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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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Leadership & Organisations

INSEAD Insights: February 2024 Research Picks

Lily Fang

Recent findings on time management, family business, herd behaviour, public-private collaborations and cyberloafing.

Leadership & Organisations

INSEAD Insights: January 2024 Research Picks

Lily Fang

Recent findings on enhancing experiences, gender wage transparency, long-term planning, networks and the dangers of flattery.

Economics & Finance

INSEAD Insights: December 2023 Research Picks

Lily Fang

Recent findings on consumer confidence, preventing financial runs, competitor information, regulation and gender bias in the workplace.

Leadership & Organisations

INSEAD Insights: November 2023 Research Picks

Lily Fang

Recent findings on human morality, publishing cycles, manufacturing in low-income markets, virtual assessments in acute care services and sarcasm.


INSEAD Insights: October 2023 Research Picks

Lily Fang

Recent findings on bias in employee evaluations, shareholder activism, children’s mental health, the meaning of work and knowledge weighting.


INSEAD Insights: September 2023 Research Picks

Lily Fang

Recent findings on online marketplace dynamics, new market creation, trust in AI, diversity in corporate boards and consumer choices.