• WANG, Yongxiang

    Chair Professor of Finance, Deputy Dean, Ph.D. Program Faculty Director

  • Email:

    yxwang@saif.sjtu.edu.cn

  • 　　

    　　

  • Support Staff:

    Phyllis Liu

  • Support Staff Email:

    yjliu@saif.sjtu.edu.cn

  • Research Interests

    Empirical Corporate Finance, Political Economy, Organizational Economics, Economic History, The Chinese Economy.

Dr. Yongxiang Wang is a Chair Professor of Finance, Deputy Dean and Ph.D. Program Faculty Director at the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. He previously held a tenured position as an Associate Professor of Finance at the Marshall School of Business, University of Southern California.

Professor Wang's research interests span empirical corporate finance, political economy, organizational economics, behavioral economics, and corporate strategy in emerging markets, with a primary focus on the Chinese economy and financial markets. He has published over 20 high-quality articles in prestigious international journals, including the Journal of Political Economy, American Economic Review, Review of Economic Studies, American Economic Journal: Applied Economics, American Economic Journal: Economic Policy, Journal of Public Economics, Journal of Financial Economics, Review of Financial Studies, Administrative Science Quarterly, Management Science, Strategic Management Journal, and Journal of Accounting and Economics.

Professor Wang serves (or served) as an Associate Editor at Review of Economics and Statistics, Review of Finance, Management Science, Journal of Corporate Finance, and China Economic Review.  He is also a frequent referee for top-tier journals in Economics, Finance, Accounting, Management, Sociology, Political Science, and Science. His research projects have received support from NSF grants in the USA, the United Kingdom, Australia, and China. His work has been featured in Science, The Wall Street Journal, Business Week, The Economist, The New York Times, and China Daily. Professor Wang was awarded the SAIF Faculty Academic Research Award in 2023.


Journal Publications

1. Chu, Jian, Raymond Fisman, Yongxiang Wang, and Maoliang Ye, 2026, Audit centralization and audit quality: Evidence from Chinese cities, Journal of Accounting and Economics , 101865.

2. Jia, Nan, Yongxiang Wang, Rongrong Xie, and Nianhang Xu, 2025, Spreading the Style: Firm Leaders' Early Life Experiences and Employees' Behavior and Performance, Management Science .

3. Chen, Shuo, Ray Fisman, Xiaohuan Lan, Yongxiang Wang, and Qing Ye, 2025, The Costs and Benefits of Clan Culture: Elite Control versus Cooperation in China, Journal of Law, Economics, and Organization .

4. Decarolis, Francesco, Raymond Fisman, Paolo Pinotti, Silvia Vannutelli, and Yongxiang Wang, 2023, Gender and Bureaucratic Corruption: Evidence from Two Countries, Journal of Law, Economics, and Organization39 (2), 557-585.

5. Fisman, Ray, Wei Huang, Bo Ning, Yue Pan, Jiaping Qiu, and Yongxiang Wang, 2023, Superstition and Risk Taking: Evidence from "Zodiac Year" Beliefs in China, Management Science69 (9), 5174-5188.

6. Cao, Yiming, Raymond Fisman, Hui Lin, and Yongxiang Wang, 2023, SOEs and Soft Incentive Constraints in State Bank Lending, American Economic Journal: Economic Policy15 (1), 174-195.

7. Wang, Yongxiang, 2023, Book Review of "Work Safety Regulation in China: The CCP’s Fatality Quota System" by Jie Gao, China Journal .

8. Chari, Amalavoyal, Elaine M. Liu, Shing Yi Wang, and Yongxiang Wang, 2022, Erratum: Property Rights, Land Misallocation, and Agricultural Efficiency in China, Review of Economic Studies89 (1), 515.

9. He, Zhiguo, and Yongxiang Wang, 2022, Introduction: Special Issue on China i, Review of Finance26 (3), 445-447.

10. Fisman, Raymond, Hui Lin, Cong Sun, Yongxiang Wang, and Daxuan Zhao, 2021, Corrigendum to “What motivates non-democratic leadership: Evidence from COVID-19 reopenings in China” [J. Public Econ. 196 (2021) 104389] , Journal of Public Economics203 , 104517.

11. Chu, Jian, Raymond Fisman, Songtao Tan, and Yongxiang Wang, 2021, Hometown Ties and the Quality of Government Monitoring: Evidence from Rotation of Chinese Auditors, American Economic Journal: Applied Economics13 (3), 176-201.

12. Fisman, Raymond, Hui Lin, Cong Sun, Yongxiang Wang, and Daxuan Zhao, 2021, What motivates non-democratic leadership: Evidence from COVID-19 reopenings in China, Journal of Public Economics196 , 104389.

13. Dong, Rui, Raymond Fisman, Yongxiang Wang, and Nianhang Xu, 2021, Air pollution, affect, and forecasting bias: Evidence from Chinese financial analysts, Journal of Financial Economics139 (3), 971-984.

14. Chari, Amalavoyal, Elaine M. Liu, Shing Yi Wang, and Yongxiang Wang, 2021, Property Rights, Land Misallocation, and Agricultural Efficiency in China, Review of Economic Studies88 (4), 1831-1862.

15. Jia, Nan, Jing Shi, Changyun Wang, and Yongxiang Wang, 2020, Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority Shareholders, Journal of Management Studies57 (1), 129-162.

16. Fisman, Raymond, Jing Shi, Yongxiang Wang, and Weixing Wu, 2020, Social ties and the selection of China’s political elite, American Economic Review110 (6), 1752-1781.

