In the past academic year (i.e. 2024-2025 academic year), professors from Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (“SUFE-DAFI”) insisted on the academic pursuit of “Being Academically Ambitious and Practically Grounded”, and continuously made their voices heard in academic, policy, and social fields. Despite of the lean faculty team, SUFE-DAFI achieved fruitful results in the academic year, fully demonstrating its development ability in high-level research and think tank construction.
In terms of “Academically Ambitious” research, professors of SUFE-DAFI kept publishing original research papers in international top journals included in The University of Texas at Dallas 24 (UTD24) and Financial Times 50 (FT50), e.g. Management Science, The Review of Financial Studies, and Journal of Financial and Quantitative Analysis, with both the quantity and quality of the papers increasing significantly. The professors’ research topics covered cutting-edge issues of global concern, e.g. government debt governance, financial prediction models, quantitative investment, climate finance, and corporate governance, comprehensively demonstrating the international discourse power and research depth of the faculty of SUFE-DAFI.
In terms of “Practically Grounded” research, professors of SUFE-DAFI focused on the national strategies and regional development priorities, actively participated in a large number of tasks related to policy research and consultation, formed a series of research results related to local financial innovation, risk regulation mechanisms and internationalization paths, served multiple-level governments and institutions, and forged ahead steadily towards the strategic goal of “building a new-type financial think tank”.
Meanwhile, several professors of SUFE-DAFI were listed in the list of “China Highly Cited Researchers” and recognized by authoritative academic forums, with their achievements attracting much attention from the academic and industrial circles. Publications in top journals, policy recommendations as a think tank, and honors drew the map of SUFE-DAFI’s significant achievements in 2025.
I. Continuous Breakthroughs in Academic Achievements:
A Large Number of Papers Were Published in International Authoritative Journals
Since the beginning of 2025, a large number of academic papers authored by professors of SUFE-DAFI have been accepted or published by international mainstream academic journals, including top journals included in UTD24 and FT50. Their research directions covered key topics, e.g. government governance, financial prediction, quantitative investment, corporate behavior, carbon emission, and policy risks.
Major Journals and Papers Published
The Review of Financial Studies
Number of published and accepted papers: 1
Papers published
How to Dominate the Historical Average (already published)
Author: Professor LYU Changlei and his collaborators
LYU Changlei
Assistant Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Management Science
Number of published and accepted papers: 4
Papers published:
Government Deleveraging and the Reverse Crowding-in Effect (officially accepted)
Author: Professor YAO Yang and his collaborators
YAO Yang
Dean and Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI), Visiting Professor of Peking University
Papers published
Automated Volatility Forecasting (already published)
Forecasting and Managing Correlation Risks (officially accepted)
Authors: Professor TANG Yushan and his collaborators
TANG Yushan
Assistant Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Do Carbon Emissions Affect Stock Returns? (officially accepted)
Author: Professor SHAN Chenyu and her collaborators
SHAN Chenyu
Professor of Finance at SUFE, Director of the Master of Finance (MF) Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Journal of Financial and Quantitative Analysis
Number of published and accepted papers: 2
Papers published
Anomalies as New Hedge Fund Factors (officially accepted)
Author: Professor TANG Yushan and his collaborators
TANG Yushan
Assistant Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Papers published
Active Mutual Fund Common Owners' Returns and Proxy Voting Behavior (conditionally accepted)
Author: Professor YE Qiaozhi and his collaborators
YE Qiaozhi
Assistant Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Contemporary Accounting Research
Number of published and accepted papers: 1
Papers published
Are firms as liquid as they appear in annual reports? (already published)
Author: Professor QIU Jiaping and his collaborators
QIU Jiaping
Vice Dean and Professor of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
II. Solid Progress in Policy Recommendations:
Serving the National and Regional Development Strategies
With adhering to the academic pursuit of “Being Academically Ambitious and Practically Grounded”, SUFE-DAFI has not only made a series of breakthroughs in the international academic community, but also continuously transformed its research achievements into policy recommendations and consulting reports, so as to serve the national governance systems and local development strategies. Since the beginning of 2025, several professors of SUFE-DAFI have focused on practical hot issues, e.g. international financial security, industrial chain transfer, digital currency, and regulation on stablecoin, and have formed several high-quality policy recommendations and public opinions.
Among them, several research have received provincial-level and ministerial–level instructions, and several suggestions have been included in the reference system for national policy discussions, fully representing SUFE-DAFI’s intellectual contribution and professional practice in serving the national strategies and facilitating regional development.
Submitters of Decision-making Consultation
Professor CHEN Xuanjuan, Executive Dean of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
CHEN Xuanjuan
Executive Dean of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
Professor CHEN Xin, Director of the Capital Market Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
CHEN Xin
Director of the Capital Market Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
LI Linqing, Assistant Researcher of the Capital Market Research Center ofDishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
LI Linqing
Assistant Researcher of the Capital Market Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
BAI Qianzheng, Assistant Researcher of the ESG Finance Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
BAI Qianzheng
Assistant Researcher of the ESG Finance Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
WANG Honglu, Part-time Researcher of the Capital Market Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
WANG Honglu
Part-time Researcher of the Capital Market Research Center of Dishui Lake Advanced Finance Institute, Shanghai University of Finance and Economics (SUFE-DAFI)
III. Steady Improvement in Academic Influence:
Several Professors of SUFE-DAFI Have Been Listed in Lists of Highly Cited Researchers
Several professors of SUFE-DAFI have been recognized by authoritative institutions in terms of academic influence, and their research achievements have been widely disseminated both domestically and internationally.
Elsevier’s “Highly Cited Chinese Researchers” List
Professor QIU Jiaping of SUFE-DAFI
CNKI’s 2024 “TOP 5% Highly Cited Researchers” List
Professor CHEN Xuanjuan, Executive Dean of SUFE-DAFI
Professor CHEN Xin, Director of the Capital Market Research Center of SUFE-DAFI
Dual-appointed Professors of SUFE-DAFI: Professor WEI Hang and Professor YANG Jinqiang
Excellent Paper Award of the 3rd China ESG Academic Forum
Paper Do Bank Price Pollution Risk co-authored by Professor QIU Jiaping, Professor SHAN Chenyu and doctoral student SHI Xiaohui from SUFE-DAFI
SUFE-DAFI has been adhering to the equal emphasis on basic research and applied research, focusing on major practical issues, and building a new hub for the financial discipline system. Both the research achievements published in global top journals and the decision-making consultations that have been transformed into policy recommendations and governance solutions represent SUFE-DAFI’s long-term adherence to the academic pursuit of “Being Academically Ambitious and Practically Grounded”.
In the future, SUFE-DAFI will keep adhering to the school-running orientation of “rooting in Lingang, serving the whole country, and embracing the globe”, and continuously improve its knowledge productivity, policy influence, and talent cultivation capability, aiming to build a new-type financial think tank with a global vision and local insights, and to contribute more high-quality research achievements and practical wisdom to the Chinese path to modernization.
We will release more details about relevant papers and professor teams in subsequent articles. Thank you for your attention.
