Hongjun Yan

DePaul University

Richard H. Driehaus Chair in Behavioral Finance

1 East Jackson Blvd.

Chicago, IL 60604

United States

http://sites.google.com/site/hongjunyanhomepage/

  • DePaul University

SCHOLARLY PAPERS

31

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294

CROSSREF CITATIONS

260

Scholarly Papers (31)

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1.

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion: A Preference-Based Formulation

Downloads 2,423 (10,318)
Citation 26

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion: A Preference-Based Formulation

EFA Meetings, WFA Meetings
Number of pages: 35 Posted: 29 Nov 2004 Last Revised: 15 Aug 2008
Suleyman Basak and Hongjun Yan
London Business School and DePaul University
Downloads 1,369 (24,784)
Citation 14

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Money Illusion, Asset Pricing, New Keynesian, Bounded Rationality, Equilibrium, Expected Inflation

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion

Yale ICF Working Paper No. 08-23
Number of pages: 32 Posted: 08 Oct 2008 Last Revised: 05 Aug 2009
Suleyman Basak and Hongjun Yan
London Business School and DePaul University
Downloads 1,052 (36,412)

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Money Illusion, Asset Pricing, New Keynesian, Bounded Rationality, Equilibrium, Expected Inflation

Equilibrium Asset Prices and Investor Behavior in the Presence of Money Illusion

CEPR Discussion Paper No. DP7398
Number of pages: 34 Posted: 08 Sep 2009
Suleyman Basak and Hongjun Yan
London Business School and DePaul University
Downloads 2 (1,083,049)
Citation 9
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Asset Pricing, Bounded Rationality, Equilibrium, Expected Inflation, Money Illusion, New Keynesian

2.

Reputation Concerns and Slow-Moving Capital

AFA 2011 Denver Meetings Paper, Yale ICF Working Paper No. 08-26
Number of pages: 41 Posted: 30 Oct 2008 Last Revised: 24 Mar 2021
Steven G. Malliaris and Hongjun Yan
University of Georgia - Department of Banking and Finance and DePaul University
Downloads 1,400 (24,379)
Citation 23

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Reputation, Slow-moving capital, Career concern

3.

Uncertainty and Valuations

Yale ICF Working Paper No. 09-06
Number of pages: 41 Posted: 23 Mar 2009 Last Revised: 06 Sep 2012
Martijn Cremers and Hongjun Yan
University of Notre Dame and DePaul University
Downloads 1,267 (28,279)
Citation 4

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Uncertainty, convexity, valuation, technology bubble

4.

A Four-Trillion-Dollar Question: Why Trade ETFs Instead of Their Underlying Stocks?

Number of pages: 52 Posted: 16 Mar 2012 Last Revised: 17 Nov 2023
Wenxi Jiang, Ruikun Wang and Hongjun Yan
CUHK Business School, The Chinese University of Hong Kong, The Chinese University of Hong Kong (CUHK) and DePaul University
Downloads 1,260 (28,548)
Citation 3

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Financial Innovation, ETF, Information Sensitivity, Convenience, Speculation, Leverage.

5.

Personality Differences and Investment Decision-Making

Downloads 1,187 (31,108)
Citation 2

Personality Differences and Investment Decision-Making

Number of pages: 59 Posted: 03 Jun 2020 Last Revised: 11 Mar 2023
Zhengyang Jiang, Cameron Peng and Hongjun Yan
Kellogg School of Management - Department of Finance, London School of Economics & Political Science (LSE) - Department of Finance and DePaul University
Downloads 1,173 (31,201)
Citation 1

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Personality, Investor Heterogeneity, Social Interaction

Personality Differences and Investment Decision-Making

NBER Working Paper No. w31041
Number of pages: 60 Posted: 20 Mar 2023 Last Revised: 26 Apr 2023
Zhengyang Jiang, Cameron Peng and Hongjun Yan
Kellogg School of Management - Department of Finance, London School of Economics & Political Science (LSE) - Department of Finance and DePaul University
Downloads 14 (972,237)
Citation 1
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6.

