Welcome! I am a Senior Research Fellow at the UCL School of Management, and a Research Fellow at the Centre for Finance at the UCL Department of Economics. Before this, I worked as an Assistant Professor of Finance at Tsinghua University. I am a member of the Finance Theory Group. I received my PhD in Finance from the London School of Economics.
My research interests are Corporate Finance and Microeconomic Theory.
Email: yue.yuan [at] ucl.ac.uk
Security Design under Common-Value Competition [SSRN]
Econometrica, 94(5), 1717-1759, 2026
When bidders with dispersed information compete for a common-value investment opportunity, they offer debt financing due to the winner's curse effect and the entrepreneur's informed-selection effect. These effects dominate the signaling effect.
Best Paper in Finance Theory on the Job Market awarded by FTG
WFA PhD Candidate Award for Outstanding Research
Share Issues versus Share Repurchases, with Philip Bond and Hongda Zhong [SSRN]
Accepted, Management Science
In a unified framework of share issuances and repurchases, firms' asymmetric choices of transaction methods in issuances and repurchases and the size-method relation in issuances are natural outcomes of an informational friction.
Security Design under Two-Sided Asymmetric Information [SSRN]
Security design shapes investor competition and issuer signaling when both sides possess private information. When security families are ordered by global steepness, all entrepreneur types pool on choosing the globally flattest family for investor claims. Outside this condition, separation can arise, with higher types choosing steeper investor claims.
Presentations: FIRS, EEA-ESWM
(Non-)Binding Shareholder Voting and Trading, with Markus Parlasca and Paul Voss (work in progress)
We study whether binding or non-binding shareholder voting is more effective at information aggregation when shareholders can trade before voting.
Presentations: St. Gallen Financial Economics Workshop
Lecturer, UCL
Corporate Issuers and Equity Valuation (master's, 2025)
Corporate Finance (master's, 2023-24)
Lecturer, Tsinghua University
Advanced Theories of Corporate Finance (PhD, 2021-22)
Teaching Assistant, LSE, 2016-21
FM212 Principles of Finance (undergraduate)
FM409 Risk Management in Financial Markets (master's)
FM430 Asset Markets (master's)
FM441 Derivatives (master's)
FM473 Financial Markets (master's)
Teaching Assistant, LSE Summer School, 2016-18
FM230 Alternative Investments
FM250 Finance
FM350 Advanced Corporate Finance
FN209 Corporate Finance in a Global World