“Dissent” is a booster of innovative thinking
——Interview with the Capital Market Research Academic Innovation Team
Reporter Xu Shiqing
One year, six people, ten academic papers, includedSCIandSSCIThree papers were published by famous domestic magazines such as "Management World" and "Economic Research", one of which was published by the top international magazine "the Review of Financial Studies" was included, which filled the gap of the w88 casino publishing articles in such magazines, and also completed the first "appearance" of an academic paper on the topic of "China's share-trading reform" in an international high-end financial magazine. These six people are w88 casino teachers Wu Weixing, Kong Ningning, Jiang Ping, Tao Libin, Yu Baimin, Chen Deqiu, and Sun Yanmei. They have a common name - Capital Market Research Academic Innovation Team.
Cross-department and cross-discipline to realize complementary advantages of knowledge structure
Compared with other teams, the most notable feature of the Capital Market Research Academic Innovation Team is its organizational structure—members come from the w88 casino of Finance, the w88 casino of Business, and the w88 casino of International Economics and w88, and their respective research fields are different. Nonetheless, the wise members did not let cross-departmental differences become an obstacle to academic research.
In terms of topic selection, they aimed at the interdisciplinary subfield—capital market. At present, there is a long way to go to build a capital market with Chinese characteristics. Each of them is based on their own areas of focus, giving full play to their own strengths, and looking at relevant phenomena of the capital market from all aspects. Just like throwing stones into the middle of a lake, their research spreads out rhythmically like ripples. Wu Weixing examines the relationship between capital markets and household investment portfolios, and Kong Ningning looks at China’s “A+H"Stock explores whether overseas listing can help company growth, Tao Libin studies the impact of individual traders on market pricing...
"We don't want to limit the research to a narrow corner. Focusing on one point, let everyone give their opinions from different angles, and each other can often be more enlightened. The more you research, the less you will find." said Wu Weixing, the team leader and deputy dean of the w88 casino of Finance. Let’s chat in our spare time08The financial crisis of 2018, adopted by Chen DeqiuTop-down's analysis method expanded from the institutional environment and local government policies to the level of corporate decision-making, and then extended to the response methods of individual investors. From this, Wu Weixing heard the connection between government policy formulation and asset pricing theory. His own research scope focuses on the micro, but inspired by his teammates, he followed this clue and grafted the macro information to unearth the value of this path worthy of "deep exploration". After a year of "sharpening the knife", he wrote the paper "Confidence Is More Important than Gold?" ——Theoretical Analysis on Investor Participation and Asset Prices", which won the Outstanding Paper Award of the China Management Annual Conference.
It is the diversity of knowledge structure and professional structure that enables them to adjust a reasonable research model, realize knowledge complementation, extend the theme, and maximize the comprehensive advantages of the group.
Sharing promotes efficiency and “dissent” drives innovation
When the research intensity is high, the team will basically hold a formal seminar every week. In addition, members meet on many occasions to discuss matters. "Meetings are a kind of bond. We can discuss them anywhere. Even if there is no specific meeting goal, as long as everyone sits together to brainstorm, the level of thinking can always be improved." Wu Weixing explained. In academic discussions, they are never hierarchical, and even when having dinner together, they have an interesting agreement of "whoever arrives last will take the lead."
Because of equality and openness, we can take advantage of the "youngness" of team members and mobilize their enthusiasm for participating in team activities. A relaxed and pleasant academic atmosphere was quickly formed, promoting mutual technical exchanges and resource sharing. Whether in terms of writing team academic reports or applying for social science fund projects, experienced people are willing to take the initiative to contribute their experience, reduce the burden on teammates, and reduce unnecessary processes. After living in Hong Kong for four years, teacher Jiang Ping has provided the team with more international and standardized perspectives. "If you don't pay attention to the design and method when telling foreigners about the same phenomenon, your story will be unconvincing, and the 'selling point' of the story will no longer be prominent." She also emphasized that a relatively mature set of academic rules has been formed abroad, but if it is not improved based on the specific domestic conditions, direct copying will not make it work effectively. Academic innovation is not only reflected in the proposing of new ideas, but also in the reorganization and critical application of original academic research models. Research is advancing and the team is growing. Members are becoming more and more active in transforming personal knowledge into team knowledge, integrating personal research results with the team’s research themes, and turning them into dedicated assets for the team.
The good academic atmosphere not only enhances members' sense of identity and belonging to the team, but also stimulates everyone's vitality in making suggestions. Whenever a new research direction is proposed or a paper is written, it will be put in the center of the team as a "target", allowing others to actively "attack". The existence of "dissent" reflects the academic freedom that is the essence of scientific research, and mutual supervision creates healthy competition in the team - no one wants to be the "short board" of the team. They work together to strive for the team to stand on the commanding heights in the same domestic field. This also ingrains the attitude of excellence and the spirit of pursuing excellence in each member's heart.
Collaborated with Jiang Ping to complete the article "Privatization and risk sharing: Evidence from the split share structure reform in China》is a Canadian scholar. In order to ensure smooth communication and timely feedback, the only time Jiang Ping could lie in bed during the whole week was in the middle of the night4：00To morning7：00, "It's really seamless 24/7!" she joked. From the first draft to the final draftthe Review of Financial Studies" was published, and it took four years, but since she made up her mind to make it a masterpiece, she has taken every step rigorously and perfectly with the help and encouragement of her team members. She is not afraid of thousands of revisions, just afraid of a loophole, and the height of the pile of drafts exceeds her desk.
“There is no so-called specific leader in academic research.” Wu Weixing said. They are further creating a team culture of pursuit of truth, yearning for excellence, academic equality, and openness and selflessness, and are constantly strengthening the joint efforts of members, striving to hold an influential international or domestic seminar this year... Academic freedom is fully reflected among this group of scholars, and they will always exude this "spirit, spirit, and spirit" of courage to explore.
