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夏一红生平

爱妻夏一红因突发血栓性血小板减少紫癜症,于二零零五年七月十八日进美国当地Lankenau医院治疗。虽经精心医治,但疗效甚微。二零零五年八月六日,因体内大面积溢血,抢救无效,不幸在美国东部时间上午十点二十七分与世长辞,终年三十四岁。

夏一红一九七零年九月五日生于江苏省靖江市。自幼勤奋好学,积极向上,在江苏省重点高级中学-扬州中学学习期间,学业出色。毕业后以优异成绩考入上海复旦大学国际经济系。取得学士学位后,在日本三和银行上海分行从事银行进出口业务工作。

一九九三年八月,夏一红前往美国佐治亚州亚特兰大市埃默里大学(Emory University)经济系深造,并于一九九六年八月取得硕士学位。继而到加里福尼亚大学洛杉矶分校(UCLA)攻读金融专业,于二零零零年六月取得博士学位。

凭着出色的毕业论文,夏一红被聘为宾西法尼亚大学沃顿商学院(Wharton Business School, University of Pennsylvania)助理教授。五年内她虚心好学,努力工作,在国际金融学术界一级杂志上发表了九篇论文,受到同行学者的好评。与此同时她还担任了多位博士生论文指导老师,深受学生爱戴。

夏一红辛勤工作,乐于助人,热爱家庭的美好形象将永远活在我们心中。

Loving Yihong

Yihong was the most beautiful and intelligent woman that I have ever met, that is why I married her. When we got married I knew it was forever. Yihong, on that day we promised each other "till death do us part" and so it has come to pass. I hope that I have cared for you, loved you and made you happy like you deserve. Though I never pictured us apart I know that our time together here on earth is over.

Yihong and I first met through our mutual friend when she was working at Japan's Sanwa bank in Shanghai, China in January 1993. I was first introduced to her as her Japanese language tutor. In the next four months, as Yihong's Japanese language skills progressed, so did our mutual affection. Not long after we started to date, we faced first crossroad in our life, that's when Yihong came to join the Ph.D program in Department of Economics in Emory University in August 1993. I made up my mind to come a year later and we finally got married on March 26, 1996 in Decatur, GA.

Yihong and I have one wonderful daughter Jessica. When we first had Jessica we were both pretty nervous, but being a mother just seemed to come naturally to Yihong. She knew exactly when she needed something or when she was sick. Even when she was critically ill and was not conscious all the time, she could still remember our daughter's name. Every time I asked her, she would make every effort to pronounce it so clearly "Jessica".

Yihong was a terrific wife to me, very supportive to my work. My work requires a lot of traveling. Most of the time, I was away for four days a week, sometimes several weeks, even a month. Even she was busy with her work herself, she never complained about my traveling and always showed her support, taking care of everything at home and Jessica while I was away.

She was also a wonderful friend. She was never too busy or tired to take time out and listen to you to complain about your day or tell a funny story. She was always there for everyone. She understood that it took time and effort to build meaningful relationships with people. And judging from the relationships she created it is obvious that she invested lots of her time and effort into the people around her who she loved so dearly.

I treasure the twelve years we spent together and I know that she will always be with us in our hearts.

Email from Wharton Deputy Dean to the Wharton community re: Yihong

From: Schmittlein, David

Sent: Monday, August 08, 2005 4:39 PM

Subject: Professor Yihong Xia


With sadness, I am writing to let the Wharton community know of the loss of a very valued and respected colleague. Professor Yihong Xia of Wharton’s Finance department passed away on Saturday. She was 34.


For those who might not have known Yihong well, Mike Gibbons and I wanted to share with you just a couple observations, which cannot possibly capture her fully. After completing her PhD from UCLA, Yihong joined the Wharton School in 2000 as an Assistant Professor of Finance. During her time at Wharton she was a very productive scholar who studied international finance, portfolio decisions, and the role of information in capital markets.


Her research has been recognized through the receipt of eight grants, as well as the Geewax Terker Prize in Investment Research. In only five years, she had nine publications in leading academic journals.


