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Odette School of Business

Yunbi An CV

Yunbi An, Ph.D.
Professor, Finance
yunbi@uwindsor.ca
253-3000 ext. 3133
Office: OB 439

Academic Degrees 

  • Ph.D.  Queen's University, Kingston, ON, Canada, Finance, 2005.
  • M.A.  University of Windsor, Windsor, ON Canada, Economics, 1999.
  • M.A.  Central University of Finance and Economics, China (People's Republic), Economics, 1997.
  • B.A.  Shandong University, China (People's Republic), Mathematics, 1987.

Employment Experience

  • Professor, University of Windsor, Odette School of Business (July, 2015 - Present), Windsor, Canada.
  • Associate Professor, University of Windsor (July, 2010 - June, 2015), Windsor, Canada.
  • Assistant Professor, University of Windsor (July, 2004 - June, 2010), Windsor, Canada.
  • Research/Teaching Assistant (student), Queen's University (September, 2001 - July, 2003), Kingston, Canada.
  • Research/Teaching Assistant (student), Queen's University (September, 1999 - August, 2003), Kingston, Canada.
  • Research/Teaching Assistant (student), University of Windsor (January, 1998 - August, 1999), Windsor, Canada.
  • Research Assistant, University of Windsor (January, 1998 - August, 1999), Windsor, Canada.
  • Lecturer/Assistant Professor, Central University of Finance and Economics (July, 1987 - December, 1997), China.

Honours and Awards 

  • 2011:  Finance Professor of the Year (Undergraduate), Odette Commerce Society (Undergraduate Students).
  • 2011:  Odette Award for Research Excellence (OARE) - Senior/tenured category, Odette School of Business.
  • 2009:  Finance Professor of the Year (Undergraduate), Odette Commerce Society (Undergraduate Students).
  • 2007:  Finance Professor of the Year (Undergraduate), Odette Commerce Society (Undergraduate Students).

Articles 

  • Su, Y.; Yang, B. & An, Y. (2024).  When do venture capital and startups team up? Matching matters.   Pacific Basin Finance Journal, 85. [June] https://doi.org/10.1007/s10690-023-09442-7.
  • Fu, H.; Qi, H. & An, Y. (2023).  The impacts of policy uncertainty on asset prices: Evidence from China's market.   Asia-Pacific Financial Markets, 1-47. [December]  https://doi.org/10.1016/j.pacfin/2024/102361.

  • Jia, S., An, Y., Yang, L., & Zhou, F. (2023).  Price limit relaxation and stock price crash risk: Evidence from China.   Finance Research Letters, 59.  [November], http://doi.org/10.1016/j.frl.2023.104715.

