Xiangyi Spencer

• Ph.D., Finance, University of Illinois at Urbana-Champaign, 2016
• M.S., Landscape Architecture, The Ohio State University, 2000
• B.A., Architecture, Tsinghua University, 1997

• Teaching Assistant Professor of Finance, Finance, University of Illinois at Urbana-Champaign, 2019 to present
• Lecturer of Finance, University of Illinois at Urbana-Champaign, 2014-2019
• Instructor, Parkland College, 2007
• Landscape Designer and Landscape Architect, RHAA Landscape Architecture + Planning, 2001-2004

• Johnson, T., Chebonenko, T., Cunha, I., D'Almeida, F., & Spencer, X. (2011). Endogenous Leverage and Expected Stock Returns. Finance Research Letters, 8 (3), 132-145.  link >

Corporate finance, investments, merger and acquisitions, case teaching

Corporate Finance, Investments, Financial Markets, Banking and Financial Institutions

• Investment & Portfolio Mngt (FIN 411) Current theories of portfolio management are covered in considerable detail to provide a conceptual framework for the evaluation of investment strategies. Applications and implementation are covered in depth, including performance evaluation and international diversification.

• Investments (FIN 511) Introduction to investment analysis, including the theory and implementation of portfolio theory; empirical evidence on the performance of financial assets; evaluation of portfolio investment strategies; and the extension of diversification to international markets.

• Cases in Financial Strategy (FIN 522) Course focuses on financial management cases. Provides students with an active learning experience. Case work is based on concepts learned in introductory corporate finance. Topics discussed include measuring and interpreting cash flow performance, financial forecasting and turnaround management ; capital investment and cost of capital; and capital structure, dividend policy; and firm valuation.

• Investments & Performance Eval (FIN 575) We analyze the trade-off between risk and expected return along with portfolio choice, performance evaluation, and security pricing. We use the Capital Asset Pricing Model (CAPM) and multi-factor models to evaluate the performance of various securities and portfolios. We establish benchmark returns for securities and apply firm valuation techniques. We discuss market efficiency and its implications. We apply these techniques to the performance of mutual funds, hedge funds, and strategies designed to earn risk-adjusted returns.