Anomaly Discovery and Arbitrage Trading

Number of pages: 66 Posted: 14 Mar 2023
Xi Dong, Qi Liu, Lei Lu, Bo Sun and Hongjun Yan
City University of New York, Baruch College - Zicklin School of Business - Department of Economics and Finance, Peking University - Department of Finance, University of Manitoba, University of Virginia Darden School of Business and DePaul University
Downloads 985 (40,542)
Citation 4

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Anomaly, Arbitrage, Discovery, Arbitrageur-based asset pricing.

7.

Natural Selection in Financial Markets: Does it Work?

Yale ICF Working Paper No. 08-01
Number of pages: 38 Posted: 15 Jan 2008
Hongjun Yan
DePaul University
Downloads 887 (46,916)
Citation 55

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Market selection, asset pricing, general equilibrium, heterogeneous beliefs

8.

Heterogeneous Expectations and Bond Markets

Downloads 839 (50,749)
Citation 114

Heterogeneous Expectations and Bond Markets

Review of Financial Studies, Forthcoming, Yale ICF Working Paper No. 06-35
Number of pages: 40 Posted: 03 Jan 2007 Last Revised: 11 Nov 2010
Hongjun Yan and Wei Xiong
DePaul University and Princeton University - Department of Economics
Downloads 783 (54,844)
Citation 1

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bond markets, heterogeneous expectations, yield curve, bond yield volatility

Heterogeneous Expectations and Bond Markets

NBER Working Paper No. w12781
Number of pages: 52 Posted: 23 Dec 2006 Last Revised: 05 Jun 2022
Hongjun Yan and Wei Xiong
DePaul University and Princeton University - Department of Economics
Downloads 56 (641,566)
Citation 29

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9.

Anticipated and Repeated Shocks in Liquid Markets

Number of pages: 38 Posted: 15 Aug 2010 Last Revised: 03 May 2013
Dong Lou, Hongjun Yan and Jinfan Zhang
London School of Economics & Political Science (LSE), DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 781 (55,837)
Citation 52

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Liquidity, Capital mobility, Supply shocks, Treasury auctions

10.

Is Noise Trading Cancelled Out by Aggregation?

Yale ICF Working Paper No. 08-10, AFA 2009 San Francisco Meetings Paper
Number of pages: 38 Posted: 25 Mar 2008 Last Revised: 08 Feb 2010
Hongjun Yan
DePaul University
Downloads 689 (65,799)
Citation 3

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Aggregation, bias, noise trading, behavioral finance

11.

Disagreement Beta

Journal of Monetary Economics, Forthcoming
Number of pages: 42 Posted: 17 Jun 2016 Last Revised: 07 Oct 2018
George Gao, Xiaomeng Lu, Zhaogang Song and Hongjun Yan
T. Rowe Price Group, Fudan University, Fanhai International School of Finance, Johns Hopkins University - Carey Business School and DePaul University
Downloads 603 (77,989)
Citation 3

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Disagreement, heterogeneous beliefs, speculation, asset pricing

12.

The Behavior of Individual and Aggregate Stock Prices

Number of pages: 39 Posted: 12 Jan 2004
Hongjun Yan
DePaul University
Downloads 596 (78,994)
Citation 4

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Learning, Information Quality, Earnings Surprises

13.

User Interface and First-hand Experience in Retail Investing

Kelley School of Business Research Paper No. 18-54, The Review of Financial Studies, 34 (2021): 4486–4523
Number of pages: 53 Posted: 20 Jun 2018 Last Revised: 08 Aug 2022
Li Liao, Zhengwei Wang, Jia Xiang, Hongjun Yan and Jun Yang
Tsinghua University - PBC School of Finance, Tsinghua University - PBC School of Finance, Tsinghua University - PBC School of Finance, DePaul University and Indiana University - Kelley School of Business - Department of Finance
Downloads 595 (79,150)
Citation 3

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Rule of thumb, fast thinking, mobile investing, salience, first-hand experience, P2P

14.

What Does Stock Ownership Breadth Measure?

Downloads 480 (103,225)
Citation 15

What Does Stock Ownership Breadth Measure?

Number of pages: 48 Posted: 18 Mar 2010 Last Revised: 04 Jul 2012
James J. Choi, Li Jin and Hongjun Yan
Yale School of Management, Harvard Business School - Finance Unit and DePaul University
Downloads 427 (117,260)

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Ownership breadth, short-sales constraints, heterogeneous beliefs, China

What Does Stock Ownership Breadth Measure?

