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Yang Gao

BEc ZUEL; MSc Durham
PhD Candidate

The University of Sydney
NSW 2006 Australia


Yang Gao is a PhD student at the University of Sydney Business School. He holds a Bachelor of Economics from Zhongnan University of Economics and Law in China and a Master degree in Finance and Investment from Durham University in the UK. Prior to his PhD studies, he worked as an analyst in Investment Banking. His main research interests include asset pricing, behavioral finance, and market microstructural.

Thesis working title

Financial crises and contagion effects

This thesis investigates the informed momentum trading and contagion effects during the financial crises, in particular, with cross-market effects. It consists of three essays addressing issues on the impact of short selling ban on informed momentum trading, both within and across markets, the determinants of liquidity contagion during the GFC, and volatility contagion effects during financial crises.

Supervisors: Henry Leung, Stephen Satchell


Journal Article/s

Gao Y, Leung H and Satchell S 2018 Forthcoming 'A critique of momentum strategies', Journal of Asset Management [Link]


Journal Article/s

Gao Y and Leung H 2017 'Impact of Short Selling Restrictions on Informed Momentum Trading: Australian Evidence', Pacific-Basin Finance Journal, vol.45, pp. 103-115 [Link]

Conference Paper/s

Gao Y, Leung H and Satchell S 2017 'Partial Moment Momentum', 2017 Auckland Finance Meeting, Queenstown, New Zealand, 20th December 2017

Gao Y, Leung H and Satchell S 2017 'Partial Moment Momentum', 25th Conference on the Theories and Practices of Securities and Financial Markets, Kaohsiung, Taiwan, 16th December 2017

Gao Y, Leung H and Satchell S 2017 'Partial Moment Momentum', 30th Australasian Finance and Banking Conference, Sydney, Australia, 15th December 2017


Conference Paper/s

Gao Y and Leung H 2015 'Short Selling Ban on Momentum Trading Strategies in Australian Equities During the Global Financial Crisis', 5th Behavioral Finance and Capital Markets Conference, Adelaide, Australia, 9th September 2015