Yuhai Xuan
Professor of Finance
& Robert and Karen May Faculty Fellow
University of Illinois at Urbana-Champaign
Department of Finance, Gies College of Business
340 Wohlers Hall, MC-706
1206 South Sixth Street
Champaign, IL 61820
Phone: (217) 300-3689
E-mail: yhxuan@illinois.edu


 
BIOGRAPHY

 

Yuhai Xuan is Professor of Finance and Robert and Karen May Faculty Fellow in the Gies College of Business at the University of Illinois at Urbana-Champaign and an Associate Editor of the Journal of Financial and Quantitative Analysis, Management Science, and the Journal of Empirical Finance.  He is the Academic Director of the Online MBA (iMBA) Program at Gies and the recipient of the 2018–2019 Dean’s Impact Award for his leadership role in the program.  Prior to joining Illinois, he was an Associate Professor in the Finance Unit of Harvard Business School, where he was on the faculty from 2006 to 2015.
 
Professor Xuan currently teaches Cases in Financial Strategy in the Master of Science in Finance (MSF) program at Illinois and has previously taught a variety of courses in the MBA and Executive Education programs at Harvard.  He has been selected to the List of Teachers Ranked as Excellent (with "Outstanding" ratings) and received three consecutive Best Professor awards at Illinois, and has been awarded the Harvard University Certificate of Distinction in Teaching.
 
Professor Xuan's research focuses on empirical corporate finance, corporate governance, and behavioral finance.  His work has been published in leading academic journals in finance, and has been covered in various media outlets including Bloomberg, Business Insider, The Economist, the Financial Times, Forbes, The New York Times, Reuters, and The Wall Street Journal.  He has been awarded the 2011 Jensen Prize (First Place Winner) for the best corporate finance paper published in the Journal of Financial Economics, and has presented his work at more than 40 universities and numerous national and international conferences.
 
Professor Xuan holds an A.M. and a Ph.D. in Business Economics from Harvard University.
 
 
Curriculum Vitae
 

 
PUBLICATIONS

 

Employee Representation and Financial Leverage
  with Chen Lin and Thomas Schmid
Journal of Financial Economics, Vol. 127, Issue 2, February 2018, pp. 303–324.
Abstract

Under New Management: Equity Issues and the Attribution of Past Returns
  with Malcolm Baker
Journal of Financial Economics, Vol. 121, Issue 1, July 2016, pp. 66–78.
Online Appendix
Abstract

The Cost of Friendship
  with Paul Gompers and Vladimir Mukharlyamov
Journal of Financial Economics, Vol. 119, Issue 3, March 2016, pp. 626–644.
Abstract

Acquirer-Target Social Ties and Merger Outcomes
  with Joy Ishii
Journal of Financial Economics, Vol. 112, Issue 3, June 2014, pp. 344–363.
Abstract

Corporate Ownership Structure and the Choice Between Bank Debt and Public Debt
  with Chen Lin, Yue Ma, and Paul Malatesta
Journal of Financial Economics, Vol. 109, Issue 2, August 2013, pp. 517–534.
Abstract

The Client is King: Do Mutual Fund Relationships Bias Analyst Recommendations?
  with Michael Firth, Chen Lin, and Ping Liu
Journal of Accounting Research, Vol. 51, Issue 1, March 2013, pp. 165–200.
Abstract

Corporate Ownership Structure and Bank Loan Syndicate Structure
  with Chen Lin, Yue Ma, and Paul Malatesta
Journal of Financial Economics, Vol. 104, Issue 1, April 2012, pp. 1–22 (Lead Article).
Abstract

The Role of Venture Capitalists in the Acquisition of Private Companies
 
with Paul Gompers
in Research Handbook on International Banking and Governance, edited by James Barth, Chen Lin, and Clas Wihlborg, Cheltenham, UK: Edward Elgar Publishing, 2012.
 
Ownership Structure and Financial Constraints: Evidence from a Structural Estimation
  with Chen Lin and Yue Ma
Journal of Financial Economics, Vol. 102, Issue 2, November 2011, pp. 416–431.
Abstract

Ownership Structure and the Cost of Corporate Borrowing
 
with Chen Lin, Yue Ma, and Paul Malatesta
Journal of Financial Economics, Vol. 100, Issue 1, April 2011, pp. 1–23 (Lead Article; First Place Winner of the 2011 Jensen Prize for the Best Paper in the Areas of Corporate Finance and Organizations published in the Journal of Financial Economics; Journal of Financial Economics All-Star Paper).
Abstract

Empire-Building or Bridge-Building? Evidence from New CEOs' Internal Capital Allocation Decisions
  The Review of Financial Studies, Vol. 22, No. 12, December 2009, pp. 4919–4948.
Online Appendix
Abstract


 
WORKING PAPERS

 

The Impact of Obamacare on Firm Employment and Performance
  with Heitor Almeida, Ruidi Huang, and Ping Liu
Abstract

  with Ruidi Huang
Winner of the China International Conference in Finance Best Paper Award
Abstract

  with Ping Liu
Abstract

More than Money: Venture Capitalists on Boards
  with Natee Amornsiripanitch and Paul Gompers
Abstract

Gender Effects in Venture Capital
  with Paul Gompers, Vladimir Mukharlyamov, and Emily Weisburst
Abstract

Bridge Building in Venture Capital-Backed Acquisitions
  with Paul Gompers
Abstract


 
CASE STUDIES

 

Atlantic Grupa
  with Mato Njavro
Harvard Business School Case 215-077 and Harvard Business School Teaching Note 215-078.
 
