Fang (Frank) Yu


699 HongFeng Rd,                                                                                           Phone:(86)21-28905614

Shanghai, 201206, China                                                                                Email:



Associate Professor of Finance, China Europe International Business School, Shanghai, China, since 2014

Assistant Professor of Finance, China Europe International Business School, Shanghai, China, 2009-2014

Research Analyst, International Active Equities, Barclays Global Investors, San Francisco, CA, 2007-2009

Senior Lecturer, Department of Finance, University of Minnesota, Minneapolis, MN, 2005-2007



University of Chicago, Graduate School of Business, Chicago, IL

Ph.D. in Finance       Committee Chair: Richard Thaler and Luigi Zingales                        December 2005

M.B.A.                                                                                                                                     March 2005

Tulane University, A.B. Freeman School of Business, New Orleans, LA

M.A. in Economics                                                                                                                   March 2000


Research Interests

Empirical corporate finance, behavioral finance, corporate governance, investor behaviors, corporate fraud



“Entrusted Loans: A Close Look at China’s Shadow Banking System”, with Franklin Allen, Yiming Qian, and Guoqian Tu, Journal of Financial Economics, Forthcoming

“When Nudges are Forever: Inertia in the Swedish Premium Pension Plan”, with Henrik Cronqvist and Richard ThalerAmerican Economic Review: Papers & Proceedings, 2018

-          Featured in Chicago Booth Review

“Shaped by Their Daughters: Executives, Female Socialization, and Corporate Social Responsibility”, with Henrik CronqvistJournal of Financial Economics, 2017

-          Featured in Harvard Business Review,, The Washington Post, The Wall Street Journal and Harvard Law School Forum

“Cultural Proximity and the Processing of Financial Information”, with Xiaoyun Yu and Qianqian Du, Journal of Financial and Quantitative Analysis, 2017

-          TCFA Award for the Best Paper on Corporate Finance, 2013

-          China International Conference in Finance Best Paper Award, 2013

“Value versus Growth Investing: Why Do Different Investors Have Different Styles?” with Henrik Cronqvist and Stephan Siegel, Journal of Financial Economics, 2015

-          Featured in The Wall Street Journal, The Economist and CNBC

“Corporate Lobbying and Fraud Detection”, with Xiaoyun Yu, Journal of Financial and Quantitative Analysis, 2012

“Analyst Coverage and Earnings Management”, Journal of Financial Economics, 2008

“Medium Maximization”, with Christopher Hsee, Jiao Zhang, and Yan Zhang, Journal of Consumer Research, 2003

-          JCR Best Paper of the Year Award finalist

-          Featured in The New York Times

“Lay Rationalism and Inconsistency Between Predicted Experience and Decision”, with Christopher Hsee, Joe Zhang, and Yiheng Xi, Journal of Behavioral Decision Making, 2003


Working Papers

 “How Do Experienced Analysts Improve Price Efficiency?”, with Ali Akoyl, Paul Hribar, and Yiming Qian

 “Last Minute Deals: Rent Seeking in IPO Market”, with Yuan Ding, Hua Zhang, and Yu Zhang


Courses Taught

Quantitative Method and Financial engineering, Finance MBA course, China Europe International Business School, 2014-2015

Corporate Finance, MBA course, China Europe International Business School, since 2009

Investment and Finance in China, Executive education course for Korean Management Association, 2012-2013

Corporate Finance Analysis and Decisions, MBA course, University of Minnesota, 2005-2007


Honors and Awards

CEIBS Research Excellence Awards, 2014

Young Economist Award, Beijing News, 2013

CEIBS Teaching Excellence Awards, 2010

Ph.D. Fellowship, University of Chicago, 2000-2004

Fellow, Russell Sage Behavioral Economics Summer Institute, 2002