Liyan Yang is a Visiting Professor at Shanghai Advanced Institute of Finance (SAIF)，Professor of Finance and Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School of Management, University of Toronto. His research interests are in financial markets, asset pricing and behavioral finance.

He is currently serving as an associate editor at Journal of Finance, Journal of Economic Theory, Journal of Financial Markets, and Management Science. His research has appeared in Journal of Economic Theory, Journal of Financial Economics, Journal of Finance, and Review of Financial Studies, etc.

Professor Yang has received the 2016 JFQA William F. Sharpe Award for Scholarship in Financial Research, the 2016 Bank of Canada's Governor's Award, the 2015 Roger Martin Award for Excellence in Research, among others. 

Professor Yang received PhD in Economics from Cornell University in 2010.


Journal Publications

1. Tang, Tiantian, and Liyan Yang, 2023, Shaping corporate ESG performance: role of social trust in China's capital market, China Finance Review International.

2. Xiong, Yan, and Liyan Yang, 2023, Secret and Overt Information Acquisition in Financial Markets, Review of Financial Studies, 36(9), 3643-3692.

3. Da, Zhi, Ke Tang, Yubo Tao, and Liyan Yang, 2024, Financialization and Commodity Markets Serial Dependence, Management Science, 70(4), 2122-2143.

4. Goldstein, Itay, and Liyan Yang, 2022, Commodity Financialization and Information Transmission, Journal of Finance, 77(5), 2613-2667.

5. Mondria, Jordi, Xavier Vives, and Liyan Yang, 2022, Costly Interpretation of Asset Prices, Management Science, 68(1), 52-74.

6. Huang, Shiyang, Yan Xiong, and Liyan Yang, 2022, Skill Acquisition and Data Sales, Management Science, 68(8), 6116-6144.

7. He, Xue Zhong (Tony), Pengfei Wang, and Liyan Yang, 2022, Markets and Economies with Information Frictions, Journal of Economic Dynamics and Control, 141, 104418.

8. Shi, Ying, and Liyan Yang, 2022, A labor-market approach to understanding information sharing among banks: Discussions on “A tale of two markets: Labor market mobility and bank information sharing”, Journal of Economic Dynamics and Control, 141, 104382.

9. Xiong, Yan, and Liyan Yang, 2021, Disclosure, competition, and learning from asset prices, Journal of Economic Theory, 197, 105331.

10. Yang, Liyan, and Haoxiang Zhu, 2021, Strategic Trading When Central Bank Intervention Is Predictable, Review of Asset Pricing Studies, 11(4), 735-761.

11. Yang, Liyan, and Haoxiang Zhu, 2020, Back-Running: Seeking and Hiding Fundamental Information in Order Flows, Review of Financial Studies, 33(4), 1484-1533.

12. Huang, Shiyang, Zhigang Qiu, and Liyan Yang, 2020, Institutionalization, delegation, and asset prices, Journal of Economic Theory, 186, 104977.

13. Goldstein, Itay, and Liyan Yang, 2019, Good disclosure, bad disclosure, Journal of Financial Economics, 131(1), 118-138.

14. Bova, Francesco, and Liyan Yang, 2018, State-Owned Enterprises, Competition, and Disclosure, Contemporary Accounting Research, 35(2), 596-621.

15. Bova, Francesco, and Liyan Yang, 2017, Employee bargaining power, inter-firm competition, and equity-based compensation, Journal of Financial Economics, 126(2), 342-363.

16. Cen, Ling, K. C.John Wei, and Liyan Yang, 2017, Disagreement, underreaction, and stock returns, Management Science, 63(4), .

17. Mohanram, Partha, and Liyan Yang, 2017, Recap of the 27th annual financial economics and accounting conference, September 30–October 1, 2016, Review of Quantitative Finance and Accounting, 48(3), 849-858.

18. Yang, Liyan, and Haoxiang Zhu, 2017, Nonfundamental Speculation Revisited, Journal of Finance, 72(6), 2759-2772.

19. Goldstein, Itay, and Liyan Yang, 2017, Information Disclosure in Financial Markets, Annual Review of Financial Economics, 9, 101-125.

20. Easley, David, Maureen O'Hara, and Liyan Yang, 2016, Differential Access to Price Information in Financial Markets, Journal of Financial and Quantitative Analysis, 51(4), 1071-1110.

21. Han, Bing, Ya Tang, and Liyan Yang, 2016, Public information and uninformed trading: Implications for market liquidity and price efficiency, Journal of Economic Theory, 163, 604-643.

22. Goldstein, Itay, and Liyan Yang, 2015, Information Diversity and Complementarities in Trading and Information Acquisition, Journal of Finance, 70(4), 1723-1765.

23. Easley, David, and Liyan Yang, 2015, Loss aversion, survival and asset prices, Journal of Economic Theory, 160, 494-516.

24. Easley, David, Maureen O'Hara, and Liyan Yang, 2014, Opaque trading, Disclosure, and asset prices: Implications for hedge fund regulation, Review of Financial Studies, 27(4), 1190-1237.

25. Goldstein, Itay, Yan Li, and Liyan Yang, 2014, Speculation and hedging in segmented markets, Review of Financial Studies, 27(3), 881-922.

26. Indjejikian, Raffi, Hai Lu, and Liyan Yang, 2014, Rational information leakage, Management Science, 60(11), 2762-2775.

27. Cen, Ling, Hai Lu, and Liyan Yang, 2013, Investor sentiment, disagreement, and the breadth-return relationship, Management Science, 59(5), 1076-1091.

28. Li, Yan, and Liyan Yang, 2013, Asset-pricing implications of dividend volatility, Management Science, 59(9), 2036-2055.

29. Han, Bing, and Liyan Yang, 2013, Social networks, information acquisition, and asset prices, Management Science, 59(6), 1444-1457.

30. Li, Yan, and Liyan Yang, 2013, Prospect theory, the disposition effect, and asset prices, Journal of Financial Economics, 107(3), 715-739.

31. Li, Yan, and Liyan Yang, 2011, Testing conditional factor models: A nonparametric approach, Journal of Empirical Finance, 18(5), 972-992.

32. Tian, Guoqiang, and Liyan Yang, 2009, Theory of negative consumption externalities with applications to the economics of happiness, Economic Theory, 39(3), 399-424.

33. Ganguli, Jayant Vivek, and Liyan Yang, 2009, Complementarities, multiplicity, and supply information, Journal of the European Economic Association, 7(1), 90-115.

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