Magna International, Inc. (A)
Magna International, Inc. (B)
 
with Timothy Luehrman
Harvard Business School Case 211-044, Harvard Business School Case 211-045, and Harvard Business School Teaching Note 211-077.
 
Shenzhen Development Bank
  with Xiaobing Bai and Li Jin
Harvard Business School Case 210-020 and Harvard Business School Teaching Note 211-070.
 

 
ACADEMIC APPOINTMENTS

 

University of Illinois at Urbana-Champaign
 
2018–  Professor, Department of Finance, Gies College of Business
2016–  Robert and Karen May Faculty Fellow, Gies College of Business
2016–  Academic Director, Online MBA (iMBA) Program, Gies College of Business
2015–2018
 
  Associate Professor, Department of Finance, Gies College of Business
 
Teaching Assignments
 
2015– 
Cases in Financial Strategy, Master of Science in Finance Elective Curriculum
  
Selected to the List of Teachers Ranked as Excellent (with "Outstanding" ratings), 2016, 2017, 2018
Voted Best Professor by the Master of Science in Finance Class of 2016, Class of 2017, Class of 2018
 
Harvard University
 
2012–2015  Marvin Bower Fellow, Harvard Business School
2012–2015  Associate Professor, Finance Unit, Harvard Business School
2006–2012  Assistant Professor, Finance Unit, Harvard Business School
2004–2006
 
  Head Teaching Fellow, Harvard University
 
Teaching Assignments
 
2012–2015 
Global Immersion (China), Field Immersion Experiences for Leadership Development, MBA Required Curriculum
2010–2015  Finance for Senior Executives, Executive Education
2009–2015  Corporate Financial Management, MBA Elective Curriculum
2006–2008  First-Year Finance, MBA Required Curriculum
2004–2006  Corporate Finance; Introductory Econometrics; MBA Analytics Program
   Awarded Harvard University Certificate of Distinction in Teaching, 2004, 2005
 

 
EDUCATION

 

2006  Ph.D., Business Economics (Finance), Harvard University (Cambridge, MA)
2002
 
  A.M., Business Economics (Finance), Harvard University (Cambridge, MA)
 

 
HONORS AND AWARDS

 

2018–2019 
Dean’s Impact Award, Gies College of Business, University of Illinois at Urbana-Champaign (awarded State of Illinois Recognition by Senator Scott Bennett of the 100th General Assembly, December 6, 2018)
2018 
List of Teachers Ranked as Excellent, with “Outstanding” ratings (top 10%), University of Illinois at Urbana-Champaign
2018 
Voted Best Professor by the Master of Science in Finance Class of 2018, University of Illinois at Urbana-Champaign
2018 
China International Conference in Finance (CICF) Best Paper Award
2017 
List of Teachers Ranked as Excellent, with “Outstanding” ratings (top 10%), University of Illinois at Urbana-Champaign
2017 
Voted Best Professor by the Master of Science in Finance Class of 2017, University of Illinois at Urbana-Champaign
2016– 
Robert and Karen May Faculty Fellow, University of Illinois at Urbana-Champaign
2016 
List of Teachers Ranked as Excellent, with “Outstanding” ratings (top 10%), University of Illinois at Urbana-Champaign
2016 
Voted Best Professor by the Master of Science in Finance Class of 2016, University of Illinois at Urbana-Champaign
2015 
All-Star Paper, for a high number of citations per year since publication, Journal of Financial Economics
2012–2015  Marvin Bower Fellow, Harvard Business School
2011 
Jensen Prize, First Place Winner, for the Best Paper in the Areas of Corporate Finance and Organizations, Journal of Financial Economics
2005  Certificate of Distinction in Teaching, Harvard University
2004  Certificate of Distinction in Teaching, Harvard University
2000–2005
 
  Harvard Business School Doctoral Fellowship, Harvard University
 

 
INVITED PRESENTATIONS

 

