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Tong Yao
Associate Professor
Henry B. Tippie Research Fellow
S304 Pappajohn Business Building (PBB)
Academic history 
PhD in Finance, Boston College, 2001
BA in International Economics, Fudan University, 1991
Stock return predictability; Investment management; Mutual funds
Henry B. Tippie Fellow, University of Iowa, 2013
Crowell Research Award, 3rd Prize, PanAgora Asset Management, 2012
Annual Research Award, First Prize, INQUIRE Europe, 2007
Outstanding Paper Award, International Conference on Asia-Pacific Financial Markets, 2007
Research Data Grant, NAIC, 2007
Research Grant, INUQIRE UK, 2007
Best Paper Award, Geneva Association and International Insurance Society, 2006
Research Grant, BSI Gamma Foundation, 2006
Research Grant, INQUIRE UK, 2006
Research Grant, Q Group, 2006
Research Grant, INQUIRE Europe, 2005
Best Paper Award, International Insurance Society, 2004
Distinguished Paper Award, Decision Science Institute, 2004
CQA Academic Paper Competition, 3rd Prize, Chicago Quantitative Alliance, 2001
Crowell Research Award, finalist, PanAgora Asset Management, 2001
Selected publications 

Uncommon Value: The Characteristics and Investment Performance of Contrarian Funds. Kelsey Wei, Russell Wermers, Tong Yao, Management Science, 2015, vol 61, 2394-2414

R&D Spillover and Predictable Returns. Yi Jiang , Yiming Qian , Tong Yao, Review of Finance (forthcoming)

Learning and Incentives: A Study Based on Analyst Response to Pension Underfunding. Jane Chen, Tong Yao, Tong Yu, Jeffery Zhang, Journal of Banking and Finance, 2014, vol 45, 26-42

Mutual Fund Skills and the Performance of Corporate Acquirers. Amrita Nain, Tong Yao, Journal of Financial Economics, 2013, vol 110, 437-456

The Asset Growth Effect: Insights from International Equity Markets. Akiko Watanabe, Yan Xu, Tong Yao, Tong Yu, Journal of Financial Economics, 2013, vol 108, 529-563

Stock Price Jumps and Cross-sectional Return Predictability. George Jiang, Tong Yao, Journal of Financial and Quantitative Analysis, 2013, vol 48, 1519-1544

Forecasting Stock Returns though An Efficient Aggregation of Mutual Fund Holdings. Russell Wermers, Tong Yao, Jane Zhao, Review of Financial Studies, 2012, vol 25, 3490-3529

Asset Growth and Stock Returns: Evidence from Asian Financial Markets. Shaw Chen, Tong Yao, Tong Yu, Jeffery Zhang, Pacific Basin Finance Journal, 2011, vol 19, 115-139

On the Predictability of Chinese Stock Returns. Xuanjuan Chen, Ken Kim, Tong Yao, Tong Yu, Pacific Basin Finance Journal, 2010, vol 18, 403-425

The Information Content of Idiosyncratic Volatility. George Jiang, Danielle Xu, Tong Yao, Journal of Financial and Quantitative Analysis, 2009, vol 44, 1-28

Do Mutual Funds Profit from the Accruals Anomaly?. Ashiq Ali, Xuanjuan Chen, Tong Yao, Tong Yu, Journal of Accounting Research, 2008, vol 46, 1-26

Dynamic Factors and the Source of Momentum Profits. Tong Yao, Journal of Business and Economic Statistics, 2008, vol 26, 211-226

Do Mutual Funds Time the Market? Evidence from Portfolio Holdings. George Jiang, Tong Yao, Tong Yu, Jouornal of Financial Economics, 2007, vol 86, 724-758

Prudent Man or Agency Problem? On the Performance of Insurance Mutual Funds. Xuanjuan Chen, Tong Yao, Tong Yu, Journal of Financial Intermediation, 2007, vol 16, 175-203

Testing Heterogeneous-agent Kernels: An Alternative Aggregation Approach. Pierluigi Balduzzi, Tong Yao, Journal of Monetary Economics, 2007, vol 54, 369-412

Working papers 

In Search of Habitat. Xuanjuan Chen, Zhenzhen Sun, Tong Yao, Tong Yu

Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns. Ashiq Ali, Mark Liu, Danielle Xu, Tong Yao

Liquidity Premium in the Eye of Beholders: An Analysis of the Clientele Effect in the Corporate Bond Market. Jing-zhi Huang, Zhenzhen Sun, Tong Yao, Tong Yu

Dissecting the Idiosyncratic Volatility Anomaly. Linda Chen, George Jiang, Danielle Xu, Tong Yao

Informed Option Trading and Stock Market Mispricing. Redouane Elkamhi, Yong Lee, Tong Yao

Mutual Fund Competition and Profiting from the Post Earnings Announcement Drift. Ashiq Ali, Jane Chen, Tong Yao, Tong Yu