Yao Zeng, PhD, Wharton School of Business, University of Pennsylvania

I work on the intersection of asset pricing and corporate finance with a focus on financial intermediation, and received my PhD in Economics from Harvard University in 2016.

My current agenda explores how new technologies and non-bank entrants shape the landscape and evolution of money, banking, payments and the financial stability and macroeconomic implications.

A recent webinar at PIIE (with slides) on Basel III Endgame and its implications on banks and financial markets, an op-ed on the Silicon Valley Bank collapse and a blog post on mutual funds summarize my research and views on financial stability risks and how we can fight against them.

Working Papers

“Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness,” with Xu Lu and Yang Song

Media Mentions: Knowledge@Wharton

Previously circulated as “The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics”

“Payments, Reserves, and Financial Fragility,” with Itay Goldstein and Ming Yang

Selected Publications

“Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision,” with Yiming Ma and Kairong Xiao

Review of Financial Studies, forthcoming

Mentioned in the SEC’s proposed rule on Open-End Fund Liquidity Risk Management Programs and Swing Pricing

Mentioned in the SEC’s proposed rule on Money Market Fund Reforms

Media Mentions: Wharton Initiative on Financial Policy and Regulation

“FinTech Lending and Cashless Payments,” with Pulak Ghosh and Boris Vallee

Journal of Finance, forthcoming

Media Mentions: Knowledge@Wharton