Biography
Research & Achievement
Projects
Teaching
Capital Market Finance and Accounting,
Institutional Investor and Securities Market
Senior Visiting Scholar in Department of Accounting Aug,2014-Aug,2015
Columbia University, US
Ph.D. Accounting, Business School of Nankai University 2003-2006
Major in Capital Market Finance and Accounting
M.S. Accounting, Renmin University of China 1994-1997
Major in Accounting Theory and Methodology
B.S. Accounting, University of Tianjin Finance and Economy 1990-1994
Major in Accounting Theory
2014.8-2015.8, Senior Visiting Scholar in Department of Accounting, Columbia University, US
2006-Present, Accounting Department, Business School of Nankai University
“Best Paper Award”, the 18th International Symposium on Empirical Accounting Research in China, 2019.
“First prize for National Business Accounting Academic Papers”, Foreign Economic and Trade Accounting Association of the Ministry of Commerce of China, 2017
“Management accounting expert”, Tianjin Municipal Government, 2016
“Five kinds of excellent” (Theoretical) talents in Tianjin, Tianjin Municipal Government, 2015
“One Hundred Young Academic Leaders Program”, Nankai University, 2014
“New Century Outstanding Talents at Universities”, China Ministry of Education, 2012
“Outstanding Achievements in Social Sciences”, Tianjin Municipal Government, 2011, 2016 and 2018.
“Outstanding Paper Award”, Chinese Accounting Association, 2010.
“Research Excellence Award”, Nankai University, 2008, 2009, 2011, 2012, 2014, 2015, 2016, and 2017, 2019, 2022
“Research Excellence Award”, Center for Asian Studies, Nankai University, 2009 and 2010.
[1] Member of China Certified Public Accountant Association (CPA)
[2] Reviewer for Journal of Financial Stability(in English), Journal of Financial Research, Journal of China Accounting and Finance Review, Journal of Nankai Business Review
I. English Journal Papers (in English)
1. Yi Yao, Yue Ling, Yafei Xu. Technology-oriented M&A, market reaction and innovation output.Nankai Business Review International, 2023, 14(3): 400–424.
2. Feng Chen, Yi Yao*, Mei Zhao. Do Investors Turn a Blind Eye to Risk-Factor Disclosures by State-Controlled Firms? Journal of Accounting and Public Policy, 2022, 41(1). (Awarded Excellent Paper at the 18th International Symposium on Empirical Accounting, Shanghai Jiao Tong University, December 2019)
3. Mei Zhao, Yun Ke, Yi Yao*. The effects of risk factor disclosure on analysts’ earnings forecasts: evidence from Chinese IPOs. Asia-Pacific Journal of Accounting & Economics, June, 2020.
4. Yi Yao, Li Xu, Zhiyuan Liu. Taking Away the Voting Powers from Controlling Shareholders: Evidence from the Chinese Securities Market. Journal of International Financial Management & Accounting, 2010, 21(August): 187–219. (Ranked Top 10 download in Corporate Governance – Controlling Shareholders on SSRN in July, August, December 2010)
5. Yi Yao, Rong Yang, Zhiyuan Liu, Iftekhar Hasan. Government Intervention and Institutional Trading Strategy: Evidence from China. Global Finance Journal, 2013, 24(1): 44–68.
II. Chinese Journal Papers (in Chinese)
1. Yi Yao, Yidi Liu. Sino-US Trade Frictions, ESG Performance and Corporate Exports. Nankai Business Review, Forthcoming, 2026.
2. Yi Yao, Xintao Wang, Mei Zhao. Bailout or Window-Dressing? Breaking the Implicit Guarantee of SOE Bonds and Leverage Manipulation. Accounting Research, 2025, (11): 137–149.
3. Yi Yao, Yue Ling, Yanqiong Li. US–China Trade Disputes, R&D Investment, and Corporate Innovation. Nankai Business Review, 2025, (2): 116–127.
4. Yi Yao, Yafei Xu, Yue Ling. Technology M&A, Market Reaction and Innovation Output. Nankai Business Review, 2022, (6): 4–14. (Cover Lead Article)
5. Yi Yao, Jialin Li. International Sanctions and Corporate Innovation: Evidence from the U.S. Entity List. Modern Management Science, 2026, (4): 76–87.
6. Min He, Yi Yao*, Yidi Liu. Belt and Road Investment, Host Country Risk, and Earnings Management. Shanghai Finance, 2023, (9): 16–30.
7. Jingru Wang, Yi Yao. Corporate Digital Transformation, Tolerance Mechanism, and R&D Innovation. Foreign Economics & Management, 2023, 45(9): 38–52.
