Finance

Faculty

LU Yao

Department of Finance    Professor

Vice Chair, Department of Finance

Phone:(86)(10)62797399

E-mail:luyao@sem.tsinghua.edu.cn

Office:B304 Lihua Building

Office Hours:Thu. 16:00-18:00

Educational Background


2003 - 2009

   

Stephen M. Ross School of Business, University of Michigan – Ann Arbor

Ph.D. in Business Economics

   



2001 - 2003

   

Leonard N. Stern School of Business, New York University

M.S. in Statistics (Concentration: Financial Engineering)

   



1996 - 2000

   

Central University of Finance & Economics, Beijing, China

B.A. in Economics

   



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Work Experience

Professor in Finance in the School of Economics and Management at Tsinghua University.


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Courses

Corporate Finance, Mergers and Acquisitions, Corporate Governance and Finance Seminar


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Research Areas

Corporate Finance, Labor and Finance, Mergers and Acquisitions, Corporate Governance, Law and Finance, Financial Market Development, Corporate Governance Reforms and International Financial Markets


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Publications

1. Shuo Zhao, Xinzheng Shi, Yao Lu, Xinyue Liu,  " Can M&As Promote the Optimization and Upgrading of Labor Structures?", Journal of Financial Research, 10, 484, 150-169, 2020

2. Yao Lu, Yeqing Zhang, Bo Li, Haoyu Zhao,  " Managerial individual characteristics and corporate performance:Evidence from a machine learning approach ", Journal of Management Sciences in China, 2, 23, 120-140, 2020

3. E. Han Kim and Yao Lu, “Executive suite independence: Is it related to board independence?”, Forthcoming at Management Science (A+)

4. Xiaorong Li, Yao Lu, "Research progress on the relationship between labor market and corporate finance", Economic Trends, No.3, pp. 120-133, 2019

5. Dapeng Chen, Xinzheng Shi, Yao Lu, Zhuo Li, "Employee stock ownership plan and financial information quality", Nankai Management Review, Vol.1, No.22, pp. 166-180, 2019

6. Xinzheng Shi, Wenjing Gao, Yao Lu, Mengmeng Li, "Capital market allocation efficiency and labor income share - Evidence from the reform of non tradable shares", Economic Research, 12, 20-37, 2019

7. Yao Lu, e. Han Kim, Shinwoo Kang, "experience matter, CEO of does independent directors'", review of finance, Vol.10, No.10, pp. 905-949, 2018

8. Yao Lu, E. Han Kim, "Executive suite independence: is it related to board independence?", management science, Vol.3, No.64, pp. 1015-1033, 2018

9. Yao Lu, Xinzheng Shi, Bohan Yang, Yeqing Zhang, "Implementation of Shanghai Hong Kong stock connect, capital flow and A-H Share Premium", Journal of economics, Vol. 1, No. 5, pp. 38-63, 2018

10. Yao Lu, Zhang Peng, Jiaqi Feng, "Research on the impact of margin trading on corporate governance of listed companies", Journal of management science, Vol.11, No. 21, pp. 92-111, 2018

11. Yao Lu, Xinzheng Shi, Luyao Liu, "Labor cost change and earnings management: An Empirical Analysis Based on the change of minimum wage policy", management world, Vol. 3, No. 1, pp. 146-158, 2017

12. Rui Wang, Yao Lu, Xinzheng Shi, "Export and enterprise tax avoidance", Journal of Tsinghua University (NATURAL Edition), Vol. 6, No. 57, pp. 667-672, 2017

13. Yao Lu, "syndicate venture capital and enterprise innovation", financial research, Vol. 6, 159-175, 2017E.

14. Han Kim, Yao Lu, “Executive suite independence: Is it related to board independence?”, forthcoming at Management Science (A+)

15. Vikramdita Khanna, E. Han Kim and Yao Lu, “CEO connectedness and corporate frauds”, Journal of Finance (A+) 2015, 70 (3): Page 1203-1252.

16. Thomas Lyon, Yao Lu, Xinzheng Shi and Qie Yin, “How do shareholders respond to sustainability awards? Evidence from China (with Thomas Lyon, Yao Lu, and Qie Yin; forthcoming in Ecological Economics)How do shareholders respond to sustainability awards? Evidence from China”, Ecological Economics (SSCI, 5-year Impact Factor: 3.929), 2013, 94, Page 1-8 (Lead Article).

