Yongxiang WANG


Yongxiang WANG

Presidential Chair Professor

Education Background:
Ph.D., Finance, Columbia Business School M.A., Finance & Econ, Renmin University of China
B.A., Management, Renmin University of China
Teaching Area



Empirical Corporate Finance; Political Economy; Behavioral Economics, Organizational Economics; The Chinese Economy


1. Land Misallocation, Property Rights and Agricultural Efficiency in China (with A.V. Chari, Elaine Liu and Shing-Yi Wang), 2020. Conditionally accepted at Review of Economic Studies--VoxDev VoxChina

2. Hometown favoritism and the quality of government monitoring: Evidence from rotation of Chinese auditors (with J. Chu, R. Fisman and S. Tan), April 2020, Conditionally accepted at American Economic Journal: Applied Economics

3. Social Ties and the Selection of China's Political Elite (with R. Fisman, J. Shi and W. Wu), June, 2020, American Economic Review

4. Parasites and Paragons: Ownership Reform and Concentrated Interest among Minority Shareholders (With N. Jia, J. Shi, and CY. Wang), Forthcoming at Journal of Management Studies

5. Air Pollution, Affect, and Forecasting Bias: Evidence from Chinese Financial Analysts (with R. Dong, R. Fisman and N. Xu), 2019 Forthcoming at Journal of Financial Economics

6. Something in the Air: Pollution and the Demand for Health Insurance (with T. Chang and W. Huang), 2018, Review of Economic Studies.
7. Value Creation and Value Capture in Governing Shareholder Relationships (with N. Jia and J. Shi), 2018,Strategic Management Journal
8. The Interdependence of Public and Private Stakeholder Influence: A Study of Political Patronage and Corporate Philanthropy in China (with N. Jia and J. Shi), 2018, Advances in Strategic Management

9. Access to Migration for Rural Households (with C. Kinnan and S. Wang), 2018, American Economic Journal: Applied Economics --VoxDev

10. The Effect of Mandatory CSR disclosure on Firm Profitability and Social Externalities: Evidence from China (with Y. Chen and M. Hung), 2018, Journal of Accounting and Economics
11. Social Ties and Favoritism in Chinese Science (with R. Fisman, J. Shi and R. Xu), 2018, Journal of Political Economy
--- See "It's whom you know that counts" for a review at Science 
12. The distortionary effects of incentives in government: Evidence from China's "death ceiling" program, (with R. Fisman), 2017, American Economic Journal: Applied Economics

---New York Times (Previously circulated as "The Economics of Death Ceilings" )

--- The Economist 
--- AEA Chart of the week

13. The Dynamics of Political Embeddedness in China, (with H. Haveman, N. Jia and J. Shi)  2017, Administrative Science Quarterly

14. The mortality cost of political connections (with R. Fisman), 2015. Review of Economic Studies

---See Harvard Business Review for a summary, "The Unsafe Side of Chinese Crony Capitalism"

--- Businessweek  WSJ  NBER Digest

15. Corruption in Chinese privatizations, (with R. Fisman), 2015,  Journal of Law, Economics and Organization
--- See China Business News Daily for a summary 
16. Nationalism and economic exchange: Evidence from shocks to Sino-Japanese relations, (with R. Fisman and Y. Hamao), 2014, Review of Financial Studies
---See Caixin for a summary

17. Coinsurance within Business Groups: Evidence from Related Party Transactions in an Emerging Market, 2013 (with N. Jia and J. Shi), Management Science (Business Strategy Department)

18. Estimating the value of connections to Vice-President Cheney, (with D. Fisman, R. Fisman, J. Galef and R. Khurana), 2012, B.E. Journal of Economic Analysis & Policy (:Advances)
19. Going (more) public: Institutional Isomorphism and Ownership Reform among Chinese Firms, (with H. Haveman), 2012, Management and Organization Review
20. When Managers Can't Commit: Capital Structure under Inalienable Managerial Entrenchment, (with C. Thomas), 2011, Economics Letters
21. Trading favors within Chinese business groups, (with R. Fisman), American Economic Review (Papers&Proceedings), 2010.
22. Profiting from government stakes in a command economy: Evidence from Chinese asset sales, (with C. Calomiris and R. Fisman), Journal of Financial Economics 2010.
23. Investment with Restricted Stock and the Value of Information, (with WX Wu), Applied Mathematics and Computation, 2005.


1. Animal Spirits: Stock Market Volatility and Risk Aversion (with T. Chang and W. Huang), March, 2020

2. Target setting and allocative inefficiency in lending: Evidence from Two Chinese Banks (with Y. Cao, R. Fisman and H. Lin), 2019, NBER Working Paper W24961

3. Superstition and Risk-taking: Evidence from “Zodiac Year” Investment in China (with R. Fisman, W.Huang and Y. Pan), July 2019