Yueliang (Jacques) Lu, Ph.D., FRM, CFA


Assistant Professor of Finance, University of North Carolina Wilmington

Email: luy at uncw dot edu

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UNCW Finance & Economics Research Seminar Series

News

My new working paper, "One Shock, One Portfolio, Many Illusions: Rethinking Causal Inference in Asset Pricing Anomalies", with Yufeng Han, Weike Xu, and Guofu Zhou, will be presented at the 2026 SFS Cavalcade Asia-Pacific.

“Extracting Forward Equity Return Expectations Using Derivatives” (previously titled “Equity Forward Return from Derivatives”) received the Best Paper Award at the 2025 Multinational Finance Society Annual Conference.

Working Papers

  1. Ex Ante Belief Revision: Measuring Future Investment Opportunities (with Steven P. Clark and Weidong Tian).
  2. One Shock, One Portfolio, Many Illusions: Rethinking Causal Inference in Asset Pricing Anomalies (with Yufeng Han, Weike Xu, and Guofu Zhou).
    • To be presented at SFS Cavalcade Asia-Pacific 2026; Presented at SoFiE 2026
  3. Long-Short is Not Enough: Representing Characteristic-Return Relations (with Yufeng Han and Guofu Zhou).
    • Presented at SoFiE 2026; Washington University in St. Louis, Tsinghua University
  4. From Red to Blue: The Long-Run Inversion of Political Cycles and Stock Market Returns Over 153 Years (with Yufeng Han, Weike Xu, and Guofu Zhou).
    • Featured in Quantified Strategies
    • Presented at Washington University in St. Louis, Florida State University
  5. Extracting Forward Equity Return Expectations Using Derivatives (with Steven P. Clark and Weidong Tian).
    • Best Paper Award, 2025 Multinational Finance Society
    • Presented at CICF 2021, AFA 2022, 2025 FMA
  6. Market Risk Premium Expectation: Combining Option Theory with Traditional Predictors (with Hong Liu, Weike Xu, and Guofu Zhou).
    • Presented at AFA 2024, CUHK-RAPS 2023, CFEA 2023

Publications

  1. Macro Financial Trends and Market Expected Returns, Review of Asset Pricing Studies, 16(2), 2026, 241--282. (with Yufeng Han and Guofu Zhou).
  2. Mispricing and Anomalies: An Exogenous Shock to Short Selling from JGTRRA, Journal of Empirical Finance 78, 2024, 101537. (with Yufeng Han, Weike Xu, and Guofu Zhou).
  3. An On-line Machine Learning Return Prediction, Pacific-Basin Finance Journal 79, 2023, 102049. (with Weidong Tian).
    • INFORMS Seth Bonder Foundation Ph.D. Grant (2020)
  4. Addressing Systemic Risk Using Contingent Convertible Debt - A Network Analysis, European Journal of Operational Research 290(1), 2021, 263--277. (with Aparna Gupta and Runzu Wang).
    • Best Paper in Derivatives & Options Award at the FMA 2018
    • Best Student Paper Award Finalist at the INFORMS 2018
    • Global Association of Risk Professionals (GARP®) Research Fellowship 2017

Selected Awards

  1. Winner, 2025 Multinational Finance Society Annual Meeting Best Paper Award
  2. Professor Scholarship, 2024 CFA® Institute
  3. Semi-Finalist, 2023 Financial Management Association Annual Meeting Best Paper Award
  4. Winner, 2018 Financial Management Association Annual Meeting Best Paper Award

Last updated: January 2026

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