Skip to main content

Faculty & Research


Lily Fang

Dean of Research and Innovation

Professor of Finance

The AXA Chaired Professor in Financial Market Risk


Additional Information
Research Areas
  • Financial Institutions
  • Private Equity
  • Analyst Research
  • Mutual/Hedge Funds
  • Media and Financial Markets
Teaching Areas
  • Corporate Finance
  • Private Equity
  • Alternative Investments
Industry Sectors
  • Banking and Insurance


Lily Fang is a Professor of Finance at INSEAD and the holder of the AXA Chair in Financial Market Risk. Professor Fang joined INSEAD in the Asia Campus in 2003. She is currently the Dean of Research and is based in the Europe campus. Lily Fang directs Finance for Executives and the INSEAD Fintech Programme.

Professor 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 in top academic journals such as the Journal of Finance, the Journal of Financial Economics, and the Review of Financial Studies. 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. Professor Fang has advised a number of large institutional investors on investment strategies.

At INSEAD Professor Fang teaches corporate finance, capital markets, valuation, private equity, venture capital and entrepreneurial finance in the MBA, EMBA, and Executive Education programmes. She has won the Dean's Commendation Award for Excellence in MBA Teaching numerous times and has taught and directed numerous Executive Education programmes. Professor Fang has also been a Visiting Professor of Finance at the MIT Sloan School of Management where she won the Outstanding Teacher Award.

Professor 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.