Qing Peng (彭清)
Shanghai Advanced Institute of Finance
Shanghai Jiao Tong University
211 West Huaihai Road, Shanghai
Research Interests: Empirical Asset Pricing, Treasury Yield, Chinese Stock Market, Monetary Policy
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Hi, welcome to my personal website! I am Qing Peng, a Finance Ph.D. candidate at Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University. I am on the 2025/2026 academic job market.
Research
Published Papers:
1. Qing Peng, Fenghua Wen and Xu Gong. Time-dependent intrinsic correlation analysis of crude oil and the US dollar based on CEEMDAN. International Journal of Finance and Economics, 2021, 26: 834–848.
Working Papers:
1. Top Government Meetings in China, with Jun Pan, R&R at Management Science
Abstract: In a “government centric” equilibrium like China, the central government performs frequent and intensive interventions while investors prioritize information about government policies over macro-economic fundamentals. Consistently, top government meetings on economic policies are highly anticipated by the Chinese equity market. Just as the heightened uncertainty prior to FOMC meetings gives rise to the significant pre-FOMC drift in U.S. equity, we find significant pre-announcement returns prior to top government meetings in China. By contrast, we do not find significant pre-announcement returns before macro announcements in China, confirming the presence of a “government centric” economy with policy-driven markets.
Conferences: CIFFP 2023, First China Banking & Corporate Finance Conference, NYU Stern, Wuhan University, CFRC2024, CICF2024, NBER Chinese Economy Working Group Meeting 2024, SFS Cavalcade Asia-Pacific 2024, ABFER 2025, AFA Ph.D. Poster 2026 (Scheduled)
2. The Pre-FOMC Drift and the Secular Decline in Long-Term Interest Rates, with Jun Pan, Working Paper, 2025
Abstract: We document positive and significant returns on long-term U.S. Treasury bonds on the day before the FOMC announcements and attribute this pre-FOMC drift to the premium for heightened uncertainty. Unlike the pre-FOMC drift in U.S. equity, which is realized mostly on the day of the FOMC announcement, the pre-FOMC drift in long-term bond occurs earlier. On the day before the FOMC announcement, the 10-year zero-coupon yield drops by a significant 0.81 bps and contributes importantly to the secular decline in interest rates documented by Hillenbrand (2025). Unique to the day before the FOMC is a severe disconnect between the long- and short-term yields- an indication that the pre-FOMC pricing of long-term bonds is dominated by the risk-premium channel, not the monetary-policy decision on the target rate. We further capture the pre-FOMC heightened uncertainty using the ex-ante Macro Attention Index (MAI) of Fisher et al. (2022). Conditioning on above-median MAI on unemployment rates, the pre-FOMC reduction in 10-year yield increase significantly to 1.61 bps and is predictive of the subsequent pre-FOMC drift in equity.
Conferences: SFS Cavalcade Asia-Pacific 2024, CICF 2025, CUHK-RAPS-RCFS 2025, AFA 2026 (Scheduled)
Work in Progress:
1.The Long and Short of U.S. Treasury, with Jun Liu and Jun Pan
Teaching
TA Positions
MF: Financial Markets, Financial Reporting and Analysis
MBA: Principles of Finance, Corporate Finance, Financial Markets, Principles of Accounting, Financial Reporting & Analysis, Macro Finance, Organizational Behavior, Leadership Excellence, Sustainable Finance, Impact Investing, and Mergers & Acquisitions
PhD: Empirical Asset Pricing
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