His undergraduate and master's degrees were both in computer science. In 1990, Chen Zhiwu became a Ph.D. in finance from Yale University.

Today, he is a tenured professor of financial economics at the Yale School of Management and co-academic chair of the Punath Institute of Economics and Management.

While concentrating on the teaching and research of economics, Professor Chen Zhiwu co-founded the American Value Engine Company and the Wall Street Zebra Hedge Fund Company with his friends, and served as the chief investment manager of Zebra Hedge Fund Company.

95% of Zebra Fund operations rely on mathematical models developed by Professor Chen Zhiwu.

Since 2001, Professor Chen Zhiwu began to pay attention to the Chinese economy, and "based on China's own past and present experience or data research", looking for inspiration and arguments from culture and history, interpreting various "Chinese issues", and doing research on real estate

, RMB appreciation, private finance, urban-rural gap and other hot issues in China, he expressed his unique opinions.

Not long ago, Professor Chen Zhiwu taught investment management courses for EMBA students from the financial field at the Shanghai National Accounting Institute.

) Where does the company choose to list?

As more and more Chinese companies list overseas, they are also faced with the problem of where to list.

Professor Chen Zhiwu believes that choosing a listing location involves many factors such as relevant laws, listing costs, company influence, and investor preferences. Therefore, various factors need to be considered comprehensively.

Generally speaking, the greater the sales of a company in the country where it is listed, the higher the company's brand awareness in that country, and the greater the possibility of the company's success in that country's stock market.

This can explain why Chinese companies whose main sales are overseas also choose to list overseas.

Secondly, if you choose to list in a country that is close to your own culture and geographical location, the company's stock performance will be better.

Companies from Canada and Mexico, for example, often choose to list in the United States.

Another example is in Finland. Swedish-speaking people like to buy stocks whose CEOs also speak Swedish.

Another interesting fact is that Indian companies listed in the United States are often able to issue at a premium, while Chinese companies listed in the United States are often issued at a discount.

Professor Chen Zhiwu believes that this is because American investors tend to trust India, which speaks the same language as them and has a relatively similar legal system, rather than China.

But this law does not always hold.

For example, the average P/E ratio of Chinese companies listed in the United States (about 22 times) is much higher than the average P/E ratio of Chinese companies listed in Singapore (less than 6 times).

Professor Chen Zhiwu explained that this is because investors in the United States know the Chinese market better than investors in Singapore.

If the company is in an industry that is familiar to investors in the country (or region) where it is listed, such stocks will often perform well.

For example, stocks in the financial, real estate and shipping industries listed in Hong Kong performed better, while stocks in the high-tech industry performed generally because Hong Kong investors are more familiar with the former.

A new trend is that more and more companies tend to list in developed countries.

In 1997, 80% of foreign investment was invested in developed countries.

Professor Chen Zhiwu explained that this shows that after no country can use force to protect overseas assets, investors are more willing to invest money in developed countries with rule of law and protected property rights.

Another trend is that more and more mainland private companies with good performance are going overseas to be listed, and they have achieved better performance than those listed on the mainland. As a result, the operating performance of mainland Chinese private companies listed overseas is generally poor.

Better than the operating performance of private companies listed on the mainland.

Market Transparency and Stock Market Trends Professor Chen Zhiwu’s research on the correlation between market transparency and stock market trends shows that the higher the market transparency, the smaller the probability that stocks will move in the same direction in the market, which means that the correlation between the rise and fall of stocks

The lower.

A mature market is often one of those countries and regions where the market is highly transparent.

In a market with low market transparency, it often leads to "bad money driving out good money".

In such a market, companies with poor performance often resort to fraud to obtain better stock market performance, which will cause companies with better performance to choose to delist. Later, only companies with poor performance will exist in the market, eventually leading to the market closing.

Professor Chen Zhiwu’s research on the proportion of Chinese stocks moving in the same direction after 1991 shows (see attached table) that the Chinese stock market had the lowest probability of stocks moving in the same direction in 2000, and has shown an upward trend in recent years.

He explained that this means that the market transparency of China's stock market has been on a downward trend in recent years.

Professor Chen Zhiwu gave an example. The number and amount of fines imposed by the China Securities Regulatory Commission on listed companies have declined after 2002, while the number of listed companies suing the media and winning them has increased.

Professor Chen Zhiwu explained that this reflects from a certain aspect that the media’s right to supervise listed companies has not been effectively protected.

Professor Chen Zhiwu believes that news reports do not necessarily have a negative effect on a company's stock price. On the contrary, a company's media exposure is often positively correlated with the company's stock price.

The more frequently a company appears in the media, the higher the company's brand value and the higher the company's stock price and price-to-earnings ratio.

At the same time, the company's image advertising can also have a similar effect.

The most well-known example is CNOOC.

A few years ago, in order to go public, CNOOC conducted a large number of corporate image advertisements and was frequently exposed in the media.