NBER Working Paper No. w16591
Number of pages: 49 Posted: 13 Dec 2010 Last Revised: 03 May 2023
James J. Choi, Li Jin and Hongjun Yan
Yale School of Management, Harvard Business School - Finance Unit and DePaul University
Downloads 53 (653,220)
Citation 6

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15.

Collateral-Motivated Financial Innovation

Number of pages: 50 Posted: 08 Mar 2012 Last Revised: 16 Aug 2014
Ji Shen, Hongjun Yan and Jinfan Zhang
London School of Economics & Political Science (LSE), DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 478 (103,747)
Citation 10

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Financial Innovation, Collateral, Financial Intermediation, Leverage

16.

Funding Liquidity Shocks in a Quasi-Experiment: Evidence from the CDS Big Bang

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 45 Posted: 12 Feb 2016 Last Revised: 11 May 2020
Xinjie Wang, Yangru Wu, Hongjun Yan and Zhaodong Zhong
Southern University of Science and Technology, Rutgers University, Newark - School of Business - Department of Finance & Economics, DePaul University and Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick
Downloads 473 (105,013)
Citation 14

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funding liquidity, arbitrage, basis, CDS Big Bang, standardization, central clearing

17.

Financial Intermediation Chains in an OTC Market

Management Science, Forthcoming
Number of pages: 49 Posted: 14 Mar 2015 Last Revised: 27 Apr 2020
Ji Shen, Bin Wei and Hongjun Yan
London School of Economics & Political Science (LSE), Federal Reserve Bank of Atlanta and DePaul University
Downloads 420 (121,075)
Citation 8

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Search, Chain, Financial Intermediation, Multiplicity, Stability.

18.

Informed Trading and Expected Returns

Downloads 402 (127,053)

Informed Trading and Expected Returns

Number of pages: 46 Posted: 17 Jan 2013 Last Revised: 25 Jan 2016
James J. Choi, Li Jin and Hongjun Yan
Yale School of Management, Peking University - Department of Finance and DePaul University
Downloads 364 (140,927)

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Information asymmetry, Adverse selection, Cost of capital

Informed Trading and Expected Returns

NBER Working Paper No. w18680
Number of pages: 47 Posted: 05 Jan 2013 Last Revised: 17 Jul 2023
James J. Choi, Li Jin, Li Jin and Hongjun Yan
Yale School of Management, University of Oxford - Said Business School, Peking University - Department of Finance and DePaul University
Downloads 38 (752,589)

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19.

Angry Borrowers: Ex-Post Effects of Social Shaming on Debt Repayment

PBCSF-NIFR Research Paper
Number of pages: 47 Posted: 09 Jul 2019 Last Revised: 02 Mar 2023
Li Liao, Zhengwei Wang, Hongjun Yan, Jun Yang and Congyi Zhou
Tsinghua University - PBC School of Finance, Tsinghua University - PBC School of Finance, DePaul University, Indiana University - Kelley School of Business - Department of Finance and Tsinghua University, PBC School of Finance, Students
Downloads 373 (138,184)
Citation 1

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Behavioral Finance; Reciprocity; Privacy Infringement; Social Pressure

20.

Global and Local Information Efficiency: An Examination of Samuelson’s Dictum

Number of pages: 39 Posted: 13 Feb 2017 Last Revised: 10 Mar 2023
Yaqing Xiao, Hongjun Yan and Jinfan Zhang
Capital University of Economics and Business, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 336 (154,817)
Citation 1

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Samuelson’s Dictum, sovereign bond, sovereign CDS, macro inefficiency.

21.

A Model of Anomaly Discovery

FRB International Finance Discussion Paper No. 1128
Number of pages: 52 Posted: 10 May 2015
Liu Qu, Lei Lu, Bo Sun and Hongjun Yan
Independent, University of Manitoba, University of Virginia Darden School of Business and DePaul University
Downloads 291 (180,220)

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Anomaly, Arbitrage, Discovery, Arbitrageur-based asset pricing

22.

A Global Version of Samuelson’s Dictum

forthcoming at the American Economic Review: Insights
Number of pages: 25 Posted: 23 Mar 2021 Last Revised: 29 Sep 2021
Yaqing Xiao, Hongjun Yan and Jinfan Zhang
Capital University of Economics and Business, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 269 (195,228)

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Samuelson’s Dictum, Sovereign CDS, Efficiency

23.

