Yao Zeng

University of Pennsylvania - The Wharton School

3641 Locust Walk

Philadelphia, PA 19104-6365

United States

SCHOLARLY PAPERS

17

DOWNLOADS
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SSRN RANKINGS

Top 4,609

in Total Papers Downloads

16,873

SSRN CITATIONS
Rank 4,316

SSRN RANKINGS

Top 4,316

in Total Papers Citations

347

CROSSREF CITATIONS

87

Scholarly Papers (17)

1.

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

Number of pages: 97 Posted: 28 Mar 2022 Last Revised: 19 Aug 2024
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 3,074 (8,166)

Abstract:

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ETFs, liquidity transformation, market liquidity, active management

2.
Downloads 2,913 ( 8,871)
Citation 25

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 2,213 (13,519)
Citation 20

Abstract:

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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 700 (72,439)
Citation 18

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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 2,449 (11,721)
Citation 106

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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 1,808 (18,987)
Citation 30

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

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
Purdue University - Department of Management, Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 1,387 (27,895)
Citation 40

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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
Purdue University - Department of Management, Harvard Business School - Finance Unit and University of Pennsylvania - The Wharton School
Downloads 61 (698,221)
Citation 1

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6.

Stablecoin Runs and the Centralization of Arbitrage

Number of pages: 74 Posted: 05 Apr 2023 Last Revised: 12 Mar 2024
Columbia University - Columbia Business School, University of Pennsylvania - The Wharton School and University of Chicago - Booth School of Business
Downloads 1,055 (42,150)
Citation 3

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

7.

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 1,018 (44,357)
Citation 2

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

8.

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 898 (52,773)
Citation 81

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Marketplace lending, screening, sophisticated investors, adverse selection

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 638 (81,601)
Citation 40

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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 118 (461,070)

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

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 332 (178,988)
Citation 21

Abstract:

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information disclosure, risk aversion, uncertainty, preferences

11.

Payments, Reserves, and Financial Fragility

The Wharton School Research Paper Forthcoming
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 283 (211,699)

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payments, reserves, financial fragility, opportunity costs, technology

12.

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 205 (289,768)
Citation 24

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

13.

Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness

Jacobs Levy Equity Management Center for Quantitative Financial Research Paper , The Wharton School Research Paper
Number of pages: 87 Posted: 08 Feb 2024 Last Revised: 06 Nov 2024
Xu Lu, Yang Song and Yao Zeng
University of Washington - Michael G. Foster School of Business, University of Washington - Michael G. Foster School of Business and University of Pennsylvania - The Wharton School
Downloads 192 (307,545)
Citation 2

Abstract:

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deposits, payment, banking, money

14.

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 184 (319,546)
Citation 2

Abstract:

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liquidity, dealer, multiple equilibria, non-fundamental fluctuations

15.

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
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 145 (391,518)

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16.

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
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 113 (474,186)

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17.

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

CEPR Discussion Paper No. DP17283
Number of pages: 54 Posted: 31 May 2022
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 (1,230,457)
Citation 1
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Abstract:

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