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Yan, Hong

Professor of Finance
Shanghai Advanced Institute of Finance


Educational Background

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.


Hong Yan is Professor of Finance at Shanghai Advanced Institute of Finance (SAIF), Shanghai Jiao Tong University, where he served as Deputy Dean and as Deputy Director for China Academy of Financial Research. 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.

Honors / Achievements

His research focuses on the areas of credit risk, asset pricing, derivatives securities, portfolio choice, and risk 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.

Short BIO

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”.



  • Dragon Tang, Hong Yan, Forthcoming, Understanding Transaction Prices in the Credit Default Swaps Market, Journal of Financial Markets.
    Murray Carlson, David Chapman, Ron Kaniel, Hong Yan, 2015, Asset Return Predictability in a Heterogeneous Agent Equilibrium Model, Quarterly Journal of Finance.
    Feng Tian, Dragon Tang, and Hong Yan , 2015, Internal Control Quality and Credit Default Swap Spreads, Accounting Horizons.
    Lorenzo Garlappi, Hong Yan, 2011, Financial Distress and the Cross Section of Equity Returns, Journal of Finance.
    Dragon Tang, Hong Yan, 2010, Market Conditions, Default Risk and Credit Spreads, Journal of Banking and Finance.
    Hong Yan, 2009, Estimation Uncertainty and the Equity Premium, International Review of Finance.

Working Paper

  • Hong Yan with Weidong Tian, Heterogeneous Beliefs, Competition, and the Viability of Financial Innovation.
    Hong Yan with Pantisa Pavabutr, Foreign Portfolio Flows and Emerging Market Returns: Evidence from Thailand.
    Hong Yan with Dragon Tang, Liquidity and Credit Default Swap Spreads.
    Hong Yan with Jennifer Huang and Kelsey Wei, Investor Learning and Mutual Fund Flows .
    Hong Yan with Senyo Tse, Analysts’ Incentives and Systematic Forecast Bias .
    Hong Yan with Shisheng Qu and Laura Starks, Risk, Dispersion of Analyst Forecasts and Stock Returns.
    Hong Yan with Murray Carlson, David Chapman and Ron Kaniel, Specification Error, Estimation Risk, and Conditional Portfolio Rules.
    Hong Yan with Murray Carlson, David Chapman and Ron Kaniel, Asset Return Predictability in a Heterogeneous Agent Equilibrium Model.
    Hong Yan with Terry Marsh, The Equilibrium Risk Structure of Interest Rates.
    Hong Yan , Uncertain Growth Prospects, Estimation Risk, and Asset Prices.
    Hong Yan , Predictability of Equity Returns: An Equilibrium Perspective.
    with Susan Shan and Dragon Tang, Did CDS Make Banks Riskier? The Effects of Credit Default Swaps on Bank Capital and Lending.
    with Min Qi and Deming Wu, Credit Default Swaps and Loss Given Default: Has the CDS Market Affected the Recovery Rate of US Corporate Defaults?.
    wiith Dragon Tang, What Moves CDS Spreads?.