• YAN, Dong

    Long-Term Associate Professor of Finance

  • Email:

    dyan@saif.sjtu.edu.cn

  • 　　

    　　

  • Support Staff:

    Yuki Deng

  • Support Staff Email:

    rqdeng@saif.sjtu.edu.cn

  • Research Interests

    Corporate Finance, Corporate Investment, The Real Effects of Financial Markets, Private Firms, and M&A

Dr. Dong Yan is a Long-Term Associate Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, a Research Fellow of Centre for Economic Policy Research (CEPR), and a Research Fellow of the Swedish House of Finance (SHoF). Before joining SAIF, she held positions as an Associate Professor of Finance (with tenure) at the Rotterdam School of Management, Erasmus University and as an Assistant Professor of Finance at the Stockholm School of Economics.

Professor Yan's research areas include corporate finance, corporate investment, the real effects of financial markets, private firms, and M&A. She has published several papers in internationally renowned journals such as the Review of Financial Studies and Review of Finance. Her research projects have received several grants from the Swedish Innovation Agency, Wallander Foundation, and the Dutch government. Professor Yan's work on callable bonds was awarded the 2024 IQAM Prize for the best investment paper published in the Review of Finance, and her single-author paper titled "Do Private Firms (Mis)Learn from the Stock Market?" was awarded the 2025 Pagano-Zechner Prize for the best non-investment paper published in the Review of Finance. 

Additionally, Professor Yan frequently serves as a referee for top-tier academic journals and conferences. She has organized several international conferences and provided expert consultation to the European Commission's Directorate-General for Competition and the Swedish Higher Education Authority. In 2020, Professor Yan received the Teaching Award for Outstanding Pedagogical Achievements from the Stockholm School of Economics.

At SAIF, Professor Yan offers courses on "Financial Reporting & Analysis" and "Merger, Acquisition and Reorganization".
 


Journal Publications

1. Dong Yan, 2024, Do private firms (mis)learn from the stock market?, Review of Finance.

2. Bo Becker, Murillo Campello, Viktor Thell, Dong Yan, 2024, Credit risk, debt overhang, and the life cycle of callable bonds, Review of Finance.

3. Sudipto Dasgupta, Erica X.N. Li and Dong Yan, 2018, Inventory behavior and financial constraints: Theory and evidence, Review of Financial Studies.

Working Papers

1. Dong Yan, Zilong Niu, 2025, Analyst Information Contagion.

2. Dong Yan, Alvin Chin-Te Chen, Ran Guo, and Haohang Wu, 2024, The Economics of Financial and Operational Hedging: Insights from U.S. Power Plants.

3. Dong Yan, Lin Cen, Sudipto Dasgupta, 2023, Analyst Specialization and Internal Resource Allocation in Firms.

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