Department of Finance    Associate Professor

Vice Chair



Office:B326 Lihua Building

Office Hours:Wed. 17:00 - 18:00

Educational Background

University of Minnesota Twin Cities, Ph.D in Finance, 2013  

Georgia Institute of Technology, Master of Economics, and Master of Statistics, 2008

Nankai University, Bachelor of Finance, 2006


Work Experience

Tsinghua University School of Economics and Management, Associate Professor of Finance, 2018 to present

Tsinghua University School of Economics and Management, Assistant Professor of Finance, 2013-2017



Corporate Finance, Case Analysis in Corporate Finance, Finance Theory, Finance Practice in China


Research Areas

Corporate Finance, Financial Markets



Journal Articles

1.      "Investment and the Weighted Average Cost of Capital", with Murray Frank,  Journal of Financial Economics, Volume 119, Issue 2, February 2016, Pages 300-315, ISSN 0304-405X, dx.doi.org/10.1016/j.jfineco.2015.09.001

2.      "Private Equity Firm Heterogeneity and Cross-Border Acquisitions", with Hoan Soo Lee and Isaac Holloway, International Review of Economics and Finance, Volume 44, July 2016, Pages 118-141,  dx.doi.org/10.1016/j.iref.2016.04.001

3.       "Credit Spreads and Investment Opportunities", (solo author),  Review of Quantitative Finance and Accounting,  Volume 48, Issue 1, January 2017,  Pages 117-152,  dx.doi.org/10.1007/s11156-015-0545-x

4.       "Organized Labor and Loan Pricing: A Regression Discontinuity Design Analysis", with Yue Qiu, Journal of Corporate Finance, Volume 43, April 2017, Pages 407-428, dx.doi.org/10.1016/j.jcorpfin.2017.02.007

5.  “壳溢价:错误定价还是管制风险”; 屈源育, 吴卫星,《金融研究》,2018

6.    "上市公司壳价值与资源配置效率”; 屈源育, 吴卫星,《会计研究》,2018

7.   “IPO 还是借壳:什么影响了中国企业的上市选择”; 屈源育, 吴卫星,《管理世界》,2018

8.      "Going Public in China: Reverse Mergers versus IPOs", with Charles M.C. Lee and Yuanyu Qu, Journal of Corporate Finance, Volume 58, October 2019, Pages 92-111, dx.doi.org/10.1016/j.jcorpfin.2019.04.003

9.       "Corporate Capital Structure Actions", with Murray Frank, Journal of Banking and Finance,  Volume 106, September 2019, Pages 384-402,  dx.doi.org/10.1016/j.jbankfin.2019.07.014

10.  “中国初创企业的融资现状与困境”, Charles M.C. Lee, Lin William Cong, 屈源育, 《清华管理评论》,2019

11.  "Financing Entrepreneurship and Innovation in China", with Charles M.C. Lee, Lin William Cong and Yuanyu Qu, Foundations and Trends In Entrepreneurship, Volume 16: No. 1, Pages 1-64, 2020.

12.  "The Pecking Order Theory of Capital Structure", with Murray Frank, and Vidhan Goyal, Oxford Research Encyclopedia of Economics and Finance. Oxford University Press, 2020.

13. “Short Selling, Agency, and Corporate Investment”, with Pedram Nezafat, and Qinghai Wang, Financial Management, Volume50, Issue3, Autumn (Fall) 2021, Pages 775-804

14.  “The Geography of Information Acquisition”, with Honghui Chen,Yuanyu Qu,Qinghai Wang,and David Xiaoyu Xu, Journal of Financial and Quantitative Analysis, accepted, 2021

15.  “Geographic Proximity and Price Efficiency: Evidence from High-speed Railway Connections Between Firms and Financial Centers” with Hao Gao, and Yuanyu Qu, Financial Management, accepted, 2021, dx.doi/10.1111/fima.12354

16. “Longs, Shorts, and the Cross-Section of Stock Returns”, with Mahdi Nezafat, Qinghai Wang and JulieWu, Journal of Banking and Finance, accepted, 2022.


Industry Experience




China Financial Research Conference Best Paper Award, China Decision Science Annual Meeting Best Paper Award