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Hong Yan
Deputy Dean
Professor of Finance
  • PROFILE
  • RESEARCH
  • TEACHING
Hong Yan is Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, where he serves as the Deputy Dean as well as the Deputy Director of China Academy of Financial Research (CAFR). He also directs the China Hedge Fund Research Center. Before he joined SAIF full-time, Prof. Yan was a tenured faculty member at the Moore School of Business in the University of South Carolina, USA. Previously, he was on the faculty at the University of Texas at Austin and spent a year as a visiting academic scholar at the U.S. Securities & Exchange Commission (SEC). He also held visiting appointments at the University of Hong Kong, the U.S. Federal Reserve Board and Cheung Kong Graduate School of Business.
  
Professor Yan holds a Ph.D. in Finance from the University of California, Berkeley, and a Ph.D. in Applied Physics from the University of Michigan. His research focuses on the areas of credit risk, asset pricing, derivatives securities, and investment management. He also studies financial intermediaries such as mutual funds, hedge funds and financial analysts. Prof. Yan has published in top academic journals such as Journal of Finance, Journal of Financial Economics, and Review of Financial Studies. His research has been recognized by the Q-group Grant in 2007, the Crowell Prize in Investment Management in 2010 and a number of Best Paper Awards at international academic conferences.
 
Professor Yan currently serves as a Managing Editor of the International Review of Finance. He chaired the program committee for the China International Conference in Finance (CICF) in 2013 and 2014, and has served on program committees for several major international conferences. He reviews manuscripts for more than dozen internationally renowned academic journals in economics and finance. In addition, he sits on the advisory boards of several academic and financial institutions and was selected into Shanghai’s “Thousand Talents Plan”.

Research Interests
Asset Pricing: Corporate Decisions and Security Returns; Information and Learning in Financial Markets; Credit Risk and Returns on Stocks and Bonds; Market Liquidity; Financial Derivatives and Risk Management; Portfolio Choice.Financial Intermediaries: Mutual Funds, Hedge Funds, and Financial Analysts.Emerging Markets: Financial Market Development, Role of Foreign and/or Institutional Investors in These Markets, Especially in China.

Journal Publications & Working Papers
1. Tang, Dragon and Hong Yan, 2017, Understanding Transaction Prices in the Credit Default Swaps Market, Journal of Financial Markets.
2. Carlson, Murray, David Chapman, Ron Kaniel, and Hong Yan, 2015, Asset Return Predictability in a Heterogeneous Agent Equilibrium Model, Quarterly Journal of Finance.
3. Tang, Dragon, Feng Tian, and Hong Yan, 2015, Internal Control Quality and Credit Default Swap Spreads, Accounting Horizons.
4. Garlappi, Lorenzo and Hong Yan, 2011, Financial Distress and the Cross Section of Equity Returns, Journal of Finance.
5. Tang, Dragon and Hong Yan, 2010, Market Conditions, Default Risk and Credit Spreads, Journal of Banking and Finance.
6. Yan, Hong, 2009, Estimation Uncertainty and the Equity Premium, International Review of Finance.
7. Tian, Weeding and Hong Yan, Heterogeneous Beliefs, Competition, and the Viability of Financial Innovation.
8. Pavabutr, Pants and Hong Yan, Foreign Portfolio Flows and Emerging Market Returns: Evidence from Thailand.
9. Tang, Dragon and Hong Yan, Liquidity and Credit Default Swap Spreads.
10. Huang, Jennifer, Kelsey Wei, and Hong Yan, Investor Learning and Mutual Fund Flows .
11. Tse, Sanyo and Hong Yan, Analysts’ Incentives and Systematic Forecast Bias .
12. Qu, Shushing, Laura Starks, and Hong Yan, Risk, Dispersion of Analyst Forecasts and Stock Returns.
13. Carlson, Murray, David Chapman, Ron Daniel, and Hong Yan, Specification Error, Estimation Risk, and Conditional Portfolio Rules.
14. Marsh, Terry and Hong Yan, The Equilibrium Risk Structure of Interest Rates.
15. Yan, Hong, Uncertain Growth Prospects, Estimation Risk, and Asset Prices.
16. Yan, Hong, Predictability of Equity Returns: An Equilibrium Perspective.
17. Shan, Susan, Dragon Tang, and Hong Yan, Did CDS Make Banks Riskier? The Effects of Credit Default Swaps on Bank Capital and Lending.
18. Qi, Min, Deming Wu and Hong Yan, Credit Default Swaps and Loss Given Default: Has the CDS Market Affected the Recovery Rate of US Corporate Defaults?.
19. Tang, Dragon and Hong Yan, What Moves CDS Spreads?.

Teaching Interests
Principles of Finance

Current Courses

Term Program Course Total Hours
2015Fall MBA Principles of Finance 36
2016Fall MBA Principles of Finance 36
Faculty & Research
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