Yao Zeng

Assistant Professor of Finance

Cynthia and Bennett Golub Faculty Scholar (2023-24)    

The Wharton School                

University of Pennsylvania    


CV (updated August 2023) | Google Scholar      

Working Papers

14. "Payments, Reserves, and Financial Fragility," with Itay Goldstein and Ming Yang

13. "Stablecoin Runs and the Centralization of Arbitrage," with Yiming Ma and Anthony Lee Zhang

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

Papers under Review/Revision

11. "Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision," with Yiming Ma and Kairong Xiao

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

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

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

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

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

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