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杨之曙

金融系    教授

教育部长江学者特聘教授

电话:(86)(10)62771769

办公室:李华楼 B312

邮箱:yangzhsh@sem.tsinghua.edu.cn

教育经历


9/1997–1/2001    清华大学经济管理学院经济学博士

9/1992–7/1995    清华大学经济管理学院经济学硕士

9/1984–7/1988    哈尔滨工业大学工学学士

   



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工作经历



2009至今       清华大学经济管理学院教授

   

2004-2009       清华大学经济管理学院副教授

   

2001 – 2004      清华大学经济管理学院讲师

   

1/2007–6/2007     麻省理工学院斯隆管理学院访问学者


11/2001–12/2001   香港科技大学管理学院访问学者

   



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讲授课程

金融市场微观结构、证券分析与投资组合管理、投资学、金融市场计量学、管理经济学、金融市场与投资决策


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研究领域

金融市场微观结构、行为金融、银行与金融机构


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学术成果

Publication

  1. Neil Pearson, Zhishu Yang and Jacky Qi Zhang, 2021, “The Chinese Warrants Bubble: Evidence from Brokerage Account Records”, Review of Financial Studies 34, 264-312.

  2. Kalok Chan, Baolian Wang and Zhishu Yang, 2019, “Why Investors Do not Buy Cheaper Securities?  Evidence from a Natural Experiment”, Journal of Banking and Finance 101, 59-76.

  3.  Jun “QJ” Qian, Philip E. Strahan, and Zhishu Yang, 2015, “The Impact of Incentives and Communication Costs on Information Production: Evidence from Bank Lending”, Journal of Finance 70, 1457-1493.

  4. Darren Duxbury, Robert Hudson, Kevin Keasey, Zhishu Yang, and Songyao Yao, 2015, “Do the Disposition and House Money Effects Coexist? A Reconciliation of Two Behavioral Biases”, Journal of International Financial Markets, Institutions & Money 34,55-68.

  5. Darren Duxbury, Robert Hudson, Kevin Keasey, Zhishu Yang, and Songyao Yao, 2013, How prior realized outcomes affect portfolio decisions, Review of Financial Quantitative and Accounting 41, 611-629.

  6. Warren Bailey, Victor Huang and Zhishu Yang, 2011, “Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State-Controlled Banking System”, Journal of Financial and Quantitative Analysis 46(6), 1795–1830.

  7. Winnie Peng, K. C. John Wei, and Zhishu Yang, 2011, “Tunneling or Propping: Evidence from Connected Transactions in China”, Journal of Corporate Finance 17, 306-325.

  8. Jingyun Ma, Fengming Song, Zhishu Yang, 2010, "The dual role of the government: securities market regulation in China 1980-2007", Journal of Financial Regulation and Compliance 18(2), 158 – 177.

  9. Kuan-Pin Lin, Albert Menkveld and Zhishu Yang, 2009, "Chinese and World Equity Markets: A Review of the First Fifteen Years", China Economic Review 20(1), 29-45.

  10. Chan, Kalok, Albert J. Menkveld, and Zhishu Yang, 2008, Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount, Journal of Finance 63(1), 159-196.

  11. Kalok Chan, Albert Menkveld and Zhishu Yang, 2007, “The informativeness of domestic and foreign investors’ stock trades: Evidence from the perfectly segmented Chinese market”, Journal of Financial Markets 10, 391-415. 


Working Paper

  1. Scott Baker, Efraim Benmelech, Zhishu Yang and Jacky Qi Zhang, 2022, “Fertility and Savings: The Effect of China’s Two-Child Policy on Household Savings”, Working paper.

  2. Christian T. Lundblad, Zhishu Yang and Jacky Qi Zhang, 2022, “Detecting Insider Trading in the Era of Big Data and Machine Learning”, Working paper.

  3. Viral V. Acharya, Jun “QJ” Qian, Yang Su, and Zhishu Yang, 2022, “Fiscal Stimulus, Deposit Competition, and the Rise of Shadow Banking: Evidence from China”, Working paper.

  4. Christian T. Lundblad, Zhishu Yang and Jacky Qi Zhang, 2020, “Informed Trading Volume and Asset Prices: The Role for Aggressive Investors”, Working paper.




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其他

欢迎有志从事学术研究的本科学生联系。


近年培养的硕士学生继续到国际一流商学院攻读金融学博士学位,包括:Yale SOM, Northwestern Kellogg, Chicago Booth, Stanford GSB, NYU Stern, Harvard HBS, LSE, Boston College, Rochester, Alberta, HKUST, Leeds,INSEAD, Toronto.


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