杨之曙
教育部“”
金融系 教授
金融系系主任
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电邮yangzhsh@sem.tsinghua.edu.cn
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工作经历： 2001-2004年，清华大学经济管理学院讲师；2004年-2009年，清华大学经济管理学院副教授，2009年至今，清华大学经济管理学院教授。2001年，香港科技大学管理学院访问；2007年，麻省理工学院斯隆管理学院访问。

期刊论文：研究成果发表在Journal of Finance, Review of Financial Studies,Journal of Financial and Quantitative Analysis, Journal of Financial Markets, Journal of Corporate Finance, Journal of Banking and Finance, China Economic Review等国际顶尖和一流学术期刊。

研究兴趣：金融市场微观结构，行为金融，银行与金融机构。

研究项目：多项科研项目获得了国家自然基金，清华大学人文社科研究基金，汇丰银行等基金支持。

获奖情况：2017年，研究论文"Informed Trading Volume and Asset Prices: The Role for Aggressive Investors"获得2017 China Financial Research Conference最佳论文奖；2015年，研究论文"Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State Controlled Banking System"获首届孙冶方金融创新奖；2014, 研究论文"Investor Trading During the Chinese Warrants Bubble"在2014 AsianFA Annual Conference获得 CFA Institute Asia Pacific Capital Markets Research Award；2009，研究论文"Why Investors Do not Buy Cheaper Securities? -An Analysis of Trading by Individual Investors in Chinese Stock Market"获得2009 The China Finance Association(TCFA) Annual Conference 最佳论文奖；2003, 研究论文"Evidence on the Foreign Share Discount Puzzle in China: Liquidity or Information Asymmetry" 获得美国2003 Eastern Finance Association （EFA） Annual Conference最佳论文奖；2002，研究论文"Ownership Structure, Bid-Ask Spreads, and Market Liquidity-Evidence from Chinese Stock Markets"获得2002年Global Finance Annual Conference最佳论文奖；2002，获得清华大学优秀博士论文。

学术服务：担任Journal ofFinance, Review of Financial Studies, Reviewof Economic Studies,Management Science, Journal of Fnancal and Quantitative Analysis, Journal of Financial Markets, Journal of Financial Intermediation, Journal of Banking and Finance, Journal of Corporate Finance, Pacific Basin Finance Journal, China Economic Review, Emerging Markets Finance and Trade等国际期刊匿名评审人，同时还是Journal of Financial Regulation and Compliance期刊编辑顾问委员，《经济学报》的副主编，《中国金融评论》的副主编，以及中国金融学术研究网的执行主编。

讲授课程：金融市场微观结构（博士生、硕士生）、证券分析与投资组合管理（硕士生）、投资学（MBA）、金融市场计量学（博士生、硕士生）、管理经济学（EMBA、MBA）、金融市场与投资决策（EMBA）。

人才培养：培养的研究生绝大多数到海外一流大学继续攻读金融学博士学位，如Northwestern Kellogg, Chicago Booth, Stanford GSB，NYU Stern, Harvard HBS，LSE，Boston College，Alberta，Leeds，HKUST；少部分到政府机构和企业工作。
期刊论文（国际）
Neil Pearson, Zhishu Yang and Qi (Jacky) Zhang, 2020, "The Chinese Warrants Bubble: Evidence from Brokerage Account Records",Review of Financial Studies, forthcoming.
Kalok Chan, Baolian Wang, and Zhishu Yang, 2019, "Why InvestorsDo NotBuy Cheaper Securities? Evidence from a Natural Experiment", Journal ofBanking and Finance, 101, 59-76.
Jun "QJ" Qian, Philip E. Strahan, and Zhishu Yang, 2015, "The Impact of Incentives and Communication Costs on Information Production and Use: Evidence from Bank Lending",Journal of Finance 70, 1457-1493.
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 and Money 34, 55-68.
Darren Duxbury, Robert Hudson, Kevin Keasey, Zhishu Yang, and Songyao Yao, 2013, "How prior realized outcomes affect portfolio decisions", Review of Quantitative Finance and Accounting 41, 611-629.
Winnie Peng, K.C. John Wei and Zhishu Yang, 2011, "Tunneling or Propping: Evidence from Connected Transaction in China", Journal of Corporate Finance 17, 306-325.
Warren Bailey, Victor Wei 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 44, 1795-1830.
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, 158-177.
Kuan-Pin Lin, Albert Menkveld and Zhishu Yang, 2009, "Chinese and the World Equity Markets: A Review of Volatilities and Correlations in the First Fifteen Years", China Economic Review 20, 29-45.
Kalok Chan, Albert Menkveld and Zhishu Yang, 2008, "Information Asymmetry and Asset Prices: Evidence from the China Foreign Share Discount", Journal of Finance 63, 159-196.
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.
工作论文
Christian T. Lundblad, Zhishu Yang and Qi (Jacky) Zhang, 2019, "Informed Trading Volume and Asset Price: TheRolefor Aggressive Investors", Working paper.
Viral V. Acharya, Jun (QJ) Qian and Zhishu Yang, 2019, "In the Shadow of Banks: Wealth Management Products and Issuing Banks' Risk in China". Workingpaper.