Professor Pengfei Wang received his Ph.D. from Cornell University (2007), after completing earlier studies at Jilin University and Peking University. He joined Peking University HSBC Business School (PHBS) as a Chair Professor and was later appointed Dean in 2021. Since 2023, he has served as an economic policy advisor to the People’s Congress of Guangdong Province. His work explores asset bubbles, financial crises, and macroeconomic theory. He has published in the American Economic Review, Econometrica, the Journal of Finance, and elsewhere. His email is pfwang@phbs.pku.edu.cn.