Yuanzhen Lyu


I am an Accounting Ph.D. candidate at UCLA Anderson School of Management. I will join Guanghua School of Management, Peking Univeresity, as an Assistant Professor of Accounting in Fall 2024. My research interests primarily lie in the intersection of accounting and macroeconomics. I work on empirics and use models to qualitatively and quantitatively understand the aggregate outcomes of firm dynamics. 

I am also a CFA charterholder. Prior to my Ph.D. studies, I was a senior analyst in a private equity firm specilized in alternative investment in real assets. 

Committee: Judson Caskey (Chair), Henry Friedman, Bernard Herskovic and Hugo Hopenhayn


Research Interests: Financial Accounting, Macroeconomics, Network Economics, Fixed Income

Email: yuanzhen.lyu@hotmail.com

Working Papers


What Do Inventories Tell about the Future Economy? 

[working paper]


Aggregate Corporate Savings, Economic Uncertainty and Future Stock Returns 

[working paper]


Government Support and the Term Structure of Yield Spreads for Chinese SOEs 

with Fan Yu

[working paper]

Pre-Doctoral Publications


Local Government Implicit Debt and the Pricing of LGFV Bonds (In Chinese)

with Laura Xiaolei Liu and Fan Yu

Journal of Financial Research 金融研究 12 (2021): 170-188

[published version] [English version] [VOX China summary]


Price Deviation in the Chinese Sovereign Bond Market (In Chinese)

with Haorui Bai

China Journal of Economics 经济学报 12 (2019): 35-57

[published version]


Pricing the Risk of Implicit Government Guarantee (In Chinese)

with Bosen Wang and Yongxin Ye

Economic Research Journal 经济研究 10 (2016): 155-167

[published version]


Mixed Duopoly with Foreign Firm and Subcontracting 

with Jie Shuai

International Review of Economics & Finance 49 (2017): 58-68

[published version]