BIMSA > Ke Tang
Professor Ke Tang

Affiliation: Tsinghua University, BIMSA

Group: Digital Economy

Email: ketang@bimsa.cn

Research Field: Commodity Markets, Fintech and the Digital Economy

Webpage: https://www.sss.tsinghua.edu.cn/info/1471/8053.htm

Biography

Ke Tang is a professor of BIMSA and the Institute of economics, School of Social Sciences, Tsinghua University, and the dean of the Zhishan College at Tsinghua University. His main research includes commodity market (including digital assets), financial technology and digital economy. He has published many papers on top English journals such as Journal of Finance, Review of Financial Studies, Management Science, and currently serves as an executive editor of Quantitative Finance, and an associate editor of Journal of Commodity Markets. His research has been reported by the CFTC, the United Nations Commodity Report etc. He is in the Elsevier highly cited scholar list of China in 2020 and 2021.

Honors and Awards

  • 2020      国家级人才计划领军人才
  • 2017      北京市哲学社会科学二等奖
  • 2013      国家杰出青年科学基金
  • 2012      国家级青年人才计划
  • 2010      教育部“新世纪人才支持计划”
  • 2010      北京市哲学社会科学二等奖
  • 2004      加州大学伯克利分校金融工程硕士最佳论文David Pyle奖

