Dr. Yiying Cheng Dr. Yiying Cheng Associate Professor of Finance
Cameron School of Business

Dr. Yiying Cheng earned her PhD in Finance from University of North Carolina at Charlotte in 2013 with honor for exemplary research, and previously earned her PhD in Physics from University of Rhode Island in 2007. Her research interests focus on the asset-pricing theory and its application in derivatives and fixed-income markets. She has published in Journal of Fixed Income and participated in major American and international finance conference such FMA, AFA and CICF. Her teaching interests include derivatives, fixed income and other alternative assets.


  • Doctor of Philosophy - Physics - University of Rhode Island
  • Doctor of Philosophy - Business Administration - University of North Carolina Charlotte


  • "Financial Crisis, Temporary Liquidity Guarantee Program, and Impacts on the Fixed Income Markets"
    Journal of Fixed Income, The
    "The authors examine the Federal Deposit Insurance Corporation's (FDIC's) Temporary Liquidity Guarantee Program to determine the effectiveness of this government-sponsored solution for the recent banking crisis. They explore the impact of the program on the liquidity and credit crisis in the debt markets and the market value of the FDIC guarantee. They find a negative and significant two-day abnormal stock return of -1.53% around FDIC-backed debt issue dates, suggesting stockholder held pessimistic views on the future prospects of the banks. bondholder reacted positively to the issuances, with a two-day excess return of 0.32%, confirming the positive liquidity and credit effects in the debt market. The authors also find a significant drop in yield spreads of AAA debt issues around the announcements of FDIC-guaranteed debt issues. Using multiple regressions, they confirm the drop in yield spreads of AAA financial bonds after the program started. Both findings suggest that the program effectively encouraged liquidity and confidence. Finally, FDIC-backed debt trades at a discount of 132 bps to non-guaranteed debt., implying that the guarantee is valuable."
    (2013) Vol. 23 Page 5-26


  • "Real Option Model of Real Estate Construction with Entitlement Risk" (2014)
    Midwest Financial Association Annual Meeting
    "In traditional real options theory, real estate development is modeled as a solely investor-controlled process. In reality, however, most development projects must first receive approval from regulatory bodies before development can proceed. The process of obtaining all approvals for the right to develop property for a desired use is known as the entitlement process. The entitlement process is highly risky and out of control of the investors. Moreover, the real estate market in the U.S. has shown a trend towards more stringent entitlement regulation. We model the entitlement process as a separate stage in a development process in which the investor has little control. In particular, we model the entitlement stage as a European style real option with a stochastic entitlement cost. We solve the model analytically. Our main result implies that, contrary to traditional real options theory, higher entitlement risk prompts investors to initiate the entitlement process earlier in order to counter the lack of control."
  • "Financial Crisis, Temporary Liquidity Guarantee Program, and Impacts on the Fixed Income Markets" (2013)
    FDIC-JFSR Fall Banking Research Conference
  • "Real Option Model of Real Estate Construction with Entitlement Risk" (2013)
    FMA 2012 Doctoral Student Consortiuim
  • "Land-Use Rights in a Compound Option Model of Real Estate Development" (2012)
    FMA Annual Meeting
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