Fan Yang

Associate Professor

Finance

Fan Yang is an associate professor in the Department of Finance. He earned his Ph.D. in finance from the Carlson School of Management at the University of Minnesota in 2011. His research interests include theoretical and empirical asset pricing and macrofinance.

Education
Ph.D. in Finance, Carlson School of Management, University of Minnesota, 2005-2011
M.Sc. in Physics, McGill University, Canada, 2003-2005
B.Sc. in Physics, Peking University, China, 1999-2003

Teaching
Financial Management (Undergraduate), 2026
Financial Derivatives and Risk Management (Undergraduate), 2024
Financial Institutions-Risk Management (MS in Financial Risk Management), 2015-present
Theory of Financial Markets and Valuation (PhD), 2021-present

Selected Publications

“Optimal Capital Structure and Risk Management Policies of Banks That Use CoCo Futures to Hedge Financial-Sector Risk” with Robert S. Goldstein, 2024, Review of Finance, 28(1), 235-270.

“Is the Credit Spread Puzzle a Myth?” with Jennie Bai and Robert S. Goldstein, 2020, Journal of Financial Economics, 137(2), 297-319.

“External Equity Financing Costs, Financial Flows, and Asset Prices”, with Frederico Belo and Xiaoji Lin, 2019, Review of Financial Studies, 32(9), 3500-3543.

“The Leverage Effect and the Basket-Index Put Spread” with Jennie Bai and Robert S. Goldstein, 2019, Journal of Financial Economics, 131(1), 186-205.

“Investment Shocks and the Commodity Basis Spread”, 2013, Journal of Financial Economics, 110(1), 164-184.

“On the Relative Pricing of Long Maturity Index Options and Collateralized Debt Obligations”, with Pierre Collin-Dufresne and Robert S. Goldstein, 2012, Journal of Finance, 67(6), 1983-2014.