Yihong's service to the Wharton School was exemplary. She taught Corporate Valuation to our undergraduate and MBA students. She was also active in our doctoral program through teaching and serving on a large number of dissertation committees. She was enthusiastic about the School’s growing activity in China and very generous with her involvement and suggestions.


Yihong also took a very active part in all aspects of the Finance Department’s research activities. She was a frequent and lively participant in the department’s seminars and her contributions made her a valued colleague who enriched the understanding of not only her own work but of the work of others.


Our thoughts at this time are with her family, and with our colleagues and friends in the Finance department, and beyond, who knew Yihong well, valued her as a person and colleague, and who feel her loss.


Yihong had been diagnosed with TTP (http://www.netdoctor.co.uk/diseases/facts/ttp.htm) only weeks before her passing. She is survived by her parents, Jinqi Xia and Zhenghua Fang, her husband Guiming Miao, her brother, Xinhong Xia, and her six year old daughter, Jessica Miao. A memorial service is planned at Wharton and I will let you know additional information (including its scheduling) when I have it.



David Schmittlein

Deputy Dean

Ira A. Lipman Professor

Professor of Marketing

The Wharton School

The University of Pennsylvania


Remembering Yihong


by Jun Pan August 11, 2005

I met Yihong in 2000 when we were both on the Finance job market looking for academic positions. Because of the unusual number of strong female candidates, our year was later known as the year of women. Yihong was one of the stars that burst onto the scene that year. Her job-market paper was a hit and has since been widely cited. As a fellow academic researcher in Finance, I have the utmost respect for Yihong. In a field where the respectful norm is to publish one paper a year, Yihong managed to double the rate with some very high quality and high impact papers. Without any doubt, one had to be very talented to accomplish what Yihong had accomplished. But in this case, talent by itself was not enough. Yihong honored her talent by hard working, and carried her talent to cover the furthest distance. For the field of academic finance, her passing is truly a loss.

Personally, I am minus a dear and caring friend with Yihong’s passing. She is the kind of people to whom one would instinctively want to be kind and gentle. True, she looked petite and non-competitive, rendering any self-protective guard unnecessary. But it was more because of the complete sincerity and kindness that radiated from her inside. She had none of the flashiness and was full of substance. Yang Jiang, a Chinese writer, once said of herself: “I am just a drop of pure water. There is no soap in me to generate bubbles.” This is how I remember Yihong: a pure and gentle soul.

This was also my first impression of Yihong. We met for the first time in an L.A. Chinese restaurant in 2000, although we’ve heard a lot about each other before the meeting. The next day, I gave my job-market talk to the Finance group at UCLA, and it didn’t go well. Knowing that I was upset, Yihong called me at my hotel that night and spent over two hours analyzing the entire talk for me. Being on the job market herself, I am sure that she was equally stressed. If anything, her time constraint at that time was even more punishing than mine because she had to take care of her little daughter Jessica. And yet, she offered me her help with an air of certainty as if we had been friends not just for one day but for the longest time. Yihong might have left, but my memory of her kindness stays on.

Post from Yuezhanwei

I have been in deep sorrow since I heard the tragic news about Yihong. I still cannot believe that Yihong has left us... I dared not to recall all the precious moments I spent with Yihong, because I went to tears every time I did so. She was a great teacher and friend to me. Her passion for life, her selfless help to others, and her love for her work and family have deeply influenced me. Yihong will rest in peace in the heaven.

Yihong is always with us

By Ginger Wu

For past few days, whenever I thought of Yihong's smile, I cried. It seemed that it was yesterday that she was still together with us, talking about everything energetically, but suddenly everything has changed. It is a nightmare to everybody who knows her and loves her.


I once took her Ph.D. class in finance theory. Her clear illustration of the difficult theories, her in-depth knowledge in the field, and great passion for the academic profession were admired by us a lot. I got more personal and close relation with her after she became my committee member. It was always fun to talk to her about research. I felt encouraged by her enthusiasm about research, and inspired by her innovative research idea and insightful comments to my paper each time I talked with her. Without her warmness and encouragements, I wouldn't have gone through the downturns in my Ph.D. life. The more interesting thing is to have casual chat with her, and you will be surprised how knowledgeable she is in many different fields, and how much passion she has for life, her family, and people around her.


