Yi Zhou, Ph.D.

Role: 
Faculty
Department: 
Finance
Position: 
Assistant Professor
Office: 
SCI 357
Phone: 
(415) 338-2661
Office Hours: 
Tuesday: 7:00 AM - 8:00 AM & 12:15 PM -1:50 PM, Thursday: 7:00 AM - 8:00 AM & 12:15 - 12:40 PM
Advising Duties & Hours: 
Advisor: Undergrad
Biography: 

Professor Yi Zhou is an assistant professor of finance at San Francisco State University (SFSU). Her research interests are Empirical Asset Pricing, Derivatives, Credit Risk, Default Risk, Volatility, and Art and Finance. Professor Yi Zhou has published six papers by 2018, three of which are in top-tiered journals as designated by the Financial Times. She has published in the Journal of Financial Economics (JFE) twice, Journal of Financial and Quantitative Analysis (JFQA), Journal of Banking and Finance, Journal of Empirical Finance, and the European Journal of Finance. Professor Yi Zhou has won Exemplary Research Award for 2017-2018 and Exemplary Research Award for 2016-2017 of College of Business at San Francisco State University. She has won the Development of Research and Creativity (DRC) Grants funded by California State University (CSU) Chancellor's Oce Finance Department in 2017. She has won two research awards from Global Association of Risk Professionals (GARP), one research award from Center for Hedge Fund Research (CHFR), and the Best Paper Award of the American Association of Individual Investors of the Midwest Finance Association. Professor Yi Zhou has taught courses in Investment, Derivatives, Risk Management, Business Finance, Corporate Finance, Private Equity and Venture Capital. Professor Yi Zhou has been serving as the Academic Senator representing the College of Business in the Academic Senate since 2018, the Curriculum Review & Approval Committee (CRAC) since 2018, and the Academic Program Review Committee (A.P.R.C.) since 2017. Professor Yi Zhou holds a PhD in Finance, MA in Statistics, and MA in Economics from the University of California, Los Angeles. She also holds a MA in Astrophysics from the University of California, Berkeley.

Media Coverage:

Professor Yi Zhou's single-authored article on art and finance, Narcissism and the Art Market Performance, has strong appeal to the general public. The research results reported worldwide approximately eighty times between March 21, 2016 and June 1, 2017, in media such as television, radio, magazine, newspapers and online news platforms in multiple languages.

The exemplary coverage of the major national news sources include the ScienceDaily on March 21, 2016, the artnet news on March 21, 2016, The Hungton Post on March 23, 2016, the Yahoo Finance on March 25, 2016, the Business Insider on March 25, 2016, the ABC Radio Art News on March 29, 2016, 33 radio stations in U.S. on March 29, 2016, The Art Newspaper on April 1, 2016, the New Scientist on July 6, 2016, and the New York Magazine on December 29, 2016.

The exemplary coverage of the major international news sources include the Jewish Business News on March 21, 2016, the Pulse Nigeria (Nigeria) on March 24, 2016, the New Zealand Herald (New Zealand) on March 26, 2016, the BART SPACE (Serbia) on March 26, 2016, Daily Telegraph (the United Kingdom) on March 28, 2016, the BIBA magazine (France) on March 29, 2016, the Slate magazine (France) on March 29, 2016, the LE VIF magazine (Belgium) on March 30, 2016, news.artintern.net (China) on April 11, 2016, art.people.com.cn (China) on April 12, 2016, www.zgnfys.com (China) on April 15, 2016, news.cang.com (China) on April 15, 2016, www.beautimode.com (China) on April 17, 2016, the Frankfurter Allgemeine Zeitung GmbH (Germany) on May 24, 2017, and Art Now Contemporary Art of Pakistan (Pakistan) on June 1, 2017.

Education: 

Ph.D., Finance, University of California at Los Angeles (UCLA), Los Angeles, CA.
M.S., Statistics (Concurrent), UCLA, Los Angeles, CA.
M.A., Economics (Concurrent), UCLA, Los Angeles, CA.
M.S., Astrophysics, University of California at Berkeley, Berkeley, CA.
B.S., Space Physics, University of Science & Technology of China (USTC), P.R.China.

Research Interests: 

Empirical Asset Pricing, Derivatives, Credit Risk, Default Risk, Volatility, and Art and Finance.