  • Zhang, L., Gu, J., & An, Y. (2023).  The optimal delayed retirement age in aging China: Determination and impact analysis.   China Economic Review, 79, http://doi.org/10.1016/j.chieco.2023.101972. [April]
  • Wang, L., Liu, Z., Wang, Y., Ai, W., & An, Y. (2023).  Executive compensation incentives and corporate R&D investments: An analysis based on the moderating effect of managerial power.   Emerging Markets Finance and Trade, 59 (8), 2664-2693, http://doi.org/10.1080/1540496X.2023.2190841. [March]
  • Hui, F., Qi, Y., An, Y., & Zhang, M. (2022).  Market capacity, information exchange and imperfect matching: Evidence from the Chinese venture capital market.   British Journal of Management, https://doi.org/10.1111/1467-8551.12669. [October]
  • Lin, J.; An, Y. & Dong, Z. (2022). The dark side of minority voting power: An innovation perspective.  Journal of Business Finance & Accounting, https://doi.org/10.1111/jbfa.12660. [October]
  • An, Y.; Jin, H., Liu, Q. & Zheng, K. (2022). Media attention and agency costs: Evidence from listed companies in China. Journal of International Money and Finance, 124, http://doi.org/10.1016/j.jimonfin.2022.102609. [February]
  • Sheng, J.; Xu, S., An, Y. & Yang, J. (2022). Dynamic asset pricing in delegated investment: An investigation from the perspective of heterogeneous beliefs of institutional and retail investors. Economic Modelling, 107, http://doi.org/10.1016/j.econmod.2021.105716. [February]
  • Liu, Y.; Liu, J., Ai, W. Wang, X. & An, Y. (2022). Agency conflicts in co-regulation: Evidence from IPO application screening in China. International Review of Financial Analysis, http://doi.org/10.1016/j.irfa.2022.102131. [March]
  • Zhang, L.; Jiang, J. & An, Y. (2022). Proper fund size: A perspective from both investors and fund managers. Quantitative Finance, http://doi.org/10.1080/14697688.2021.2009904. [January]
  • Zhou, F.; Zhu, J., Qi, Y., Yang, J. & An, Y. (2021). Multi-dimensional corporate social responsibilities and stock price crash risk: Evidence from China. International Review of Financial Analysis, 78, http://doi.org/10.1016/j.irfa.2021.101928. [November]
  • Li, X.; Yang, B., Su, Y. & An, Y. (2021). Downside risk and defaultable bond returns. Journal of Management Science and Engineering, 6 (1), 99-110, http://doi.org/10.1016/j.jmse.2021.02.006. [February]
  • Fan, Y.; Zhou, F., An, Y. & Yang, J. (2021). Investor sentiment and stock price crash risk: Evidence from China. Global Economic Review, 50 (4), 310-339, http://doi.org/10.1080/1226508X.2021.1947340. [July]
  • Wang, L.; Huang, H. & An, Y. (2021). Technological fit, control rights allocation, and innovation performance of corporate venture capital-backed enterprises. Venture Capital: An international journal of entrepreneurial finance, 23 (3), 229-255, http://doi.org/10.1080/13691066.2021.1905931. [April]
  • Sheng, J.; Xu, S., An, Y. & Yang, J. (2021). Dynamic portfolio strategy by loss-averse fund managers facing performance-induced fund flows.  International Review of Financial Analysis, 73, http://doi.org/10.1016/j.irfa.2020.101609. [October]
  • Wang, L.; Yang, Y. & An, Y. (2021). Corporate venture capital diversification, parent company value spillovers and value creation of start-ups. Singapore Economic Review, http://doi.org/10.1142/S021759082150020X. [April]
  • Wen, T.; Li, P. & An, Y. (2021). Information transmission between China's IH and SGX FTSE A50 stock index futures markets: The role of trading restrictions. Emerging Markets Finance and Trade, http://doi.org/10.1080/1540496X.2021.1917360. [April]
  • Li, X.; Yang, B., Su, Y., Qi, Y. & An, Y. (2021). Macro factors and bond returns in China. Emerging Markets Finance and Trade, http://doi.org/10.1080/1540496X.2021.1941860. [July]
  • Jiang, C.; Du, J., An, Y. & Zhang, J. (2020).  Factor tracking: A new smart beta strategy that outperforms naive diversification.  Economic Modelling.  Online April 1, 2020, http://doi.org/10.1016/j.econmod.2020.03.023.