She cares about students from all the aspects. Not mention all help she offered me during my job hunting process, she even kindly introduced the job opportunity for my husband in Atlanta after she knew I will accept an offer in Athens, Georgia. She is so considerate and tried to avoid the long-distance relationship between me and my husband. She then happily talked to me where my husband and I should buy the house and how we should commute. You can feel from her smile immediately how much she likes to help others and how many hopes she has for my future life.


I still can remember vividly we barbecued in a nice early summer afternoon at the backyard of her house. She was so pretty in the pink Chinese traditional gown when she attended my wedding. I never thought that would be the last time I saw her. All these seemed to happen just yesterday and might not happen again. However, I guess she will still smile in heaven when she knows so many of us love her and miss her so much, and her selfless help to us has made huge differences in our lives. She is always with us!

memories of a student

by Zhihua Qiao, August 12 2005

When I heard the news that Professor Xia passed away, I couldn't believe it's true. Since then, the sadness has haunted me everyday. All the memories that I have about Yihong keep coming back to me. To me she is a teacher, a friend, a mentor and an exemplar who inspired admiration and respect.

I am a PhD student in Statistics. I first met Yihong when I took her class Finance 911 in the fall of 2002. Before that class all I knew about her was that she was an excellent female scholar, manifested at least by the fact that she got a job in Wharton. During that class, I felt that she was very responsible for her teaching. After I got an outstanding score in the midterm, she wrote an email to me to say congratulations, and to encourage me to keep on good studying. As a student outside her department who had never spoken to her, I began to know more about her personality—the readiness to help and encourage people.

After my 3rd year, I realized that I was still very interested in finance. My advisor told me to talk to Yihong. Yihong was very supportive, and helped me to develop my interest and get involved in some research in finance. We met very often for almost a year since then. Every time we met, she was prepared and had no time constraint for me. Sometimes when I was frustrated by some difficulties, she would always cheer me up.

This summer we were working intensively. In July I had six weeks teaching responsibility. Yihong told me to concentrate on my teaching. My teaching ended on Aug 4 and soon I found out the shocking news about her. I was so grieved not to be able to work and talk to Yihong any more.

I knew Yihong worked closely with many students and touched our lives. When I came to know that Yihong also touched many people other than students, it didn’t surprise me but simply added to my respect for Yihong. Our moments with Yihong will never be forgotten.


Words from a Doctor

by Melodymao1970, August 12, 2005

As a doctor, I hope that I could see Yihong earlier so that I might do something for her. It is a pity that I live so far away from her, and have not heard from her for more than 15 years. She did not look right in that photo which was taken 3 years ago. I hope every classmate would look after herself/himself much better than before. Try not work too hard for youself, for your family and your friends.

Post by Qianli Wu

August 12, 2005

Yihong and I grew up in the same town. We went to the same college and both worked a few years before coming to the US. Being a couple of years apart, I never had a chance to be in the same program with Yihong and thus never got a chance to directly eye witness her talent, and her hard working style. But her achievements at every step completely destroyed all my excuses for my failures.


Yesterday, my wife just delivered our second baby. As a man, I can never completely understand and experience how much pain a woman would suffer during the process. But in the labor process yesterday, it kept occurring to me how Yihong had her Jessica. When she told me her story a few years back, I, a man usually not emotional, was greatly touched by her strong will and her considerations of others. With two kids now, it was getting even more reinforced.


When Jessica came to this world, Guiming was in another city. To hedge against any risky contingencies, Yihong asked a friend to drive her to the hospital when the time was to arrive. Unfortunately, when she felt the signal, it was mid-night. She thought it would not be polite to call her friend now. Thus, she decided to wait till the get-up time. She felt pain. She had to be on her knees and leaned on the bed, but it did not help. I could not fully imagine how she went through the following several hours. But, even without those pains, keeping this gesture for several hours alone got to be suffering already. But she waited, waited, ¡­ until it was the day time. Thanks to God. Jessica arrived safely and healthy after this long process and grew up happily thereafter.

