C.V.

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Experience

2021-present: Group Manager, Division of Research & Statistics (Capital Markets), Federal Reserve Board, Washington, DC

2019-2021: Principal Economist, Division of Research & Statistics (Capital Markets), Federal Reserve Board, Washington, DC

2016-2019: Senior Economist, Division of Research & Statistics (Capital Markets), Federal Reserve Board, Washington, DC

2010-2016: Assistant Professor of Finance, McDonough School of Business, Georgetown University, Washington, DC

Education

2010: Ph.D. Business Administration (Finance), Duke University, Durham, NC

2003: B.S. Economics, Massachusetts Institute of Technology, Cambridge, MA

Honors

2018: Semi-finalist for the Best Paper Award in Corporate Finance for "Collateral, Risk, and Borrowing Capacity" at the FMA Meeting (San Diego, CA)

2015: Semi-finalist for the Best Paper Award in Corporate Finance for "Patent Litigation and Shareholder Value: The Impact of Defendant Cash Holdings" at the FMA Meeting (Orlando, FL)

2014: Semi-finalist for the Best Paper Award in Corporate Finance for "Options, Equity Risks, and the Value of Capital Structure Adjustments" at the FMA Meeting (Nashville, TN)

2013: Semi-finalist for the Best Paper Award in Corporate Finance for "Patent Litigation and Cost of Capital" at the FMA Meeting (Chicago, IL)

2010: Nominated for the Brattle Prize in the Journal of Finance for "The Cost of Debt"

2008: American Finance Association Travel Grant Award

Publications

Williamson, Rohan and Jie Yang, 2021, "Tapping into Financial Synergies: Alleviating Financial Constraints Through Acquisitions," Journal of Corporate Finance, 68, forthcoming.

Huang, Sean S.H., Jie Yang, and Nathaniel W. Carroll, 2018, "Taxes, Bankruptcy Costs, and Capital Structure in For-Profit and Not-For-Profit Hospitals," Health Services Management Research, 31(1), 21-32.

Borochin, Paul and Jie Yang, 2017, "The Effects of Institutional Investor Objectives on Firm Valuation and Governance," Journal of Financial Economics, 126 (1), 171-199.

▪ Featured in the Columbia Law School Blue Sky Blog on Corporations and the Capital Markets

Borochin, Paul and Jie Yang, 2017, "Options, Equity Risks, and the Value of Capital Structure Adjustments," Journal of Corporate Finance, 42, 150-178.

▪ Semifinalist for the Best Paper Award in Corporate Finance at FMA Meeting 2014

Borochin, Paul, John L. Glascock, Ran Lu-Andrews, and Jie Yang, 2016, "Using Option Market Liquidity to Predict REIT Leverage Changes," Journal of Real Estate Finance and Economics, 55, 135-154.

Binsbergen, Jules H. van, John R. Graham, and Jie Yang, 2011, "An Empirical Model of Optimal Capital Structure," Journal of Applied Corporate Finance, 23 (4), 44-69.

▪ Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation and the Dow Jones Banking Intelligence

Binsbergen, Jules H. van, John R. Graham, and Jie Yang, 2010, "The Cost of Debt," Journal of Finance, 65, 2089-2136.

▪ Featured in the NBER Digest and the Harvard Law School Form on Corporate Governance and Financial Regulation

▪ Nominated for the Brattle Prize (best annual corporate finance paper in JF)

FEDS Notes

Bochner, Jacob, Min Wei, and Jie Yang, 2020, "What Drove Recent Trends in Corporate Bonds and Loans Usage?," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, October 23, 2020, https://doi.org/10.17016/2380-7172.2789.

Palazzo, Dino and Jie Yang, 2019, "Spike in 2019Q1 Leverage Ratios: The Impact of Operating Leases," FEDS Notes. Washington: Board of Governors of the Federal Reserve System, December 13, 2019, https://doi.org/10.17016/2380-7172.2464.

