Youchang Wu

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Degree History:

PhD, Finance, University of Vienna
Master, Economics, Peking University
Bachelor, Economics, Peking University

Previous Academic Positions:

Assistant Professor, University of Wisconsin-Madison
Visiting Financial Economist (IPA), U.S. Securities and Exchange Commission

Research/Teaching Awards:

Honored Instructor Award, University of Wisconsin-Madison, 2013
University of Wisconsin-Madison Graduate School Research Competition Award, 2008, 2011, 2012
First place, China Finance Review International Conference Best Paper Award, 2010
University of Cologne Center for Financial Research Outstanding Paper Award, 2008
First place, The China Finance Association (TCFA) Best Paper Award, 2007
SWX Best Paper Award of Swiss Society for Financial Market Research, 2005

Bio:

Youchang Wu is an associate professor in the Department of Finance, John B. Rogers Research Scholar, and the coordinator of finance PhD program at the Lundquist College of Business. His areas of expertise include delegated portfolio management, financial advice, corporate investment and financial policies, and asset pricing implications of production networks. His research has been published in journals including Journal of Finance, Review of Financial Studies, and Review of Finance. He has also coauthored a popular textbook on Money and Banking in Chinese with Gang Yi.

Wu received his PhD in finance from the University of Vienna. Prior to joining the Lundquist College, he was an assistant professor at the University of Wisconsin-Madison. He has also taught at the University of Vienna and Peking University, and worked as an IPA financial economist for the United States Securities and Exchange Commission.

Working Papers

Production Networks and Stock Returns: The Role of Creative Destruction
Mutual Funds Apart From the Crowd, with Nadia Vozlyublennaia
Industry Competition, Winner’s Advantage, and Cash Holdings, with Liang Ma, and Antonio Mello.
Cash Management and Extreme Liquidity Demand of Mutual Funds, with Giulio Girardi and Christof Stahel.
Variance Regime, Variance Risk Premium, and Stock Returns: Evidence From a Hidden Markov Model, with David Brown and Jiakou Wang.
The Dynamics of Hedge Fund Fees, with Prachi Deuskar, Jay Wang, and Quoc Nguyen.

Research Areas

Asset Pricing
Corporate Finance
Institutional Investors

Journal Articles

Gofman, Michael, Gill Segal, and Youchang Wu. "Production Networks and Stock Returns: The Role of Vertical Creative Destruction." Review of Financial Studies., forthcoming. https://doi.org/10.2139/ssrn.2981447.
January 2020
Levine, Oliver, and Youchang Wu. "Asset Volatility and Capital Structure: Evidence from Corporate Mergers." Management Science, forthcoming. https://doi.org/10.2139/ssrn.2399154.
January 2020
Ma, Liang, Antonio Mello, and Youchang Wu. "First Mover Advantage, Time to Finance, and Cash Holdings." Journal of Corporate Finance, forthcoming. https://doi.org/10.2139/ssrn.2973581.
January 2020
Wu, Youchang, Russ Wermers, and Josef Zechner. "Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds." Review of Financial Studies 29, no. 12: 3428-3470. https://doi.org/10.1093/rfs/hhw065.
December 2016
Dangl, Thomas, and Youchang Wu. "Corporate Investment over the Business Cycle." Review of Finance 20, no. 1: 337-371. https://doi.org/10.1093/rof/rfv003.
March 2016
Brown, David P., and Youchang Wu. "Mutual Fund Flows and Cross-Fund Learning Within Families." Journal of Finance 71, no. 1: 383-424. https://doi.org/10.1111/jofi.12263.
February 2016
Stoughton, Neal M., Youchang Wu, and Josef Zechner. "Intermediated Investment Management." Journal of Finance 66, no. 3: 947-980. https://doi.org/10.1111/j.1540-6261.2011.01656.x.
June 2011
Dangl, Thomas, Youchang Wu, and Josef Zechner. "Market Discipline and Internal Governance in the Mutual Fund Industry." Review of Financial Studies 21, no. 5: 2307-2343. https://doi.org/10.1093/rfs/hhl031.
September 2008

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