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

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)

ORCID

0000-0002-6801-4666

Scopus ID

57220568793

Research Interest

Asset pricing
Macrofinance
Macroeconomics
Capital markets

Publications

2023 1

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

Journal of Political Economy, v. 131, (8), August 2023, p. 2209-2275
Ji, Yan; Teng, Songyuan; Townsend, Robert M.
Article

2022 1

The Oligopoly Lucas Tree

Review of Financial Studies, v. 35, (8), August 2022, article number hhab120, p. 3867-3921
Dou, Winston Wei; Ji, Yan; Wu, Wei
Article

2021 4

Competition, Profitability, and Discount Rates

Journal of Financial Economics, v. 140, (2), May 2021, 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, January 2021, p. 1-18
Dabla-norris, Era; Ji, Yan; Townsend, Robert M.; Unsal, D. Filiz
Article

External Financing and Customer Capital: A Financial Theory of Markups

Management Science, v. 67, (9), September 2021, p. 5569-5585
Dou, Winston; Ji, Yan
Article

Job Search under Debt: Aggregate Implications of Student Loans

Journal of Monetary Economics, v. 117, January 2021, p. 741-759
Ji, Yan
Article

2020 1

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns

Journal of Finance, v. 76, (1), February 2021, p. 211-265
Dou, Winston Wei; Ji, Yan; Reibstein, David; Wu, Wei
Article

Article 1

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

Journal of Political Economy, v. 131, (8), August 2023, p. 2209-2275
Ji, Yan; Teng, Songyuan; Townsend, Robert M.

Article 1

The Oligopoly Lucas Tree

Review of Financial Studies, v. 35, (8), August 2022, article number hhab120, p. 3867-3921
Dou, Winston Wei; Ji, Yan; Wu, Wei

Article 4

Competition, Profitability, and Discount Rates

Journal of Financial Economics, v. 140, (2), May 2021, 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, January 2021, p. 1-18
Dabla-norris, Era; Ji, Yan; Townsend, Robert M.; Unsal, D. Filiz

External Financing and Customer Capital: A Financial Theory of Markups

Management Science, v. 67, (9), September 2021, p. 5569-5585
Dou, Winston; Ji, Yan

Job Search under Debt: Aggregate Implications of Student Loans

Journal of Monetary Economics, v. 117, January 2021, p. 741-759
Ji, Yan

Article 1

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns

Journal of Finance, v. 76, (1), February 2021, p. 211-265
Dou, Winston Wei; Ji, Yan; Reibstein, David; Wu, Wei

No Publications

Teaching Assignment

FINA3203	Derivative Securities
FINA7900B	Doctoral Seminar: Theoretical Asset Pricing

FINA3203	Derivative Securities
FINA7900B	Doctoral Seminar: Theoretical Asset Pricing

No Teaching Assignments

Research Postgraduate (RPG) Supervision

From January 2022 to December 2025 (As of 15 May 2025)

Current RPGs

Doctor of Philosophy

BADHANI, Pragyan
Finance
CHAU, Yuet Ning
Finance
LI, Xicheng (co-supervision)
Finance
LI, Zitong (co-supervision)
Finance
LIU, Jihao
Finance
SUN, Yangfan
Finance
WANG, Yaqi
Finance
WEN, Xudong (co-supervision)
Finance
XIA, Kun
Finance
YANG, Shengqi
Finance
ZHANG, Jia
Finance
ZHANG, Yiming (co-supervision)
Finance
ZHENG, Zexin
Finance

Master of Philosophy

DIAO, Liangke
Finance
GURMUKH SINGH
Finance
LUO, Yirong
Finance
WANG, Bingyi
Finance
YOU, Jing
Finance
YUAN, Xuzhi
Finance

Graduated RPGs

Master of Philosophy

SUN, Yangfan
Finance( Completed in 2024 )

Projects

From January 2023 to December 2025

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 -
Cusotmer Capital, Procyclical Markups, and Credit Risk

客戶資本，順周期加價和信用風險 Leading

RGC - Early Career Scheme
Project Team (HKUST)
JI Yan (Lead)
2020 - 2023

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