Felix Zhiyu Feng

• PhD, Economics, Duke University
• MA, Economics, Duke University
• BA, Economics, Peking University

• Corporate finance
• Corporate governance
• Managerial incentives
• Capital markets

Journal Articles

• Feng, F.Z., Nohel, T., Tian, X., Wang, W., and Wu, Y., 2026. The Incentives of SPAC Sponsors. Journal of Financial Economics, 177, p.104220
• Feng, F.Z., Wang, W., Wu, Y. and Zhang, G., 2025. Ignorance is bliss: The screening effect of (noisy) information. The Accounting Review, 100(1), pp.201-230.
• Feng, F.Z., Luo, R.Y. and Michaeli, B., 2024. In search of a unicorn: Dynamic agency with endogenous investment opportunities. Journal of Accounting and Economics, 78(2-3), p.101738.
• Feng, F.Z., Taylor, C.R., Westerfield, M.M. and Zhang, F., 2024. Setbacks, shutdowns, and overruns. Econometrica, 92(3), pp.815-847.
• Cetemen, D., Feng, F.Z. and Urgun, C., 2023. Renegotiation and dynamic inconsistency: Contracting with non-exponential discounting. Journal of Economic Theory, 208, p.105606.
• Bakke, T.E., Feng, F.Z., Mahmudi, H. and Zhu, C.H., 2022. Foreign competition and CEO risk-incentive compensation. Journal of Corporate Finance, 76, p.102241.
• Feng, F.Z. and Westerfield, M.M., 2021. Dynamic resource allocation with hidden volatility. Journal of Financial Economics, 140(2), pp.560-581.
• Feng, F.Z., 2021. Dynamic compensation under uncertainty shocks and limited commitment. Journal of Financial and Quantitative Analysis, 56(6), pp.2039-2071.
• Feng, F.Z., Xu, Q. and Zhu, C.H., 2021. Caught in the crossfire: How the threat of hedge fund activism affects creditors. Journal of Empirical Finance, 64, pp.128-143.
• Feng, F.Z., Lu, J. and Wang, J., 2020. Productivity and liquidity management under costly financing. Journal of Corporate Finance, 63, p.101258.

• Bureau van Dijk Best Paper Award in Corporate Finance, 2023
• Fubon Best Paper Award, 2026