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Jiaheng Yu

Welcome! I am an Assistant Professor of Finance at The University of Hong Kong (HKU). I received my PhD from the MIT Sloan School of Management in 2023 and BA in Economics and Mathematics from Tsinghua University in 2018.

My research interests are corporate finance, financial markets, and quantitative models. Currently, I study topics related to trade credit, banking, and intangible capital.

Email: yujh@hku.hk. Office: 1017 K.K. Leung Building, HKU. My HKU website. My CV is available here.

Publications

[1] "Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions", with Yinglu Deng (Tsinghua), Li Liao (Tsinghua) and Yu Zhang (PKU), The Review of Financial Studies 35(6), June 2022, pp.3060-3099. [WP version].

[2] "Subsidizing Failing Firms: Evidence from Chinese Restaurants", with Yinglu Deng (Tsinghua), Fangzhou Lu (HKU) and Hao Zheng (UIBE), Journal of Financial and Quantitative Analysis 59(8), December 2024, pp.3803-3834 . [WP version].

Working Papers

[1] "Payment Innovation and Interbank Competition", with Rodney Garratt (UCSB) and Haoxiang Zhu (MIT) (Dec 2025).

A theoretical analysis of how innovation in the form of public payment infrastructures affects competition in the banking sector.
Conferences: AEA 2026, EFA 2026, AFA 2022.

[2] "Trade Credit and Product Quality Risk" [SSRN link], with Xiaoyi Liu (HKU) (July 2026).

We show direct evidence that product quality risk affects trade credit provision.

[3] "Trade Credit and Accounts Receivable Backed Credit in the U.S." [SSRN link] (Jun 2025).

We collect 30 years of data on accounts receivable backed credit and discuss its implications on trade credit.

Conferences: CICF 2025, SFS Cavalcade 2023.

[4] "Do Institutional Investors Increase Industrial Rental Cost?" [SSRN link], with Shiyang Huang (HKU), Yifei Mao (Santa Clara University), and Qinshu Xue (SJTU) (Aug 2026).

Institutional investors lowered the industrial rental cost by unifying fragmented property ownership.
Conferences: AEA 2027

[5] "When Benchmarking Meets Market Fragmentation" [SSRN link], with Jingxiong Hu (Warwick) (Mar 2025).

Market fragmentation reduces pricing errors caused by benchmarking demand at the market close.
Conferences: FIRS 2025, EuroFA 2022, NFA 2022, FMA 2022 (Semifinalist for best paper in market microstructure), Microstructure Exchange 2022.

[6] "The Aggregate Return to Venture Investors", with Ravi Jagannathan (Northwestern), and Shumiao Ouyang (Oxford). (Jan 2024) R&R at the Review of Finance.

An alternative measure of the return to VC investments: the return to the aggregate portfolio of all equity investments made in various VC funding rounds.
Conferences: AFA 2020.

Work in Progress

[1] "Banking and Central Banking with Ample Reserves", with Rodney Garratt and Haoxiang Zhu.

[2] "Investment Horizons of Firms and Investors", with Jian Sun and Hui Chen.

[3] "The Production Function and Q-Theory of Brand Capital", with Shuning Tie and Yiwen Ma.

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