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Yuan, Kathy

Professor of Finance
London School of Economics and Political Science


Educational Background

Ph.D. in Economics, Massachusetts Institutes of Technology


Professor Yuan has been Professor of Finance at London School of Economics and Political Science since 2009. She was previously Assistant Professor of Finance at Stephen M. Ross School of Business at the University of Michigan, 2000-2009

Honors / Achievements

Paul Wolley Center Best Working Paper award Houblon-Norman Fellowship at the Bank of England

Short BIO

Professor Yuan’s research is in the area of developing new asset pricing theories with heterogeneous information and market frictions and testing their empirical implications. Her articles have appeared in leading journals including the Journal of Finance, Review of Financial Studies, and Review of Economic Studies. As a member of FMG and CEPR, she has received Houblon-Norman Fellowship at the Bank of England.


  • "Asymmetric Price Movement and the Borrowing Constraint: A REE Model of Crises, Contagion, and Confusion," 2005, Journal of Finance 60 (1): 379-411. Nominated for Smith Breeden Prize for the best paper published in the Journal of Finance in 2005.

    “The Liquidity Service of Benchmark Securities,” 2005, Journal of European Economic Association 3 (5): 1156 – 1180.

    “How Do Crises Spread? Evidence from Accessible and Inaccessible Stock Indices” with Brian Boyer and Tomomi Kumagai, 2006,Journal of Finance 61 (2): 957-1003.

    “Are Investors Moonstruck? Lunar Phases and Stock Returns” with Lu Zheng and Qiaoqiao Zhu, 2006, Journal of Empirical Finance, 13 (1): 1-23.

    “Do Sovereign Bonds Benefit Corporate Bonds in Emerging Markets” with Bob Dittmar, 2008, Review of Financial Studies, 21(5) 1983-2014.

    “Feedback Effects and Asset Prices” with Emre Ozdenoren, 2008, Journal of Finance, 63(4), 1939-1975.

    “On the Growth Effect of Stock Market Liberalizations” with Nandini Gupta, 2009, Review of Financial Studies, 22(11), 4715-4752.

    “Learning and Strategic Complementarities in Speculative Attacks” with Itay Goldstein and Emre Ozdenoren 2011, Review of Economic Studies. 78(1), 263-292