Youchang Wu


Associate Professor of Finance

Lundquist College of Business

University of Oregon

1208 University Street

Eugene, OR97403

Phone: (541)-3465126


My SSRN page

My Google Scholar page


Curriculum Vitae

Research Interest

My research has spanned the areas of delegated portfolio management, corporate finance, and asset pricing, with two central themes:

1)   The functioning and issues of the asset management industry;

2)   The effects of economic fundamentals (including firm characteristics, industry competition, and macroeconomic conditions) on corporate investment/financial decisions and expected stock returns.


Youchang Wu, 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.


David P. Brown and Youchang Wu, 2016, Mutual Fund Flows and Cross-Fund Learning Within Families, Journal of Finance, vol. 71, no.1, 383-424. Internet Appendix


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


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


Thomas Dangl, 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.

Working Papers

Michael Gofman, Gill Segal, and Youchang Wu, 2018, Production Networks and Stock Returns: The Role of Creative Destruction.

Presented at the NBER Asset Pricing Program Meeting, UBC Winter Finance Conference, SFS Finance Cavalcade, BI Investment- and Production-Based Asset Pricing Workshop. To be presented at EFA and AFA.


Liang Ma, Antonio Mello, and Youchang Wu, 2017, First Mover Advantage, Time to Finance, and Cash Holdings.

Presented at EFA, SFS Finance Cavalcade, Entrepreneurial Finance and Innovation Conference, FIRS, CICF.


Nadia Vozlyublennaia and Youchang Wu, 2017, Mutual Funds Apart from the Crowd.

Presented at CICF, MFA.


Oliver Levine and Youchang Wu, 2017, Asset Volatility and Capital Structure: Evidence from Corporate Mergers. Revise and resubmit, Management Science.

Presented at CICF, NFA, MFA, Workshop on Dynamic Corporate Policies and Asset Prices, Pacific Northwest Finance Conference, Finance Down Under Conference.


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

Presented at FIRS, CICF.


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

Presented at AFA, WFA, EFA, CICF.


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

Presented at CICF, EFMA.


Derivative Securities (Undergraduate & MBA)

Advanced Derivative Securities (Quantitative Master of Finance)


Asset Pricing Seminar I (PhD)


My Money and Banking textbook (in Chinese): coauthored with Gang Yi, published by Shanghai People's Publishing House in 1999. While some updates are long overdue, the book is still regularly reprinted by the publisher (recently by Truth & Wisdom Press and Shanghai People's Publishing House). According to China's largest online bookstore, it is still a popular textbook on money and banking in China (link).


University of Oregon Summer Finance Conference


Eugene Table Tennis Club