教师简介

山东大学经济学院副教授,硕士生导师(金融学),中央财经大学数量经济学博士,美国加州大学河滨分校国家公派联合培养博士研究生。入选山东大学青年学者未来支持计划(第六批)。研究领域为实证金融,包括气候金融、波动率建模和混频数据建模等。主要成果发表在《中国社会科学》《数量经济技术经济研究》等国内期刊以及Journal of Empirical Finance, International Review of Finance, Economics Letters和Journal of Forecasting等SSCI检索期刊,并被中国人民大学复印报刊资料多次全文转载。主持国家自然科学基金、山东省自然科学基金、山东省社科规划基金等课题。担任《管理科学学报》《数量经济技术经济研究》《系统工程理论与实践》《经济与管理研究》和International Review of Economics and Finance,International Review of Financial Analysis,Finance Research Letters等期刊匿名审稿人。


  • 仅为班上的同学和助研同学提供推荐信

  • 每年招收2-4名硕士生(包括金融学硕1名)

  • 每年招收1-2名“攀研”计划本科生,请提前与我联系确认

  • I am not an advisor to international students, please do not send any emails to me


  • 更新日期:2024-05


联系方式/Contact information

  • 电子邮箱:fangtong1990@outlook.com

  • 通讯地址:山东省济南市山大南路27号,250100

  • 办公地址:山东大学洪家楼校区2号楼318

  • 其他主页:Researchgate

  • ORCiD:0000-0002-9507-9668


研究方向/Research interests

  • 气候金融、绿色金融、ESG当前研究方向

  • 金融收益和波动预测研究了很久,还在研究

  • 混频数据建模与应用想继续研究,但挺难的

  • 数字经济和数字金融追追热点

  • 国家文化的经济金融效应单纯觉得有意思

  • 经济尾部风险度量与应用单纯觉得有意思


讲授课程/Teaching courses

  • 本科生:国际金融;公司理财;投资银行学(国际金融与公司理财均已上线中国大学Mooc,国际金融已被认定为国家一流本科课程

  • 研究生:数量经济与实证金融方法导论;资产定价文献导读与研究方法;金融学前沿


工作论文/Working papers

  • 气候变化对银行主动风险承担的影响研究:理论机制与实证检验(Revise and Resubmit

  • 基于条件在险增长模型的经济尾部风险测度与应用研究(Revise and Resubmit

  • Hedging climate change news with commodity futures (Revise and Resubmit)

  • Forecasting financial volatility spillovers across Chinese financial industries: A matrix autogressive model (Revise and Resubmit)

  • 气候政策不确定性感知与股权融资成本:基于棕色上市公司的实证研究(Submitted)

  • Relative valuations of gold and aggregate stock returns (In progress). Working paper:SSRN

  • Global trade network and the cross-section of international stock market returns (Under review). Working paper: SSRN

  • Climate change, housing prices and population adaptations: Evidence from drought risk in China (In progress)

  • Corporate ESG performance and internal wage gap (In progress)

  • How do foreign institutional investors respond to ESG rating shocks (In progress)

  • ESG评级冲击、市场定价效率与公共信息披露的挤出效应 (In progress)

  • The effect of extreme weather on labor migrations: Evidence from a half million migration records in China (In progress)

  • 个人投资者持股是否增加股价崩盘风险?基于中国股票市场的证据(In progress)

  • 传统文化、金融发展与经济增长:国际证据(In progress)


学术论文/Publications(按时间倒序,*通讯作者)

  • Tong Fang*, 2024. Which dimensions of culture matter for central bank independence? International Review of Finance, 24(4): 291-333. -Link-

  • Xiaoni Song, Tong Fang*, 2024. Climate change and the influence of monetary policy in China. Journal of Applied Economics, 27(1): 2329840. -Link-

  • Xinming Chen, Tong Fang*, 2024. Temperature anomalies and foreign direct investment: City-level evidence from China. International Review of Financial Analysis, 91: 102983. -Link-

  • Ziqi Zhang, Zhi Su, Tong Fang*, 2023. Does digital transformation restrain corporate financialization? Evidence from China. Finance Research Letters, 56: 104152. -Link-

  • 方彤、尹力博:《通货膨胀全球联动效应及其影响因素——基于经济体内部实现环境的视角》,《经济体制改革》2023年第4期。

  • Tong Fang*, Libo Yin, 2023. National culture and international business cycle co-movements. Applied Economics, accept. -Link-

