Lily Fang

Award-winning professor and Fintech expert.


Thinkers50 Radar Class of 2023. 


Shortlisted for the 2023 Thinkers50 Radar Award. 


Author of one of the most cited papers published by the Journal of Finance.


Fang’s primary research interest is financial market information and investment strategies. She has published numerous papers on the performance, behavior, and incentives of financial analysts, fund managers, and financial institutions. Her work on the relation between media coverage and stock returns received the prestigious Smith Breeden prize for outstanding papers published in the Journal of Finance. Her recent research interests include China’s capital markets, intellectual property rights and innovation, as well as the economics of sustainability.


A professor of finance at INSEAD, where she has won the Dean’s Commendation Award for Excellence in MBA Teaching four times, and holder of the AXA Chair in Financial Market Risk, Fang was previously a visiting professor of finance at the MIT Sloan School of Management, where she won the Outstanding Teacher award in 2015. At INSEAD she is Dean of Research and directs the Finance for Executives and INSEAD Fintech programmes. Fang obtained her PhD in Finance from the Wharton School, University of Pennsylvania. Prior to that, she studied mathematics, actuarial science and management science at Simon Fraser University in Vancouver.


‘Connections on Wall Street: Are male and female analysts evaluated on the basis of different criteria?’ (, 30 May 2013); numerous papers in top academic journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies

Media picks



Private Equity and Pay Gaps Inside the Firm


“Master of fintech; prolific work on finance and financial institutions.”

Stuart Crainer & Des Dearlove, Thinkers50

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