  • Wang, L., Zhou, F., An, Y., & Yang, J. (2019).  Corporate venture capital: Technological innovation or value creation? A comparative study of CVC- and IVC-invested Chinese listed companies.   Asian Journal of Technology Innovation, 27 (3), 257-279, http://doi.org/10.1080/19761597.2019.1669470.
  • Zhang, J., He, L., & An, Y. (2019).  Measuring banks' liquidity risk: An option-pricing approach.   Journal of Banking & Finance, 111, http://doi.org/10.1016/j.jbankfin.2019.105703.
  • Liu, Q., Jiang, P., An, Y., & Cheung, K. (2019).  The effectiveness of incorporating higher moments in portfolio strategies: Evidence from the Chinese commodity futures markets.   Quantitative Finance, http://doi.org/10.1080/14697688.2019.1687926.
  • Jiang, C., Du, J., & An, Y. (2018).  Combining the minimum-variance and equally-weighted portfolios: Can portfolio performance be improved?   Economic Modelling, 80 (1), 260-274, http://doi.org/10.1016/j.econmod.2018.11.012.
  • Lin, J., An, Y., Yang, J., & Liang, Y. (2018).  Price inversion and post lock-up period returns on private investments in public equity in China: An interest transfer perspective.   Journal of Corporate Finance, 54 (2019), 47-84, http://doi.org/10.1016/j.jcorpfin.2018.11.005.
  • Fu, H., Yang, J., & An, Y. (2018).  Contracts for venture capital financing with double-sided moral hazard.   Small Business Economics, 53 (1), 129-144, http://doi.org/10.1007/s11187-018-0028-2.
  • Zhou, F., Zhang, Z., Yang, J., Su, Y., & An, Y. (2018).  Delisting pressure, executive compensation, and corporate fraud: Evidence from China.   Pacific-Basin Finance Journal, 48 (2018), 17-34, http://doi.org/10.1016/j.pacfin.2018.01.003.
  • Zhou, F., Fu, Y., An, Y., & Yang, J. (2018).  Impacts of ownership balance and nonexecutive directors on bank performance and risk taking: Evidence from City Commercial banks in China.   Global Economic Review: Perspectives on East Asian Economies and Industries, 48 (1), 1-24, http://doi.org/10.1080/1226508X.2018.1528170.
  • Fu, H., Yang, J., & An, Y. (2018).  Made for each other: Perfect matching in venture capital markets.   Journal of Banking & Finance, 100 (2019), 346-358, http://doi.org/10.1016/j.jbankfin.2018.05.015.
  • Zhang, J., Jin, Z., & An, Y. (2017).  Dynamic portfolio optimization with ambiguity aversion.   Journal of Banking & Finance, 79 (2017), 95-109, http://doi.org/10.1016/j.jbankfin.2017.03.007.
  • Wang, L., Zhou, F., & An, Y. (2017).  Determinants of control structure choice between entrepreneurs and investors in venture capital-backed startups.   Economic Modelling, 63 (2017), 215-225, http://doi.org/10.1016/j.econmod.2017.02.016.
  • Zhou, F., Fan, Y., An, Y., & Zhong, L. (2017).  Independent directors, non-controlling directors, and executive pay-for-performance sensitivity: Evidence from Chinese non-state owned enterprises.   Pacific-Basin Finance Journal, 43, 55-71, http://doi.org/10.1016/j.pacfin.2017.02.003.
  • Liu, Y., An, Y., & Zhang, J. (2016).  Bribe payments under regulatory decentralization: Evidence from rights offering regulations in China.   Journal of Banking & Finance, 63 (Feb. 2016), 61-75, http://doi.org/10.1016/j.jbankfin.2015.11.008.
  • Liu, Y., Li, X., Zeng, H., & An, Y. (2016).  Political connections, auditor choice, and corporate accounting transparency: Evidence from the private sector firms in China.   Accounting and Finance, 57 (4), 1071-1099, http://doi.org/10.1111/acfi.12207.
  • Zhou, M., Lin, J., & An, Y. (2016).  Star analysts, overreaction, and synchronicity: Evidence from China and the U.S.   Financial Management, 46 (3), 797-832, http://doi.org/10.1111/fima.12164.
  • Liu, Q., Hua, R., & An, Y. (2016).  Determinants and information content of intraday bid-asksSpreads: Evidence from Chinese commodity futures markets.   Pacific-Basin Finance Journal, 38, 135-148, http://doi.org/10.1016/j.pacfin.2016.04.002.
  • Jiang, C., Ma, Y., & An, Y. (2016).  Portfolio selection with systematic skewness constraint.   North American Journal of Economics and Finance, The, 37 (2016), 393-405, http://doi.org/10.1016/j.najef.2016.03.008.
