Yao Zeng

University of Pennsylvania - The Wharton School

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

  • University of Pennsylvania - The Wharton School

SCHOLARLY PAPERS

16

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Top 5,137

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13,922

SSRN CITATIONS
Rank 4,656

SSRN RANKINGS

Top 4,656

in Total Papers Citations

283

CROSSREF CITATIONS

81

Scholarly Papers (16)

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1.

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

Number of pages: 117 Posted: 28 Mar 2022 Last Revised: 19 Jul 2023
Naz Koont, Yiming Ma, Lubos Pastor and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School
Downloads 2,598 (9,275)

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ETFs, liquidity transformation, market liquidity, active management

2.

ETF Arbitrage Under Liquidity Mismatch

Downloads 2,525 ( 9,704)
Citation 22

ETF Arbitrage Under Liquidity Mismatch

Fourth Annual Conference on Financial Market Regulation, Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 57 Posted: 08 Jan 2017 Last Revised: 19 Feb 2021
Kevin Pan and Yao Zeng
Harvard University, Department of Economics, Students and University of Pennsylvania - The Wharton School
Downloads 2,014 (13,689)
Citation 20

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ETF, authorized participant, arbitrage, corporate bond, liquidity, balance sheet space constraints

ETF Arbitrage Under Liquidity Mismatch

ESRB: Working Paper Series No. 2017/59
Number of pages: 74 Posted: 05 Nov 2020
Kevin Pan and Yao Zeng
Harvard University, Department of Economics, Students and University of Pennsylvania - The Wharton School
Downloads 511 (94,808)
Citation 12

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arbitrage, authorized participants, corporate bond, exchange-traded funds, liquidity mismatch

3.

Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper, 2020
Number of pages: 66 Posted: 02 Jul 2020 Last Revised: 01 Apr 2021
Yiming Ma, Kairong Xiao and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School and University of Pennsylvania - The Wharton School
Downloads 2,194 (12,187)
Citation 77

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Mutual fund, liquidity transformation, flight-to-liquidity, COVID-19

4.

FinTech Lending and Cashless Payments

Proceedings of Paris December 2021 Finance Meeting EUROFIDAI - ESSEC
Number of pages: 74 Posted: 12 Mar 2021 Last Revised: 11 Mar 2022
Pulak Ghosh, Boris Vallee and Yao Zeng
Indian Institute of Management (IIMB), Bangalore, Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 1,425 (23,798)
Citation 18

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FinTech, lending, payments, verifiability, data sharing, open banking.

5.

Mutual Funds As Venture Capitalists? Evidence from Unicorns

Downloads 1,379 (25,012)
Citation 31

Mutual Funds As Venture Capitalists? Evidence from Unicorns

European Corporate Governance Institute – Finance Working Paper No. 675/2020
Number of pages: 94 Posted: 11 Jan 2017 Last Revised: 28 Apr 2020
Sergey Chernenko, Josh Lerner and Yao Zeng
Purdue University - Department of Management, Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 1,328 (25,939)
Citation 30

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Private places, private equity, governance

Mutual Funds as Venture Capitalists? Evidence from Unicorns

NBER Working Paper No. w23981
Number of pages: 51 Posted: 30 Oct 2017 Last Revised: 12 Jul 2023
Sergey Chernenko, Josh Lerner and Yao Zeng
Purdue University - Department of Management, Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 51 (666,551)
Citation 1

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6.

Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper
Number of pages: 74 Posted: 05 Dec 2019 Last Revised: 16 Dec 2022
Yiming Ma, Kairong Xiao and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School and University of Pennsylvania - The Wharton School
Downloads 844 (50,280)
Citation 2

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Swing Pricing, Mutual Funds, Liquidity Provision, Flows, Runs

7.

Marketplace Lending: A New Banking Paradigm?

Paris December 2018 Finance Meeting EUROFIDAI - AFFI
Number of pages: 53 Posted: 04 Feb 2018 Last Revised: 24 Jan 2019
Boris Vallee and Yao Zeng
Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 836 (50,932)
Citation 77

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Marketplace lending, screening, sophisticated investors, adverse selection

8.

