PhD Defence Antti Yang

In his dissertation 'Corporate Bond Markets: Investor Preferences and Intermediary Frictions', Antti Yang demonstrated that sustainable investors may contribute to a more liquid and resilient market. He also identified hedging costs as a friction that is relevant for asset pricing. Antti has successfully defended his dissertation on Thursday, 15 September 2022 at 10:30. His supervisors were Prof. Patrick Verwijmeren (ESE) & Prof.Sjoerd van Bekkum (ESE) Other members of the Doctoral Committee were Prof. Mary Pieterse-Bloem (ESE)Prof. dr. Michel van der Wel (ESE), Prof. dr. Remco Zwinkels (VU)Dr. Esad Smajlbegovic (ESE) and Dr. Anjana Rajamani (RSM)

About Antti Yang

Antti Yang was born in Espoo (Finland) on March 22nd, 1995. He grew up in Delft, where he received his Gymnasium diploma in 2013. He continued his studies at the Erasmus School of Economics, where he obtained his Bachelor’s degree in Econometrics and Operations Research in 2016 and Master’s degree in Quantitative Finance in 2017, both with judicium cum laude. Over the course of his studies, Antti was a board member at student association CSA-EUR, went on an exchange to Fudan University in Shanghai, and worked as a part-time consultant at Sprenkels & Verschuren.

In 2017, Antti started his PhD studies in Finance at the Erasmus School of Economics under the supervision of Prof. dr. Patrick Verwijmeren and Prof. dr. Sjoerd van Bekkum. His research interests include corporate bond markets and sustainable finance. His work has been presented at several academic conferences, including the FMA Annual meeting, FMA European meeting, and Australasian Banking and Finance conference. Chapter 4 of this dissertation is published in the Journal of Corporate Finance. Antti was also teaching assistant for the course Advanced Corporate Finance and Governance and a thesis supervisor for bachelor and master students. In the summer of 2021, Antti interned at the International Monetary Fund, where he co-authored Chapter 3 of the October 2021 Global Financial Stability Report on sustainable investment funds.

Antti is currently employed at De Nederlandsche Bank, where he works as an Economist in the Research department. In Fall 2022, he will join Cornerstone Research in London as an Associate.

Thesis Abstract

This dissertation contains three empirical studies that examine the effects of buy-side preferences and frictions on the corporate bond market. The first study examines the effects of investors with pro-environmental preferences in the green bond market. Because green bonds benefit from a larger and diversified bondholder base, they are more liquid and more resilient during liquidity shocks compared to conventional counterparts. The second study analyzes the effect of hedging costs that convertible bond arbitrage hedge funds must bear when executing their investment strategy. We show that convertible bond prices are affected by firm-specific short-selling costs and regulation such as the 2008 short-sale ban. In the third study, we show that convertible issuing firms on average shorten their maturities by 5 years to substitute for the features provided by call provisions, which convertible arbitrageurs dislike. Altogether, these studies demonstrates that liquidity, pricing, and security design reflects the preferences of both issuers and buyers.


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Photos: Michelle Muus / MichelleMuusFotografie