Liyan Yang

Assistant Professor of Finance
University of Toronto

Liyan Yang is an assistant professor of finance at the Rotman School of Management at University of Toronto. In 2010 he received his PhD in economics from Cornell University under the supervision of David Easley. His research focuses on asset pricing, behavioral finance and information economics. He has published papers in Journal of the European Economic Association, Journal of Financial Economics, Management Science, among others.

My Grants

We study the pricing and liquidity implications of sentiment and disagreement as origins of radical uncertainty in financial markets. We address this question in two ways. First, we propose a unified theoretical framework to explore how sentiment and disagreement affect the trading behaviors of market participants and hence asset prices and liquidity. Second, we use various data sources to investigate the model-generated empirical predictions on how disagreement-sentiment dynamics can explain certain patterns in stock return predictability and liquidity in the cross section and in the time series.