Publication

  • [1] LW Cong, Z He, K Tang, The tokenomics of staking, National Bureau of Economic Research (2025)
  • [2] Hui Chen, Yuhan Cheng, Yanchu Liu, and Ke Tang, Teaching Economics to the Machines, submitted to Journal of Finance (2024)
  • [3] Y Cheng, K Tang, GPT's idea of stock factors, Quantitative Finance, 1-26 (2024)
  • [4] A Subrahmanyam, K Tang, J Wang, X Yang, Leverage Is a Double‐Edged Sword, The Journal of Finance , 79(2), 1579-1634 (2024)
  • [5] Z Da, K Tang, Y Tao, L Yang, Financialization and commodity markets serial dependence, Management Science, 70(4), 2122-2143 (2024)
  • [6] Lin William Cong, Xi Li, Ke Tang, Yang Yang, Crypto Wash Trading, MANAGEMENT SCIENCE, 69(2023), 11, 6427-6454
  • [7] 张涛,汤珂,谢海华, 基于自然语言处理的高频经济学家信心指数构建和宏观预测, 第三届中国宏观经济学者论坛(2022)
  • [8] Hou, Y., Tang, K., Wang, J., Xie, D., & Zhang, H., Assortative mating on blood type: Evidence from one million Chinese pregnancies, PNAS, 51(2022), 119
  • [9] 冯玉林;汤珂;康文津, 中国大宗商品期货市场定价机制研究, 金融研究 (2022)
  • [10] 王静远;葛逸清;汤珂;邓雅琳, 调整期货交易规则可以降低投资者杠杆吗?, 管理科学学报 (2021)
  • [11] 熊巧琴;汤珂, 数据要素的界权、交易和定价研究进展, 经济学动态 (2021)
  • [12] 姜婷凤;汤珂;刘涛雄, 基于在线大数据的中国商品价格粘性研究, 经济研究 (2020)
  • [13] W Kang, KG Rouwenhorst, K Tang, A tale of two premiums: The role of hedgers and speculators in commodity futures markets, The Journal of Finance , 75(1), 377-417 (2020)
  • [14] K Tang, H Zhu, Commodities as collateral, The Review of Financial Studies, 29(8), 2110-2160 (2016)
  • [15] 钟腾;汤珂, 中国商品期货投资属性研究, 金融研究 (2016)
  • [16] Liyan Han, Rong Liang, Ke Tang, Cross-market Soybean Futures Price Discovery: Does the Dalian Commodity Exchange Affect the Chicago Board of Trade?, Quantitative Finance, 13(2) (2013)
  • [17] J Casassus, P Liu, K Tang, Economic linkages, relative scarcity, and commodity futures returns, The Review of Financial Studies, 26(5), 1324-1362 (2013)
  • [18] K Tang, W Xiong, Index investment and the financialization of commodities, Financial Analysts Journal, 68(6), 54-74 (2012)
  • [19] 黄隽， 汤珂, 商业银行竞争, 效率及其关系研究--以韩国, 中国台湾和中国大陆为例, 中国社会科学, 69-86 (2008)
  • [20] K Feng, H Hong, K Tang, J Wang, Statistical tests for replacing human decision makers with algorithms, Management Science (2025)
  • [21] Q Hua, Z Qiu, T Jiang, K Tang, Macroeconomic effects of CBDC negative interest policy in an open economy: A comparison of quantity and price rules, International Review of Economics & Finance, 104119 (2025)
  • [22] Q Liu, K Tang, Z Wang, D Zheng, Does information transmission alleviate the salience bias of fund managers?, International Review of Financial Analysis, 101, 103984 (2025)
  • [23] T Zhang, K Tang, T Liu, T Jiang, High frequency online inflation and term structure of interest rates: Evidence from China, Journal of Empirical Finance, 101626 (2025)
  • [24] 张涛， 汤珂， 谢海华, 基于文本分析的首席经济学家信心指数的构建与宏观预测 ① (2025)
  • [25] C Lin, K Tang, D Xie, J Zeng, Social Network and Bank Run, Available at SSRN, 5196023 (2025)
  • [26] K Feng, H Hong, J Li, K Tang, J Wang, Maximum AUC and MRC Estimation (2025)
  • [27] 汪宁丽， 汤珂, 保证金调整与期货价格波动, 管理科学学报, 160-176 (2025)
  • [28] LW Cong, K Tang, D Xie, W Zhao, FinTech platforms and asymmetric network effects: Theory and evidence from marketplace lending, National Bureau of Economic Research (2024)
  • [29] LW Cong, K Tang, D Xie, W Zhao, FinTech Platforms and Asymmetric Network Effects in Marketplace Lending, < bound method Organization. get_name_with_acronym of< Organization … (2024)
  • [30] LW Cong, K Tang, Y Wang, X Zhao, Inclusion and democratization through web3 and defi? initial evidence from the ethereum ecosystem, National Bureau of Economic Research (2023)
