Lily H. Fang

INSEAD - Finance

Assistant Professor of Finance

Boulevard de Constance

F-77305 Fontainebleau Cedex

France

SCHOLARLY PAPERS

19

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CITATIONS
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195

Scholarly Papers (19)

The Disintermediation of Financial Markets: Direct Investing in Private Equity

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 49 Posted: 09 Oct 2012 Last Revised: 05 Sep 2014
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 5,291 (1,019)
Citation 4

Abstract:

Financial Intermediation, Private Equity, Direct Investment, Co-investment

The Disintermediation of Financial Markets: Direct Investing in Private Equity

NBER Working Paper No. w19299
Number of pages: 52 Posted: 10 Aug 2013
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 35 (389,380)
Citation 4

Abstract:

2.

Media Coverage and the Cross-Section of Stock Returns

The Journal of Finance, Vol. 64, No. 5, pp. 2023-2052, 2009, AFA 2009 San Francisco Meetings Paper
Number of pages: 45 Posted: 21 Mar 2007 Last Revised: 08 Nov 2011
Lily H. Fang and Joel Peress
INSEAD - Finance and INSEAD - Finance
Downloads 2,585 (2,624)
Citation 97

Abstract:

role of media in finance, information, Cross-Section of Stock Returns, alpha

3.

Combining Banking with Private Equity Investing

AFA 2011 Denver Meetings Paper, Harvard Business School Finance Working Paper No. 10-106
Number of pages: 47 Posted: 18 Mar 2010 Last Revised: 26 Sep 2012
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 1,339 (9,185)
Citation 7

Abstract:

Private equity, LBO, Banks, Bank regulation

4.

Are Stars' Opinions Worth More? The Relation Between Analyst Reputation and Recommendation Values

Number of pages: 51 Posted: 22 Mar 2005 Last Revised: 21 Nov 2010
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 1,245 (11,896)
Citation 23

Abstract:

Analyst reputation; star analysts; star status; stock recommendations; analyst skill

The Effectiveness of Reputation as a Disciplinary Mechanism in Sell-Side Research

EFA 2006 Zurich Meetings, Review of Financial Studies, Vol. 22, pp. 3735-3777
Number of pages: 46 Posted: 11 Sep 2004 Last Revised: 03 Aug 2010
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 690 (29,343)
Citation 29

Abstract:

Analyst research, Earnings forecast, Analyst reputation, Bank reputation, Conflict of interest, Investment banking

The Effectiveness of Reputation as a Disciplinary Mechanism in Sell-Side Research

The Review of Financial Studies, Vol. 22, Issue 9, pp. 3735-3777, 2009
Posted: 08 Sep 2009
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management

Abstract:

G14, G24, G28, D82, J44

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

INSEAD Working Paper No. 2016/68/FIN
Number of pages: 52 Posted: 01 Aug 2015 Last Revised: 07 Oct 2016
Lily H. Fang, Josh Lerner and Wu Chaopeng
INSEAD - Finance, Harvard Business School - Finance Unit and Xiamen University - School of Management
Downloads 370 (65,217)

Abstract:

Patents, Legal Institutions, Development

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

Harvard Business School Entrepreneurial Management Working Paper No. 17-043, Harvard Business School Finance Working Paper No. 17-043
Number of pages: 54 Posted: 29 Nov 2016
Lily H. Fang, Josh Lerner and Chaopeng Wu
INSEAD - Finance, Harvard Business School - Finance Unit and Xiamen University - School of Management
Downloads 173 (145,533)

Abstract:

Patents; Legal Institutions; Development; China

Intellectual Property Rights Protection, Ownership, and Innovation: Evidence from China

NBER Working Paper No. w22685
Number of pages: 49 Posted: 03 Oct 2016
Lily H. Fang, Josh Lerner and Chaopeng Wu
INSEAD - Finance, Harvard Business School - Finance Unit and Xiamen University - School of Management
Downloads 15 (493,873)
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Abstract:

7.

Does Your Fund Manager Trade on the News? Media Coverage, Mutual Fund Trading and Performance

Number of pages: 33 Posted: 18 Mar 2009
Lily H. Fang, Joel Peress and Lu Zheng
INSEAD - Finance, INSEAD - Finance and Tsinghua University
Downloads 428 (51,859)
Citation 3

Abstract:

Mutual Funds, Media Coverage, Attention, Performance Evaluation

Gender and Connections among Wall Street Analysts

Forthcoming, Review of Financial Studies
Number of pages: 51 Posted: 28 Nov 2011 Last Revised: 28 Jan 2017
Lily H. Fang and Sterling Huang
INSEAD - Finance and Singapore Management University - School of Accountancy
Downloads 156 (159,462)

Abstract:

analyst research; gender; connections; social network

Gender and Connections among Wall Street Analysts

Number of pages: 48 Posted: 21 Nov 2011 Last Revised: 22 Sep 2016
Lily H. Fang and Sterling Huang
INSEAD - Finance and Singapore Management University - School of Accountancy
Downloads 131 (184,480)

Abstract:

gender, connections, social capital, social networks, differential returns

Are Stars’ Opinions Worth More? The Relation between Analyst Reputation and Recommendation Values

Number of pages: 48 Posted: 17 Dec 2011
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 136 (178,991)
Citation 21

Abstract:

Analyst reputation, star status, stock recommendations, institutional investors, performance evaluation

Are Stars’ Opinions Worth More? The Relation between Analyst Reputation and Recommendation Values

Journal of Financial Services Research 46, 235-269, 2014
Number of pages: 46 Posted: 22 Nov 2013 Last Revised: 12 Dec 2014
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 81 (259,596)
Citation 21

Abstract:

Analyst reputation, star status, stock recommendations, institutional investors, performance evaluation

10.

