Andrew J. Sinclair
Visiting Assistant Professor of Finance
California Institute of Technology
Assistant Professor of Finance (on-leave)
The University of Hong Kong
Assistant Professor (by courtesy)
Hong Kong Institute for the Humanities and Social Sciences
Email: ajsincla@caltech.edu
I study China's financial system and my research focuses on China's unique political economy and institutions. I am interested in how these institutions shape incentives, and how people rationally respond to these incentives. My China work has explored industrial policy, implicit government guarantees, the IPO market, as well as historical finance.
At Caltech I teach classes on China's financial system and hedge funds. My Chinese finance class is designed to provide students with an economic framework for understanding China in the 21st century, and my hedge funds class is focused on building the types of quantitative trading strategies (e.g., machine learning) that are in high demand in the industry.
I am on the 2024-2025 academic job market. I am visiting Caltech from August 2022 to July 2025, and currently on-leave from The University of Hong Kong. I joined HKU in 2017 after receiving my PhD in financial economics from Yale University the same year.
Published and Accepted Papers
1. Banking on the Confucian Clan: Why China Developed Financial Markets So Late [Paper Link]
Zhiwu Chen, Chicheng Ma, and Andrew Sinclair, The Economic Journal, 2022, 132 (644)
2. Wealth, Endogenous Collateral Quality, and Financial Crises [Paper Link]
Zehao Liu and Andrew Sinclair, Journal of Economic Theory, 2022, 204 (105526)
3. Do Prime Brokers Intermediate Capital? [Paper Link]
Andrew Sinclair, Journal of Financial Intermediation, 2022,101004
Working Papers
4. Implicit Government Guarantees
Andrew Sinclair, February 2024
5. Discounting Chinese Industrial Policy
Andrew Sinclair and Chuyi Zhang, February 2024
6. Price Controls and Wealth Redistribution in the Chinese IPO Market
Yongning Deng, Andrew Sinclair, and Chuyi Zhang, August 2022
7. Retail Hedge Funds [SSRN Link]
Andrew Sinclair and Chuyi Zhang, August 2022
8. Does Portfolio Disclosure Make Money Smarter? [SSRN Link]
Byoung Uk Kang, Andrew Sinclair, and Stig Xenomorph, June 2021