معرفی
Yao Zeng is an Assistant Professor of Finance at The Wharton School, University of Pennsylvania, and a Faculty Research Fellow at the National Bureau of Economic Research (NBER) in Asset Pricing. His research examines how technologies and non-bank institutions reshape financial intermediation, with focus areas including liquidity provision mechanisms, fintech innovations, and systemic risk in modern banking and payment systems. He holds the Cynthia and Bennett Golub Faculty Scholar distinction (2023-25).
Zeng's research program investigates the transformation of money, banking, and payments through technological disruption. Key interests include:
- Liquidity dynamics in mutual funds and ETFs
- Stablecoin design and financial stability
- Fintech lending and cashless payment systems
- Corporate bond market structure
- Systemic risk in non-bank financial intermediation
His publications demonstrate consistent focus on financial innovation consequences, with recent work examining stablecoin vulnerabilities, ETF arbitrage constraints, and deposit responsiveness to payment technologies. Research consistently informs regulatory discussions at the SEC, Federal Reserve, and IMF.
Major scientific recognitions include:
- Cynthia and Bennett Golub Faculty Scholar (2023-25)
- Arthur Warga Award for Best Paper in Fixed Income
- ECB Research Prize Finalist
- Trefftzs Award for Best Student Paper
- Cubist Systematic Strategies Ph.D. Candidate Award
Zeng teaches core and advanced finance courses including Corporate Finance (FNCE6110), Financial Economics Under Imperfect Information (FNCE9230), and Independent Study. His research has been supported through affiliations with Wharton's Initiative on Financial Policy and Regulation and NBER.