  • Xiaoni Song, Tong Fang*, 2023. Temperature shocks and bank systemic risk: Evidence from China. Finance Research Letters, 51: 103447. -Link-

  • Tong Fang, Deyu Miao, Zhi Su, Libo Yin*, 2022. Uncertainty-driven oil volatility risk premium and international stock market volatility forecasting. Journal of Forecasting, online. -Link-

  • Zhi Su, Peng Liu, Tong Fang*, 2022. Uncertainty matters in US financial information spillovers: Evidence from a directed acyclic graph approach. Quarterly Review of Economics and Finance, 84: 229-242. -Link-

  • 方彤、苏治:《一种基于LASSO的多变量混频GARCH模型设计与优化算法研究》,《数量经济技术经济研究》2021年第12期,146-163页。-Link-

  • Libo Yin, Zhi Su, Tong Fang*, 2021. Do stock prices react to announcements of corporate executives' first-time elections as congress deputies: New evidence from the Chinese political system. Finance Research Letters, 46(B):102446. -Link-

  • Zhi Su, Peng Liu, Tong Fang*, 2021. Pandemic-induced fear and stock market returns: Evidence from China. Global Finance Journal, 54:100644. -Link-

  • Tong Fang, Zhi Su, and Libo Yin*, 2021. Does the green inspiration effect matter for stock returns? Evidence from the Chinese stock market. Empirical Economics, 60: 2155-2176. -Link-

  • Tong Fang, Zhi Su. 2020, Does uncertainty matter for US financial market volatility spillovers? Empirical evidence from a nonlinear Granger causality network. Applied Economics Letters incorporating Applied Financial Economics Letters 28: 1877-1883. -Link-

  • Tong Fang, Zhi Su, Libo Yin*, 2020. Economic fundamentals or investor perception? The role of uncertainty in predicting cryptocurrency volatility. International Review of Financial Analysis 71: 101566. -Link-

  • Tong Fang*, Tae-Hwy Lee, and Zhi Su, 2020. Predicting the long-term stock market volatility: A GARCH-MIDAS model with variable selection. Journal of Empirical Finance 58: 36-49. -Link-

  • Zhi Su, Tong Fang, and Libo Yin, 2019. Understanding stock market volatility: What is the role of US uncertainty? The North American Journal of Economics and Finance 48: 582-590.

  • 苏治、方彤、马景义:《一类包含不同权重函数的混频GARCH族模型及其应用研究》,《数量经济技术经济研究》2018年第10期,126-143页。

  • Zhi Su, Tong Fang, and Libo Yin*, 2018. Does NVIX matter for volatility? Evidence from Asia-Pacific markets. Physica A: Statistical Mechanics and Its Applications 492: 506-516. 

  • 苏治、方彤、尹力博:《中国虚拟经济与实体经济的关联性——基于规模和周期视角的实证研究》,《中国社会科学》2017年第8期,87-109页。(被中国人民大学复印报刊资料《国民经济管理》2018年第1期全文转载)

  • Zhi Su, Tong Fang, and Libo Yin*, 2017. The role of news-based implied volatility among US financial markets. Economics Letters 157: 24-27.

  • 马景义、单璐琪、方彤:《一种增强型指数追踪模型设计:GLAR与折衷路径》,《数量经济技术经济研究》2017年第5期,107-121页。

  • 苏治、方彤、秦磊:《一种基于规则化方法的最优稀疏指数追踪模型设计》,《数量经济技术经济研究》2016年第4期,145-160页。(被中国人民大学复印报刊资料《统计与精算》2016年第4期全文转载)

  • 苏治、胡迪、方彤:《人民币加入SDR的国际影响——基于情景假设的量化测算》,《中国工业经济》2015年第12期,5-19页。(被中国人民大学复印报刊资料《世界经济导刊》2016年第3期全文转载)

  • 苏治、秦磊、方彤:《含有图结构约束的稀疏最小方差资产组合模型》,《中国管理科学》2015年第9期,65-70页。

  • 苏治、尹力博、方彤:《量化宽松与国际大宗商品市场:溢出性、非对称性和长记忆性》,《金融研究》2015年第3期,68-82页。

  • 苏治、李进、方彤:《人民币区域接受程度:指数构建与影响因子计量——以东盟及中国香港为例》,《经济理论与经济管理》2014年第7期,51-63页。(被中国人民大学复印报刊资料《世界经济导刊》2014年第10期全文转载)


