Can Gao

Can Gao

Can Gao

Prof. Dr. Dr.

Assistant Professor of Asset Pricing

Büro 51-5015
Unterer Graben 21
9000 St Gallen
Main Focuses

Asset Pricing


International Finance

Belief Formation



Ph.D. in Finance, Imperial College London

Ph.D. in Mathematics, École Polytechnique Fédérale de Lausanne

M.Sc. in Theoretical Physics, Imperial College London

B.Sc. in Pure and Applied Mathematics, China Agriculture University

Professional Career

Academic Appointments:

Assistant Professor, School of Finance, University of St. Gallen, 2023-

Advanced Researcher, Leibniz Institute for Financial Research SAFE, Frankfurt, 2021-2023

Assistant Professor (by courtesy), Faculty of Economics and Business, Goethe University, 2021-2023 

Visiting Fellow, London School of Economics, 2022


Prior Industrial Appointments:

Glen Point Capital, London, 2020

Bank of America Merrill Lynch, London, 2018-20

Bank of England, 2017

Teaching Activities

Leibniz Institute of Financial Research SAFE, 2021
- Systemic Risk: Early Warnings & Systemically Important Financial Institutions (Ph.D.)

Imperial College Business School, 2015-20
- Derivatives (Master), Investment and Portfolio Management (Master), Mathematics for Finance (Master), Asset Pricing (Ph.D.) 

University of Lausanne, 2013-14
- General College Mathematics I and II

École Polytechnique Fédérale de Lausanne, 2011-13
- Analysis I-III, Linear Algebra



“Volatility, Valuation Ratios and Bubbles: An Empirical Measure of Market Sentiment”, with Ian Martin, Journal of Finance, 76:6:3211?3254, 2021


Working Papers:

“Debt and Deficit: Fiscal Analysis with Stationary Ratios”, with John Campbell and Ian Martin

“Expected Currency Returns and Term Structure of Risk Preferences”, with Pasquale Della Corte and Alexandre Jeanneret

“Betting Against Correlation: A Systemic Foreign Exchange Risk Index”, with Paul Schneider and Christian Wagner

“Heterogeneous Beliefs on N Tree”, with Brandon Yueyang Han

“Currency Risk in the Long Run”, Pasquale Della Corte, Daniel P.A. Preve and Giorgio Valente

Additional Information

Prior Publications in Mathematics:

“On Global Regularity for Systems of Nonlinear Wave Equations with the Null-condition”, with Aparajita Dasgupta and Joachim Krieger, Dynamics of PDE, 12(2015): 115-125.

“Optimal Polynomial Blow Up Range for Critical Wave Maps”, with Joachim Krieger, Communications on Pure and Applied Analysis, 14(2015): 1705-1741.

“Generalized Dressing Method for the Extended 2-D Toda Lattice Hierarchy an Its Reductions”, with Xiaojun Liu, Science China: Mathematics, 54(2011): 365-380.


Personal Website