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/

SCHOLARLY PAPERS

28

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14,548

SSRN CITATIONS
Rank 3,179

SSRN RANKINGS

Top 3,179

in Total Papers Citations

175

CROSSREF CITATIONS

254

Scholarly Papers (28)

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 1,313 (18,691)
Citation 16

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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 1,003 (27,839)

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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 (815,280)
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 1,365 (17,975)
Citation 24

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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 1,197 (21,879)
Citation 4

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Uncertainty, convexity, valuation, technology bubble

4.

A Three-Trillion-Dollar Question: Why Trade ETFs Instead of Their Underlying Assets?

Number of pages: 45 Posted: 16 Mar 2012 Last Revised: 07 Oct 2021
Wenxi Jiang, Yaqing Xiao and Hongjun Yan
CUHK Business School, The Chinese University of Hong Kong, Capital University of Economics and Business and DePaul University
Downloads 1,097 (24,859)
Citation 3

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

5.

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 860 (35,107)
Citation 42

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Market selection, asset pricing, general equilibrium, heterogeneous beliefs

6.
Downloads 795 ( 39,174)
Citation 100

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 747 (42,028)
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 2021
Hongjun Yan and Wei Xiong
DePaul University and Princeton University - Department of Economics
Downloads 48 (495,409)
Citation 29

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7.

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 671 (49,185)
Citation 3

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Aggregation, bias, noise trading, behavioral finance

8.

The Behavior of Individual and Aggregate Stock Prices

Number of pages: 39 Posted: 12 Jan 2004
Hongjun Yan
DePaul University
Downloads 585 (58,630)
Citation 4

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Learning, Information Quality, Earnings Surprises

9.

Anomaly Discovery and Arbitrage Trading

Number of pages: 57 Posted: 02 May 2014 Last Revised: 29 Dec 2020
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, Asper School of Business, University of Manitoba, Board of Governors of the Federal Reserve System and DePaul University
Downloads 584 (58,748)
Citation 4

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

10.

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 573 (60,161)
Citation 21

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Liquidity, Capital mobility, Supply shocks, Treasury auctions

11.

Disagreement Beta

Journal of Monetary Economics, Forthcoming
Number of pages: 42 Posted: 17 Jun 2016 Last Revised: 07 Oct 2018
Cornell University - Samuel Curtis Johnson Graduate School of ManagementT. Rowe Price, Fudan University, Fanhai International School of FinanceShanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF), Johns Hopkins University - Carey Business School and DePaul University
Downloads 530 (66,333)
Citation 3

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Disagreement, heterogeneous beliefs, speculation, asset pricing

12.

User Interface and First-hand Experience in Retail Investing

Kelley School of Business Research Paper No. 18-54, Forthcoming at The Review of Financial Studies
Number of pages: 53 Posted: 20 Jun 2018 Last Revised: 26 Oct 2020
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 457 (79,816)
Citation 3

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

13.

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 439 (83,428)
Citation 5

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Financial Innovation, Collateral, Financial Intermediation, Leverage

14.
Downloads 438 ( 83,665)
Citation 10

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 404 (91,122)

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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
James J. Choi, Li Jin and Hongjun Yan
Yale School of Management, Harvard Business School - Finance Unit and DePaul University
Downloads 34 (566,503)
Citation 6

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15.

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
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 400 (92,972)
Citation 3

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

16.

Personality Differences and Investment Decision-Making

Number of pages: 46 Posted: 03 Jun 2020 Last Revised: 21 Aug 2020
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 391 (95,429)
Citation 1

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Personality, Investor Heterogeneity, Social Interaction

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 379 (98,976)
Citation 7

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Search, Chain, Financial Intermediation, Multiplicity, Stability.

18.
Downloads 327 (116,665)

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 305 (125,006)

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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: 18 Jul 2021
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 22 (646,931)

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19.

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, Asper School of Business, University of Manitoba, Board of Governors of the Federal Reserve System and DePaul University
Downloads 262 (147,192)

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Anomaly, Arbitrage, Discovery, Arbitrageur-based asset pricing

20.

Angry Borrowers: Negative Reciprocity in a Financial Market

PBCSF-NIFR Research Paper
Number of pages: 55 Posted: 09 Jul 2019 Last Revised: 06 Jul 2021
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 239 (161,132)
Citation 1

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Behavioral Finance; Reciprocity; Privacy Infringement; Social Pressure

21.

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 182 (207,375)
Citation 5

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Convenience Yield, Safe and Liquid Asset, Search

22.

The Indirect Effects of Trading Restrictions

Number of pages: 46 Posted: 04 Mar 2019 Last Revised: 14 May 2020
Tongji University, DePaul University, Tong Ji University - School of Economics and Management and Tongji University
Downloads 102 (324,467)

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Corporate bond spread; Margin trading; Short selling; Information asymmetry; Quasi-natural experiment; Chinese financial markets

23.

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 83 (369,326)

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Samuelson’s Dictum, Sovereign CDS, Efficiency

24.

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
Southern University of Science and Technology, Capital University of Economics and Business, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 81 (374,748)
Citation 1

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

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 64 (432,158)

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Government, Relationship, Political turnover, Perk, Personnel changes

26.

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 75 (391,622)

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search, chain, financial intermediation, multiplicity, stability

27.

Response Order Biases in Economic Surveys

Number of pages: 38 Posted: 17 Feb 2021
Erik Davison, Yaqing Xiao and Hongjun Yan
Baylor University, Capital University of Economics and Business and DePaul University
Downloads 54 (462,505)

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

28.

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