Publications:

1. Two Trees with Heterogeneous Beliefs: Spillover Effect of Disagreement ((with Bing Han and Lei Lu) (Journal of Financial and Quantitative Analysis, Forthcoming)

2. The Term Structure of Credit Spreads, Firm Fundamentals, and Expected Stock Returns (with Bing Han and Avanidhar Subrahmanyam) (Journal of Financial Economics, 2017, Volume 124, Issue 1, April 2017, Pages 147-171) (Social Science Research Network (SSRN)'s Top Ten Download Paper) (Top Ten Session of FMA 2011 Meeting)

3. Capital Structure Effects on the Prices of Individual Equity Call Options (with Robert Geske and Avanidhar Subrahmanyam) (Journal of Financial Economics, 2016, Volume 121, Issue 2, August 2016, Pages 231-448, Lead Article) (Social Science Research Network (SSRN)'s Top Ten Download Paper)

4. Narcissism and the Art Market Performance (European Journal of Finance, 2017, Volume 23, Issue 13, Pages 1197-1218, Lead Article, Published online: 15 Mar 2016, http://dx.doi.org/10.1080/1351847X.2016.1151804)

5. Understanding the Term Structure of Credit Default Swap Spreads (with Bing Han) (Journal of Empirical Finance, Volume 31, March 2015, Pages 18-35) (Winner of American Association of Individual Investors Award at 2013 Midwest Finance Association (MFA) Annual Meeting in Chicago) (Social Science Research Network (SSRN)'s Top Ten Download Paper)

6. Credit Default Swap Spread and Variance Risk Premia (with Hao Wang and Hao Zhou) (Journal of Banking and Finance, Volume 37, Issue 10, October 2013, Pages 3733-3746, Lead Article) (Winners of the Research Awards of Global Association of Risk Professionals (GARP) (2009) and Center for Hedge Fund Research (CHFR) at Imperial College London (2009))

Honors and Awards: 

1. Exemplary Research Award for 2017-2018, College of Business, San Francisco State University, August 2018
2. Exemplary Research Award for 2016-2017, College of Business, San Francisco State University, August 2017
3. Development of Research and Creativity (DRC) Grants, funded by California State University (CSU) Chancellor's Office Finance Department, March 2017
4. The top 10% of Authors on Social Science Research Network (SSRN) by total new downloads within the last 12 months, May 2017 to Present
5. The top 10% of Authors on SSRN by all-time downloads, July 2017 to Present
6. SSRN's Top Ten download list for: ERN: Culture & Leadership (Topic), February 2018.
7. SSRN's Top Ten download list for: IRPN Subject Matter eJournals, IRPN: Innovation & Finance (Topic), Innovation Disciplines eJournals, Innovation Finance & Accounting eJournal and Innovation Research & Policy Network, December 2017.
8. SSRN's Top Ten download list for: ERN: Efficient Market Hypothesis Models (Topic), December 2017.
9. SSRN's Top Ten download list for: IO: Productivity, Innovation & Technology eJournal, November 2017 to December 2017.
10. SSRN's Top Ten download list for: ERN: Efficient Market Hypothesis Models (Topic) and ERN: Intellectual Property (Topic), November 2017.
11. SSRN's Top Ten download list for: ERPN: Firm (Topic), ERPN: Other Firm (Sub-Topic) and Entrepreneurship, Innovation, & Growth eJournal, November 2017.
12. The top 10% of Authors on SSRN by total new downloads this month, April 2017 to June 2017
13. Pacific Basin Finance Journal Research Excellence Award, the Second Shanghai Risk Forum 2016, Firm Specific Uncertainty, Individual Stock Variance Risk Premium and the Cross-Section of Stock Returns, with Bing Han, Shanghai, P.R.China, 2016
14. Global Association of Risk Professionals (GARP) Research Award, Sovereign CDS Term Structure and International Equity Market Returns, with Bing Han, 2013
15. American Association of Individual Investors Award, Understanding the Term Structure of Credit Default Swap Spreads, with Bing Han, Midwest Finance Association (MFA) Annual Meeting in Chicago, 2013
16. Global Association of Risk Professionals (GARP) Research Award, Credit Default Swap Spreads and Variance Risk Premia, with Hao Wang and Hao Zhou, 2009
17. Center for Hedge Fund Research (CHFR) Research Award, Credit Default Swap Spreads and Variance Risk Premia, with Hao Wang and Hao Zhou, Imperial College London, 2009