Photo of Jie Yang

Jie Yang

Education

  • Ph.D., Finance, Duke University, 2010
  • B.S., Economics, Massachusetts Institute of Technology, 2003
Current Research Topics
  • Empirical Corporate Finance
  • Institutional Investors, Financial Constraints
  • Group Manager

    Board of Governors of the Federal Reserve System

    2021 - present
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2019 - 2021
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Assistant Professor of Finance

    McDonough School of Business, Georgetown University

    2010 - 2016
  • Tapping into Financial Synergies: Alleviating Financial Constraints through Acquisitions
    Rohan Williamson and Jie Yang
    Journal of Corporate Finance (2021)
    https://doi.org/10.1016/j.jcorpfin.2021.101947
    See also » FRB Working Paper (2018)
  • What Drove Recent Trends in Corporate Bonds and Loans Usage?
    Jacob Bochner, Min Wei, and Jie Yang
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2789
  • Spike in 2019Q1 Leverage Ratios: The Impact of Operating Leases
    Dino Palazzo and Jie Yang
    FEDS Notes (2019)
    https://doi.org/10.17016/2380-7172.2464
  • Taxes, Bankruptcy Costs, and Capital Structure in for-Profit and Not-for-Profit Hospitals
    Sean S. Huang, Jie Yang, and Nathan Carroll
    Health Services Management Research (2018)
    https://doi.org/10.1177/0951484817726780
  • The Effects of Institutional Investor Objectives on Firm Valuation and Governance
    Paul Borochin and Jie Yang
    Journal of Financial Economics (2017)
    https://doi.org/10.1016/j.jfineco.2017.06.013
    See also » FRB Working Paper (2016)
  • Options, Equity Risks, and the Value of Capital Structure Adjustments
    Paul Borochin and Jie Yang
    Journal of Corporate Finance (2017)
    https://doi.org/10.1016/j.jcorpfin.2016.11.010
    See also » FRB Working Paper (2016)
  • Using Option Market Liquidity to Predict REIT Leverage Changes
    Paul Borochin, John L. Glascock, Ran Lu-Andrews, and Jie Yang
    Journal of Real Estate Finance and Economics (2017)
    https://doi.org/10.1007/s11146-016-9559-y
  • An Empirical Model of Optimal Capital Structure
    Jules H. van Binsbergen, John R. Graham, and Jie Yang
    Journal of Applied Corporate Finance (2011)
    https://doi.org/10.1111/j.1745-6622.2011.00351.x
  • The Cost of Debt
    Jules H. van Binsbergen, John Graham, and Jie Yang
    NBER Working Paper Series (2010)
    https://doi.org/10.3386/w16023
  • The Cost of Debt
    Jules H. van Binsbergen, John R. Graham, and Jie Yang
    Journal of Finance (2010)
    https://doi.org/10.1111/j.1540-6261.2010.01611.x
  • conference

    October 2018

    Financial Management Association, San Diego, CA

    Collateral, Risk, and Borrowing Capacity

  • conference

    October 2018

    Financial Management Association, San Diego, CA

    The Effect of Institutional Ownership Types on Innovation and Competition *presented by coauthor

  • conference

    June 2018

    Financial Management Association Europe, Kristiansand, Norway

    Collateral, Risk, and Borrowing Capacity *presented by coauthor

  • conference

    August 2017

    Cass Business School 2nd Annual Mergers and Acquisitions Conference, London, UK

    Tapping into Financial Synergies:Alleviating Financial Constraints Through Acquisitions

  • conference

    June 2017

    Commodity and Energy Markets Annual Meeting, Oxford, UK

    Collateral, Risk, and Borrowing Capacity *presented by coauthor

  • seminar

    December 2016

    University of Connecticut, Storrs, CT

    Network Centrality of Suppliers and Customers

  • conference

    October 2016

    Financial Management Association, Las Vegas, NV

    Network Centrality of Suppliers and Customers

  • conference

    October 2016

    Financial Management Association, Las Vegas, NV

    The Effects of Institutional Investor Objectives on Firm Valuation and Governance *presented by coauthor

  • seminar

    October 2016

    University of Baltimore, Baltimore, MD

    The Effects of Institutional Investor Objectives on Firm Valuation and Governance

  • conference

    June 2016

    European Financial Management Association, Basel, Switzerland

    The Effects of Institutional Investor Objectives on Firm Valuation and Governance *presented by coauthor