  • [31] W Kang, K Tang, N Wang, Financialization of commodity markets ten years later, Journal of Commodity Markets, 30, 100313 (2023)
  • [32] 罗玫， 李金璞， 汤珂, 企业数据资产化: 会计确认与价值评估, 清华大学学报 (哲学社会科学版), 38(5), 195-209 (2023)
  • [33] 李金璞， 汤珂, 论数据要素市场参与者的培育., Journal of Xi'an Jiaotong University (Social Sciences), 43(4) (2023)
  • [34] 黄京磊， 李金璞， 汤珂, 数据信托: 可信的数据流通模式., Big Data Research (2096-0271), 9(2) (2023)
  • [35] K Tang, D Xie, J Zeng, Hospital Run, Available at SSRN, 3911057 (2023)
  • [36] FL Loi, K Tang, Y You, Cultural Price Premium: Evidence from CryptoPunks, Available at SSRN, 4202168 (2023)
  • [37] 熊巧琴， 汤珂， 张丰羽, 第三方数字平台能否帮助中小微企业提升经营收益?———来自百万商户大数据的证据, 经济学 (季刊), 23(5), 1704-1722 (2023)
  • [38] 赵慧， 张涛， 汤珂, 集聚如何影响南北方创业活动?——来自高频全量企业大数据的证据, 中国管理科学, 31(6), 231-240 (2023)
  • [39] W Kang, K Tang, Y You, J Zeng, Self-Collateral and Crypto Run, Available at SSRN, 4560630 (2023)
  • [40] LW Cong, X Li, K Tang, Y Yang, Crypto Wash Trading-Online Appendices, Available at SSRN, 4529817 (2023)
  • [41] K Feng, H Hong, K Tang, Weighted Sorted Effect and Optimal Allocation, Available at SSRN, 3382990 (2023)
  • [42] MAH Dempster, E Medova, K Tang, 125 Long-Term Spread Option Valuation and Hedging, Commodities: Fundamental Theory of Futures, Forwards, and Derivatives … (2023)
  • [43] MAH Dempster, K Tang, xiii Introduction, Commodities: Fundamental Theory of Futures, Forwards, and Derivatives … (2023)
  • [44] 汤珂， 金融学, 数据经济学, 清华大学出版社 (2023)
  • [45] MAH Dempster, E Medova, K Tang, Long-term spread option valuation and hedging, Commodities, 125-146 (2022)
  • [46] LW Cong, GA Karolyi, K Tang, W Zhao, Value premium, network adoption, and factor pricing of crypto assets, Network Adoption, and Factor Pricing of Crypto Assets (April, 1, 2022) (2022)
  • [47] K Tang, Q Xiong, F Zhang, Can the E-commercialization improve residents’ income?--evidence from “Taobao counties” in China, International Review of Economics & Finance, 78, 540-553 (2022)
  • [48] MAH Dempster, E Medova, K Tang, Determinants of oil futures prices and convenience yields, Commodities, 27-48 (2022)
  • [49] T Jiang, T Liu, K Tang, J Zeng, Online prices and inflation during the nationwide COVID-19 quarantine period: Evidence from 107 Chinese websites, Finance Research Letters, 49, 103166 (2022)
  • [50] D Barak, E Gallo, K Rong, K Tang, W Du, Experience of the COVID-19 pandemic in Wuhan leads to a lasting increase in social distancing, Scientific Reports, 12(1), 18457 (2022)
  • [51] Y Ge, W Kang, K Tang, H Yan, L Yang, The road to negative futures prices is paved with financialization, Available at SSRN, 4080137 (2022)
  • [52] LW Cong, X Li, K Tang, Y Yang, Detecting and Quantifying Crypto Wash Trading, 3rd International Conference on Blockchain Economics, Security and Protocols … (2022)
  • [53] K Tang, J Zhao, H Zhou, Derivative-Market Leverage and Risk Premia Implications, PBCSF-NIFR Research Paper Forthcoming (2022)
  • [54] 姜婷凤， 汤珂， 刘涛雄, 基于在线大数据的通货膨胀 “现时” 预测, 计量经济学报, 2(3), 597 (2022)
  • [55] K Feng, H Hong, K Tang, J Wang, Properties of ROC curves, Available at SSRN, 3382962 (2022)
  • [56] K Tang, D Xie, YA Yang, L Zhang, Contagion, Migration and Misallocation in a Pandemic, Longtian, Contagion, Migration and Misallocation in a Pandemic (November 24 … (2022)
  • [57] Y Hou, K Tang, J Wang, D Xie, H Zhang, Assortative Mating on Blood Type: Evidence from China1 (2022)
  • [58] FL Loi, K Tang, Physical Appearance and Nonfungible Token Pricing: Evidence from Cryptopunks, Physical Appearance and Nonfungible Token Pricing: Evidence from Cryptopunks … (2022)
  • [59] J Wang, K Tang, K Feng, X Lin, W Lv, K Chen, F Wang, Impact of temperature and relative humidity on the transmission of COVID-19: a modelling study in China and the United States, BMJ open, 11(2), e043863 (2021)
