Jun Yang
Campus: Bloomington
Biography
Jun Yang is the Chairperson of the Finance Department, the Director of the Institute for Corporate Governance, and Conrad Prebys
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Jun Yang is the Chairperson of the Finance Department, the Director of the Institute for Corporate Governance, and Conrad Prebys Professor of Finance at Kelley School of Business, Indiana University. Her research focuses on corporate finance, corporate governance, executive compensation, and FinTech. Jun’s work on opportunistic managerial behavior in compensation peer benchmarking practice was published by the Journal of Financial Economics and Review of Financial Studies (RFS). Jun’s current research investigates various factors that may affect the nature of director independence. Her most recent publication at the RFS shows that corporate donations to charities affiliated with independent directors are large and mostly undetected due to lack of formal disclosure. Affiliated donations may impair independent directors’ monitoring incentives. CEO compensation is on average 9.4% higher at firms making affiliated donations than at other firms, and it is much higher when the compensation committee chair or a large fraction of compensation committee members are involved. Furthermore, CEOs are unlikely to be replaced for poor performance when firms donate to charities affiliated with a large fraction of the board or when they donate large amounts.
Winning numerous research awards, Jun's work was featured by The Wall Street Journal, New York Times, The Washington Post, Bloomberg, Harvard Law School Forum, and Slate. Jun received her Ph.D. in Finance from Washington University in Saint Louis, and her Master’s and Bachelor’s degrees from Tsinghua University (summa cum laude).
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Areas of Expertise
Contracting, Corporate Finance, Corporate Governance, Executive Compensation, Fintech
Academic Degrees
- Ph.D., Washington University in Saint Louis, 2005
Selected Publications
- Martin, X., Seo, H., Yang, J., Kim, D., and Martel, J. (2023). Earnings Performance Targets in Annual Incentive Plans and Management Earnings Guidance. The Accounting Review, 98(4), 1–31.
- Liao, L., Martin, X., Wang, N., Wang, Z., and Yang, J. (2023). What if Borrowers were Informed about Credit Reporting? Two Natural Field Experiments. The Accounting Review, 98(3), 397–425.
- Cai, Y., Xu, J., and Yang, J. (2021). Paying by Donating: Corporate Donations Affiliated with Independent Directors. Review of Financial Studies, 34(2), 618-660.
- Liao, L., Wang, Z., Xiang, J., Yan, H., and Yang, J. (2021). User Interface and First-hand Experience in Retail Investing. Review of Financial Studies 34(9), 4486-4523.
- Stefanescu, I., Wang, Y., Xie, K., and Yang, J. (2018). Pay Me Now (and Later): Pension Benefit Manipulation before Plan Freezes and Executive Retirement. Journal of Financial Economics, 127(1), 152-173.
- Beneish, M. D., Marshall, C., and Yang, J. (2017). Explaining CEO Retention in Misreporting Firms. Journal of Financial Economics, 123(3), 512–535.
- Xu, J., and Yang, J. (2016). Golden Hellos: Signing Bonuses for New Top Executives. Journal of Financial Economics, 122(1), 175-195.
- Faulkender, M., and Yang, J. (2013). Is Disclosure an Effective Cleansing Mechanism? The Dynamics of Compensation Peer Benchmarking. Review of Financial Studies, 26(3), 806-839.
- Baranchuk, N., MacDonald, G., and Yang, J. (2011). The Economics of Super Managers. Review of Financial Studies, 24(10), 3321-3368.
- Yang, J. (2010). Timing of Effort and Reward: Three-sided Moral Hazard in a Continuous-Time Model. Management Science, 56(9), 1568-1583.
- Faulkender, M., and Yang, J. (2010). Inside the Black Box: The Role and Composition of Compensation Peer Groups. Journal of Financial Economics, 96(2), 257-270.
- Baranchuk, N., Dybvig, P., and Yang, J. (2010). Renegotiation-Proof Contracting, Disclosure, and Incentives for Efficient Investment. Journal of Economic Theory, 145(5), 1805-1836.
Edited on July 2, 2024
