Lily Fang

Lily Fang is a Professor of Finance at INSEAD. She joined the institute in the Asia Campus in 2003, among the first cohort of faculty directly recruit to Singapore. She is currently the Dean of Research and Innovation and is based on the Europe Campus.

Lily’s primary research interest is the information production and flow in financial markets and their implications. She has published numerous papers on the incentives, behaviour, performance and price impact of various sorts of information intermediaries, for example financial analysts, fund managers, banks, private equity and venture capital investors. Her research is published in top finance journals such as the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies. Her work on the relation between media coverage and stock returns received the prestigious Smith Breeden prize for outstanding papers published in the Journal of Finance and is among the top cited Journal of Finance papers in the ten years after its publication. Her more recent work has examined intellectual property rights protection and innovation, as well as the value of social connections among Wall Street analysts and the gender different therein. Her work has often been featured in the media such as the Financial Times, The Wall Street Journal, CNBC and NPR. Lily has advised a number of large institutional investors on investment strategies.

Lily teaches corporate finance, valuation, capital markets, private equity, venture capital and entrepreneurial finance in the MBA, Executive MBA and Executive Education programmes. She is the Programme Director of Finance for Executives programme, a flagship open enrolment programme on finance at INSEAD. She also directed the online FinTech programme. Lily has won the Dean's Commendation Award for Excellence in MBA teaching, and the EDP teaching and direction award numerous times. While visiting at MIT Sloan School of Management she won the Outstanding Teacher Award.

Lily received her PhD in Finance from the Wharton School, University of Pennsylvania. Prior to that, she studied mathematics, actuarial science and management science at Simon Fraser University in Vancouver.