Andrew J. Sinclair
Prof. Andrew J. SINCLAIR
Assistant Professor

3917 4180

KK 1117

Academic & Professional Qualification
  • Ph.D., Yale University
  • M.Acc., University of Waterloo
  • Hons. B.Sc., University of Toronto

Dr. Andrew SINCLAIR received his Ph.D. degree in financial economics from Yale University in 2017. He also holds a master’s degree in finance from the University of Waterloo, and a bachelor’s degree in actuarial science from the University of Toronto.

His research studies the financial intermediation, asset management, and the Chinese economy.

Research Interest
  • Financial Intermediation
  • Asset Management
  • The Chinese Economy
  • Financial History
Selected Publications
  • “Do prime brokers intermediate capital”, Journal of Financial Intermediation, 2022, 53, 101004.
  • “Wealth, Endogenous Collateral Quality, and Financial Crises,” (with Zehao Liu), Journal of Economic Theory, 2022, 204, 105526.
  • “Banking on the Confucian Clan: Why China Developed Financial Markets So Late,” (with Zhiwu Chen and Chicheng Ma), The Economic Journal, 2022, 132(644), 1378-1413.
Recent Publications
Banking on the Confucian Clan: Why China Developed Financial Markets So Late

Over the past millennium, China has relied on the Confucian clan to achieve interpersonal cooperation, focusing on kinship and neglecting the development of impersonal institutions needed for external finance. In this paper, we test the hypothesis that the Confucian clan and financial markets are competing substitutes. Using the large cross-regional variation in the adoption of modern banks, we find that regions with historically stronger Confucian clans established significantly fewer modern banks in the four decades following the founding of China's first modern bank in 1897. Our evidence also shows that the clan continues to limit China's financial development today.