Working Papers

"Collateral, Risk, and Borrowing Capacity" with Panos Markou and Ryan Williams

▪ Revise and resubmit at the Review of Corporate Finance Studies

▪ Semifinalist for the Best Paper Award in Corporate Finance at FMA Meeting 2018

"The Effect of Institutional Ownership Types on Innovation and Competition" with Paul Borochin and Rongrong Zhang

▪ Featured in the Harvard Law School Form on Corporate Governance and Financial Regulation

"Network Centrality of Customers and Suppliers" with Rongrong Zhang

"Defendant Cash Holdings in Patent Litigation: The Impact on Shareholder Value" with David Tan

▪ Semifinalist for the Best Paper Award in Corporate Finance at FMA Meeting 2015

"Equity and Debt Financing Constraints"

"Changes in Institutional Ownership: Liquidity, Activism, and Firm Performance" with Wady Haddaji

"Patent Litigation and Cost of Capital" with David Tan

▪ Semifinalist for the Best Paper Award in Corporate Finance at FMA Meeting 2013

Presentations (includes presentations by coauthors)

"The Effect of Institutional Ownership Types on Innovation and Competition"

2018: University of Rhode Island, Federal Reserve Board of Governors, Financial Management Association Meeting

2017: University of Toronto, University of Connecticut

"Collateral, Risk, and Borrowing Capacity"

2020: Eastern Finance Association Meeting (canceled due to COVID-19)

2018: Financial Management Association Meeting, Financial Management Association Europe Meeting

2017: University of Arizona Conference, Commodity and Energy Markets Annual Meeting, Young Finance Scholars Conference, Paris Financial Management Conference

"Network Centrality of Customers and Suppliers"

2018: Federal Reserve Board of Governors

2016: University of Connecticut, Financial Management Association Meeting, Midwest Finance Association Meeting

"The Effects of Institutional Investor Objectives on Firm Valuation and Governance"

2016: University of Baltimore, Financial Management Association Meeting, European Financial Management Association Meeting

2015: Georgetown University, University of Massachusetts Lowell, Office of Comptroller of the Currency

"Options, Equity Risks, and the Value of Capital Structure Adjustments"

2015: Financial Intermediation Research Society Conference, Eastern Finance Association Meeting

2014: Financial Management Association Meeting, OptionMetrics Research Conference

2013: Georgetown University, University of Connecticut

"Tapping into Financial Synergies: Alleviating Financial Constraints Through Acquisitions"

2017: Cass M&A Research Conference

2016: George Mason University, George Washington University

2015: Federal Reserve Board of Governors, Office of the Comptroller of the Currency, Securities and Exchange Commission

2014: University of Connecticut, Financial Management Association Meeting, Financial Management Association Asia Meeting

2013: Rutgers University, AFFI/EUROFIDAI Paris Finance Meeting

2012: Georgetown University

"Defendant Cash Holdings in Patent Litigation: The Impact on Shareholder Value"

2016: Securities and Exchange Commission

2015: Financial Management Association Meeting

2014: University of Washington, West Coast Research Symposium on Technology Entrepreneurship

"Patent Litigation and Cost of Capital"

2014: University of Washington

2013: Financial Management Association Meeting

2012: Georgetown University, Canadian Law and Economics Association Meeting

"Changes in Institutional Ownership: Liquidity, Activism, and Firm Performance"

2013: DePaul University

2012: Financial Management Association Meeting

2011: Georgetown University

"Equity and Debt Financing Constraints"

2014: Federal Reserve Board of Governors

2010: Financial Management Association Meeting

2009: Georgetown University

"The Cost of Debt"

2009: Georgetown University

2008: University of Chicago, Rice University, Indiana University, Purdue University

2007: University of Pennsylvania, University of Pittsburgh, New York University, Western Finance Association Meeting, NBER Summer Institute Meeting, European Finance Association Meeting

Service

Refereed for Journal of Finance, Journal of Financial Economics, Review of Financial Studies, Management Science, Review of Finance, Journal of Banking and Finance, The Financial Review, Global Finance Journal, International Finance, International Tax and Public Finance, Managerial and Decision Economics, Quarterly Review of Economics and Finance, Journal of Credit Risk, International Review of Economics and Finance.

Program Committee of Western Finance Association Meeting (2013-2021), European Finance Association Meeting (2015-2021), Financial Management Association Meeting (2013-2018), Midwest Finance Association Meeting (2015, 2017-2019), Financial Management Association Asia Meeting (2014-2015), Eastern Finance Association Meeting (2015), Asian Finance Association Meeting (2016-2017).

Discussant for Financial Management Association Meeting (2008, 2011 – 2017), American Economics Association Meetings (2008, 2011), Conference on Financial Economics & Accounting (2010), International Paris Finance Meeting (2013), Society for Financial Studies Finance Cavalcade (2013).

Teaching

2009-2016: Business Financial Management (Undergraduate), McDonough School of Business, Georgetown University, Washington, DC

2009-2016: Faculty Adviser (Undergraduate), McDonough School of Business, Georgetown University, Washington, DC

2014-2016: Faculty Mentor for MSB Summer Research Fellowship Program (Undergraduate), McDonough School of Business, Georgetown University, Washington, DC