Faculty Profiles - JI Yan | The Hong Kong University of Science and Technology

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Yan JI
吉岩

PhD in Economics
Massachusetts Institute of Technology, 2017

Liwei Huang Associate Professor of Business

Associate Professor
Department of Finance

MPhil and PhD Programs Coordinator (Finance)

(852) 2358 8298
jiy@ust.hk
Room LSK5009
Personal Web

ORCID

0000-0002-6801-4666

Scopus ID

57220568793

Research Interest Publications Projects Teaching Assignment RPG Supervision Space used

Research Interest

Asset pricing
Macrofinance
Macroeconomics
Capital markets

Publications

All Years 7 2026 0 2025 0 2024 0 2023 1 2022 1 2021 5

2023 1

Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality

Journal of Political Economy, v. 131, (8), p. 2209-2275
Ji, Yan; Teng, Songyuan; Townsend, Robert M.
Article

2022 1

The Oligopoly Lucas Tree

Review of Financial Studies, v. 35, (8), p. 3867-3921
Dou, Winston Wei; Ji, Yan; Wu, Wei
Article

2021 5

Competition, profitability, and discount rates

Journal of Financial Economics, v. 140, (2), p. 582-620
Dou, Winston Wei; Ji, Yan; Wu, Wei
Article

Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income

Journal of Monetary Economics, v. 117, p. 1-18
Dabla-Norris, Era; Ji, Yan; Townsend, Robert M.; Filiz Unsal, D.
Article

External financing and customer capital: A financial theory of markups

Management Science, v. 67, (9), p. 5569-5585
Dou, Winston Wei; Ji, Yan
Article

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns

Journal of Finance, v. 76, (1), p. 211-265
Dou, Winston Wei; Ji, Yan; Reibstein, David; Wu, Wei
Article

Job Search under Debt: Aggregate Implications of Student Loans

Journal of Monetary Economics, v. 117, p. 741-759
Ji, Yan
Article

Article 1

Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality

Journal of Political Economy, v. 131, (8), p. 2209-2275
Ji, Yan; Teng, Songyuan; Townsend, Robert M.

Article 1

The Oligopoly Lucas Tree

Review of Financial Studies, v. 35, (8), p. 3867-3921
Dou, Winston Wei; Ji, Yan; Wu, Wei

Article 5

Competition, profitability, and discount rates

Journal of Financial Economics, v. 140, (2), p. 582-620
Dou, Winston Wei; Ji, Yan; Wu, Wei

Distinguishing constraints on financial inclusion and their impact on GDP, TFP, and the distribution of income

Journal of Monetary Economics, v. 117, p. 1-18
Dabla-Norris, Era; Ji, Yan; Townsend, Robert M.; Filiz Unsal, D.

External financing and customer capital: A financial theory of markups

Management Science, v. 67, (9), p. 5569-5585
Dou, Winston Wei; Ji, Yan

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns

Journal of Finance, v. 76, (1), p. 211-265
Dou, Winston Wei; Ji, Yan; Reibstein, David; Wu, Wei

Job Search under Debt: Aggregate Implications of Student Loans

Journal of Monetary Economics, v. 117, p. 741-759
Ji, Yan

No Publications

No Publications

No Publications

Teaching Assignment

2026-27 Fall 1 2025-26 Summer 0 2025-26 Spring 2 2025-26 Winter 0 2025-26 Fall 0 2024-25 Summer 0

GFIN6980

Integrative Project in Global Finance

FINA3203	Derivative Securities
FINA7900B	Doctoral Seminar: Theoretical Asset Pricing

No Teaching Assignments

No Teaching Assignments

No Teaching Assignments

No Teaching Assignments

Research Postgraduate (RPG) Supervision

From January 2023 to December 2026 (As of 23 October 2026)

All Supervisions Current RPGs Graduated RPGs

Current RPGs

Doctor of Philosophy

LIU, Ruijin
Finance
SINGH, Gurmukh
Finance
CHAU, Yuet Ning
Finance
SUN, Yangfan
Finance
YANG, Shengqi
Finance

Master of Philosophy

DIAO, Liangke
Finance

Graduated RPGs

Doctor of Philosophy

ZHENG, Zexin
Finance( Completed in 2026 )
ZHOU, Yu
Finance( Completed in 2026 )
ZHANG, Yiming (co-supervision)
Finance( Completed in 2025 )

Master of Philosophy

SUN, Yangfan
Finance( Completed in 2024 )

Projects

From January 2024 to December 2026

All Projects 4 Leading Projects 3 Participating Projects 1

AI-Powered Imperfect Competition in Financial Markets Leading

RGC - Research Fellow Scheme
Project Team (HKUST)
JI Yan (Lead)
2026 -
Macro finance

宏觀金融 Leading

National Natural Science Foundation of China
Project Team (HKUST)
JI Yan (Lead)
2024 -
Strengthening Hong Kong as a Global Financial Center by Enhancing the Overall Regtech Capacity of the Industry and Facilitating the Regulation and Infrastructure Design of CBDC and Digital Assets in Hong Kong

增強香港金融業整體合規科技能力促進央行數碼貨幣和數碼資產的規管及基礎設施設計藉以提升香港作為全球金融中心的地位 Participating

RGC - Theme-based Research Scheme
Project Team (HKUST)
TAM Kar Yan (Lead)

CHEN Qifeng

HUANG Allen Hao

HUI Kai Lung

JI Yan

MUKHERJEE Abhiroop

PANAYOTOV George Kamenov

PARK Albert Francis

SONG Yangqiu

YANG Yi

ZHANG Chu

ZHOU Xiaofang
2024 - 2024
Talent Competition and Asset Pricing

人才競爭和資產定價 Leading

RGC - General Research Fund
Project Team (HKUST)
JI Yan (Lead)

TIAN Di
2023 - 2025

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