Person:
Zeng, Yao

Profile Picture

Email Address

AA Acceptance Date

Birth Date

Research Projects

Organizational Units

Job Title

Last Name

Zeng

First Name

Yao

Name

Zeng, Yao

Filters

20161

Settings

Author's Publications: search.filters.isAuthorOfPublication.e8175c7c-f01c-4466-8aea-0d78af48c6bc

Search Results

Now showing 1 - 1 of 1
  • No Thumbnail Available
    Publication
    Essays on the Risks and Real Effects of Non-Bank Financial Institutions
    (2016-05-10) Zeng, Yao; Campbell, John; Stein, Jeremy; Shleifer, Andrei; Farhi, Emmanuel
    These essays explore the risks and real effects of various non-bank financial institutions, such as open-end mutual funds, hedge funds, and venture capital. In the first essay, “A Dynamic Theory of Mutual Fund Runs and Liquidity Management,” I show that mutual funds are subject to bank-run-like risks, but the underlying mechanism is different. In the second essay, "Investment Exuberance under Cross Learning,” written with Shiyang Wang, we argue that firm cross learning can lead to inefficient investment exuberance, in which institutional investors’ (like hedge funds) play a key role. In the third essay, “Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition," written with Ming Yang, we explores the optimal security design when the investor (like venture capital) can acquire information to help the entrepreneur make better investment decisions.