Bentley University (Department of Finance), Case Western Reserve University (Weatherhead), Chinese University of Hong Kong (Faculty of Business Administration), City University of Hong Kong (College of Business, 2), Cornell University (Johnson), Dartmouth College (Tuck), Duke University (Fuqua), Erasmus University (Rotterdam), George Mason University (School of Management), George Washington University (School of Business), Harvard Business School (2), Hong Kong University of Science and Technology (Business School), Lingnan University (Department of Economics, 2), Massachusetts Institute of Technology (Sloan), Michigan State University (Broad), National University of Singapore (Business School), New York University (Stern), Ohio State University (Fisher), Pennsylvania State University (Smeal), Purdue University (Krannert), Singapore Management University (Business School), The State University of New York at Buffalo (School of Management), Tilburg University (School of Economics and Management), Tsinghua University (School of Economics and Management), University of Amsterdam (Business School), University of Bristol (School of Economics, Finance and Management), University of California, Irvine (Paul Merage, 2), University of Chicago (Booth), University of Cincinnati (Lindner), University of Delaware (Lerner), University of Exeter (Business School), University of Florida (Warrington), University of Geneva (Geneva Finance Research Institute), University of Illinois at Urbana-Champaign (Gies, 2), University of Iowa (Tippie), University of Lausanne (HEC), University of Michigan (Ross, 2), University of North Carolina at Chapel Hill (Kenan-Flagler), University of Notre Dame (Mendoza), University of Rochester (Simon), University of Texas at Austin (McCombs), University of Utah (Eccles), University of Washington (Foster, 2), University of Zurich (Department of Banking and Finance), Washington University in St. Louis (Olin), American Economic Association Annual Meeting (2007), American Finance Association Annual Meeting (2008, 2009, 2010, 2011, 2012, 2015, 2016, 2018, 2019), Annual Conference on Corporate Finance and Financial Intermediation at Washington University in St. Louis (2017), China International Conference in Finance (2018), CSEF-EIEF-SITE Conference on Finance and Labor (2015), Drexel University Annual Academic Conference on Corporate Governance (2015), European Finance Association Annual Meeting (2015), The Financial Intermediation Research Society Annual Conference (2012), Kauffman Foundation Early-Stage Investing Conference (2013), Minnesota Corporate Finance Conference (2014), National Bureau of Economic Research Summer Institute Law and Economics Workshop (2010), Red Rock Finance Conference (2015), Singapore International Conference on Finance (2010), Society for Financial Studies Finance Cavalcade (2018), Texas Finance Festival (2009), Western Finance Association Annual Meeting (2015)


 
SELECT MEDIA COVERAGE

 

Bloomberg (June 21, 2012), Business Insider (November 20, 2013; June 29, 2014), The Economist (June 30, 2012), Financial Times (August 24, 2012), Forbes (November 12, 2014), The New York Times (June 2, 2012; April 1, 2015), Psychology Today (July/August 2017), Reuters (August 21, 2014), The Wall Street Journal (June 18, 2012; April 12, 2013; April 30, 2017)


 
PHD DISSERTATION COMMITTEES

 

Ruidi Huang (Co-Chair, in progress), Nuri Ersahin (Michigan State University), Hwanki Brian Kim (Baylor University), Spyridon Lagaras (University of Pittsburg), Ping Liu (The State University of New York at Buffalo; Purdue University)


 
SERVICE ACTIVITIES

 

Editorial Boards
 
Associate Editor, Management Science, 2018–
Associate Editor, Journal of Empirical Finance, 2016–
Associate Editor, Journal of Financial and Quantitative Analysis, 2012–
 
College/University
 
Graduate Program Advisory Committee (2018–), iMBA Program Specialized Faculty Search Committee (Chair and Diversity Advocate, 2018–), iMBA Program Faculty Advisory Committee (2016–; Chair, 2017–)
 
Conference Discussant and Session Chair
 
American Finance Association Annual Meeting (2007, 2009, 2012), China International Conference in Finance (2018, 2019), Drexel University Annual Academic Conference on Corporate Governance (2011, 2018), Midwest Finance Association Annual Meeting (2019), Society for Financial Studies Finance Cavalcade (2015), Yale-European Corporate Governance Institute-Oxford Conference on Corporate Governance (2010)
 
Conference Program Committees
 
China International Conference in Finance (2018–), Drexel University Annual Academic Conference on Corporate Governance (2017–), European Finance Association Annual Meeting (2013–), European Financial Management Association Annual Meeting (2015–), Financial Management Association Annual Meeting (2019), Financial Management Association Asia/Pacific Conference (2017, 2019), Midwest Finance Association Annual Meeting (2016, Track Chair), Utah Winter Finance Conference (2013–), Western Finance Association Annual Meeting (2010–)
 
Reviewer
 
Contemporary Accounting Research, Emerging Markets Finance & Trade, European Financial Management, Financial Management, Journal of Banking & Finance, Journal of Business Finance & Accounting, Journal of Comparative Economics, Journal of Corporate Finance, Journal of Development Economics, Journal of Economics & Business, The Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, The Journal of Law & Economics, Journal of Money, Credit and Banking, Management Science, The Quarterly Journal of Economics, Research Grants Council of Hong Kong, The Review of Corporate Finance Studies, Review of Finance, The Review of Financial Studies, Social Sciences and Humanities Research Council of Canada, Swiss National Science Foundation

 


Copyright © 2019 Yuhai Xuan | University of Illinois | Gies College of Business | Department of Finance | Faculty Profile | Updated: February 2019