Fang (Frank) Yu


699 HongFeng Rd,                                                                                           Phone:(86)2128905614

Shanghai, 201206, China                                                                                Email:



Professor of Finance, China Europe International Business School, Shanghai, China, since 2018

Assistant/Associate Professor of Finance, China Europe International Business School, Shanghai, China, 2009-2018

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

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



1.      “Entrusted Loans: A Close Look at China’s Shadow Banking System”, with Franklin Allen, Yiming Qian, and Guoqian Tu, Journal of Financial Economics, 2019

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

-     Featured in Nobel Lecture by Thaler in December 2017

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

-          Featured in Harvard Business Review, and Washington Post

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

-          The China Finance Association Conference Best Paper Award on Corporate Finance, 2013

-          China International Conference in Finance Best Paper Award, 2013

5.      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, Economist, and CNBC

6.      “Tunneling or not? The Change of Legal Environment on the Effect of Post-privatization Performance of Chinese Firms”, with Guoqian Tu, Journal of Business Ethics, 2015

7.      “Corporate Lobbying and Fraud Detection”, with Xiaoyun Yu, Journal of Financial and Quantitative Analysis, 2011

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

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

-          Journal of Consumer Research Best Paper of the Year Award finalist

-          Featured in The New York Times

10.  “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

11.  “Does Finance Displace Social Networks?”, with Henrik Cronqvist and Mitch Warachka

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

13.  “Standing out from the Crowd: the Real Effect of Outliers”, with Qianqian Du and Xiaoyun Yu

14.  “Late-Stage Private Equity Investment as a Non-Market Strategy: Evidence from Chinese pre-IPO Firms”, with Yuan Ding, Hua Zhang, and Yu Zhang

15.   “Breaking up from within: Management Control System Design in Transforming Organization into a Platform-Oriented Strategy”, with Yuhchang Hwang, Jian Han and Dingbo Xu


Courses Taught

Investment, MBA course, China Europe International Business School, since 2018

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

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

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 and 2018

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