Skip to main content
NBER: National Bureau of Economic Research
Subscribe
Media
Open Calls
Summer Institute 2025
Search
Research
EXPLORE Research
Findings
Working Papers
Books & Chapters
Videos
Periodicals
The Digest
The Reporter
The Bulletin on Retirement and Disability
The Bulletin on Health
The Bulletin on Entrepreneurship
The Bulletin on Aging & Health Archives
Data & Business Cycles
Boston Research Data Center
Business Cycle Dating
Public Use Data Archive
All Topics
Taxation
Unemployment and Immigration
Energy
Entrepreneurship
Trade
Programs & Projects
EXPLORE Programs & Projects
Programs
Economics of Aging
Asset Pricing
Children and Families
Corporate Finance
Development Economics
Development of the American Economy
Economic Fluctuations and Growth
Economics of Education
Economics of Health
Environment and Energy Economics
Industrial Organization
International Finance and Macroeconomics
International Trade and Investment
Labor Studies
Law and Economics
Monetary Economics
Political Economy
Productivity, Innovation, and Entrepreneurship
Public Economics
Working Groups
Behavioral Finance
Chinese Economy
Cohort Studies
Economics of Crime
Entrepreneurship
Gender in the Economy
Household Finance
Innovation Policy
Insurance
Market Design
Organizational Economics
Personnel Economics
Race and Stratification in the Economy
Urban Economics
All Projects & Centers
Center for Aging and Health Research
Center on Economics of Alzheimer's Disease
Conference on Research in Income and Wealth
Economics of Digitization
Financial Frictions and Systemic Risk
New Developments in Long-Term Asset Management
Healthcare Decision-Making and Outcomes for People Living with Alzheimer's Disease
Macroeconomics Annual
Measuring the Clinical and Economic Outcomes Associated with Delivery Systems
The Roybal Center for Behavior Change in Health
Science of Science Funding
Training Program in Aging and Health Economics
Transportation Economics in the 21st Century
Conferences
EXPLORE Conferences
Summer Institute
Reimbursements
Affiliated Scholars
NBER News
EXPLORE NBER News
Research in the News
Nobel Laureates
Featured Working Papers Archive
Career Resources
EXPLORE Career Resources
RA Positions – at NBER
RA Positions – not at the NBER
Staff Positions at NBER
Calls for Fellowship Applications
Current Fellowship Recipients
About
EXPLORE About
Leadership & Governance
Support & Funding
History
Standards of Conduct
Staff
Subscribe
Media
Open Calls
Summer Institute 2025
Search
Home
Affiliated Scholars
Yao Zeng
Yao Zeng
Faculty Research Fellow
University of Pennsylvania
The Wharton School
Programs
Asset Pricing
Contact
yaozeng@wharton.upenn.edu
Google Scholar
https://sites.google.com/site/yaozengwebsite/
Projects
Financial Frictions and Systemic Risk
