Yao Zeng

Assistant Professor of Finance

The Wharton School

University of Pennsylvania


CV (updated July 2022) | Google Scholar

    • I work on the intersection of asset pricing and corporate finance with a focus on financial intermediation, and received my Ph.D. in Economics from Harvard University in 2016.

    • My current agenda explores the interplay between banks and various non-banks, including mutual funds, ETFs, and FinTech lending and payment service companies that all behave more like banks post-crisis, and the financial stability and macroeconomic implications.

    • A recent interview summarizes my research and views on the unprecedented market disruptions (particularly concerning bonds and investment funds) amid the COVID-19 crisis.

Working Papers

12. "Bank Debt versus Mutual Fund Equity in Liquidity Provision," with Yiming Ma and Kairong Xiao

11. "Steering a Ship in Illiquid Waters: Active Management of Passive Funds," with Naz Koont, Yiming Ma, and Lubos Pastor

Papers under Review/Revision

10. "FinTech Lending and Cashless Payments," with Pulak Ghosh and Boris Vallee

9. “Coordination and Fragility in Liquidity Provision,” with Ming Yang

  • Revise and Resubmit, Review of Financial Studies

8. “ETF Arbitrage under Liquidity Mismatch,” with Kevin Pan

7. “A Dynamic Theory of Mutual Fund Runs and Liquidity Management

      • Revise and Resubmit, Review of Financial Studies, invited submission

Refereed Publications

6. "Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity," with Yiming Ma and Kairong Xiao

5. “Silence is Safest: Information Disclosure When the Audience's Preferences are Uncertain,” with Philip Bond

4. “Mutual Funds as Venture Capitalists? Evidence from Unicorns,” with Sergey Chernenko and Josh Lerner

3. “Marketplace Lending: A New Banking Paradigm?” with Boris Vallee

2. “Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition,” with Ming Yang

  • Review of Financial Studies, 32(3): 819-63, March 2019.

  • Editor's Choice (lead article)

1. “Multi-Agent Inference in Social Networks: A Finite Population Learning Approach,” with Jianqing Fan and Xin Tong

  • Journal of the American Statistical Association, 110, Theory and Methods: 149-58, April 2015.