Active Working Papers

· Wu, Youchang and Josef Zechner, 2026, Political Preferences and Financial Market Equilibrium, Revise and Resubmit, Review of Financial Studies

Conferences: EFA 2026, AFA 2025, CICF 2025，5th Stigler Center-CEPR Conference: Governance in a Polarized World, NFA 2024, International Review of Finance 25th Anniversary Conference, 4th Conference in Corporate Policies and Asset Prices (University of Luxembourg), ESADE Spring Workshop, CIRF-CFRI Joint Conference 2024, UBC Winter Finance Conference 2024, Nova & WU Workshop 2024, FIRS Conference 2024

· Bhanot, Karan, Antonio Mello, and Youchang Wu, 2025, Payment-In-Kind Debt.

Conferences: Pacific Northwest Finance Conference 2025, EFMA 2024 

· Ren, Zhou, Lixing Wang, and Youchang Wu, 2025, Investment Lumpiness and Equity Return.

Conferences: MRS International Risk Conference 2025, FMA 2025, Finance Theory Group Summer School 2025, Spanish Finance Association Annual Meeting 2025, Deutsche Bundesbank Summer School 2024, Econometric Society European Winter Meeting 2024, AWG Workshop 2024

· Sheen, Albert, Youchang Wu, and Yuwen Yuan, 2025, Private Equity and Financial Adviser Misconduct.

Conferences: Asian Finance Association 2024, EFMA 2022, CICF 2022, CIRF 2022, FMA 2022, National Regulatory Services Spring 2022 Compliance Conference.

Media Coverage: Barron’s; Yahoo!Finance; Financial Advisor Magazine; Financial Planning; National Association of Plan Advisors; MarketWatch; Citywire USA; Wealth Management; Thinkadvisor, Financial Adviser IQ, Financial Advisor Transitions, SecuritiesLaw, FundFire

· Vozlyublennaia, Nadia and Youchang Wu, 2019, Mutual Funds Apart from the Crowd.

Conferences: CICF, MFA, CIRF. Winner of Modern Risk Society Research Excellence Paper Award.

Journal Articles

1. Bai, Xuanyu and Youchang Wu, 2026, Private Equity and Gas Emissions: Evidence from Electric Power Plants, Accepted, Journal of Financial and Quantitative Analysis.

2. Jang, Donghyeok and Youchang Wu, 2025, Investment Performance of Private Pension Plans: Defined Benefit vs. Defined Contribution, Accepted, Management Science.

3. Cao, Zhiqi, Wenfeng Wu, and Youchang Wu, 2025, Economic Uncertainty and the Beta Anomaly, Accepted, Management Science.

4. Huang, Chien-Yu, Youchang Wu, Yibai Yang, and Zhijie Zheng, 2023, Monetary Policy in a Schumpeterian Growth Model with Vertical R&D Sectors, Journal of Money, Credit and Banking, vol. 55, no. 6, 1569-1607.

5. Gofman, Michael and Youchang Wu, 2022, Trade Credit and Profitability in Production Networks, Journal of Financial Economics, vol. 143, no. 1, 593-618.

6. Wu, Youchang, 2021, The Causes and Challenges of Low Interest Rates: Insights From Basic Principles and Recent Literature, China Finance Review International, vol. 11, no. 2, 145-169.

7. Levine, Oliver and Youchang Wu, 2021, Asset Volatility and Capital Structure: Evidence from Corporate Mergers, Management Science, vol. 67, no.5, 2273-2798.

8. Gofman, Michael, Gill Segal, and Youchang Wu, 2020, Production Networks and Stock Returns: The Role of Vertical Creative Destruction, Review of Financial Studies, vol. 33, no.12, 5856–5905.

9. Ma, Liang, Antonio Mello, and Youchang Wu, 2020, First Mover Advantage, Time to Finance, and Cash Holdings, Journal of Corporate Finance, vol. 62, 101584.

10. Wu, Youchang, Russ Wermers, and Josef Zechner, 2016, Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds, Review of Financial Studies, vol. 29, no.12, 3428-3470. A short summary of the paper on Harvard Law Review Forum on Corporate Governance and Financial Regulation.

11. Brown, David P. and Youchang Wu, 2016, Mutual Fund Flows and Cross-Fund Learning Within Families, Journal of Finance, vol. 71, no.1, 383-424. Internet Appendix. The working paper version of this paper contains many analytical results derived under the assumption that the true skills are time-varying.

12. Dangl, Thomas and Youchang Wu, 2016, Corporate Investment over the Business Cycle, Review of Finance, vol. 20, no.1, 337-371.

13. Stoughton, Neal, Youchang Wu, and Josef Zechner, 2011, Intermediated Investment Management, Journal of Finance, vol. 66, no. 3, 947-980. Internet appendix.

14. Dangl, Thomas, Youchang Wu, and Josef Zechner, Market Discipline and Internal Governance in the Mutual Fund Industry, Review of Financial Studies, 2008, vol. 21, no. 5, 2307-2343.

Book chapter:

15. Wu, Youchang, 2023, Carbon Footprint of Private Equity, in The Palgrave Encyclopedia of Private Equity, edited by Douglas Cumming and Benjamin Hammer, https://link.springer.com/referenceworkentry/10.1007/978-3-030-38738-9_95-1

Old Working Papers

· Girardi, Giulio, Christof Stahl, Youchang Wu, 2017, Cash Management and Extreme Liquidity Demand of Mutual Funds.

· Deuskar, Prachi, Jay Wang, Youchang Wu, and Quoc Nguyen, 2012, The Dynamics of Hedge Fund Fees.

Selected Conferences: FIRS, CICF.

· Wermers, Russ, Youchang Wu, and Josef Zechner, 2008, Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers.

Selected Conferences: AFA, WFA, EFA, CICF.

· Cui, Rong and Youchang Wu, 2007, Disentangling Liquidity and Size Effects in Stock Returns: Evidence from China.

Selected Conferences: CICF, EFMA.