A Search Model of the Aggregate Demand for Safe and Liquid Assets

Number of pages: 38 Posted: 26 Jan 2014 Last Revised: 11 May 2015
Ji Shen and Hongjun Yan
London School of Economics & Political Science (LSE) and DePaul University
Downloads 197 (264,025)
Citation 5

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Convenience Yield, Safe and Liquid Asset, Search

24.

The Indirect Effects of Trading Restrictions

Number of pages: 47 Posted: 04 Mar 2019 Last Revised: 12 May 2022
Shujing Wang, Hongjun Yan, Ninghua Zhong and Yizhou Tang
Tongji University, DePaul University, Tongji University - School of Economics and Management and Tongji University
Downloads 180 (284,705)

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Margin; Short selling; Informativeness; Quasi-natural experiment; China.

25.

Response Order Biases in Economic Surveys

Number of pages: 36 Posted: 17 Feb 2021 Last Revised: 06 Dec 2022
Erik Davison, Yaqing Xiao and Hongjun Yan
Baylor University, Capital University of Economics and Business and DePaul University
Downloads 167 (303,750)

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Response order effect, Survey, Anchoring, COVID, Experience effect, Partisan belief

26.

Disclosing and Cooling-Off: An Analysis of Insider Trading Rules

Rotman School of Management Working Paper No. 4249189
Number of pages: 52 Posted: 20 Oct 2022 Last Revised: 10 Apr 2023
Jun Deng, Huifeng Pan, Hongjun Yan and Liyan Yang
University of International Business and Economics (UIBE) - School of Banking and Finance, University of International Business and Economics (UIBE), DePaul University and University of Toronto - Rotman School of Management
Downloads 155 (325,267)

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Insider trading, Rule 10b5-1, Sunshine trading, Disclosure, Cooling-off period.

27.

In the Shadows of the Government: Relationship Building during Political Turnovers

Downloads 115 (330,599)

In the Shadows of the Government: Relationship Building during Political Turnovers

Number of pages: 51 Posted: 15 Dec 2018 Last Revised: 05 Oct 2020
Hanming Fang, Zhe Li, Nianhang Xu and Hongjun Yan
University of Pennsylvania - Department of Economics, Central University of Finance and Economics, Renmin University of China - School of Business and DePaul University
Downloads 115 (409,216)

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Government, Relationship, Political turnover, Perk, Personnel changes

28.

Financial Intermediation Chains in an OTC Market

FRB Atlanta Working Paper No. 2018-15
Number of pages: 66 Posted: 04 Feb 2019 Last Revised: 29 Apr 2020
Ji Shen, Bin Wei and Hongjun Yan
Peking University, Federal Reserve Bank of Atlanta and DePaul University
Downloads 148 (337,971)

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search, chain, financial intermediation, multiplicity, stability

29.

Under-reaction in the Sovereign CDS Market

Journal of Banking and Finance, Accepted
Number of pages: 43 Posted: 14 May 2019 Last Revised: 24 May 2021
Xinjie Wang, Yaqing Xiao, Hongjun Yan and Jinfan Zhang
Southern University of Science and Technology, Capital University of Economics and Business, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 128 (376,172)
Citation 1

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Underreaction, Macro information, Sovereign CDS, Predictability, Limits to arbitrage

30.

Relatable Information Disproportionately Shapes Expectations

Number of pages: 39 Posted: 27 Dec 2022 Last Revised: 12 Jun 2023
Yaqing Xiao and Hongjun Yan
Capital University of Economics and Business and DePaul University
Downloads 105 (434,773)

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Relatable information, social network, political learning, belief formation, COVID.

31.

Biases in CDS Spreads after the CDS Big Bang

Journal of Fixed Income, Forthcoming
Posted: 05 Feb 2020 Last Revised: 27 Feb 2020
Xinjie Wang, Hongjun Yan and Zhaodong Zhong
Southern University of Science and Technology, DePaul University and Rutgers, The State University of New Jersey - Rutgers Business School at Newark & New Brunswick

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ISDA standard CDS model, CDS spread, bias, upfront payment, fixed coupon, term structure