Tongpu (Cynthia) Zhao

Ph.D. Candidate in Finance
Guanghua School of Management, Peking University

Portrait of Tongpu Zhao

About

Research profile

I am a Ph.D. Candidate in Finance at Guanghua School of Management, Peking University. My primary fields are political economy, economic history, and public economics.

Across projects, I ask a common question: when formal structures of authority move, what actually changes on the ground? Empirically, I work with large-scale administrative data, judicial case records, regulatory texts, and financial market data.

Primary Fields

Political Economy, Economic History, Public Economics

Topics

State Capacity, Bureaucracy, Law and Economics, Financial Regulation, Judicial Systems

Methods

Administrative data, judicial records, regulatory texts, market data, causal inference, NLP

Research

Working papers and work in progress

My current projects study how institutional reforms reshape screening, financing, adjudication, and risk transmission under imperfect state capacity.

02
Reject and Resubmit at Management Science

Securing the Care Workforce: How Public Insurance Commitments Reshape Human Capital Pipelines

Uses China’s Long-Term Care Insurance pilot and Gaokao admission data to study how public commitment reshapes healthcare human capital pipelines.

03
Sole Author · Draft available · 2026 ARIA Annual Meeting

The Shadow Fiscal Financier: Insurance Capital, Regulatory Shocks, and Local Government Debt in China

Identifies insurance capital as a shadow financier for local government debt. Using a granular Bartik IV based on liability-side regulatory shocks, I show that insurer yield hunger compresses LGFV credit spreads.

04
with T. Hao & C. Wu · Major Revision at Journal of Risk and Insurance

Accelerating Fragility: Climate Shocks, Information Contagion, and Systemic Risk in Opaque Insurance Markets

Studies how climate shocks and information contagion amplify systemic risk in opaque insurance markets.

Publications

Published work

  1. 2025
    Hao, T., Zhou, L., Hu, P., Zhao, T., & Wang, P. “From Hedge to Risk: Nonlinear Effects of Climate Policy Uncertainty on Corporate Biodiversity Exposure.” Energy Economics, 108885.
  2. 2025
    Wanyan, R., Zhao, T., Suo, L., & Lai, G. C. “Digital Transformation and Total Factor Productivity in Insurance Companies: A Catalyst or Inhibitor?” The Geneva Papers on Risk and Insurance—Issues and Practice, 50(1), 142–184.
  3. 2025
    Wanyan, R., Sun, Y., Suo, L., & Zhao, T. “How Does Directors’ and Officers’ Liability Insurance Affect the Fulfilment of Social Responsibility by State-Owned Enterprises?” The Geneva Papers on Risk and Insurance—Issues and Practice, 1–27.

CV

Education and affiliations

Open CV PDF
2024–Present

Peking University, Guanghua School of Management

Ph.D. in Finance. Advisors: Prof. Li-An Zhou and Prof. Ji Shen. Expected 2028.

2022–2024

University of International Business and Economics

Master in Finance.

2018–2022

Southwestern University of Finance and Economics

B.Econ. in Insurance.

2025–Present

Research Fellowships

Enterprise Research Institute, Development Research Center of the State Council; China Judicial Big Data Institute, Supreme People’s Court of China.

Harvard-Yenching Institute & UTokyo Joint Advanced Program PKU Modern Japan Research Program PKU Academic Innovation Award China Development Research Scholarship National Scholarship for Graduate Students

Teaching & Skills

Teaching, data, and tools

Teaching

  • Invited Tutor: Advanced Microeconomics, Ph.D. level, English, Fall 2025
  • Teaching Assistant: Chinese Economy and Graduate Microeconomics
  • Excellent TA Award, Top 10%

Data Engineering

  • Web Scraping, OCR, NLP, Transformer Models
  • Regular expressions and text processing
  • Administrative and judicial data construction

Programming

  • Python, Stata, MATLAB, LaTeX
  • Chinese: Native
  • English: Fluent, IELTS 7.5

Contact

Get in touch

For research discussions, seminar invitations, conference communication, or collaboration inquiries, please contact me by email.

Email zhaotongpu@stu.pku.edu.cn

Phone (+86) 198-0021-1525

Profiles Google Scholar · SSRN