余剑峰
建树金融学讲席教授
清华大学金融科技研究院副院长
清华大学国家金融研究院资产管理研究中心主任
中国 北京（100083）
清华大学五道口金融学院
Email: yujf@pbcsf.tsinghua.edu.cn

https://sites.google.com/site/yujianfengaca


简历






教育背景
2003-2008 宾夕法尼亚大学，沃顿商学院，金融学，博士学位
2000-2003 耶鲁大学，统计学，2001 年获得硕士学位， 2003 年博士论文开题通过
1996-2000 中国科技大学，概率与统计学，学士学位

工作经历
2016 至今 清华大学五道口金融学院，建树讲席教授
2019 至今 清华大学金融科技研究院副院长
2017 至今 清华大学国家金融研究院资产管理研究中心主任
2015-2016 香港中文大学（深圳），经管学院，金融学教授，执行副院长
2014 秋 清华大学五道口金融学院，访问教授
2008-2017 明尼苏达大学，卡尔森管理学院，金融学，助理教授, 副教授(终身教授),
正教授，Piper Jaffray 讲席教授

其他职位
2011.10 至今 美国联邦储蓄银行，研究员


主要研究领域
行为金融学
量化投资策略
市场摩擦中的资产定价
国际市场
基于经济周期模型的资产定价


发表成果
1. Investor Sentiment and the Mean-Variance Relation, (with Yu Yuan), Journal of Financial Economics 100, May 2011, pp. 367-281

2. Investor Attention, Psychological Anchors, and Stock Return Predictability (with Jun Li), Journal of Financial
Economics104, May 2012, pp. 401-419
3. The Short of It: Investor Sentiment and Anomalies (with Rob Stambaugh, and Yu Yuan), Journal of Financial Economics104, May 2012, pp. 288-302
· Inaugural AQR Insight Award, honorable mention, 2012
· RWC Marshall Blume Prize, honorable mention, 2011
4. Using Long-Run Consumption-Return Correlations to Test Asset Pricing Models, Review of
EconomicDynamics15, July 2012, pp. 317-335
5. Technological Growth and Asset Pricing, (with Nicolae Garleanu andStavros Panageas), Journal of Finance 67,
August 2012, pp. 1265-1292
· Smith-Breeden Prize (First Prize), 2012
6. Government Investment and the Stock Market (with Frederico Belo), Journal of Monetary Economics 60, April
2013, pp. 325-339
7. A Sentiment-based Explanation of the Forward Premium Puzzle, Journal of Monetary Economics 60, May
2013, pp.474-491
8. Uncertainty, Risk, and Incentives: Theory and Evidence, (with Zhiguo He, Si Li and Bin Wei), Management
Science 60, January 2014, pp. 206-226
· 3rd Annual TCFA Best Paper Award, 2012
9. The Long of It: Odds That Investor Sentiment Spuriously Predicts Anomaly Returns, (with Rob Stambaugh and Yu
Yuan), February 2014, Journal of Financial Economics 114, December 2014, pp. 613-619
10. Financial Entanglement: A Theory of Incomplete Integration, Leverage, Crashes, and Contagion (with Nicolae
Garleanu and Stavros Panageas), July 2015, American Economic Review 105, pp. 1979-2010
11. Arbitrage Asymmetry and the Idiosyncratic Volatility Puzzle (with Rob Stambaugh and Yu Yuan), October 2015,
Journal of Finance 70, pp. 1903-1948
12. Asset Pricing in Production Economies with Extrapolative Expectations (withDavid Hirshleifer and Jun Li),
November 2015, Journal of Monetary Economics 76, pp. 87-106
13. Short- and Long-Run Business Conditions and Expected Returns (with Qi Liu, Libin Tao and Weixing
Wu),December 2017,Management Science63, pp. 4137-4157.
14. Reference-Dependent Preferences and the Risk-Return Trade-off (with Huijun Wang and Jinghua Yan), February
2017, Journal of Financial Economics 123, pp.395-414
· Q-Group Research Award, 2012
· Chicago Quantitative Alliance Academic Competition, Third Prize, 2014
15. Optimal Long-Term Contracting with Learning, (with Zhiguo He, Bin Wei, and Feng Gao), October 2017, Review
of Financial Studies 30, pp. 2006-2065
16. Investor Sentiment and Economic Forces (with Junyan Shen and Shen Zhao), April 2017, Journal of Monetary
Economics 86, pp.1-21, Lead Article
· Chicago Quantitative Alliance Academic Competition, First Prize, 2012
· Crowell Memorial Prize (Third Prize), PanAgora Asset Management, 2013
· TCFA Best Paper Award, 2013
17. Lottery-Related Anomalies: The Role of Reference-Dependent Preferences (with Li An, Huijun Wang, and Jian
Wang), Management Science, Forthcoming
a. CQAsia Academic Competition, First Prize, 2016
18. Impediments to Financial Trade: Theory and Applications (with Nicolae Garleanu and Stavros Panageas),
May 2019, Review of Financial Studies, Forthcoming
19. Time‐Varying Demand for Lottery: Speculation Ahead of Earning Announcements (with Bibo Liu, Huijun
Wang and Shen Zhao), November 2019, Journal of Financial Economics, Forthcoming


