Yang Song

Assistant Professor of Finance (2018.9-2022.8)

Associate Professor of Finance with Tenure (2022.9-)

University of Washington


CV | Google Scholar

About Me

  • I received my Ph.D. in Finance from Stanford University Graduate School of Business in 2018.

  • My research interests are [A] asset management, investor behaviors, and implications for asset prices; [B] financial markets and financial institutions.

Working Papers

7. Index Providers: Whales Behind the Scenes of ETFs, with Yu An and Matteo Benetton

  • Dimensional Fund Advisors Best Paper Award (runner-up), UT Austin AIM Investment Conference.

8. The Smart Beta Mirage, with Shiyang Huang and Hong Xiang

  • 2021 EFA American Association of Individual Investors Best Paper Award

  • Selected Media Coverage: Bloomberg, "Darkest Quant Fears Ring True in $1 Trillion World of Smart Beta" Forbes, "Are Smart Beta ETFs Set up to Fail? " Institutional Money Magazine (in German)," Smart Backtest statt Smart Beta."

9. Discontinued Positive Feedback Trading and the Decline of Return Predictability, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi

10. Noise Trading and Asset Pricing Factors, with Shiyang Huang and Hong Xiang

  • Best Paper Award, 7th Annual Financial Research Network (FIRN) Asset Pricing Meeting.

11. The Term Structure of Liquidity Premium, with Scott Joslin and Wenhao Li

Accepted Papers

  1. Funding Value Adjustments, with Leif Andersen and Darrell Duffie, Journal of Finance, Volume 74 (2019)

  1. The Mismatch Between Mutual Fund Scale and Skill, Journal of Finance, Volume 75 (2020)

  1. Obfuscation in Mutual Funds, with Ed deHaan, Chloe Xie, and Christina Zhu, Journal of Accounting and Economics, Volume 72 (2021)

  • Selected for the 2020 Journal of Accounting and Economics Conference

  • Selected Media Coverage: Financial Times BoardIQ, Advisor Perspectives, Regulatory Compliance Watch, Knowledge@Wharton, Citywire.

  1. What Do Mutual Fund Investors Really Care About, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi, Review of Financial Studies (2022)

  1. Ratings-Driven Demand and Systematic Price Fluctuations, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi, Review of Financial Studies (2022)

  2. A Frog in Every Pan: Information Discreteness and the Lead-lag Returns Puzzle, with Charles M.C. Lee, Shiyang Huang, and Hong Xiang Journal of Financial Economics (2022)