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 (Since 2008)

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:

·       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.

 

Older Journal Articles

·       Youchang Wu and Xiao Zhao, The SOEs’ Debt Problem and the Debt-to-Equity Swap, World Economy and China (now China & World Economy), 2000, Vol. 8, No. 5, 18-23.

·       Youchang Wu, Banking Industry in China: Problems and Prospects, IFAS Forum 2000, No. 2，recirculated by CIEC China International Economic Consultants.

·       吴有昌，赵晓：债转股: 基于企业治理结构的理论与政策分析 (Debt-Equity Swap: A Theoretical and Policy Analysis Based on Corporate Governance), 《经济研究》, 2000 年第2期，No. 2, 26-33，收录于《中国社会科学文摘》，2000年。

·       吴有昌: 货币危机的三代模型 (Three Generations of Currency Crisis Models)，《世界经济》，2000年第3期, 39-42。

·       吴有昌: 从多重均衡的角度看货币危机 (The Multi-Equilibrium View of Currency Crises), 《经济科学》2000 年第5期，32-41。

·       吴有昌: 通货紧缩的自我强化机制及其对中国的启示 (The Self-Reinforcing Mechanisms of Deflation and its Implications for China)，《世界经济》1999年第11期, 37-45。收录于北京大学中国经济研究中心宏观组编著《1998-2000中国通货紧缩研究》，北京大学出版社，2000年。

·       吴有昌：现代货币危机理论及其启示 （The Modern Theory of Currency Crises and its Implications）,《财贸经济》, 1999年第3期, 11-18。收录于北京大学中国经济研究中心宏观组编著《宏观政策调整与坚持市场取向》，北京大学出版社，1999年。

·       吴有昌：所有者与经营者的目标分歧与整合（Conflict and Alignment of Interests between Owners and Managers）,《经济学家》, 1996 年第3期，94-99。

·       吴有昌：国有企业内部人控制问题的成因及对策 （Insider Control in State-Owned Enterprises: Causes and Solutions）,《改革》, 1995年第4期，50-57。收录于北京市法学会经济法研究会编著《公司治理结构的理论与实践》, 机械工业出版社，2004年。

·       吴有昌：中国城乡居民消费函数比较 （A Comparison of the Consumption Functions of Rural and Urban Households in China）,《经济科学》, 1995年第3期, 43-47。