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Shiyang Huang

Shiyang Huang

Institution

The University of Hong Kong

PhD Year

2015

FTG Membership

Member

Website

https://www4.fbe.hku.hk/~huangsy/

Featured Work

Sustainable finance under regulation

Sep 11, 2026

Shiyang Huang, Alexandr Kopytov

We build a model analyzing optimal environmental regulation in the presence of socially responsible investors. Investors care about sustainability of their portfolios but cannot fully resolve the pollution externality. Regulations, such as pollution tax and subsidies to clean firms, reduce dirty firms’ size but also reshape firms’ shareholder compositions. Under the regulations, dirty firms’ shareholders become on average less averse to holding polluting shares and...

The Rise of Factor Investing: "Passive" Security Design and Market Implications

Oct 4, 2025

Lin William Cong, Shiyang Huang

Exchange-Traded-Funds, smart beta products, and many index-based vehicles are composite securities (CSs) facilitating trading systematic factors through reducing investors' duplicated costs in trading multiple securities. We analytically show that CS designers in competition optimally select liquid underlying assets representative of the factors, which ETF data corroborates. CS trading entails investors' active decisions, and impounds more systematic information into prices. The rise of CSs creates greater...