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Wang, Yongxiang 汪勇祥

Finance and Business Economics

Contact Information
Assistant Professor of Finance and Business Economics
USC Marshall School of Business
Phone: (213) 740-7650


  • Ph.D., Columbia Business School, Finance, 2010
  • M.A., Renmin University of China, Finance & Economics, 2005
  • B.A., Renmin University of China, Management, 2001

Yongxiang Wang is a financial economist whose main work is about how corruption and politics affect resource allocation and efficiency. To this end, he has studied a range of prominent social, economic and political phenomena in China, including privatization, business groups, workplace safety, the death ceiling program, Sino-Japanese conflict, fellow selection at the China Academy of Science, air pollution, and the Sent-down Youth program during the Cultural Revolution. He has published in top economics, finance and strategy journals, including JPE, ReStud, AEJ: Applied, JLEO, RFS, JFE, Administrative Science Quarterly, and Management Science.

Selected Publications:

  • Access to Migration for Rural Households (with C. Kinnan and S. Wang), Forthcoming American Economic Journal: Applied Economics

  • Something in the Air: Pollution and the Demand for Health Insurance (with T. Chang and W. Huang), Forthcoming Review of Economic Studies. 

  • The Effect of Mandatory CSR disclosure on Firm Profitability and Social Externalities: Evidence from China (with Y. Chen and M. Hung), Forthcoming Journal of Accounting and Economics 

  • Social Ties and Favoritism in Chinese Science (with R. Fisman, J. Shi and R. Xu) Forthcoming, Journal of Political Economy --- See "It's whom you know that counts" for a review at Science 

  • The distortionary effects of incentives in government: Evidence from China's "death ceiling" program, (with R. Fisman), Forthcoming, American Economic Journal: Applied Economics ---New York Times (Previously circulated as "The Economics of Death Ceilings" ) --- The Economist 

  • The Dynamics of Political Embeddedness in China, (with H. Haveman, N. Jia and J. Shi) (Forthcoming Administrative Science Quarterly) 

  • The mortality cost of political connections (with R. Fisman), 2015. Review of Economic Studies ---See Harvard Business Review for a summary of the research, "The Unsafe Side of Chinese Crony Capitalism" --- Businessweek WSJ NBER Digest 

  • Corruption in Chinese privatizations, (with R. Fisman), 2015, Journal of Law, Economics and Organization --- See China Business News Daily for a summary of the research 

  • Nationalism and economic exchange: Evidence from shocks to Sino-Japanese relations, (with R. Fisman and Y. Hamao), 2014, Review of Financial Studies ---See Caixin for a summary of the research 

  • Coinsurance within Business Groups: Evidence from Related Party Transactions in an Emerging Market, 2013 (with N. Jia and J. Shi), Management Science (Business Strategy Department) 

  • Estimating the value of connections to Vice-President Cheney, (with D. Fisman, R. Fisman, J. Galef and R. Khurana), 2012, B.E. Journal of Economic Analysis & Policy (:Advances) 

  • Going (more) public: Institutional Isomorphism and Ownership Reform among Chinese Firms, (with H. Haveman), 2012, Management and Organization Review 

  • When Managers Can't Commit: Capital Structure under Inalienable Managerial Entrenchment, (with C. Thomas), 2011, Economics Letters 

  • Trading favors within Chinese business groups, (with R. Fisman), American Economic Review (Papers&Proceedings), 2010. 2. Profiting from government stakes in a command economy: Evidence from Chinese asset sales, (with C. Calomiris and R. Fisman), Journal of Financial Economics 2010. 

  • Investment with Restricted Stock and the Value of Information, (with WX Wu), Applied Mathematics and Computation, 2005.

Honors and Awards:

  • National Science Foundation Grant (with Ray Fisman) ($579,355) 
  • LUSK center research Grant, 2015-2016 ($10,000) 
  • Zumberge Fund Individual Grant, 2015-2016 ($24,975) 
  • Australian Research Council Grant ($200,000), 2015-2018 (with Jing Shi and Tom Smith) 
  • China National Science Foundation grant ($50,000), 2014-2017, (with Rong Xu) 
  • LUSK center research Grant, 2013-2014 ($13,200) (with John Bai) 
  • Shanghai Stock Exchange Senior Visiting Financial Expert (with George Gao and Paul Gao), 2012-2013 (total grant: $60,000 ) 
  • The Economic and Social Research Council grant (with Elaine Liu and Shing-Yi Wang), 2012-2013 (total grant: $430,000) 
  • Emerging Markets Institute grant (with George Gao and Paul Gao), 2012-2013 ($14,000) 
  • USC-China Institute Grant, 2012 ($5,000) 
  • CIBER faculty research grant, 2011 ($2,000) 
  • CIBER summer research grant (2007 & 2008, $5,000) 
  • Columbia University Fellowship (2005—2009)
  • Columbia Business School Dissertation Fellowship (2009-2010)