Youchang Wu

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Degree History:

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

Previous Academic Positions:

IPA Financial Economist, U.S. Securities and Exchange Commission
Assistant Professor, University of Wisconsin-Madison
University Assistant, University of Vienna
Junior Faculty Member, Peking University

Research/Teaching Awards:

Modern Risk Society Rearch Award, 2019
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 Associate Professor of Finance, John B. Rogers Research Scholar, and Finance PhD Program Coordinator at the Lundquist College of Business. His areas of expertise include delegated portfolio management, institutional investors, financial advice, corporate investment and financial policies, and the financial aspect of production networks. His research has been published or accepted for publication in leading journals including Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Review of Finance, and Managememt Science. He has also coauthored a popular textbook on money and banking in Chinese with Dr. Gang Yi.

Professor Wu received his doctorate in finance from the University of Vienna, master and bachelor degrees in economics from Peking University. 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 at the United States Securities and Exchange Commission.

Working Papers

Size and Investment Performance: Defined Benefit vs. Defined Contribution Pension Plans, with Donghyeok Jang
Drawdown Risk Management and Mutual Fund Performance, with Liyuan Cui and Yinggang Zhou
Mutual Funds Apart From the Crowd, with Nadia Vozlyublennaia

Research Areas

Institutional Investors
Corporate Finance
Production Networks

Journal Articles

Gofman, Michael, and Youchang Wu. "Trade Credit and Profitability in Production Networks." Journal of Financial Economics, forthcoming. http://doi.org/10.2139/ssrn.2365995.
March 2021
Gofman, Michael, Gill Segal, and Youchang Wu. "Production Networks and Stock Returns: The Role of Vertical Creative Destruction." Review of Financial Studies. 33, no. 12: 5856-5905. https://doi.org/10.1093/rfs/hhaa034.
December 2020
Wu, Youchang Wu. "The Causes and Challenges of Low Interest Rates: Insights from Basic Principles and Recent Literature." China Finance Review International, forthcoming. http://doi.org/10.2139/ssrn.3628075.
September 2020
Levine, Oliver, and Youchang Wu. "Asset Volatility and Capital Structure: Evidence from Corporate Mergers." Management Science, forthcoming. https://doi.org/10.1287/mnsc.2020.3607.
August 2020
Ma, Liang, Antonio S. Mello, and Youchang Wu. "First Mover Advantage, Time to Finance, and Cash Holdings." Journal of Corporate Finance 62. https://doi.org/10.1016/j.jcorpfin.2020.101584.
June 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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