Tiange Ye

Welcome! My name is Tiange Ye, and I am a Finance Ph.D. candidate at the Marshall School of Business, University of Southern California.

The broad theme of my research is to understand the behavior, preferences, and incentives of nonbank financial institutions (NBFIs) and how they shape outcomes in financial markets.

Research interests: Financial Intermediation, Credit Markets, Alternative Investments, Asset Management, Asset Pricing.

I am on the 2025-2026 academic job market.

I received a M.A. in Mathematics of Finance from Columbia University and a B.S. in Business Finance from New York University.

Curriculum Vitae

Email: tiange.ye@marshall.usc.edu

JOB MARKET PAPER

[1] Getting Called: The Risks of Investor Liquidity Provision to Private Funds [SSRN]

Institutional investors commit trillions of dollars to private funds. These commitments give fund managers discretion to call capital on short notice, effectively making investors their liquidity providers. Using novel data on insurers' $370 billion private fund investments, this paper studies the risk of unexpected capital calls. Specifically, I examine the portfolio implications of capital call shocks and the resulting spillovers to public asset markets. I show that capital calls are difficult to predict and that unexpected calls are substantial. Nevertheless, I find no evidence that insurers build liquidity buffers ex ante. Instead, they adjust their portfolios only ex post, primarily by selling risky corporate bonds. These portfolio decisions are driven by regulatory capital considerations. Moreover, capital-call-induced corporate bond sales cause negative price impacts, especially for bonds with high risk weights. These spillover effects are amplified when capital call shocks are concentrated or coincide with other episodes of market stress. Counterfactual stress tests reveal significant aggregate losses under extreme scenarios. Overall, the findings highlight the liquidity risk embedded in private fund commitments and its implications for financial fragility.