A Dynamic Theory of Mutual Fund Runs and Liquidity Management

Downloads 655 (70,338)
Citation 29

A Dynamic Theory of Mutual Fund Runs and Liquidity Management

Number of pages: 75 Posted: 31 Jan 2017 Last Revised: 25 Mar 2017
Yao Zeng
University of Pennsylvania - The Wharton School
Downloads 546 (87,250)
Citation 37

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open-end mutual fund, illiquid assets, shareholder runs, cash rebuilding, flexible NAV

A Dynamic Theory of Mutual Fund Runs and Liquidity Management

ESRB: Working Paper Series No. 2017/42
Number of pages: 77 Posted: 05 Nov 2020
Yao Zeng
University of Pennsylvania - The Wharton School
Downloads 109 (426,670)

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cash rebuilding, flexible NAV, illiquid assets, open-end mutual fund, shareholder runs

9.

Stablecoin Runs and the Centralization of Arbitrage

Number of pages: 74 Posted: 05 Apr 2023 Last Revised: 29 Jul 2023
Yiming Ma, Yao Zeng and Anthony Lee Zhang
Columbia University - Columbia Business School, University of Pennsylvania - The Wharton School and University of Chicago - Booth School of Business
Downloads 526 (92,735)
Citation 3

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stablecoin, runs, arbitrage, financial stability, price stability, Tether, Circle

10.

Silence is Safest: Information Disclosure When the Audience's Preferences are Uncertain

Number of pages: 44 Posted: 26 Feb 2018 Last Revised: 07 Sep 2021
Philip Bond and Yao Zeng
University of Washington - Michael G. Foster School of Business and University of Pennsylvania - The Wharton School
Downloads 277 (189,862)
Citation 15

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information disclosure, risk aversion, uncertainty, preferences

11.

Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition

Number of pages: 59 Posted: 28 Dec 2012 Last Revised: 26 Dec 2017
Ming Yang and Yao Zeng
UCL and University of Pennsylvania - The Wharton School
Downloads 202 (257,475)
Citation 24

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security design, debt, combination of debt and equity, flexible information acquisition

12.

Coordination and Fragility in Liquidity Provision

Number of pages: 52 Posted: 05 Nov 2018 Last Revised: 12 Apr 2021
Ming Yang and Yao Zeng
UCL and University of Pennsylvania - The Wharton School
Downloads 159 (317,328)
Citation 3

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liquidity, dealer, multiple equilibria, non-fundamental fluctuations

13.

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

NBER Working Paper No. w30039
Number of pages: 118 Posted: 16 May 2022 Last Revised: 21 Jul 2023
Naz Koont, Yiming Ma, Lubos Pastor and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School
Downloads 127 (379,181)

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14.

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2022-65
Number of pages: 53 Posted: 18 May 2022
Naz Koont, Yiming Ma, Lubos Pastor and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School
Downloads 92 (476,229)

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15.

Payments, Reserves, and Financial Fragility

Number of pages: 67 Posted: 07 Sep 2023
Itay Goldstein, Ming Yang and Yao Zeng
University of Pennsylvania - The Wharton School - Finance Department, UCL and University of Pennsylvania - The Wharton School
Downloads 83 (511,061)

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payments, reserves, financial fragility, opportunity costs, technology

16.

Steering a Ship in Illiquid Waters: Active Management of Passive Funds

CEPR Discussion Paper No. DP17283
Number of pages: 54 Posted: 31 May 2022
Naz Koont, Yiming Ma, Lubos Pastor and Yao Zeng
Columbia University - Columbia Business School, Columbia University - Columbia Business School, University of Chicago - Booth School of Business and University of Pennsylvania - The Wharton School
Downloads 0 (1,058,168)
Citation 1
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Abstract:

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Active management, ETFs, Exchange-traded funds, liquidity transformation