  • Zhou, F., Wang, L., Zhang, Z., & An, Y. (2016).  The impacts of accrual-based and real earnings management on executive compensation: evidence from Chinese public firms in the private sector.   Asia-Pacific Journal of Accounting & Economics, 25 (1), 128-144, http://doi.org/10.1080/16081625.2016.1222296.
  • Liu, Q., & An, Y. (2014).  Risk contributions of trading and non-trading hours: Evidence from Chinese commodity futures markets.   Pacific-Basin Finance Journal, 30, 17-29, http://doi.org/10.1016/j.pacfin.2014.07.005.
  • Liu, Q., Wong, L., An, Y., & Zhang, J. (2014).  Asymmetric Information and Volatility Forecasting in Commodity Futures Markets.   Pacific-Basin Finance Journal, 26, 79-97, http://doi.org/10.1016/j.pacfin.2013.10.007.
  • Jiang, C., Ma, Y., & An, Y. (2013).  International portfolio selection with exchange rate risk: A behavioural portfolio theory perspective.   Journal of Banking & Finance, 37 (2), 648-659, http://doi.org/10.1016/j.jbankfin.2012.10.004.
  • Jiang, C., Ma, Y., & An, Y. (2013).  International diversification benefits: an investigation from the perspective of Chinese investors.   China Finance Review International, 3 (3), 225-249, http://doi.org/10.1108/CFRI-06-2012-0071.
  • Yang, J., Wang, Z., & An, Y. (2012).  Canadian exceptionalism: Shareholder proposals, filer identities, and voting outcomes.   Managerial Finance, 38 (5), 456-484, http://doi.org/10.1108/03074351211217814.
  • Jiang, C., Ma, Y., & An, Y. (2012).  The mean-variance model revisited with a cash account.   Journal of Mathematical Finance, 2 (1), 43-53, http://doi.org/10.4236/jmf.2012.21006.
  • Du, H., Ma, Y., & An, Y. (2011).  The impact of land policy on the relation between housing and land prices: Evidence from China.   Quarterly Review of Economics and Finance, The, 51 (1), 19-27, http://doi.org/10.1016/j.qref.2010.09.004.
  • Liu, Q., & An, Y. (2011).  Information transmission in informationally linked markets: Evidence from US and Chinese commodity futures markets.   Journal of International Money and Finance, 30 (5), 778-795, http://doi.org/10.1016/j.jimonfin.2011.05.006.
  • Jiang, C., Ma, Y., & An, Y. (2010).  An analysis of portfolio selection with background risk.   Journal of Banking & Finance, 34 (12), 3055-3060, http://doi.org/10.1016/j.jbankfin.2010.07.013.
  • An, Y., & Cheung, K. (2010).  Project financing: Deal or no deal.   Review of Financial Economics, 19 (2), 72-77, http://doi.org/10.1016/j.rfe.2009.02.002.
  • Jiang, C., Ma, Y., & An, Y. (2009).  Pricing of principal-protected funds in China: Are the guarantee fees too high?   Investment Management and Financial Innovations, 6 (2), 77-82.
  • An, Y., & Suo, W. (2009).  An empirical comparison of option pricing models in hedging exotic options.   Financial Management, 38 (4), 889-914, http://doi.org/10.1111/j.1755-053X.2009.01060.x.
  • Jiang, C., Ma, Y., & An, Y. (2009).  The effectiveness of the VaR-based portfolio insurance strategy: An empirical analysis.   International Review of Financial Analysis, 18 (4), 185-197, http://doi.org/10.1016/j.irfa.2009.04.001.
  • An, Y., & Suo, W. (2008).  The compatibility of one-factor market models in caps and swaptions markets: Evidence from their dynamic hedging performance.   Journal of Futures Markets, The, 28 (2), 109-130, http://doi.org/10.1002/fut.20301.
  • Levy, J. K., Hartmann, J., Li, K., An, Y., & Asgary, A. (2007).  Multi-criteria decision support systems (MCDSS) for flood hazard mitigation and emergency response in urban watersheds.   Journal of the American Water Resources Association, 43 (2), 346-358.
  • An, Y., Assaf, A., & Yang, J. (2007).  Hedging volatility risk: The effectiveness of volatility options.   International Journal of Theoretical and Applied Finance, 10 (3), 517-534.
  • Yang, J., & An, Y. (2006).  Firm value and corporate hedging: An endogenous perspective.   Journal of Financial and Economic Practice, 7 (1), 1-13.
  • An, Y. (1996).  Chinese state-owned commercial banks management of assets and liability ratio: An analysis.   Journal of Central University of Finance and Economics, 2, 51-53.