8. Yanqiong Li, Yi Yao. R&D Text Information: Is More Really Harmful? Text Analysis Based on Analyst Forecasts. Accounting Research, 2020, (2): 26–42.
9. Yi Yao, Min He. Does Risk Information Disclosure Need Auditing Protection? Future and Development, 2021, (10): 74–84.
10. Yi Yao, Mei Zhao. Chinese-Style Risk Disclosure, Disclosure Level and Market Reaction. Economic Research Journal, 2016, (7): 158–172. (Awarded Excellent Paper at the 14th International Symposium on Empirical Accounting, December 2015; Third Prize of Tianjin Excellent Achievements in Social Sciences, 2018; Reprinted in RUC Photocopy Materials & Main Literature of Philosophy and Social Sciences)
11. Yi Yao, Zhiyuan Liu, Erwei Xiang. Do Chinese Mutual Funds Pursue Value in Investment? Economic Research Journal, 2011, (12): 45–58.
12. Yi Yao, Zhiyuan Liu. Improvement of Voting Rights System and Protection of Small and Medium Investors. Management World, 2011, (3): 144–153. (Full-text reprinted by China Development Research Network)
13. Yi Yao, Zhiyuan Liu. Volatile Markets, Institutional Investors and Market Stability. Management World, 2008, (8): 22–32. (Second Prize of Tianjin Excellent Achievements in Social Sciences)
14. Yi Yao, Zhiyuan Liu, Cheng Feng. Executives of Central SOEs, Monetary Compensation and Firm Performance. Nankai Business Review, 2013, (6).
15. Yi Yao, Xing Gao. Do Star Funds Have Star Effects? Journal of Finance and Economics, 2013, (6).
16. Mei Zhao, Na Zhu, Yi Yao, Fang Wang. The Impact of New Media on Auditor Opinion Decisions: Evidence from Sina Weibo. Systems Engineering — Theory & Practice, 2017, (7).
17. Mei Zhao, Yanling Wu, Yi Yao. Does News Media Play a Monitoring Role in the IPO Market? From the Perspective of Rent-Seeking Behavior. Economic Review, 2017, (4).
18. Yi Yao, Mei Zhao, Yanhua Feng. Signaling from Insider Shareholders’ Share Reduction and Cashing Out. Finance Research, 2016, (5).
19. Yi Yao, Zhiyuan Liu, Erwei Xiang. Quantitative Analysis of the Price Pressure Effect of Fund Investment on Stock Markets. Shanghai Finance, 2012, (6): 56–62.
20. Yi Yao, Zhiyuan Liu. Do Institutional Investors Play a Monitoring Role? Journal of Financial Research, 2009, (6): 128–143. (Full-text reprinted by China Development Research Network; Second Prize of the Chinese Accounting Association)
21. Yi Yao, Zhiyuan Liu, Jian Wang. Split-Share Structure Reform, Institutional Investors and Investor Protection. Journal of Financial Research, 2007, (11): 48–56.
22. Yi Yao, Zhiyuan Liu, Guanzhong Li. Questionnaire Survey and Analysis of Financial Control in Chinese Enterprise Groups. Accounting Research, 2007, (8): 28–35.
23. Yi Yao, Zhiyuan Liu. Empirical Research on Mutual Funds: Findings and Interpretations. China Accounting Review, 2005, (2): 413–422.
24. Yi Yao, Zhiyuan Liu. An Empirical Study on Redemption Behavior of Open-End Funds in China. Economic Science, 2004, (5): 48–57.
25. Zhiyuan Liu, Yi Yao. The “Redemption Puzzle” of Open-End Funds. Securities Market Herald, 2005, (2): 37–40.
26. Yi Yao, Zhiyuan Liu. Diversification of Institutional Investors in China’s Stock Market from the Perspective of Fund Investment. Shanghai Finance, 2005, (12): 40–42.
27. Zhiyuan Liu, Yi Yao. The Impact of Fund Investment on Stock Pricing Efficiency. China Accounting Research and Education, 2006, (Inaugural Issue): 59–70.
28. Xiaoping Zhu, Yi Yao, Jiaohong Yang, Xi Kuang. The Direction of Accounting Education Reform in China. Accounting Research, 1995, (9): 33–36.
[1] 2008, National Natural Science Foundation of China funded project, Securities Investment Fund Behavior and Market Stability under Different Market Condition (PI)
[2] 2006, National Natural Science Foundation of China funded project “Fund Investment, Voting Right Exercise And Investor Protection (Collaborator)
[3] 2003, Ministry of Finance Accounting Research Project, The Design and Efficiency Evaluation of Enterprise Groups’ Financial Control System (Collaborator)
Undergraduate: Management Accounting, Financial Accounting
Master: Specialized English, Senior Management Accounting
