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

35

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20,503

TOTAL CITATIONS
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SSRN RANKINGS

Top 3,002

in Total Papers Citations

288

Scholarly Papers (35)

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1.

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

Downloads 2,519 (11,387)
Citation 20

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 1,432 (27,009)
Citation 11

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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 1,085 (40,474)

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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 (1,278,116)
Citation 9
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Asset Pricing, Bounded Rationality, Equilibrium, Expected Inflation, Money Illusion, New Keynesian

2.

Personality Differences and Investment Decision-Making

Downloads 1,476 (26,279)
Citation 6

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 1,453 (26,418)
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 23 (1,016,566)
Citation 5

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3.

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 1,424 (27,680)
Citation 23

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Reputation, Slow-moving capital, Career concern

4.

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

Number of pages: 55 Posted: 16 Mar 2012 Last Revised: 08 Oct 2024
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 1,418 (27,837)
Citation 3

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Financial Innovation, ETF, Information Sensitivity, Convenience, Speculation, Leverage., Positive Feedback Loop, Increasing Returns to Scale

5.

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 1,301 (31,681)
Citation 4

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Uncertainty, convexity, valuation, technology bubble

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 1,187 (36,101)
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 908 (52,798)
Citation 63

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Market selection, asset pricing, general equilibrium, heterogeneous beliefs

8.

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
HKUST Business School, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 895 (53,863)
Citation 65

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Liquidity, Capital mobility, Supply shocks, Treasury auctions

9.

Heterogeneous Expectations and Bond Markets

Downloads 866 (56,357)
Citation 30

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 802 (61,643)
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 64 (693,682)
Citation 29

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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 713 (72,975)
Citation 3

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Aggregation, bias, noise trading, behavioral finance

11.

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 638 (83,959)
Citation 3

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

12.

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
Cornell University - Samuel Curtis Johnson Graduate School of Management, Fudan University, Fanhai International School of Finance, Johns Hopkins University - Carey Business School and DePaul University
Downloads 628 (85,679)
Citation 3

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Disagreement, heterogeneous beliefs, speculation, asset pricing

13.

The Behavior of Individual and Aggregate Stock Prices

Number of pages: 39 Posted: 12 Jan 2004
Hongjun Yan
DePaul University
Downloads 607 (89,484)
Citation 4

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Learning, Information Quality, Earnings Surprises

14.

What Does Stock Ownership Breadth Measure?

Downloads 523 (107,905)
Citation 6

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 454 (126,318)

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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 69 (666,984)
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
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 498 (114,510)
Citation 16

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

16.

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 491 (116,446)
Citation 15

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Financial Innovation, Collateral, Financial Intermediation, Leverage

17.

Informed Trading and Expected Returns

Downloads 478 (120,191)

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 425 (136,785)

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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 53 (759,540)

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18.

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

PBCSF-NIFR Research Paper
Number of pages: 49 Posted: 09 Jul 2019 Last Revised: 11 Nov 2024
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 441 (132,266)
Citation 1

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Behavioral Finance, Social Shaming, Debt Collection, Reciprocity, Privacy Infringement

19.

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 434 (134,877)
Citation 12

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Search, Chain, Financial Intermediation, Multiplicity, Stability.

20.

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

Journal of Empirical Finance, Vol. 77, 2024
Number of pages: 39 Posted: 13 Feb 2017 Last Revised: 28 May 2024
Yaqing Xiao, Hongjun Yan and Jinfan Zhang
Capital University of Economics and Business, DePaul University and Chinese University of Hong Kong (Shenzhen)
Downloads 405 (146,140)
Citation 1

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

21.

The Road to Negative Futures Prices Is Paved with Financialization

Number of pages: 39 Posted: 20 Apr 2022 Last Revised: 13 Oct 2024
Yiqing Ge, Wenjin Kang, Ke Tang, Hongjun Yan and Liyan Yang
Tsinghua University - Institute of Economics, Faculty of Business Administration, University of Macau, Institute of Economics, School of Social Sciences, Tsinghua University, DePaul University and University of Toronto - Rotman School of Management
Downloads 389 (152,927)

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Commodity financialization, closing pressure, manipulation, TAS, negative oil futures price

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 320 (189,039)

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Samuelson’s Dictum, Sovereign CDS, Efficiency

23.

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 302 (201,129)

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Anomaly, Arbitrage, Discovery, Arbitrageur-based asset pricing

24.

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

Rotman School of Management Working Paper No. 4249189
Number of pages: 63 Posted: 20 Oct 2022 Last Revised: 24 Jan 2024
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 249 (244,770)

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

25.

Response-Order Effects in Economic Surveys: Biases and Ethical Concerns

Number of pages: 35 Posted: 17 Feb 2021 Last Revised: 09 Sep 2024
Yaqing Xiao, Hongjun Yan and Erik Davidson
Capital University of Economics and Business, DePaul University and Baylor University
Downloads 232 (262,273)

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Response-order effect, Robo-advisor, Anchoring, COVID, Personal experience, Political belief

26.

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 204 (296,022)
Citation 5

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Convenience Yield, Safe and Liquid Asset, Search

27.

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 201 (300,163)

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

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 190 (316,048)

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search, chain, financial intermediation, multiplicity, stability

29.

To Dissimulate or Not to Dissimulate? Insider Trading When Anticipating Future Information

Number of pages: 39 Posted: 15 Mar 2024
Hongjun Yan, Liyan Yang, Xueyong Zhang and Deqing Zhou
DePaul University, University of Toronto - Rotman School of Management, Central University of Finance and Economics (CUFE) - School of Finance and Central University of Finance and Economics
Downloads 179 (333,472)

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Insider trading, Dissimulation, Mixed strategy, Information arrival

30.

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

Downloads 131 (336,817)

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 131 (432,950)

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Government, Relationship, Political turnover, Perk, Personnel changes

31.

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 143 (402,905)
Citation 1

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

32.

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 112 (486,190)

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

33.

Investor Memory and Biased Beliefs: Evidence from the Field

Number of pages: 90
Zhengyang Jiang, Hongqi Liu, Cameron Peng and Hongjun Yan
Kellogg School of Management - Department of Finance, The Chinese University of Hong Kong, Shenzhen, London School of Economics & Political Science (LSE) - Department of Finance and DePaul University
Downloads 1

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Investor Memory, Expectation Formation, Return Extrapolation

34.

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

35.

Kyle Meets Friedman: Informed Trading When Anticipating Future Information

Number of pages: 60
Hongjun Yan, Liyan Yang, Xueyong Zhang and Deqing Zhou
DePaul University, University of Toronto - Rotman School of Management, Central University of Finance and Economics (CUFE) - School of Finance and Central University of Finance and Economics
Downloads 0

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JEL Classification Numbers: C72, D82, G14 informed investor trading, Dissimulation, Mixed strategy, Information arrival