  • [60] LW Cong, K Tang, J Wang, Y Zhang, AlphaPortfolio: Direct construction through deep reinforcement learning and interpretable AI, Available at SSRN, 3554486 (2021)
  • [61] LW Cong, K Tang, J Wang, Y Zhang, Deep sequence modeling: Development and applications in asset pricing, arXiv, 2108.08999 (2021)
  • [62] J Li, JM Guo, N Hu, K Tang, Do corporate managers believe in luck? Evidence of the Chinese zodiac effect, International Review of Financial Analysis, 77, 101861 (2021)
  • [63] Z Zheng, K Tang, Y Liu, JM Guo, Gender and herding, Journal of Empirical Finance, 64, 379-400 (2021)
  • [64] LW Cong, K Tang, D Xie, Q Miao, Asymmetric cross-side network effects on financial platforms: Theory and evidence from marketplace lending, Asymmetric Cross-side Network Effects on Financial Platforms: Theory and … (2021)
  • [65] W Kang, KG Rouwenhorst, K Tang, Crowding and factor returns, Available at SSRN, 3803954 (2021)
  • [66] IH Cheng, K Tang, L Yan, Hedging pressure and commodity option prices, Available at SSRN, 3933070 (2021)
  • [67] LW Cong, K Tang, B Wang, J Wang, An AI-assisted Economic Model of Endogenous Mobility and Infectious Diseases: The Case of COVID-19 in the United States, arXiv, 2109.10009 (2021)
  • [68] D Lien, T Liu, K Tang, Introduction to the fifth international conference on the Chinese Economy: Past, Present and Future, International Review of Economics & Finance, 76, 1191-1192 (2021)
  • [69] 向宏， 丁津泰， 汤珂, 全球央行数字货币的顶层设计: 风险与启示, 清华金融评论 (2021)
  • [70] Y Ge, K Tang, Commodity prices and GDP growth, International Review of Financial Analysis, 71, 101512 (2020)
  • [71] K Hou, K Tang, B Zhang, Political uncertainty and commodity markets, Fisher College of Business Working Paper, 025 (2020)
  • [72] J Wang, KE Tang, K Feng, W Lv, When is the COVID-19 pandemic over? Evidence from the stay-at-home policy execution in 106 Chinese cities, Evidence from the stay-at-home policy execution in, 106 (2020)
  • [73] X Wang, J Wang, K Tang, Interpreting deep learning model using rule-based method, arXiv, 2010.07824 (2020)
  • [74] K Rong, D Zhou, K Tang, C Cao, How Digital Platform Enables Social Governance: Containing COVID-19 in China, Available at SSRN, 3560879 (2020)
  • [75] 汤珂， 刘涛雄， 刘志洋， 李龙， 陈忠阳， 苗琦， 曹胜熙, 货币政策与金融监管, 科学观察, 14(3), 47-51 (2020)
  • [76] 汤珂， 熊巧琴, 疫情对我国经济的影响: 大数据视角的分析, 秘书工作 (2020)
  • [77] J Wang, Y Zhang, K Tang, J Wu, Z Xiong, Alphastock: A buying-winners-and-selling-losers investment strategy using interpretable deep reinforcement attention networks, Proceedings of the 25th ACM SIGKDD international conference on knowledge … (2019)
  • [78] K Feng, H Hong, K Tang, J Wang, Decision making with machine learning and ROC curves, arXiv, 1905.02810 (2019)
  • [79] M Gu, W Kang, D Lou, K Tang, Relative basis and risk premia in commodity futures markets, Available at SSRN (2019)
  • [80] 刘涛雄， 汤珂， 姜婷凤， 仉力, 一种基于在线大数据的高频 CPI 指数的设计及应用 ①, 数量经济技术经济研究 (2019)
  • [81] W Kang, KG Rouwenhorst, K Tang, Internet Appendix to'A Tale of Two Premiums: The Role of Hedgers and Speculators in Commodity Futures Markets', Journal of Finance, Forthcoming, Yale ICF Working Paper (2019)
  • [82] 汤珂， 康文津, 对于凯恩斯大宗商品定价理论的修正, 收藏, 10 (2019)
  • [83] D Lien, T Liu, K Tang, Introduction to Chinese economy: Past, Present and Future, International Review of Economics & Finance, 57, 1-3 (2018)
  • [84] K Tang, Special Issue ofon ‘Chinese Derivatives Markets’, Quantitative Finance, 18(9), 1451-1451 (2018)
  • [85] H Hong, Y Mu, K Tang, J Wang, Decision Making and the Statistical Properties of the ROC Curve (2018)