17. Chang, Tom Y., Wei Huang, and Yongxiang Wang, 2018, Something in the air: Pollution and the demand for health insurance, Review of Economic Studies85 (3), 1609-1634.

18. Chen, Yi Chun, Mingyi Hung, and Yongxiang Wang, 2018, The effect of mandatory CSR disclosure on firm profitability and social externalities: Evidence from China, Journal of Accounting and Economics65 (1), 169-190.

19. Jia, Nan, Jing Shi, and Yongxiang Wang, 2018, Value creation and value capture in governing shareholder relationships: Evidence from a policy experiment in an emerging market, Strategic Management Journal39 (9), 2466-2488.

20. Kinnan, Cynthia, Shing Yi Wang, and Yongxiang Wang, 2018, Access to migration for rural households, American Economic Journal: Applied Economics10 (4), 79-119.

21. Fisman, Raymond, Jing Shi, Yongxiang Wang, and Rong Xu, 2018, Social ties and favoritism in chinese science, Journal of Political Economy126 (3), 1134-1171.

22. Fisman, Raymond, and Yongxiang Wang, 2017, The distortionary effects of incentives in government: Evidence from China's "death ceiling" program, American Economic Journal: Applied Economics9 (2), 202-218.

23. Haveman, Heather A., Nan Jia, Jing Shi, and Yongxiang Wang, 2017, The Dynamics of Political Embeddedness in China, Administrative Science Quarterly62 (1), 67-104.

24. Fisman, Raymond, and Yongxiang Wang, 2015, Corruption in Chinese privatizations, Journal of Law, Economics, and Organization31 (1), 1-29.

25. Fisman, Raymond, Yasushi Hamao, and Yongxiang Wang, 2014, Nationalism and economic exchange: Evidence from shocks to sino-japanese relations, Review of Financial Studies27 (9), 2626-2660.

26. Haveman, Heather A., and Yongxiang Wang, 2013, Going (More) public: Institutional isomorphism and ownership reform among chinese firms, Management and Organization Review9 (1), 17-51.

27. Fisman, Raymond, and Yongxiang Wang, 2013, The unsafe side of Chinese crony capitalism, Harvard Business Review91 (1-2).

28. Jia, Nan, Jing Shi, and Yongxiang Wang, 2013, Coinsurance within business groups: Evidence from related party transactions in an emerging market, Management Science59 (10), 2295-2313.

29. Fisman, David, Raymond J. Fisman, Julia Galef, Rakesh Khurana, and Yongxiang Wang, 2012, Estimating the value of connections to vice-president Cheney, The B.E. Journal of Economic Analysis & Policy12 (3), 5.

30. Thomas, Catherine, and Yongxiang Wang, 2011, When managers cannot commit: Capital structure under inalienable managerial entrenchment, Economics Letters110 (2), 107-109.

31. Calomiris, Charles W., Raymond Fisman, and Yongxiang Wang, 2010, Profiting from government stakes in a command economy: Evidence from Chinese asset sales, Journal of Financial Economics96 (3), 399-412.

32. Fisman, Raymond, and Yongxiang Wang, 2010, Trading favors within Chinese business groups, American Economic Review100 (2), 429-433.

33. Fisman, Raymond, and Yongxiang Wang, 2010, The mortality cost of political connections, Review of Economic Studies82 (4), 1346-1382.

34. Wu, WX, and YX Wang, 2009, Does overconfidence always matter for asset prices?, Applied Economics Letters16 (8), 827-830.

35. Cai, MC, YX Wang, and WX Wu, 2007, Investment under event risk in china stock market: A theoretical analysis, Economic Modelling24 (4), 673-682.

36. Wu, Weixing, and Yongxiang Wang, 2005, Investment with restricted stock and the value of information, Applied Mathematics and Computation163 (2), 811-824.

Working Papers

1. Ray Fisman, Yongxiang Wang and Naide Ye, 2026, Strategic Capture of Pollution Monitoring: Evidence from China.

2. T. Chang, J. Shi, Y. Wang and W. Wu, 2025, The Chinese Collectibles Bubble.

3. N. Jia, C. Li, X. Mao, Y Wang and R. Xu, 2025, When Handouts Earn Handshakes: Corporate Philanthropy and the Mitigation of Shareholder Litigation Risk.

4. J. Chen, J. Han and Y. Wang, 2025, Corruption and Social Mobility: Evidence from the Imperial Examination Reforms in the Northern Song Dynasty (960-1127).

5. R. Fisman, Z. Li, V. Mollica, Y. Wang and N. Xu, 2025, Personal Probity and Corporate Malfeasance: Evidence from China's “Doctor-Leaders”.

6. B. Li, X. Lan, and Y. Wang, 2025, Wealth Redistribution and Fertility Rate: Evidence from China's Land Reform (1946-1953).

7. X. Cheng, S. Gao, Y. Wang and M. Zhang, 2025, Unregulated “profit-neutral” tunneling: The case of “dual-identity” subsidiaries in China.

8. L. An, W. Huang, D. Lou, J. Tian, and Y. Wang, 2025, The Distribution Side of Insurance Markets.

9. B. Charoenwong, M. Miao, Y. Wang, and Z. Zuo, 2025, Ferreting Out Strategic Default on Government Contractors: An application to Chinese Local Governments.

10. Z. Dai, Y. Fan, Z. Huang, Q. Li and Y. Wang, 2025, Environmental Regulation, Government Enforcement and the Macroeconomy.

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