For some reasons, our two families never got a chance to meet all together, though we tried a few number of times. We wanted our kids to play together. When some day my daughter plays with Jessica, Yihong will not be around. But I am sure she will be watching them with her love from the heaven.

Remembering Yihong from Huarong

I just came from China last night. My vacation turned into a tremendously sad moment when I heard that Yihong left us forever. It was with deep sorrow that I came back earlier to the States. Hopefully I can do a little to remember Yihong. What she gave me as my academic advisor and a close friend was a lifelong treasure and memory. Her hardworking and deep care of Chinese community will always inspire me. During my four years in Wharton, I worked closely with Yihong as her TA, RA, co-author and her supervised student. I would shirk more as the FNCE 911 TA if not being inspired by her hardworking; I would not be strict on myself over research if not being questioned by her penetrating thoughts; I would not learn so much if not working and discussing with her over the last two years. What she imprinted on my life will live with me forever.

I would like to get involved with the memorial foundation for Yihong if needed. My fundraising experiences in non-profit organizations might help a little. I support the ideas of setting funds for Jessica’s education and a memorial scholarship in Fudan University. However, I think we should discuss with Yihong’s family to lay out the details of the foundation before actively soliciting money. With a good plan and a clear objective, the fundraising effort will be more efficient and successful. Also, with a long-term plan, Yihong’s legacy will live longer. At the funeral, any on-site donation should be accepted, but I feel that should only be a starting point. Please let me know if I can help on this matter.

May Yihong rest in peace!

Huarong huarong.tang@gmail.com 718-578-0552

Remembering Yihong

By Leping Wang, August 13, 2005

I was shocked when receiving the sad news via email. It is hard to accept that Yihong with her pleasant smile has left us for ever. We just emailed each other on July 12, when she was still fine. As a good friend and a dissertation committee member, she has been so helpful, supportive, and caring. She was always ready to share her time with me whenever I knocked at her office door, and more importantly, was so candid with me in our research discussions. I still remember how grateful and encouraged I felt when Yihong gave me her detailed comments and suggestions on my job market paper, even with spelling checks. I also learned a lot from her own experience and invaluable views on life and career that she shared with me.

I will remember Yihong as a generous mentor, a good friend, and a talented researcher. I strongly support the idea of providing financial help to her daughter's education and setting up a scholarship at Fudan University where Yihong got her Bachelor's degree. Although I am far away in Singapore, I would like to help in any possible way.

May Yihong rest in peace!

Memory of Yihong at Fudan

by Jun Qian

When I first saw Yihong on Fudan’s campus in the fall of 1988, I seriously thought that she was a junior high student showing up at the wrong campus – she looked so tiny and young. Soon, I found out, that this little girl had so much intelligence, courage, toughness, determination, and love for life and other people in her.

In our sophomore year, we had this difficult class in international finance: the translated textbook was impossible to read and the professor had a very indistinctive voice with strong southern accent. According to senior students, the only way you could get by this class was to sit in the front rows and listen to every word the professor says and write down everything on the board. There were more than 100 students in our class, the classroom had very few “good” seats, and the class began at 9am. My roommates and I, typical college male students you might say, soon found out that we were all hopeless in this class due to our sleeping schedule/habits. We then devised a plan that would minimize the disturbance of our sleeping schedule but can grab some good seats for everyone: We would have one person to get up really, really early in the morning and go to the classroom and mark our seats, and then the person could come back and “finish” his sleep before the morning routines. I was the first “lucky” person to carry out this task. My resistance to get up at 645am in the morning was finally overcome by about 5 alarm clocks generously lent from all the other roommates. I rode my bike across campus to get to the classroom half asleep. As I approached the room and was proudly telling myself that I would be the first one here and my buddies and I would rock the class that day, I noticed this tiny person sitting quietly in the very first row. That person was, of course, Yihong. As disappointed as I was, I assumed Yihong was there in the classroom with the same purpose, so I asked her: “Now that you’ve got the best seats, aren’t you going back and have breakfast or something?” With the sweet smile on her face, Yihong shook her metal lunch/breakfast box (with a spoon in it) and said to me: “Well, I already had my breakfast and started my day half an hour ago…” I remember telling my roommates later that none of us deserved to sit in the front because those seats should always be reserved for people like Yihong.

