Wenhao Yang is an Assistant Professor of Finance at the School of Management and Economics (SME). He received his doctorate degree in Finance from the University of Utah. Prof. Yang's research interests are in the area of empirical and experimental financial economics. They include but are not confined to: empirical asset pricing, experimental finance, corporate innovation, and institutional investors. His recent work has been centered on the behavior of the institutional and retail investors in the mutual fund industry, information transmission in the decentralized markets, the impact of common institutional ownership on M&A competition, and corporate innovation and products. He is also involved in experimental research on the interaction between humans and robots in financial markets. His papers have received best paper awards at the Financial Management Association and the 2019 Joint Conference of Allied Korea Finance Associations.

Awards and Honors
  • 2019
  • 2017
  • 2015
  • 2014
  • 01


    Provost Research Award

  • 02


    Fondation Banque de France Grant

  • 03


    FMA Best Paper in Financial Markets and Institutions

  • 04


    Student Teaching Excellence Award

  • 05


    AFA Travel Award

Academic Publications


  1. 1.  "The Persistence of Fee Dispersion among Mutual Funds," with Michael Cooper and Michael Halling, forthcoming, The Review of Finance

  2. 2.  "RQ Innovative Efficiency and Firm Value," with Michael Cooper and Anne Marie Knott, forthcoming, Journal of Financial and Quantitative Analysis

Working Papers:

1.  "Costly Information Acquisition in Decentralized Markets: An Experiment," with Elena Asparouhova and Peter Bosssaerts 2019.
2.  "Institutional Co-Ownership and Competition in Mergers and Acquisitions," with Mohammad Irani and Feng Zhang 2019
3.  "Private Equity Funds and Firm Products," with Feng Zhang 2019
4.  "Humans in Charge of Trading Robots: The First Experiment," with E. Asparouhova, P. Bosssaerts, K. Rotaru, T. Wang, N. Yadav 2020
5.  "Measuring (In)Attention to Mutual Fund Fees: Evidence from Experiments," with Hugh Kim 2019
6.  "The Impact of Imperfect Foresight on Asset Prices and Allocations," with Peter Bossaerts and Felix Fattinger 2019
7.  "Mutual Fund Management: Does Active Management Pay?" 2017

Media Coverage:

1. Bloomberg, November 13, 2019 , "If You Own Everything, Why Merge?," Matt Levine

2. The New York Times, July 14, 2017, ``Lower Fees Are Great, if You Actually Get Them,'' M.P. Dunleavey

3. Wall Street Journal, December 4, 2016, ``Similar Mutual Funds–but Very Different Fees,'' Micah Hauptman

4. Barron's, December 8, 2016, ``Mutual Funds Milk Investors, CFA Says''