Pagano and Zechner 2021 Prize Won by Professor Xiaoyun Yu


Recently, the paper "The Externalities of Corruption: Evidence from Entrepreneurial Firms in China" was awarded the 2021 Review of Finance Pagano and Zechner Prize, as announced by the European Finance Association (EFA). It was co-authored by Professors Xiaoyun Yu (Professor of Finance; SAIF), Mariassunta Giannetti (Professor of Finance; Stockholm School of Economics), Liao Guanmin (Professor of Accounting; School of Business, Renmin University), and Jiaxing You (Professor, School of Management, Xiamen University).

The Review of Finance Pagano and Zechner Prize was established by the EFA to laud the best non-investment paper published in EFA's journal, the Review of Finance. This was the first time that the award had been given to a paper focusing on corporate finance in China, which was based entirely on data from Chinese companies.