  • conference

    March 2016

    Midwest Finance Association, Atlanta, GA

    Network Centrality of Suppliers and Customers *presented by coauthor

  • seminar

    January 2016

    George Mason University, Fairfax, VA

    Financing Constraints and Acquisitions

  • seminar

    January 2016

    Securities and Exchange Commission, Washington, DC

    Defendant Cash Holdings in Patent Litigation: The Impact on Shareholder Value

  • seminar

    December 2015

    Federal Reserve Board, Washington, DC

    Financing Constraints and Acquisitions

  • seminar

    November 2015

    Office of the Comptroller of the Currency, Washington, DC

    Financing Constraints and Acquisitions

  • conference

    October 2015

    Financial Management Association, Orlando, FL

    Defendant Cash Holdings in Patent Litigation: The Impact on Shareholder Value

  • conference

    May 2015

    Financial Intermediation Research Society, Reykjavik, Iceland

    Options, Equity Risks, and the Value of Capital Structure Adjustments *presented by coauthor

  • conference

    October 2014

    OptionMetrics Research Conference, New York, NY

    Options, Equity Risks, and the Value of Capital Structure Adjustments *presented by coauthor

  • conference

    October 2014

    Financial Management Association, Nashville, TN

    Firm Constraints, Firm Structure, and Acquisitions

  • conference

    October 2014

    Financial Management Association, Nashville, TN

    Options, Equity Risks, and the Value of Capital Structure Adjustments *presented by coauthor

  • seminar

    October 2014

    University of Connecticut, Storrs, CT

    Firm Constraints, Firm Structure, and Acquisitions

  • seminar

    August 2014

    Federal Reserve Board, Washington, DC

    Equity and Debt Financing Constraints

  • conference

    May 2014

    Financial Management Association Asia, Tokyo, Japan

    Can Firms Loosen Financial Constraints? *presented by coauthor

  • conference

    December 2013

    AFFI/EUROFIDAI, Paris, France

    Can Firms Loosen Financial Constraints?

  • conference

    October 2013

    Financial Management Association, Chicago, IL

    Patent Litigation and Cost of Capital

  • seminar

    October 2013

    DePaul University, Chicago, IL

    Changes in Institutional Ownership: Liquidity, Activism, and Firm Performance

  • conference

    October 2012

    Financial Management Association, Atlanta, GA

    Firm Performance and Changes in Institutional Ownership: A Corporate Governance Perspective

  • conference

    October 2010

    Financial Management Association, New York, NY

    Financial Constraints and Capital Structure

  • seminar

    December 2009

    Georgetown University, Washington, DC

    Financial Constraints and Capital Structure

  • seminar

    March 2009

    Georgetown University, Washington, DC

    The Cost of Debt

  • conference

    August 2007

    European Finance Association, Ljubljana, Slovenia

    The Cost of Debt *presented by coauthor

  • conference

    August 2007

    NBER Summer Institute, Cambridge, MA

    The Cost of Debt *presented by coauthor

  • conference

    June 2007

    Western Finance Association, Big Sky, MT

    The Cost of Debt *presented by coauthor

Awards
  • 2008

    American Finance Association

    AFA Travel Grant Award

Conference Organization
  • 2013-2021

    Western Finance Association

    Program Committee

  • 2015-2021

    European Finance Association

    Program Committee

  • 2013-2018

    Financial Management Association

    Program Committee

  • 2015, 2017-2019

    Midwest Finance Association

    Program Committee

  • 2016

    Asian Finance Association

    Program Committee

  • 2015

    Eastern Finance Association

    Program Committee

  • 2014-2015

    FMA Asia Meeting

    Program Committee

Referee
  • Journal of Finance
  • Journal of Financial Economics
  • Review of Financial Studies
  • Management Science
  • Review of Finance
  • Journal of Corporate Finance
  • Journal of Banking and Finance
  • The Financial Review
  • Journal of Empirical Finance
  • Global Finance Journal
  • International Finance
  • International Tax and Public Finance
  • Managerial and Decision Economics
  • Quarterly Review of Economics and Finance
  • International Review of Economics and Finance
Professional Affiliation
  • American Finance Association
  • Western Finance Association
  • European Finance Association
  • Financial Management Association
  • Society for Financial Studies
Last update: June 30, 2022