Tong Yao

• [2026 JFE] 流动性的方向感：异象多空组合，其实并不「流动性中性」Liquidity Characteristics of Market Anomalies and Institutional TradingMay 2026
• [2013 JFE] 「机构持股越多，并购做得越好」——可这真的是监管的功劳吗？Mutual Fund Skill and the Performance of Corporate AcquirersJun 2026