Lily H. Fang

INSEAD - Finance

Dean of Research

Boulevard de Constance

F-77305 Fontainebleau Cedex

France

SCHOLARLY PAPERS

22

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Top 3,351

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21,799

TOTAL CITATIONS
Rank 1,868

SSRN RANKINGS

Top 1,868

in Total Papers Citations

476

Scholarly Papers (22)

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1.

The Disintermediation of Financial Markets: Direct Investing in Private Equity

Downloads 7,032 ( 2,152)
Citation 54

The Disintermediation of Financial Markets: Direct Investing in Private Equity

Journal of Financial Economics (JFE), 116 (1), 160-178, 2015
Number of pages: 49 Posted: 09 Oct 2012 Last Revised: 15 Feb 2018
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 6,846 (2,232)
Citation 3

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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 Last Revised: 29 Oct 2022
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 186 (337,444)
Citation 51

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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 4,216 (5,186)
Citation 264

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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, Review of Financial Studies, 26 (9), 2137-2173, 2013
Number of pages: 47 Posted: 18 Mar 2010 Last Revised: 15 Feb 2018
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 1,881 (18,956)
Citation 2

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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 1,456 (27,980)
Citation 19

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

5.

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

Downloads 1,057 (44,745)
Citation 72

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: 09 Oct 2019
Lily H. Fang, Josh Lerner and Wu Chaopeng
INSEAD - Finance, Harvard Business School - Finance Unit and Xiamen University - School of Management
Downloads 586 (96,589)
Citation 14

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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 361 (173,202)
Citation 7

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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 Last Revised: 26 Jun 2023
Lily H. Fang, Josh Lerner and Chaopeng Wu
INSEAD - Finance, Harvard Business School - Finance Unit and Xiamen University - School of Management
Downloads 110 (522,456)
Citation 51

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6.

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

Downloads 854 (59,963)
Citation 10

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 854 (59,049)
Citation 10

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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

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G14, G24, G28, D82, J44

7.

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 672 (82,131)
Citation 20

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

8.

Limits to Diversification: Passive Investing and Market Risk 

Number of pages: 68 Posted: 18 Sep 2024
Lily H. Fang, Hao Jiang, Zheng Sun, Ximing Yin and Lu Zheng
INSEAD - Finance, Michigan State University - Eli Broad College of Business, University of California, Irvine - Paul Merage School of Business, College of Finance and Statistics, Hunan University and University of California, Irvine - Paul Merage School of Business
Downloads 640 (87,604)

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9.

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 632 (88,872)
Citation 2

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Mutual Funds, Media Coverage, Attention, Performance Evaluation

10.

Corruption, Government Subsidies, and Innovation: Evidence from China

Downloads 560 (103,593)
Citation 4

Corruption, Government Subsidies, and Innovation: Evidence from China

Harvard Business School Entrepreneurial Management Working Paper No. 19-031, Harvard Business School Finance Working Paper No. 19-031
Number of pages: 69 Posted: 19 Sep 2018
Lily H. Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
INSEAD - Finance, Harvard Business School - Finance Unit, Xiamen University - School of Management and Xiamen University
Downloads 463 (129,020)
Citation 1

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Corruption, Government Subsidies, and Innovation: Evidence from China

NBER Working Paper No. w25098
Number of pages: 68 Posted: 01 Oct 2018 Last Revised: 29 Jan 2023
Lily H. Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
INSEAD - Finance, Harvard Business School - Finance Unit, Xiamen University - School of Management and Xiamen University
Downloads 97 (572,753)
Citation 3

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11.

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

Downloads 508 (116,825)
Citation 14

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 274 (231,335)
Citation 10

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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 234 (271,173)
Citation 4

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

12.

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 340 (185,511)
Citation 2

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

13.

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

Downloads 302 (210,627)
Citation 1

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 "QJ" Qian
INSEAD - Finance, Shanghai University of Finance and Economics and Fudan University - International School of Finance (FISF)
Downloads 150 (407,882)

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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 "QJ" Qian and Huiping Zhang
INSEAD - Finance, Fudan University - International School of Finance (FISF) and Shanghai University of Finance and Economics
Downloads 76 (665,592)

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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 Last Revised: 22 Nov 2017
Lily H. Fang, Jun "QJ" Qian and Huiping Zhang
INSEAD - Finance, Fudan University - International School of Finance (FISF) and James Cook University - College of Business, Law and Governance,
Downloads 76 (665,592)
Citation 1

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media, retail investors, trading, liquidity, return

14.

Private Equity and Pay Gaps Inside the Firm

INSEAD Working Paper No. 2023/04/FIN/EPS
Number of pages: 71 Posted: 28 Dec 2022 Last Revised: 14 Nov 2024
Lily H. Fang, Jim Goldman and Alexandra Roulet
INSEAD - Finance, University of Warwick - Warwick Business School and INSEAD
Downloads 284 (224,603)
Citation 3

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15.

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 268 (238,232)

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

16.

Combining Banking with Private Equity Investing

Downloads 267 (239,103)
Citation 5

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 Last Revised: 15 Feb 2018
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 182 (344,323)

Abstract:

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Private equity, banks, credit cycles

Combining Banking with Private Equity Investing

NBER Working Paper No. w19300
Number of pages: 48 Posted: 10 Aug 2013 Last Revised: 27 Mar 2023
Lily H. Fang, Victoria Ivashina and Josh Lerner
INSEAD - Finance, Harvard University and Harvard Business School - Finance Unit
Downloads 85 (623,385)
Citation 5

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17.

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 261 (244,745)

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

18.

Uncertainty, Skill, and Analysts' Dynamic Forecasting Behavior

INSEAD Working Paper No. 2010/50/DS/FIN
Number of pages: 36 Posted: 09 Jul 2010
Theodoros Evgeniou, Lily H. Fang, Robin M. Hogarth and Natalia Karelaia
INSEAD, INSEAD - Finance, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences and INSEAD - Decision Sciences
Downloads 212 (299,655)
Citation 1

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

19.

The Governance of Director Compensation

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 44 Posted: 16 Apr 2024
Lily H. Fang and Sterling Huang
INSEAD - Finance and New York University (NYU) - New York University (NYU), Shanghai
Downloads 147 (414,371)
Citation 3

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director compensation; determinants; self-dealing; natural experiment; Seinfeld v. Slager

20.

Corruption, Government Subsidies, and Innovation: Evidence from China - Internet Appendix

Harvard Business School Entrepreneurial Management Working Paper No. 19-031, Harvard Business School Finance Working Paper No. 19-031
Number of pages: 43 Posted: 19 Sep 2018
Lily H. Fang, Josh Lerner, Chaopeng Wu and Qi Zhang
INSEAD - Finance, Harvard Business School - Finance Unit, Xiamen University - School of Management and Xiamen University
Downloads 126 (468,115)

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21.

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
Theodoros Evgeniou, Lily H. Fang, Robin M. Hogarth and Natalia Karelaia
INSEAD, INSEAD - Finance, Universitat Pompeu Fabra - Faculty of Economic and Business Sciences and INSEAD - Decision Sciences
Downloads 84 (619,837)

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

22.

Investment Bank Reputation and the Price and Quality of Underwriting Services

Downloads 0 (1,304,998)

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

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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

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Reputation, Investment Bank, Underwriting