  • [86] D Lien, T Liu, K Tang, Introduction to China’s past, present and future, International Review of Economics & Finance, 52, 210-211 (2017)
  • [87] 汤珂， 张博然， 钟伟强, 众筹的价值与风险, 清华大学出版社 (2017)
  • [88] MAH Dempster, K Tang, Commodities, CRC Press (2016)
  • [89] D Lien, T Liu, K Tang, X Zhang, An Introduction to “Chinese economy: Past, present and future”, International Review of Economics & Finance, 100(42), 325-326 (2016)
  • [90] 汤珂, 互联网金融的 “思想众筹”, 当代金融家, 144-145 (2015)
  • [91] K Tang, C Wang, S Wang, China's imported inflation and global commodity prices, Emerging Markets Finance and Trade, 50(3), 162-177 (2014)
  • [92] 刘志洋， 汤珂, 互联网金融的风险本质与风险管理, 探索与争鸣, 65-69 (2014)
  • [93] 汤珂, 随机过程与金融衍生品, Zhong guo ren min da xue chu ban she (2014)
  • [94] J Zheng, L Wang, K Tang, Guest Editors’ Introduction: Chinese Exploration and World Economic Order, Emerging Markets Finance and Trade 50 (sup6), 1-3 (2014)
  • [95] 汤珂, 金市: 关于中国大妈的理性分析, 记者观察: 上, 58-59 (2014)
  • [96] 汤珂, 什么会影响未来金价?, 中国证券期货, 40-40 (2014)
  • [97] K Tang, C Wang, Are Chinese warrants derivatives? Evidence from connections to their underlying stocks, Quantitative Finance, 13(8), 1225-1240 (2013)
  • [98] S Huang, Z Qiu, Q Shang, K Tang, Asset pricing with heterogeneous beliefs and relative performance, Journal of Banking & Finance, 37(11), 4107-4119 (2013)
  • [99] KG Rouwenhorst, K Tang, Commodity investing, Annu. Rev. Financ. Econ., 4(1), 447-467 (2012)
  • [100] K Tang, W Wang, R Xu, Size and performance of Chinese mutual funds: The role of economy of scale and liquidity, Pacific-Basin Finance Journal, 20(2), 228-246 (2012)
  • [101] K Tang, Time-varying long-run mean of commodity prices and the modeling of futures term structures, Quantitative Finance, 12(5), 781-790 (2012)
  • [102] P Liu, X Lu, K Tang, The determinants of homebuilder stock price exposure to lumber: Production cost versus housing demand, Journal of Housing Economics, 21(3), 211-222 (2012)
  • [103] J Casassus, P Liu, K Tang, Maximal affine models for multiple commodities: A note, Available at SSRN, 2143561 (2012)
  • [104] MAH Dempster, K Tang, Special Issue ofon ‘Commodities’, Quantitative Finance, 12(12), 1793-1793 (2012)
  • [105] P Liu, K Tang, The stochastic behavior of commodity prices with heteroskedasticity in the convenience yield, Journal of Empirical Finance, 18(2), 211-224 (2011)
  • [106] K Tang, C Wang, Corporate governance and firm liquidity: evidence from the Chinese stock market, Emerging Markets Finance and Trade 47 (sup1), 47-60 (2011)
  • [107] MAH Dempster, K Tang, Estimating exponential affine models with correlated measurement errors: Applications to fixed income and commodities, Journal of Banking & Finance, 35(3), 639-652 (2011)
  • [108] PP Liu, K Tang, No-arbitrage conditions for storable commodities and the modeling of futures term structures, Journal of Banking & Finance, 34(7), 1675-1687 (2010)
  • [109] MAH Dempster, E Medova, K Tang, Long and short term jumps in commodity futures prices, Available at SSRN, 1107966 (2008)
  • [110] M Dempster, E Medova, K Tang, Long and short term jumps in commodity futures prices: Statistical and economic perspectives, Working paper, Cambridge Judge Business School (2006)
  • [111] Z Li, LI Hongjun, J Wang, K Tang, Approximation to Smooth Functions by Low-Rank Swish Networks, Forty-second International Conference on Machine Learning
  • [112] M Dempster, J Gatheral, R Rebonato, F Abergel, J Casassus, D Challet, ..., A journal for financial practitioners, academics from finance and economics, and scientists from other disciplines, covering current developments in the use of quantitative …

 

Update Time: 2025-11-21 14:00:10