Fang's teaching expertise is in investments, institutional investors, financial modeling, and valuation. Their research has centered on two closely related areas: information in financial markets and investments, using field data and laboratory experiments as methodologies. It specifically focuses on Investments, Institutional Investors, Green Finance, Experimental Finance, and Community Banking.

Fang has served as faculty co-leader (2020, 2021) and faculty leader (2022) in supervising undergraduate student teams for National Community Bank Case Study Competition, which is sponsored by Conference of State Bank Supervisors in Spring every year.

They have presented their work in the annual conferences of the Financial Management Association, European Financial Management Association, Southern Finance Association, Asia-Pacific Financial Markets, Asian Finance Association, New Zealand Finance Meetings, World Finance Conference, as well as Pacific Basin Finance, Economics, Accounting, and Management Annual Conference.

Their education background includes Finance and Chemistry.They benefit from applying the experiment design learned from Chemistry to Finance teaching and research.


  • PhD Finance, University of Arkansas
  • Master Finance, Southern New Hampshire University
  • Master Chemistry, Nankai University
  • BS Chemistry, Tianjin University

Selected Publications

  • C. Fang, T. J. Yeager. September 2020. A Historical Loss Approach to Community Bank Stress Testing. Journal of Banking and Finance, 118, 105831.
  • T. J. Yeager, C. Fang. (Summer 2020) Community Bank Stress Testing for the COVID-19 Shock. The Arkansas Banker Magazine.
  • Ahrendsen, Bruce L., Timothy J. Yeager, and Cao Fang. May 2020. “COVID-19 Impacts on Agricultural and Non-Agricultural Banks.” AgEcon Search, Research in Agricultural &Applied Economics. DOI: 10.22004/ag.econ.303669.

Awards and Recognition

  • Capital Markets Research Award, by European Financial Management Association 2021 Annual Conference