Yang Song
Norman J. Metcalfe Endowed Professor in Finance
Professor of Finance, University of Washington (2026-)
Associate Professor of Finance (2022-2026)
Assistant Professor of Finance (2018-2022)
Ph.D. in Finance, Stanford University (2013 - 2018)
Management Science, Associate Editor (2023 - present)
songy18@uw.edu
Measuring Misinformation in Financial Markets, with Jianqing Fan, Qingfu Liu, and Zilu Wang
Hiding in Plain Sight: Decoding the Alpha behind Monthly Industry-Level Inflation News , with Jian Feng, Shiyang Huang, and Charles M.C. Lee
Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness, with Xu Lu and Yao Zeng
Funding Value Adjustments, with Leif Andersen and Darrell Duffie, Journal of Finance (2019)
The Mismatch Between Mutual Fund Scale and Skill, Journal of Finance (2020)
Obfuscation in Mutual Funds, with Ed deHaan, Chloe Xie, and Christina Zhu, Journal of Accounting and Economics (2021)
Policy: SEC Commissioner Crenshaw "Statement on Tailored Shareholder Reports for Mutual Funds and Exchange Traded Funds” and SEC Rule 33-11125, 2022
What Do Mutual Fund Investors Really Care About, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi, Review of Financial Studies (2022)
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)
Ratings-Driven Demand and Systematic Price Fluctuations, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi, Review of Financial Studies (2022)
The Smart Beta Mirage, with Shiyang Huang and Hong Xiang, Journal of Financial and Quantitative Analysis (2023)
2021 EFA American Association of Individual Investors Best Paper Award
A short summary by Bloomberg "Darkest Quant Fears Ring True in $1 Trillion World of Smart Beta"
Index Providers: Whales Behind the Scenes of ETFs, with Yu An and Matteo Benetton, Journal of Financial Economics (2023)
Dimensional Fund Advisors Best Paper Award (runner-up), AIM Investment Conference.
JFE Editor's Choice, September 2023
Policy: SEC Rule 33-11125, 2022
Discontinued Positive Feedback Trading and the Decline of Return Predictability, with Itzhak Ben-David, Jiacui Li, and Andrea Rossi, Journal of Financial and Quantitative Analysis (2024)
Media: WSJ, Alpha Architect
Noise Trading and Asset Pricing Factors, with Shiyang Huang and Hong Xiang, Management Science (2024)
Best Paper Award, 7th Annual Financial Research Network (FIRN) Asset Pricing Meeting.
Remeasuring Scale in Active Management, with Shiyang Huang, Xu Lu and Hong Xiang, Forthcoming, Review of Financial Studies (2026)
Spencer Martin Best Paper Award, Finance Down Under, 2025