基金项目/Fundings

  • 国家自然科学基金青年项目:气候变化影响银行风险承担的理论机制与宏观经济后果研究,在研,主持

  • 山东省社科规划青年项目:国内国际双循环背景下的通货膨胀联动效应与影响因素研究,在研,主持

  • 山东省自然科学基金青年项目:不确定性对系统性金融风险传染影响的异质性,在研,主持

  • 山东大学青年学者未来计划:在研,主持

教育经历
  • 2009-7 — 2012-6
    山东大学
    经济学
    经济学学士学位
  • 2008-9 — 2012-6
    山东大学
    统计学
    理学学士学位
  • 2012-9 — 2014-6
    中央财经大学
    应用统计
    应用统计硕士专业学校
  • 2015-10 — 2019-6
    中央财经大学
    数量经济学
    经济学博士学位
研究方向
论文成果

(1) 方彤.Which dimensions of culture matter for central bank independence: International evidence.INTERNATIONAL REVIEW OF FINANCE.2024 (24)

(2) 宋晓妮.Climate change and the influence of monetary policy in China.Journal of Applied Economics.2024 (27)

(3) Xinming Chen.Temperature anomalies and foreign direct investment: City-level evidence from China.International Review of Financial Analysis.2023 (0)

(4) Ziqi Zhang.Does digital transformation restrain corporate financialization? Evidence from China.FINANCE RESEARCH LETTERS.2023 (56)

(5) 方彤.通货膨胀全球联动效应及其影响因素——基于经济体内部实现环境的视角.《经济体制改革》.2023 (4)

(6) 方彤.National culture and international business cycle co-movements.Applied economics.2023 (0)

(7) 方彤.Uncertainty-driven oil volatility risk premium and international stock market volatility forecasting.JOURNAL OF FORECASTING.2022 (0)

(8) 方彤.Temperature shocks and bank systemic risk: Evidence from China.FINANCE RESEARCH LETTERS.2022 (51)

(9) 方彤.Does the green inspiration effect matter for stock returns? Evidence from the Chinese stock market.Empirical Economics.2021,60 (5):2155-2176

(10) 方彤.Uncertainty matters in US financial information spillovers: Evidence from a directed acyclic graph approach.Quarterly Review of Economics and Finance.2022 (84)

(11) 方彤.一种基于LASSO的多变量混频GARCH模型设计与优化算法研究.数量经济技术经济研究.2021 (12)

(12) 方彤.Do stock prices react to announcements of coporate executives' first-time elections as congress deputies? New evidence from the Chinese political system.FINANCE RESEARCH LETTERS.2021 (102446)

(13) 方彤.Does uncertainty matter for US financial market volatility spillovers? Empirical evidence from a nonlinear Granger causality network.Applied Economics Letters.2021 (28):1877

(14) 方彤.Pandemic-induced fear and stock market returns: Evidence from China.Global Finance Journal.2021 (100644)

(15) Political connections and firm values in China.Finance Research Letters.2021

(16) 方彤.Economic fundamentals or investor perceptions? The role of uncertainty in predicting long-term cryptocurrency volatility.International Review of Financial Analysis.2020 (71)

(17) Network centrality and cross-section of stock returns.IEIS 2020 Proceedings, Springer.2021

(18) Pandemic-induced fear and stock market returns: Evidence from China.Global Finance Journal.2021

(19) Does uncertainty matter for US financial market volatility spillovers? Empirical evidence from a nonlinear Granger causality network.Applied Economics Letters incorporating Applied Financial Economics Letters.2020

(20) 方彤.Does the green inspiration effect matter for stock return? Evidence from the Chinese stock market.Empirical Economics.2020

(21) 方彤.Predicting the long-term stock market volatility: A GARCH-MIDAS model with variable selection.Journal of Empirical Finance.2020

(22) Understanding stock market volatility: What is the role of US uncertainty?.North American Journal of Economics and Finance (48):582-590

(23) 一类包含不同权重函数的混频GARCH族模型及其应用研究.数量经济技术经济研究.2018 (10)

(24) 中国虚拟经济与实体经济的关联性——基于规模和周期视角的实证研究.中国社会科学.2017

(25) Does NVIX matter for volatility? Evidence from Asia-Pacific markets.Phsyica A

(26) The role of news-based implied volatility among US financial markets.Economics Letters

(27) 一种基于规则化方法的最优稀疏指数追踪模型设计.数量经济技术经济研究

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