Are Stars' Opinions Worth More? Evidence from Stock Recommendations 1994-2009

Number of pages: 43 Posted: 08 Mar 2011
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 194 (125,644)
Citation 2

Abstract:

Analyst reputation, star analysts, star status, stock recommendations, analyst skill, reg-FD, Government policy and regulation, conflict-of-interest reforms, Institutional investors

Out of the Limelight But in Play: Trading and Liquidity of Media and Off-Media Stocks

INSEAD Working Paper No. 2011/124/FIN
Number of pages: 38 Posted: 02 Dec 2011 Last Revised: 27 Nov 2014
Lily H. Fang, Huiping Zhang and Jun Qian
INSEAD - Finance, Shanghai University of Finance and Economics and Fanhai International School of Finance, Fudan University
Downloads 105 (218,364)
Citation 1

Abstract:

Media, retail investors, trading, liquidity, return.

Out of the Limelight but in Play: Trading and Liquidity of Media and Off-Media Stocks

Number of pages: 45 Posted: 25 Nov 2011 Last Revised: 15 Mar 2012
Lily H. Fang, Jun Qian and Huiping Zhang
INSEAD - Finance, Fanhai International School of Finance, Fudan University and Shanghai University of Finance and Economics
Downloads 24 (441,806)
Citation 1

Abstract:

G14, G12, G15

Out of the Limelight But in Play: Trading and Liquidity of Media and Off-Media Stocks

Number of pages: 39 Posted: 11 Jul 2016
Lily H. Fang, Jun Qian and Huiping Zhang
INSEAD - Finance, Fanhai International School of Finance, Fudan University and James Cook University - College of Business, Law and Governance,
Downloads 21 (459,022)
Citation 1

Abstract:

media, retail investors, trading, liquidity, return

12.

Does Media Coverage of Stocks Affect Mutual Funds’ Trading and Performance?

Forthcoming in Review of Financial Studies
Number of pages: 42 Posted: 18 Mar 2010 Last Revised: 25 Sep 2014
Lily H. Fang, Joel Peress and Lu Zheng
INSEAD - Finance, INSEAD - Finance and University of California, Irvine - Paul Merage School of Business
Downloads 132 (106,004)
Citation 1

Abstract:

mutual fund, performance, stock, media coverage, limited attention, investor behavior

13.
Downloads 117 (200,636)
Citation 7

Combining Banking with Private Equity Investing

Review of Financial Studies, Vol. 26 (9), 2139-2173, June 2013
Number of pages: 47 Posted: 19 Sep 2014
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 97 (230,786)
Citation 7

Abstract:

Private equity, banks, credit cycles

Combining Banking with Private Equity Investing

NBER Working Paper No. w19300
Number of pages: 48 Posted: 10 Aug 2013
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 20 (464,834)
Citation 7

Abstract:

14.

Inattention as a Limit to Arbitrage: Evidence from School Holidays

Number of pages: 40 Posted: 19 Nov 2014 Last Revised: 22 Sep 2016
Lily H. Fang, Melissa Lin and Yuping Shao
INSEAD - Finance, Erasmus University Rotterdam and National University of Singapore (NUS)
Downloads 109 (169,520)

Abstract:

anomaly; seasonality; investor inattention; volume; short selling; stock returns

15.

The Effectiveness of Institutional Investors in Evaluating Analysts

Number of pages: 54 Posted: 03 Feb 2012
Lily H. Fang and Ayako Yasuda
INSEAD - Finance and University of California, Davis - Graduate School of Management
Downloads 109 (181,662)

Abstract:

Institutional investors; performance evaluation; analyst skill; stock recommendations; star analysts; star status; reputation.

16.

Uncertainty, Skill, and Analysts' Dynamic Forecasting Behavior

INSEAD Working Paper No. 2010/50/DS/FIN
Number of pages: 36 Posted: 09 Jul 2010
INSEAD, INSEAD - Finance, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences and INSEAD - Decision Sciences
Downloads 109 (192,056)

Abstract:

Risk Taking, Skill, Chance, Uncertainty, Financial Analysts, Earning Forecasts

17.

Gender, Social Networks, and Performance Among Sell-Side Analysts

Number of pages: 31 Posted: 16 Mar 2011
Lily H. Fang, Sterling Huang and Yi Dong
INSEAD - Finance, Singapore Management University - School of Accountancy and Shanghai University of Finance and Economics
Downloads 90 (204,633)
Citation 1

Abstract:

gender, social networks, star analysts, performance, forecast accuracy, recommendations

18.

Competitive Dynamics in Forecasting: The Interaction of Skill and Uncertainty

Journal of Behavioral Decision Making 26 (4), 375-384, 2013
Number of pages: 34 Posted: 05 Oct 2014
INSEAD, INSEAD - Finance, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences and INSEAD - Decision Sciences
Downloads 28 (355,960)

Abstract:

Risk taking, skill, chance, uncertainty, contests, financial analysts, earnings forecasts

Investment Bank Reputation and the Price and Quality of Underwriting Services

Journal of Finance, Vol. 60, December 2005
Posted: 22 Jul 2007
Lily H. Fang
INSEAD - Finance

Abstract:

Investment banking, underwriting, reputation

Investment Bank Reputation and the Price and Quality of Underwriting Services

Journal of Finance, Vol. 60, No. 6, pp. 2729-2761, December 2005
Posted: 19 Jul 2004
Lily H. Fang
INSEAD - Finance

Abstract:

Reputation, Investment Bank, Underwriting