At this point you may wonder that I have only told half of the story, and you are right. The other routine that my buddies and I had was to sneak out of our dorm, after the lights were shut off (campus wide) at 11pm, and go to this campus corner with food vendors for our “late night snack.” I think it was an evening about two weeks after I saw Yihong in the classroom in the morning, as we were munching our pancakes (stuffed with eggs), we again saw Yihong quietly walking by us with her bag on her shoulder, smiling and waving at us. Uttermost respect and admiration were the first thoughts came to our mind…

These stories certainly cannot capture her four years at Fudan, but they are my most fond memories of her.

Yihong, you will always be with us and inspire us. May you rest in peace.

悼夏一红

by Simon Chen

惊闻美国时间昨天早上,我们大学的同学,现在沃顿商学院任教的夏一红,因病突然去世了。

夏一红不和我同班, 但互相认识,虽然不是很熟的那种。夏一红是绝对优秀的学生,高考时就是江苏省的理科第二名。进入强手如林的复旦世界经济系后依然名列前矛。似乎她也不完全是靠聪明,因为每次上课都提前一个小时,稳稳的坐在第二排视角最佳的位置。冬天手生着冻疮,非常肿了,还在那里孜孜不倦的学习。她的这种对学习/成绩的执着,着实吓坏了我们国际贸易班的一班混混。因此我们私底下都叫她“吓一跳”。

有趣的是,这么用功的女孩子,竟然不近视。非但如此,作为扬州人的夏一红,皮肤黝黑,面容娇丽,还有“黑里俏”之誉。

毕业之后,大家各奔东西。后来才知道,夏一红竟然在UCLA 拿到PhD之后,去了顶尖的沃顿商学院作了教授,MBA的学生当中,竟然还遇到了我们另外一个大学的同学。

这么年轻的生命逝去,除了给他家人带来无比的震惊和哀痛以外,让我们这些35岁上下,还没有经历过什么生命决绝的同学们震惊和不知所措。无言以对之余, 大家纷纷建议通过成立基金帮助她的家人。

在我看来,除了悲伤和哀悼之外,我们还要要感激夏一红,她真是我们同学中的瑰宝和无比的骄傲。是乏善可陈的复旦世界经济系还被人记得的原因。

还有,她的去世使我们这些老死不相往来的终于有了联系。。。的冲动和可能性。我突然获得了多个同学的email (我们毕业那会儿, email还没有发明)。。。。。。

还有,她的去世给我们最严厉的警告。我现在还不明白她的确切死因,但我推测她一定是太累了,太拼了,太过透支了。想想一个中国人,在那么竞争的环境中,面对这么挑剔的学生和学院当局,无论如何都要拼命去做了。。。现在结果如此,值得吗?35岁正是一个门槛,我们正应该好好反思一下生命、竞争和成就的意义了。同学中一位当年风头最健的党员先锋,写了一封email, 提到了夏一红是一位基督徒,提到了天堂, 身后和永恒。

悼夏一红(二)

陈炜

读了这些追忆文章,越来越感到夏一红是“超女”。

复旦的老师们除了为一红骄傲外,真的还应该感到汗颜:学生们起这么大早来听你的课不是因为你讲得好,而是你说话含糊不清,广东话口音太重。同学们认真听讲拼命抄笔记不是因为这是真知灼学,而是因为你出的考卷里面可能出这些东西。你们当年的学生们现在在世界顶尖学府受业传道解惑,在每次的evaluation里得到学生们的推崇,从专业度/teaching skills方面不知道要高出多少倍了。

昨天把这个消息告诉王卫东(在经历了17个不同工作后,他这个月底开始将就读中欧),他在震惊之余,告诉我原来一红曾经和他在上海的日本的三和银行前后共过事。王卫东受不了日本人的管理方式愤而辞职了,差不多同样的时间一红进入三和银行,接替王卫东的工作。后来,王卫东从以前的同事那里打听到,一红因为超级优秀和聪颖的表现,日本上司主动写推荐信给她去美国的三和银行做事。

同为“优秀“这个词,我对一红的解读是:不仅有超人一等的智商,领悟力和勤奋, 还有极出色的耐力,忍受力和与不同人相处的情商 (see her difference with Wang Weidong working in the same company).

