汤珂 - 北京雁栖湖应用数学研究院

单位: 清华大学, 北京雁栖湖应用数学研究院

邮箱: ketang@bimsa.cn

研究方向: 大宗商品市场、金融科技和数字经济

个人主页: https://www.sss.tsinghua.edu.cn/info/1471/8053.htm

个人简介

清华大学社会科学学院经济学研究所教授，至善书院院长。主要研究方向为商品市场（包括数字资产）、金融科技和数字经济。在Journal of Finance, Review of Financial Studies, Management Science等顶级英文期刊上发表多篇论文，目前担任国际期刊Quantitative Finance的执行编辑以及Journal of Commodity Markets的副主编。研究成果得到美国期货管理委员会、联合国大宗商品报告以及多家媒体的报道。入选2020、2021年爱思唯尔中国高被引学者。

荣誉与奖项

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

出版物

[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 …

更新时间: 2025-11-25 17:00:07