Faculty and Research
Ding Haoyuan
Associate Professor
Assistant Dean

Professional Interests
Corporate Finance, International Finance


Professional Experience
  • ding.haoyuan@mail.shufe.edu.cn
  • 021-65907487
  • 021-65907458
H. Ding, K. Liu, W. Xie, F. Xie, (2017), "Diminishing Effect of Political Tie on Firm Performance: A Quantile Regression Perspective", Journal of East Asian Studies , No. 2017 .  
H. Ding, S. Park, H. Kim, (2016), "Crude oil and stock markets: Causal relationships in tails?", Energy Economics , No. 59 , pp.58-69 .  
H. Ding, T. T.-L. Chong, W. Xie, (2016), "The Nexus between Social Capital and Bank Risk Taking", Journal of Risk and Financial Management , No. 9 , pp.9-28 .  
H, Ding, H. Zheng, C. zhu, (2015), "Equity Funds in Emerging Asia: Does Size Matter?", International Review of Economics & Finance, Vol. 35 , pp.149-165 .  
H. Ding, T. Chong, S, Park, (2014), "Tail Interdependence between Stock and Real Estate Markets in China: Evidence from Quantile Causality Test", Economics Letters, Vol. 124 , pp.526-529 .  
H. Ding, H. Kim, S. Park, (2014), "Do Net Positions in the Futures Market Drive Spot Price of Crude Oil?", Economic Modelling, Vol. 41 , pp.177-190 .  
丁 浩员, 张 志栋, 靳 玉英, (2012), "浮动汇率制度有助于经常账户的调节吗? 基于双倍差分法的检验", 世界经济研究, Vol. 12 , pp.38-45 .  
Haoyuan Ding, Julan Du, Chih-Sheng Hsieh, Yichuan Hu, (2016), "Loan Facilitators? The Role of Commercial Bankers in Non-financial Corporations"   .  
Commercial bankers (executives or directors in banks) often serve as directors or executives in non-financial corporations. We examine whether these bankers facilitate corporate borrowing with their connection to the banking industry. We build a centrality index to measure the degrees of connectedness of both bankers and banks in the banking community. Well-connected bankers tend to prompt their affiliated banks to extend loans directly to their affiliated corporations with sound fundamentals, and bankers with a higher degree of connectedness are associated with loans of better terms (a larger loan amount and lower interest rate spread). In the majority of cases, however, better connected bankers facilitate loans with better terms to their affiliated corporations indirectly by encouraging other banks with a high degree of connectedness in the banking community or other banks with a more direct link to the borrowing corporation to lend. The impacts of connectedness in the banking community on loan terms are distinct from those of financial expertise or the broad-based social connections between banks and firms. Meanwhile, there exists some substitution effect between banker connectedness and social connections.
Haoyuan Ding, Haichao Fan, Shu Lin, (2016), "Informal Domestic Institution as a Source of Comparative Advantage: Evidence from China, R&R in Journal of International Economics"   .  
A key foundation in Chinese style institutions is that governments at different levels control resources and utilize their powers to support the businesses connected to them. We examine how this institutional feature influences firm exports. We first provide a simple model to demonstrate the underlying mechanisms. In our model, connected firms have better access to external finance and legal protections, and those relying more on external finance or contract enforcement benefit more from this advantage. But connections also negatively affect firms due to managerial inefficiency. The overall effect is thus ambiguous and differs across industries. Employing merged Chinese listed manufacturing firm data and Chinese custom data for the years 2004-2013, we find robust evidence consistent with the predictions of the model.
Haoyuan Ding, Yichuan Hu, Guoguang Wan, (2016), "Endogeneity and the Dynamics of Upper Echelons Research "   .  
This article calls for attention to the dynamic endogeneity problem in the upper echelons research on how characteristics of corporate elites affect firm strategy or performance and the application of generalized method of moments (GMM) estimator to address such a problem. In particular, we argue that the effectiveness of a GMM estimator depends on whether current characteristics of corporate elites are a function of past firm strategy or performance. An empirical visit to the relationship between foreign experience of the board and its affiliates and firm internationalization generally support our arguments.
Haoyuan Ding, Haichao Fan, Huanhuan Wang, Wenjing Xie, (2016), "Crude Oil Price and China’s Stock Market Revisited: A Nonlinear Quantile Causality Test Approach"   .  
In this paper, we propose a two-step nonlinear quantile causality test approach to investigate the bidirectional relationship between oil price return and China’s stock price return using daily data of West Texas Intermediate crude oil prices and Shanghai Stock Exchange index for a period from January 1, 2001, to November 2, 2015. Although we cannot observe a significant linear causality, our results show that there are significant bidirectional causality correlations between oil price return and stock price return in the low quantiles.
Haoyuan Ding, Yuying Jin, Wenjing Xie, (2016), "The relation between international trade and capital flows: a network perspective"   .  
Based on the bilateral data from year 2001 to 2011, we construct international trade and financial networks, defined as a weighted graph where nodes are countries and edges are trade and capital flow linkages, respectively. To get a deeper insight of the network characteristics, we adopt a turning parameter approach to combine the node degree and strength within the weighted network. And moreover, we create a new indicator, partner quality centrality, to identify the quality of neighbors. Within the panel co-integration framework, we provide the existence of positive long run equilibrium between the trade and capital flow networks as constructed. In addition, we employ a panel causality test to investigate the short run dynamics, indicating that the international capital flow network has predictive power on the trade network from the short run perspective, but not the vice versa.
Haoyuan Ding, Jianghui Chen, Terence Tai-Leung Chong, (2015), "Non-linearity of Political Ties and Firm Performance in China"   .  
This paper studies the relationship between political ties and firm performance. We construct a theoretical model that separates the two opposite effects of board members’ political power. The optimal proportion of politically connected board members is obtained. Based on the Chinese data, we find the political tie–performance relationship is hump-shaped for private enterprises (PEs), but linear for state-owned enterprises (SOEs).
Haoyuan Ding, Julan Du, Yiping Wu, (2015), "Does local leader matter? Evidence from private enterprises in China"   .  
Using a nationwide survey of private firms, we find that the local leader (locally promoted leaders) has a positive effect on the private firms’ performance when political connections and other relevant variables are controlled. Moreover, we identify some channels to illustrate how the local leader and private entrepreneurs benefit each other. In particularly, local leaders help private entrepreneurs to obtain favorable loans from banks or other state institutions, on the other hand, the private entrepreneurs make more donations or pay tributes as reciprocation.
Haoyuan Ding, Yousha Liang, Sung Yong Park, (2014), "Stability of Money Demand using Distributional Dynamics"   .  
In this study, we develop a nonlinear time-varying model and investigate the stability of money demand function. We try to fulfill two important objectives: (i) test the stability of money demand using a distribution dynamics approach, and (ii) shed light on the gradual structural change in money demand. Our estimation of the money demand function in China for 1996–2012 showedthat (i) for the period 1996–2007, the money demand function was stable, but (ii) for the post-crisis periods, the presence of bimodality indicated the instability of money demand.
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