An Yan

An Yan, PhD is a full professor and the Robert Bendheim Chair Professor in Economics and Financial Policy at Fordham University’s Gabelli School of Business. He also is the director of the doctoral of professional studies program (a collaborative program between Fordham Gabelli School of Business and Peking University’s School of National Development) and co-director of the Center for Research in Contemporary Finance. He is the faculty representative in Fordham’s Investment Committee and the chair of Fordham’s Advisory Committee on Socially Responsible Investing (ACSRI). Professor Yan's main research interest is in theoretical and empirical corporate finance, sustainable finance, and financial intermediation. He has published his research in the Journal of Financial Economics, the Review of Financial Studies, the Journal of Financial and Quantitative Analysis, and other academic outlets. Professor Yan earned an undergraduate degree from Tsinghua University, China, and a PhD in Economics from Boston College.

• PhD: Boston College
• Master's: Boston College
• Bachelor's: Tsinghua University, China

• Corporate Restructuring
• Initial Public Offerings
• Corporate Social Responsibility
• Behavior Finance
• Capital Structure

• “The Two-Mode Problem: Second-Best Pricing and Capacity” (with Richard Arnott), Review of Urban and Regional Development Studies, 2000, 12, 170-199.
• “A Theory of Corporate Spin-offs” (with Thomas Chemmanur), Journal of Financial Economics, 2004, 72, 259-290.
• “Leasing and Debt Financing: Substitutes or Complements?” Journal of Financial and Quantitative Analysis, 2006, 41, 709-731.
• “Value of Conglomerates and Capital Market Conditions,” Financial Management, 2006, 35, 5-28, Lead article.
• “Using Innovative Securities under Asymmetric Information: Why do Some Firms Pay with Contingent Value Rights?” (with Sris Chatterjee), Journal of Financial and Quantitative Analysis, 2008, 63, 1001–1036.
• “Product Market Advertising and New Security Issues” (with Thomas Chemmanur), Journal of Financial Economics, 2009, 92, 40-65.
• “A Theory of Contractual Provisions in Leasing” (with Thomas Chemmanur and Yawen Jiao), Journal of Financial Intermediation, 2010, 19, 116-142.
• “Internal Capital Markets under Various Capital Market Conditions” (with Zaihui Yang and Jie Jiao), Journal of Banking and Finance, 2010, 34, 103–115.
• “Convertible Securities in Merger Transactions” (with John Finnerty and Jie Jiao), Journal of Banking and Finance, 2012, 36, 275-289.
• “Takeovers and Divergence of Investor Opinion” (with Sris Chatterjee and Kose John), Review of Financial Studies, 2012, 25, 227-277.
• “Valuing Financial Assets with Liquidity Discount: An Implication to Basel III” (with Ren-raw Chen, William Filonuk, Dilip Patro), Journal of Fixed Income, 2013, 22, 45-63.
• “The Diversification Effect on the Heterogeneity of Investor Beliefs” (with Jie Jiao and Bin Qiu), Journal of Banking and Finance, 2013, 37, 3435-3453.
• “A Theory of Mandatory Convertibles?” (with Thomas Chemmanur, Debarshi Nandy, and Jie Jiao) Journal of Banking and Finance, 2014, 42, 352-370.
• “Convertible Securities and Heterogeneity of Investor Beliefs” (with Jie Jiao) Journal of Financial Research, 2015, 38, 255–282.
• “Accounting Accruals, Heterogeneous Investor beliefs, and Stock Returns” (with Meng Yan, Emma Y. Peng) Journal of Financial Stability, 2015, 24, 88-103.
• “Do the Size, Value, and Momentum Factors Drive Stock Returns in Emerging Markets?” (with Nusret Cakici, Yi Tang) Journal of International Money and Finance, 2016, 69, 179-204.
• “Product Market Advertising, Heterogeneous Beliefs, and the Long-Run Performance of Initial Public Offerings” (with Thomas Chemmanur) Journal of Corporate Finance, 46, 2017, 1-24.
• “Advertising, Attention, and Stock Returns,” (with Thomas Chemmnur), Quarterly Journal of Finance, 9, 2019, 1-51.
• “Firm Social Networks, Trust, and Security Issuances,” (with Ming Fang, Iftekhar Hasan, Zeru Sharma), European Journal of Finance, 2021, 27.
• “Enterprise Feedback Management (EFM): What Lies Beyond the Hype?” (with Lerzan Aksoy, Sabine Benoit, Shreekant Joag, Jay Kandampully, Timothy Keningham), Journal of Service Management, 2021, 32, 53-69.
• “Stock Liquidity, Empire Building, and Valuation,” (with Sris Chatterjee, Iftekhar Hasan, Kose John), Journal of Corporate Finance. 2021, 70.
• “Customer Perceptions of Firm Innovativeness and Market Performance: A Nation-level, Longitudinal, Cross-Industry Examination,” (with Lerzon Askoy, Timothy Keiningham, Alexander Buoye, , Forrest V. Morgeson, III, Gina Woodall, Bart Larivière), Journal of Service Research, 2023, 27(4), 475-489.
• “Corporate Social Responsibility and Investor Relationship Management,” (with Jie Jiao) Financial Review, 2024, 59, 657-685.
• “Social Connections and Information Leakage: Evidence from Target Stock Price Run-Up in Takeovers” (with Iftekhar Hasan and Lin Tong) Journal of Financial Research, 2024, 1-28.
• “Opportunistic Management of Corporate Social Responsibility in Electric Power Firms,” (with Jie Jiao) Journal of Financial Research, 2025.
• “The Effect of Religiosity on Trust and Altruism: Evidence from China’s Household Borrowing,” (with Jie Jiao and Yin Wei), Journal of Financial Stability, 2025.
• “Management of the Governance and Social Aspects of ESG in the Financial Industry,” (with Jie Jiao) Review of Financial Economics, 2025.
• “Trading for Good: How Active Mutual Funds Influence Corporate Social Responsibility Through Stock Trading,” (with Jie Jiao and Lin Tong), Journal of Banking and Finance, forthcoming.
• “Impact of domestic and foreign investors on disclosure quality in Chinese listed firms: Divergence or convergence?” (with Wei Yin, Yang Su, Berna Kirkulak-Uludag), Plos One., forthcoming.
• “Clash between Environmental and Social Pillars: Evidence from U.S. Policy Shifts on the Paris Agreement,” (with Jie Jiao), Journal of Corporate Finance, forthcoming.