Hongjun Yan is an Associate Professor of Finance at Yale School of Management. The focus of his research is on market frictions and their impacts on asset prices. His recent theoretical and empirical work examines the relation between speculation, financial innovation, and market liquidity. One recent study examines the impact of uninformed selling (i.e., Treasury auctions) on Treasury prices in the secondary markets. The results reveal large and hidden costs to the Treasury Department, and have important implications on the design of Treasury selling mechanism. He has a PhD in Finance from London Business School in 2005. This year, he teaches a course on derivatives and leads a Yale International Study Trip to China.
VoxEU Column
Information asymmetry raises the cost of capital for corporations
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- Frontiers of economic research 
- International Finance