Dong Yan

I am an Associate Professor of Finance (Long-Term) at Shanghai Advanced Institute of Finance, Shanghai Jiaotong University, a research fellow of the Swedish House of Finance (SHoF), and a research fellow of Centre for Economic Policy Research (CEPR). I obtained my PhD in Finance from HKUST Business School. Before joining SAIF, I held positions as an Associate Professor of Finance (with Tenure) at Rotterdam School of Management, Erasmus University, and as an Assistant Professor of Finance at the Stockholm School of Economics.

My research interests include corporate investment, the real effects of financial markets, private firms, internal capital markets, and M&A. I have written papers examining the influence of financial constraints on corporate production and inventory investment, the impact of the stock market on private firms through learning, and the role of callable bonds in mitigating debt overhang. My work has been published in leading journals, such as the Review of Financial Studies and the Review of Finance, and has received several honors, including the 2024 IQAM Prize for the best investment paper published in the Review of Finance and the 2025 Pagano and Zechner Prize for the best non-investment paper published in the Review of Finance.