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Lily Fang

Professor of Finance


Lily Fang is a Professor of Finance at INSEAD and the holder of the AXA Chair in Financial Market Risk. Professor Fang joined INSEAD in the Asia Campus in 2003. She is currently the Dean of Research and is based in the Europe campus. Lily Fang directs Finance for Executives and the INSEAD Fintech Programme.

Professor Fang’s primary research interest is financial market information and investment strategies. She has published numerous papers on the performance, behavior, and incentives of financial analysts, fund managers, and financial institutions in top academic 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. Professor Fang has advised a number of large institutional investors on investment strategies.

At INSEAD Professor Fang teaches corporate finance, capital markets, valuation, private equity, venture capital and entrepreneurial finance in the MBA, EMBA, and Executive Education programmes. She has won the Dean's Commendation Award for Excellence in MBA Teaching numerous times and has taught and directed numerous Executive Education programmes. Professor Fang has also been a Visiting Professor of Finance at the MIT Sloan School of Management where she won the Outstanding Teacher Award.

Professor Fang obtained 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.

Latest posts

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Economics & Finance

The Unexpected Role of PE Firms in Reducing Within-Firm Pay Inequality

Lily Fang

The incentives that drive PE firms have an interesting by-product: a reduction in income inequalities, such as the gender wage gap.

Economics & Finance

Three Keys to Ending the Great Lockdown

Lily Fang

Mass testing combined with AI is our best hope of managing the coronavirus and containing the economic fallout.

Economics & Finance

How China Can Innovate

Unless China improves its intellectual property protection, it will not create the environment needed for sustained innovation and growth.

Economics & Finance

The Brexit Breakup Brings New Opportunities

The Brexit referendum result sparked market volatility, upending the status quo, but it is not all doom and gloom.

Economics & Finance

What’s Behind the September Stock Market Blues?

Lily Fang

Wall Street traders know that September is ominous for stocks. Despite the complexity of the market, the reason boils down to something as simple as the post-holiday “blues”.


Your Rolodex Matters, but by How Much Depends on Your Gender

Men benefit from their connections more than women, especially when they are young.