203.432.6277

Associate Professor of Finance

The focus of Professor Yan's current research is to better understand the behavior of asset prices by incorporating bounded rationality, heterogeneous beliefs, reputation, learning and market imperfections etc. into standard asset pricing framework. This year Professor Yan teaches Financial Instruments and Contracts.

Achievements and Awards
NASDAQ OMX Award for the Best Paper on Asset Pricing at WFA, 2011
Whitebox Advisors Grant, 2006, 2008
Finalist, Lehman Brothers Fellowship for Research Excellence in Finance, 2004
Kaplanis Fellow, London Business School, 2003-2004
PhD Scholarship, London Business School, 2000-present
Antai Scholarship, Beijing University, 1997-1998

Selected Articles
The Behavior of Individual and Aggregate Stock Prices," Mathematics and Financial Economics, forthcoming

"Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion" (with S. Basak), Review of Economic Studies, Vol. 77, 914–936, 2010

"Heterogeneous Expectations and Bond Markets"(with W. Xiong), Review of Financial Studies, Vol. 23, 1405-1432, 2010

"Is Noise Trading Cancelled Out by Aggregation?" Management Science, Vol. 5, No. 7, 1047–1059, 2010

"Natural Selection in Financial Markets: Does It Work?" Management Science, Vol. 54, No. 11, 1935-1950, 2008

Working Papers
"Collateral-motivated Financial Innovation" (with J. Shen and J. Zhang)

"Anticipated and Repeated Shocks in Liquid Markets" (with D. Lou and J. Zhang)

"Reputation Concerns and Slow-Moving Capital" (with S. Malliaris)

"Does Stock Ownership Breadth Measure Hidden Negative Information or Sentiment?" (with J. Choi and L. Jin)

"The Impact of Earnings Surprises on Stock Returns: Theory and Evidence" (with P. Patatoukas)

"Uncertainty and Valuations" (with M. Cremers)

Education
PhD London Business School, 2005
MS Beijing University, 1998
BS Nankai University, 1995