LU Yao

Department of Finance    Professor

Vice Chair, Department of Finance


Office:B304 Lihua Building

Office Hours:Thu. 16:00-18:00

Educational Background

2003 - 2009


Stephen M. Ross School of Business, University of Michigan – Ann Arbor

Ph.D. in Business Economics


2001 - 2003


Leonard N. Stern School of Business, New York University

M.S. in Statistics (Concentration: Financial Engineering)


1996 - 2000


Central University of Finance & Economics, Beijing, China

B.A. in Economics



Work Experience

Professor in Finance in the School of Economics and Management at Tsinghua University.



Corporate Finance, Mergers and Acquisitions, Corporate Governance and Finance Seminar


Research Areas

Corporate Finance, Labor and Finance, Mergers and Acquisitions, Corporate Governance, Law and Finance, Financial Market Development, Corporate Governance Reforms and International Financial Markets



1. “How does improvement in commuting affect employees? Evidence from a Natural Experiment, with Xinzheng Shi, Jagadeesh Sivadasan and Zhufeng Xu,Review of Economics and Statistics, January, 2024,Volume 106, Issue 1, Pages 53-67.

2. “External Financing, Technological Changes, and Employees”, 2023, Accepted by Review of Finance, with E. Han Kim, Yuan Li, and Xinzheng Shi

3. “Can investment incentives crowd out innovation? Evidence from China”, 2023, Accepted by Economic Development and Cultural Change, with Shaowei Ke, Xinzheng Shi, and Yeqing Zhang.

4. “How does stock liquidity affect corporate tax noncompliance? Evidence from China”, Journal of Comparative Economics, with E. Ham Kim, Xinzheng Shi and Dengjin Zhen, September 2022, Volume 50, Issue 3, Pages 688-712.

5. "CEOs and the product market: When are powerful CEOs beneficial?", Journal of Financial and Quantitative Analysis (首页论文,Lead Article, 学院英文A+期刊), with Minwen Li and Gordon M. Phillips, December 2019, 54(6): Page 2295 - 2326.

6. “Trade liberalization and corporate income tax avoidance”,with Wenjing Gao and Xinzheng Shi, October 2019, Economic Inquiry 57(4): Page 1963-1980.

7.  “Does independent directors’ CEO experience matter?” at Review of Finance (学院英文A期刊), with Shinoo Kang and E. Han Kim, 2018, 22(3): Page 905-949.

8. “Executive suite independence: Is it related to board independence?”, Management Science (学院英文A+期刊), with E. Han Kim, 2018, 64(3): Page 1015-1033.

9. "CEO connectedness and corporate fraud", Journal of Finance (学院英文A+期刊), with  Vikramaditya Khanna and E. Han Kim, 2015, 70 (3): Page 1203-1252.

10. “How do investors respond to Green Company Awards in China?”, Ecological Economics (SSCI, 影响因子:4.28), with Thomas Lyon, Xinzheng Shi and Qie Yin , 2013, 94: Page 1-8 (首页论文,Lead Article).

11.  “Corporate governance reforms around the world and cross-border acquisitions” Journal of Corporate Finance (学院英文A期刊), with E. Han Kim, 2013, 22: Page 236-253.

12. “Corporate governance reform and state ownership: Evidence from China” Asia-Pacific Journal of Financial Studies (SSCI), with Xinzheng Shi, 2012, 41(6): Page 665-695 (首页论文,Lead Article).

13. “CEO ownership, external governance, and risk-taking”,Journal of Financial Economics (学院英文A+期刊), with E. Han Kim, 2011,102 (2): Page272-292.

14. “Is chief executive officer power bad?” Asia-Pacific Journal of Financial Studies (SSCI), with E. Han Kim, 2011, 40 (4): Page 495-516 (首页论文,Lead Article).