencer Hagist, The Incentive for Legacy: Tsinghua University Education Foundation (with Lauren Cohen, Spencer Hagist), Harvard Business School Case 221-100, 2021 (The first case of Asian University Foundation in the Harvard Business School Case Collection)

44. André Hoffmann: Beyond Philanthropy (with Lauren Cohen, Jiawei Ye, Spencer Hagist), Harvard Business School Case 221-093, 2021 (The family philanthropy case of Roche Group, one of the world's largest pharmaceutical company)

45. China Merchants Bank: Ushering in the Era of The Family Office in China (with Lauren Cohen, Billy Chan, Dawn Lau), Harvard Business School Case 220-032, 2019 (The first case of Asian private banking and Chinese multi-family office in the Harvard Business School Case Collection)

46. Junson Capital: Building an Institutionalized Family Office (with Christopher Malloy, Lauren Cohen, Dawn Lau,), Harvard Business School Case 219-069, 2018 (The first case of the Chinese family office in the Harvard Business School Case Collection)

47. China Merchants Bank: How to Build a World Leading Private Bank (with Lauren Cohen, Xu Lei, Spencer Hagist,), Tsinghua University China Finance Case Collection, 2019

48. Hermès: Family business equity design and hostile mergers and acquisitions (A)(B) (with Jiawei Ye), Tsinghua University China Finance Case Collection, 2015


BOOKS

1. Critical Choice: The Development Path of Chinese Family Businesses (with Victor Zheng), The Oriental Press, 2021

2. China Private Banking Development Report (2019) and China White Paper on Family Wealth Management and Succession, China Finance Publishing House, 2020 (Executive Editor)

3. Persisting in Charity: A Comparison of the Historical Origin and System of Charitable Trusts (with Victor Zheng), Chung Hwa Book Company, 2019

4. Succession beyond Three Generations: A Study on the Chinese Family Business Succession (with Victor Zheng), Tsinghua University Press, 2019

5. Succession Path: Challenges and Solutions for Chinese Family Businesses (with Victor Zheng), Chung Hwa Book Company, 2017

6. Entrepreneurial Successors: Reflections of Chinese Family Business (with Victor Zheng), SDX Joint Publishing Company, 2016

7. Create Enterprises from Zero: Hong Kong Families and Society (with Victor Zheng)

    China Industry & Commerce Associated Press (Simplified Chinese Version), 2018

    Chung Hwa Book Company (Traditional Chinese Version), 2016

8. The Road to University, New World Press, 2007


RESEARCH  PROJECTS

1. PI, Research on Family Philanthropy, Granted by China Ministry of Civil Affairs, 2021

2. PI, Research on the Wealth Protection and Succession of Chinese Entrepreneurs, Key Research Grant of All-China Federation of Industry and Commerce’s Think Tank (QLZK21A005),2021

3. PI, China Family Office Report (2021), Granted by Hong Kong Financial Services Development Council (FSDC), 2021

4. PI, Hong Kong 2035: Strategy Research for the Global Wealth Management Center, Granted by Hong Kong Private Wealth Management Association (PWMA), 2021

5. PI, Research on the Next Generation Entrepreneurs, Granted by Country Garden Group, 2021

6. PI, Research on the Development Strategy of the Family Office, Granted by Beijing Local Financial Supervision and Administration, 2020

7. Executive PI [PI: Gang Xiao, former Chairman of China Securities Regulatory Commission (CSRC)], Entrepreneurship in the New Era: Research on the Family Business Succession and Quality of China Capital Market, 2019

8. Executive PI [PI: Yanli Zhou, former Vice Chairman of China Insurance Regulatory Commission (CIRC)], The Application Research of Insurance in Wealth Management, 2020

9. PI, China Private Banking Report (2021), Granted by China Banking Association, 2020

10. PI, China Private Banking Report (2020), Granted by China Banking Association, 2019

11. PI, China Private Banking Report (2019), Granted by China Banking Association, 201812. PI, Family Business Succession Research, Granted by Country Garden Group, 2018

13. PI, China Family Philanthropy Research, Granted by Bill & Melinda Gates Foundation, 2016

14. PI, Global Family Business Research, Granted by Sinar Mas Group, 2015

15. PI, China Family Office Research, Granted by UBS, 2013

16. Executive PI, Case Research on Chinese Family Businesses, Granted by Ping An Bank, 2013

17. Executive PI, Evaluation Systems for China Family Businesses, Granted by Ping An Bank, 2013