Jin Liang is a professor and doctoral supervisor in the School of Mathematical Sciences, Tongji University. She received the PhD in Science from Peking University 1989, and the MSc in Financial Mathematics from the University of Edinburgh 2000. She has some financial industry experience in UK, to be responsible for a number of financial projects. From 2005, she started to work in Tongji University in Shanghai for financial mathematics teaching and researches. In academic research, she has published over 90 academic papers. Her research interests are credit rating migration risk models, the optimization of carbon emission reduction etc.
In this paper, a structural model for credit rating migration is developed and validated, by which the migration boundary is recovered for the first time.