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Hengjie Ai

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Department Chair | Finance
Professor | Finance
Robert M. Steiner Chair in Business
5281 Grainger Hall


Hengjie Ai joins the Wisconsin School of Business in January 2022 as a professor in the Department of Finance.

Professor Ai’s research interests include topics in asset pricing, corporate finance, and macroeconomic theory. His research has been published in top Economics journals such as Econometrica, and top finance journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies.

Prior to joining the Wisconsin School of Business, Professor Ai served as a faculty member in Finance at the Carlson School of Management at the University of Minnesota.

Hengjie holds a PhD in Economics from the University of Minnesota.


Selected Published Journal Articles

Ai, H. & Kiku, D. & Li, R. (2023). A Quantitative Model of Dynamic Moral Hazard Review of Financial Studies

Ai, H. & Han, L. & Pan, X. & Xu, L. (2022). The Cross-Section of Monetary Policy Announcement Premium Journal of Financial Economics

Ai, H. & Bhandari, A. (2021). Asset Pricing with Endogenously Uninsurable Tail Risks Econometrica

Ai, H. & Kiku, D. & Li, R. & Tong, J. (2021). A Unified Model of Firm Dynamics with Limited Commitment and Assortative Matching Journal of Finance

Ai, H. & Li, K. & Yang, F. (2020). Financial Intermediation and Capital Reallocation Journal of Financial Economics

Ai, H. & Li, J. & Li, K. & Schlag, C. (2020). The Collateralizability Premium Review of Financial Studies

Ai, H. & Croce, M. & Diercks, A. (2018). News Shocks and the Production Based Term Structure of Equity Returns Review of Financial Studies

Ai, H. & Bansal, R. (2018). Risk Preferences and the Macroeconomic Announcement Premium Econometrica

Ai, H. (2018). A Tractable Model of Limited Enforcement and the Life-Cycle Dynamics of Firms Economic Letters

Ai, H. & Kiku, D. (2016). Volatility Risks and Growth Options Management Science

Ai, H. & Li, R. (2015). Investment and CEO Compensation under Limited Commitment Journal of Financial Economics