Conference Proceedings 

  • Cheung, K., & An, Y. (2010).  Venture Catalyst or Vulture Capitalist?  In Demetri Kantarelis (Ed.)   Global Business & Economics Anthology; Business & Economics Society International, March, 1, Business & Economics Society International, 97-105.
  • Deng, C., An, Y., Ma, Y., & Chiang, Y. (2009).  The Impact of Land Policy on the Relation between Housing and Land Prices: Evidence from China.   Association for Chinese Management Educators (ACME), San Francisco.
  • Jiang, C., Ma, Y., & An, Y. (2008).  The Effectiveness of VaR-Based Portfolio Insurance Strategy: an Empirical Analysis.   China Finance Review International Symposium, ACME.
  • Yang, J., Wang, E., & An, Y. (2007).  An Analysis of Canadian Shareholder Proposals.  In Cleary, Sean (Ed.)  Administrative Sciences Association of Canada annual conference, 28 (1), 53-68.
  • An, Y., & Cheung, K. (2007).  Another Look at Project Financing.   Readings Book - Global Business and Technology Association, Delener, Fuxman, Lu, Riversa-Solis, Su (Eds.), 24-31.
  • An, Y., & Soo, W. (2004).  The Compatibility of Market Models: Evidence from their Dynamic Hedging Performance.   Northern Finance Association.

Presentations 

  • An, Y. (2019, March). Measuring banks liquidity risk: An option-pricing approach.  Southwestern Finance Association Annual conference, Houston, Texas.
  • An, Y. (2017, June). Dynamic portfolio optimization with ambiguity aversion.  European Financial Management Association annual conference, Athens, Greece.
  • An, Y. (2016, July). The impacts of accrual-based and real earnings management on executive compensation: evidence from Chinese public firms in the private sector.  World Finance Conference, New York, New York.
  • An, Y. (2015, June). Corporate investment and expropriation by controlling shareholders: Evidence from Chinese listed companies.  European Financial Management Association conference, Amsterdam, Netherlands.
  • An, Y. (2014, December). Bribe payments under regulatory decentralization: Evidence from rights offering regulations in China.  World Finance & Banking Symposium, Singapore.
  • An, Y. (2013, June). Risk contributions of trading and non-trading hours: Evidence from commodity futures markets.  European Financial Management Association, Reading, United Kingdom.
  • An, Y. (2012, December). International Portfolio Selection with Exchange Rate Risk: A Behavioural Portfolio Theory Perspective.  World Finance & Banking Symposium, Shanghai, China.
  • An, Y. (2011, July). Risk contributions of trading and non-trading hours: Evidence from commodity futures markets.  Asian Finance Association annual conference meeting, Macau.
  • An, Y. (2010, April). An analysis of portfolio selection with background risk.  Eastern Finance Association, Miami Beach, FL.
  • An, Y. (2010, February). Price discovery in informationally linked markets: Evidence based on non-synchronous trading information.  Midwest Finance Association, Las Vegas.
  • Cheung, C. & An, Y. (2009, June). Project Financing: Deal or No Deal.  European Financial Management Association 2009 Annual Conference, Milan, Italy.
  • An, Y., Jiang, C., & Ma, Y. (2009, April). The Effectiveness of the VaR-Based Portfolio Insurance Strategy: An Empirical Analysis.  Eastern Finance Association, Washington DC.
  • An, Y. (2008, July). The Effectiveness of the VaR-Based Portfolio Insurance Strategy: An Empirical Analysis.  China Finance Review International Symposium, Shanghai, China.
  • An, Y., Jiang, C., & Ma, Y. (2008, February). Pricing of Principal-Protected Funds in China: Are the Guarantee Fees Too High?  Midwest Finance Association, San Antonio, Texas.
  • Cheung, C. & An, Y. (2007, July). Project Financing: Deal or No Deal.  Achieving Competitive Advantage through Managing Global Resources, Global Business & Technology Association, Taipei, Taiwan.
  • An, Y., Assaf, A., & Yang, J. (2006, June). Hedging Volatility Risk: Are Volatility Options More Effective Hedging Instruments?  Congres International De LAssociation Francaise De Finance (AFFI), Poitiers, France.
  • An, Y. & Suo, W. (2004, October). The Performance of Option Pricing Models in Hedging Exotic Options.  Financial Management Association conference, October, New Orleans.
  • An, Y. & Suo, W. (2004, September). The Compatibility of Market Models: Evidence from Their Dynamic Hedging Performance.  Northern Finance Association, St. Johns, NB.
  • An, Y. (2003, September). The Performance of Option Pricing Models in Hedging Exotic Options.  Northern Finance Association, Quebec City, Quebec