17. E. Han Kim and Yao Lu, “Corporate governance reforms around the world and cross-border acquisitions” Journal of Corporate Finance (A), 2013, 22, Page 236-253.

18. Yao Lu and Xinzheng Shi, “Corporate governance reform and state ownership: Evidence from China” Asia-Pacific Journal of Financial Studies (SSCI), 2012, 41, 665-695 (Lead Article).

19. “Corporate governance reforms around the world and cross-border acquisitions” Journal of Corporate Finance, 2013, 22, Page 236-253, with E. Han Kim. Available at: http://authors.elsevier.com/sd/article/S0929119913000503“Corporate governance reforms around the world and cross-border acquisitions” Journal of Corporate Finance, 2013, 22, Page 236-253, with E. Han Kim. Available at: E. Han Kim and Yao Lu, “CEO ownership, external governance, and risk-taking”,Journal of Financial Economics (A+), 2011, 102 (2), Page272-292.

20. E. Han Kim and Yao Lu, “Is chief executive officer power bad?” Asia-Pacific Journal of Financial Studies (SSCI), 2011, 40, Page495-516 (Lead Article).

21. Yao Lu and Jiangyan Hu, “The impacts of hometown connection between the CEO and board on corporate frauds”,Nankai Business Review, 2016, 19(02), Page 52-62.

22. Yao Lu and Cha Li,“CEO influence over the board and corporate fraud, Journal of Financial Research, 2016, (01), Page 176-191.

23. Yao Lu and Mingyu Zhang, “Effects of CEO education background on firm performance”, Journal of Tsinghua University (Science and Technology),2015, 55(4), Page 428-442.

24. Jing Xu ,Yujie Zhu,and Yao Lu,“Merit-based regulation of new share issuance and financial constraints of publicly listed companies in China”,Journal of Tsinghua University (Science and Technology),2014, 54(07),Page 959-965.

25. Yao Lu and Jiangyan Hu, “CEO-Director Hometown Connection and Corporate Risk” Management World, 2014, (03), Page 131-138.

26. Yao Lu and Minfeng Yuan, “IPO overpricing and IPO pricing efficiency: An analysis on shareholders’ characteristics, Journal of Tsinghua University (Science and Technology), 2014, 54(03), Page 381-393.

27. Yao Lu, Yujie Zhu and Xiaoyuan Hu, Institutional shareholder ownership and corporate fraud: Evidence from China, Nankai Business Review, 2012, 2012, 15(01), Page 13-23。

28. Yao Lu and Yuye Zhao, Foreign underwriters and IPO overpricing, Review of Investment Studies, 2012, (01),Page 71-83.

29. Yao Lu, Xinzheng Shi and Shiwu Zhu, “Long-term impacts of China’s ‘Unifying two tax schedules” reform’”, Journal of Tsinghua University (Science and Technology), 2012, 52(08), Page 1130-1137.陆瑶、胡江燕,《CEO与董事间的“老乡”关系对我国上市公司风险水平的影响》,《管理世界》, 2013。(CSSCI收录)陆瑶、袁敏峰,《新股“破发”与IPO定价效率:基于股东特征的分析》,《kaiyun体育登录网页入口学报(自然科学版)》,2013。(EI收录)

30. Yao Lu and Xiaoli Shen, “Information content of stock prices and earnings management: Evidence from Chinese stock market, Journal of Financial Research,2011, (12),Page 131-145.

31. Yao Lu, Cong Yan and Yujie Zhu, “Can cross-board M&As create value for Chinese acquirers?”, Journal of Tsinghua University (Science and Technology), 2011, 51(8), Page 1145-1154.

32. Yao Lu, Ping He and Bian Wu, “Non-controlling state ownership, investment efficiency and firm performance, ” Journal of Tsinghua University (Science and Technology), 2011, 51(4), Page 513-520.

33. Yao Lu, “Activating markets for corporate control and firm value”, Journal of Financial Research, 2010, 361(07),Page 144-157.

34. Rui Wang, Yao Lu and Xinzheng Shi, Exporting and tax avoidance, accepted by Journal of Tsinghua University (Science and Technology), 2016.


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