Office:   VRB 3028
Phone:   973-720-2178
Email:   caif@wpunj.edu
Office Hours:   by appointment

Department: Economics, Finance and GlobalBus
Position: Professor
Area Specialization: My research interests include studying the behavior of emerging markets, investigating the earning and stock return models, and modeling foreign direct investment and economic growth.

Professional Degrees:

Ph.D. in Financial Economics, The City University of New York, 1990.
M.S. in Systems Engineering, Shanghai Jiao Tong University, 1986
B.S. in Automation Control, Shanghai Jiao Tong University1982

Previous Appointments:

• Assistant Professor, St. Joseph's College, 1992-1993
• Assistant Professor, The City University of New York, College of Staten Island, 1990-1992

Primary Research Interests:

• My research interests include studying the behavior of emerging markets, investigating the earning and stock return models, and modeling foreign direct investment and economic growth.

Representative Publications:

• Xu, Lianzan and Cai, Francis (2009), " Before and After 2000: Revenue and High Tech Valuation,"  Competitiveness Review, 19 (1), 26-35.
• Lianzan, Xu, Francis, Cai, and Leung, C.K. (2007), "The Role of Book Value in High-Tech Valuation,"  Advances in Competitiveness Research, 50 (6), 71-80
• "Capital Structure and Firm Performance,"  2007, with Ghosh, Arvin and Richard Fosberg, Transaction publisher, 2007
• Lianzan, Xu and Cai, Francis (2006), " Price-to Earnings Multiples and Mergers and Acquisitions,"  Competitiveness Review, 16 (1), 32-37.
• "Will Investors Profit By Following The Stock Recommendations Published in Barron’s" , with L. Xu, Journal of Business & Economics Research, October 20, 2005
• "Book Value, Industry Group, and Equity Valuation,"  with L. Xu, Competition Forum, August 23, 2005
• Journal " The Short Term and Long Term Impact of Stock Recommendation,"  with Wenui Li, Business Research Year Book, January 30, 2006
• "Tests of Capital Structure Theory: A Binomial Approach", 2003, with Arvin Ghosh, Journal of Business and Economic Studies
• "Optimal Capital Structure Vs. Pecking Order Theory: A further Test,"  2004, with Arvin Ghosh, Journal of International Business and Economic Research, 2004, Vol. 2, Number 2, 61-68
• "Economic Growth And FDI In China,"  2004, with Huifang Cheng, L. Xu, C.K. Leung. International Business and Economics Research Journal, Volume 3, Number 5, page 15-22
• "The Role of Book Value in High-Tech Valuation,"  2004, with L. Xu, C.K. Leung. Advances in Competition Research, Volume 2, Number 1, page 340-347

Representative Industrial Work/Consulting Experience:

• Fulbright Scholar - Spring 2002, Fudan University, China
• Financial Consultant, AT&T Consumer Finance Group, Basking Ridge, New Jersey: Annual Business Plan, Capital Budgeting, Financial Statement Analysis, Market Share Analysis, Econometric Modeling, and Financial Forecasting.
• Staff Economist, AT&T Global Finance Group, Short Hill, New Jersey: Annual Business Plan, Capital Budgeting, Financial Statement Analysis, Market Share Analysis, Econometric Modeling, and Financial Forecasting.

Current Courses Offered:

• FIN753: Financial Forecasting and Capital Budgeting
  Course Syllabus
  Topical Resources
• FIN320: Corporate Finance
  Course Syllabus
  Topical Resources