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Hayong  Yun

Hayong Yun

Associate Professor
Department: Finance


Telephone: 517-884-0549


I am an Associate Professor of Finance at the Eli Broad College of Business, Michigan State University. My expertise is in corporate finance, risk management, and law and economics. I teach corporate finance to undergraduate and PhD students. I received the 2013 Brattle Group First Prize, which is awarded annually to the best corporate finance paper published in the Journal and is one of the highest honors in finance. My dissertation received the 2008 Young Researcher Award for the best paper published in the Review of Financial Studies among authors who received their Ph.D. within 3 years. This prize is widely considered as the highest recognition for early career finance research. My articles appeared in academic journals including the Journal of Finance, Journal of Financial Economics, Review of Financial Studies, and Management Science. I received my Ph.D. in Finance from Columbia University. Prior to joining the faculty at the Eli Broad College of Business, I was a faculty member at the University of Notre Dame.

Corporate Finance

  • JPMorgan 2008 Young Researcher Prize: "The Choice of Corporate Liquidity and Corporate Governance" 2008 Prize from The Review of Financial Studies.
  • Brattle Group Prize (First Prize Paper): "Risk Management and Firm Value: Evidence from Weather Derivatives" 2013 Prize from the Journal of Finance
  • Best Teaching Award: Department of Finance, Eli Broad College of Business, MSU
  • John D. and Dortha J. Withrow Endowed Emerging Scholar Award: This award recognizes MSU Eli Broad College of Business faculty members who, early in their careers, make substantial contributions to the college in the areas of research, teaching and service.
  • MARC Outstanding Paper Award: “Family Feud: Succession Tournaments and Risk-Taking in Korean Chaebols” (with Jongsub Lee and Hojong Shin)Best paper at the 11th Annual Mid-Atlantic Research Conference in Finance.


  • Ayotte, Kenneth, and Hayong Yun, Matching Bankruptcy Laws to Legal Environments, Journal of Law Economics and Organization, 2009, Vol. 25, No. 1, pp.2"“30.
  • Tchistyi, Alexei, David Yermack, and Hayong Yun, Negative Hedging: Performance Sensitive Debt and CEOs"™ Equity Incentives, Journal of Financial and Quantitative Analysis, 2011, Vol. 46, No. 3, pp.657"“686.
  • Yun, Hayong, The Choice of Corporate Liquidity and Corporate Governance, Review of Financial Studies, 2009, Vol. 22, No. 4, pp.1447"“1475.
  • Shive, Sophie, and Hayong Yun, Are Mutual Funds Sitting Ducks? Journal of Financial Economics, 2013, Vol. 107, Issue 1, pp.220-237.
  • Perez-Gonzalez, Francisco, and Hayong Yun, Risk Management and Firm Value: Evidence from Weather Derivatives, Journal of Finance, 2013, Vol. 68, No. 5, 2143­–2176.
  • Zhi Da, Wei Yang, and Hayong Yun, Household Production and Asset Prices, Management Science, 2015, Vol. 62, 387-409.
  • Zhi Da, Mitch Warachka, and Hayong Yun, 2015, "Lottery Tax Windfalls, State-Level Fiscal Policy, and Consumption ," Economics Letters, 129:9-12.
  • Industrial Electricity Usage and Stock Returns (with Zhi Da and Dayong Huang), Journal of Financial and Quantitative Analysis, 2016, forthcoming.
  • Fiscal Policy, Consumption Risk, and Stock Returns: Evidence from US States (with Zhi Da and Mitch Warachka), Journal of Financial and Quantitative Analysis, 2016, forthcoming.
  • FI 414: Advanced Business Finance
  • FI 981: Corporate Finance Theory

Eli Broad College of Business

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