Grants (Competitive; Funded only)

  • 2022: An, Y. Matching and venture captitalists' exit performance: Evidence from the Chinese market ($8,000), Odette School of Business Research Innovation (RIF) grant.
  • 2018: An, Y. Measuring liquidity risk at banks ($6,000.00), Odette School of Business Research Innovation Fund (RIF) grant.
  • 2017-2018: An, Y. Delisting pressure, executive pay, and corporate fraud in Chinese firms ($4,300), University of Windsor.
  • 2016: An, Y. Star analysts, overreaction, and synchronicity: Evidence from China and the U.S. ($5,180), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2015: An, Y. Inefficient investment and tunneling by controlling shareholders ($4,920), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2014: An, Y. How characteristics of bribe takers and payers affect bribe payments: Evidence from China ($4,500), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2013: An, Y. Measuring Integrated Risk in Commodity Futures Markets ($3,000), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2013-2014: An, Y. Asymmetries in the relation between intraday bid-ask spreads and their determinants: Evidence from commodity futures markets ($2,500), University of Windsor.
  • 2012: An, Y. Travel fund grant ($1,000.00), Office of Research Services, University of Windsor.
  • 2012: An, Y. ADTF Travel grant ($1,000.00), University of Windsor.
  • 2011: An, Y. ADTF Travel Fund grant ($1,000), University of Windsor.
  • 2011: An, Y. An Examination of the Information Role of Emerging Markets Relative to Developed Markets ($7,700), SSHRC.
  • 2010: An, Y. An Examination of the Information Role of Emerging Markets Relative to Developed Markets ($7,700), SSHRC.
  • 2009: An, Y. A Comparison of Portfolio Insurance Strategies ($4,000), SSHRC University of Windsor 4A.
  • 2009: An, Y. The Effectiveness of VaR-Based Portfolio Insurance Strategy ($2,500), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2008: An, Y. The Effectiveness of VaR-Based Portfolio Insurance Strategies ($5,000), University of Windsor SSHRC 4A grant.
  • 2008: An, Y. Pricing of Principal-protected Guaranteed Funds under CPPI Strategies ($3,000), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2008: An, Y. Academic Development Travel Grant ($1,250), University of Windsor ADTF grant.
  • 2007: An, Y. Academic Development Travel Grant ($1,250), University of Windsor ADTF grant.
  • 2007: An, Y. Corporate Governance Proposals and Shareholder Activism: Canadian evidence ($3,000), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.
  • 2006: An, Y. Hedging volatility risk: are volatility options more effective? ($1,500), Odette School of Business Research and Teaching Innovation Fund (RTIF) grant.