工作论文
1. Drifting Apart: The Pricing of Assets when the Benefits of Growth are not Shared Equally (with Nicolae
Garleanu, Stavros Panageas, and Dimitris Papanikolaou), August 2015
2. Aggregate Expected Investment Growth and Stock Market Returns (joint with Jun Li and Huijun Wang),
December 2019
3. Characteristics‐Based Factors (with Zhuo Chen, Bibo Liu, Huijun Wang, Zhengwei Wang), January 2020
4. Investor Sentiment and the Pricing of Characteristics‐Based Factors (with Zhuo Chen, Bibo Liu, Huijun Wang
and Zhengwei Wang), February 2020
5. Priming and Stock Preferences: Evidence from IPO Lotteries (with Conghui Hu, Yu‐Jane Liu, and Xin Xu),
December 2019


讲授课程
清华大学五道口金融学院, 指导教师
行为金融学(金融PhD), 2018
行为金融学(金融GFD, 和各种高管教育项目), 2016~2018
行为金融学(金融硕士), 2014, 2018
数据分析与创业抉择I (金融MBA), 2018
数据分析与创业抉择II (金融MBA), 2017, 2018
明尼苏达大学,卡尔森管理学院，指导教师
行为金融学(本科和MBA), 2014, 2015
公司财务中的期权(本科), 2010 – 2013
企业金融决策(本科), 2009
资本市场理论(博士), 2010 – 2013
实证资产定价(博士), 2012
宾夕法尼亚大学,沃顿商学院，助教
金融学实证研究(博士), 2006 – 2008
货币经济学与全球经济(MBA) 2006 – 2007
固定收益证券(MBA), 2004
基金投资(MBA), 2005 – 2006
投资与交易(MBA), 2005


荣誉与奖项
Keynote Address: The Fifth International Workshop on Futures and Derivatives, 2016
CQAsia Academic Competition, First Prize, 2016
Keynote Address: The 7th International Workshop on Behavioral Operations Management,
Chicago Quantitative Alliance (CQA) Academic Competition, Third Prize, 2014
4th Annual TCFA Best Paper Award, 2013
Crowell Memorial Prize (Third Prize), PanAgora Asset Management, 2013
Annual Faculty Research Award, Carlson School of Management, 2012 & 2014
Smith‐Breeden Prize (First Prize), 2012
Institute for Quantitative Research in Finance (Q‐Group) Research Award, 2012
Chicago Quantitative Alliance (CQA) Academic Competition, First Prize, 2012
3rd Annual TCFA Best Paper Award, 2012
Inaugural AQR Insight Award, honorable mention, 2012
RWC Marshall Blume Prize, honorable mention, 2011
Dean’s Small Research Grant, Carlson School of Management, 2009‐2012
Sterling Prize Fellow, Yale University, 2000‐2002
The Best Senior Thesis Award, Univ. of Science & Technology of China, 2000
其他服务
Associate Editor, Journal of Economic Dynamics and Control, 2018~
Associate Editor, Financial Management, 2019~
Ph.D. Program Coordinator in Finance, 2013‐2015, University of Minnesota
Faculty Recruiting Committee, 2013‐2014, University of Minnesota
Seminar and Brownbag Organizer, 2009‐2010, University of Minnesota