Portrait image for Jinyuan Zhang

Jinyuan Zhang

Assistant Professor of Finance
“Let curiosity light our path.”
Areas of Expertise:
  • Banking
  • FinTech
  • Household Finance
  • Mutual Funds
  • Pension


Jinyuan Zhang’s expertise lies in the area of financial intermediation, encompassing banking, pension funds and mutual funds. She joined the UCLA Anderson School of Management as an assistant professor of finance in 2021.

She studies the micro implications of macro policies. “People often view microeconomics and macroeconomics separately,” she says. “However, some overlooked impacts of macro policies on individuals’ decision making can influence the economy profoundly.” Her recent research shows that households reallocate savings between bank deposits and stocks in response to large state public pension deficits, and such reallocations affect local bank lending, business establishments and employment.

Zhang says pure curiosity led her to her field of study. She watches with deep interest how people respond to big events. She’s also fascinated by the evolution of FinTech and teaches in Anderson’s Master of Financial Engineering program. “There is no doubt that FinTech enables us to deal with economic challenges that were previously impossible to overcome,” she says. In ongoing research, she and her co-author find that when uncertainty about economic policy increases, it intensifies the distrust against local government. As a result, Zhang says, “investors flee to Bitcoin. It’s driven more by the lack of confidence in local authorities and by investors’ risk aversion than it is by circumventing capital controls or hedging against market crashes.”

She received her Ph.D. in finance from INSEAD in France, her M.Sc. from UBC in Canada her and B.Sc. from CUHK in Hong Kong. Blessed with these transcultural experiences across the three continents, she embraces diversity, equity and inclusion. “I believe DEI is critical to creating an integrated community that fosters exchanges of ideas and values. The key is not to judge, keep an open mind.”


Ph.D. Finance, 2021, INSEAD
MSc. Statistics, 2015, University of British Columbia
B.Sc. Risk Management Science, 2013, The Chinese University of Hong Kong


Conditional Extremes in Asymmetric Financial Market (with Natalia Nolde) Journal of Business & Economic Statistics, 38, 2020

Bounds on Capital Requirements for Bivariate Risk with Given Marginals and Partial Information on the Dependence (with Carol Bernard, Yuntao Liu and Niall MacGillivray) Dependence Modeling, 1, 2013

Working Papers

The Impact of Public Pension Deficits on Households’ Investment and Economic Activity

Summary: Households respond to very large state public pension deficits by saving more, and by shifting towards safe bank deposits and away from risky stocks. These reallocations spill over onto local economic activity. (Empirical)

Monetary Policy and Corporate Bond Fund Fragility, with John Kuong

Summary: Accommodative and uncertain monetary policy environments exacerbate corporate bond fund fragility (Theoretical & Empirical)

Flight to Bitcoin, with Yang (Gloria) Yu

Summary: Local demand for Bitcoin surges under high economic policy uncertainty, mainly due to distrust of government (Empirical)

  • Award: Runner-up in the 2019 Toronto FinTech Conference

Dynamic Trade Informativeness, with Bart Yueshen Zhou

Summary: Kyle’s lambda can be negative when informed investors trade via limit orders. We develop a structural model to quantify dynamics of high-frequency trades’ price impact (Empirical)

  • Award: Best Paper by a Young Researcher Award ($1,500) in 2018 CEPR-Imperial-Plato Market Innovator (MI3) Conference

Follow the Pack: Information Acquisition in the Presence of Institutional Activism, with Paula Cocoma

Summary: Including institutional activism in an information model creates strategic complementarities in investors’ information acquisition decisions (Theoretical)