Yisong Tian
Professor of Finance
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Biography
My primary research interest is in the area of option pricing, volatility estimation, capital market efficiency, and executive compensation. In particular, I am interested in developing numerical methods for the valuation of complex derivative securities, estimating and forecasting volatility for the valuation of traded and non-traded options, empirically testing capital market efficiency, examining the incentive effects of equity based managerial compensation, and investigating the effectiveness of corporate board of directors in monitoring managerial decisions and its impact on firm performance.
Education
York University - Schulich School of Business Master of Business Administration (MBA), Ph.D., Finance 1984 – 1992
Nankai University Bachelor of Science (BS), Mathematics 1980 – 1984
Honours
2009-2010, 2006-2007, 2000-2001, and 1999-2000 Merit Award for excellence in teaching, research and service, Schulich School of Business, York University.
2005-2007, and 1999-2000 Schulich Research Fellowship Award
2003 Barclays Global Investors Research Award for paper Incentive Fees, Valuation and Performance of Labor Sponsored Investment Funds, with Scott Andersen.
2001 Conference Best Paper Award at the 2001 annual meeting of the Northern Finance Association, Halifax, NS, for paper entitled “Optimal Contract, Incentive Effects and the Valuation of Executive Stock Options.”
Recent Publications
Tian, Y. (2020), "Enhancing Managerial Equity Incentives with Moving Average Payoffs", Journal of Futures Markets, 40(10), 1562-1583.
Feng, Y., Song, K. and Tian, Y. (2019), "Director Networks, Institutional Investors, and Initial Public Offerings", Journal of Banking and Finance, 106, 246-264.
Tian, Y. (2017), "Managerial Gaming of Stock and Option Grants", Financial Markets, Institutions and Instruments, 26(3), 127-152.
Tian, Y. (2015), "Implied Binomial Trees with Cubic Spline Smoothing", Journal of Derivatives, 22, 40-55.
Feng, Y., Nandy, D. and Tian, Y. (2015), "Executive Compensation and the Corporate Spin-off Decision", Journal of Economics and Business, 77, 94-117.
Tian, Y. (2013), "Ironing out the Kinks in Executive Compensation: Linking Incentive Pay to Average Stock Prices", Journal of Banking and Finance, 37, 415-432.
Jiang, G.J. and Tian, Y. (2012), "A Random Walk down the Options Market", Journal of Futures Markets, 32(6), 505-535.
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