学术活动

张云齐，南开大学金融学院长任教授，博士生导师，南开大学百名青年学科带头人，主要研究领域为银行、公司金融、家庭金融，研究成果发表于Management Science，Journal of Financial and Quantitative Analysis 等多个国际顶级期刊，主持国家自然科学基金面上项目、青年项目、 教育部人文社科基金等多项课题，并担任 Management Science, Journal of Financial and Quantitative Analysis, Journal of Business Ethics, Journal of Banking and Finance 等国际知名期刊评委和多个国际会议评审委员会委员。

Judicial specialization has become increasingly common across legal systems worldwide. This paper studies how judicial specialization affects investment product markets using the bank-issuing wealth management products (WMPs) in China as the empirical setting. We develop a simple theoretical model that highlights how stronger investor protection shapes equilibrium outcomes in the WMP market. Using manually collected data, we find that the staggered introduction of financial tribunals increases the risk and return of locally issued WMPs. The results are robust to various alternative explanations.