From Luning

Aug 14, 2005


Yihong, that morning when Leping called me, I knew from his voice immediately something went terribly wrong. You cannot imagine how Leping and I were stunned by the sad news. How could it be. Why should it be.


Memories abound. Last summer you came to Singapore. When I saw you walking towards us, you were in a white suit, reminding me of lilies in summer. Among all the stories you shared with us during the dinner, this is the one I will never forget. Of course it's about Jessica. I was asking you whether you missed your little girl when you travel this far without her around. You sighed.


"Yeah, very much", your tone turned soft, "You'd be surprised by a girl at her age of four."


"There's this one night we watched a TV series together. I noticed she kept tossing around after I tucked her into bed. I asked her what was bothering her".


"The little one said, 'mom, whenever I think of the girl in the TV and what she said to her mom in the end, my eyes will then be full of water. Will you leave me one day?'. Shocked by her words, I tightly held her with my arms and then told her 'that's just a show, not real, and mommy won't leave you'."


You were still smiling, your eyes shining. You continued, "actually, the girl in the show told her mom before her mother passed away, 'wherever you go, you will be in my heart, always'."


Yihong, when I think of you, I'll think of the lilies nestled in the secluded valleys, nurtured by the gentle breeze of life, with the most peaceful heart and eternally pure beauty.

怀念一红

李新梅 lixinmei@yahoo.com

获知一红走了的消息是在一个深夜,独自面对电脑的时刻。心如刀绞般的疼痛。给海波回了Email后,便点起一柱香,在袅袅轻烟中寂寞送一红一程。

我和一红大学同宿舍了三年。回想她的样子,总是那个安静地坐在床边的板凳上,手夹在双腿间读书的女生;又或是冲我笃定地微笑牙齿白白的鹅蛋脸。然而这样的剪影也是极少见到的,总是因为天气不好或其它什么原因使她不能去教室的时候,她才留在宿舍中,低头看着书,间或抬起头跟我们说笑几句,算是应付。大多数时间她如幻影般:我睁眼的时候她早已去教室占座位了,或是熄灯以后她悄悄地回来了。

即使同居一室三年,我和一红也不很亲近,大约因为是截然不同的两种人的缘故:她追求知识与卓越,活得目标清晰而坚决。给我印象最深的是她英语六级考满分,使我又钦佩又酸楚------当时一定是很嫉妒的吧。她活得很满,没有浪费过什么时间;但她也不是书呆子,她也会娱乐和体验生活,只要她觉得没有在浪费时间。她非常理性,我们忙着换男朋友的时候她恋爱了吗,我真想不起来了。

这两天常常想到一红,甚至想象和她对话的情景。大学毕业后就各奔东西,没有了联系,对她后来生活的了解还是因为她的过世------人生有的时候非常黑色。如果我们现在真的见面,一定有很多女人与家庭的话题可以说个通宵。我一定要再好好看看她那双眼睛------锐利、奕奕和乐观。岁月的流逝带来了我们的成长,我们也许会被彼此的差异性所吸引,我们也许会被我们热爱生活的共性所欢娱。

In Memory of Yihong from Kai Li

When I got the email about the sad news on last Tuesday, I was shocked as about a month ago I was in email correspondence with Yihong about her forthcoming tenure case at Wharton and her forthcoming conference trip to Vancouver. We just lunched and dined at the most recent WFA and she was so lively and cheerful at that time.


I first met Yihong in the summer of 1997 at the WFA when she was a first year doctoral students at UCLA. I took a note of her because it was quite unusual at that time for doctoral students to attend conferences, especially Yihong just started her program a year ago (at least I did not attend any major finance conference until I was a faculty for one year). But more surprising and impressive to me, is that one year later, at the 1998 WFA, Yihong presented her paper joint with Michael Brennan at the conference. This was just the beginning of her fledging academic career, now we all know Yihong as THE superstar in our profession and her passing is a true loss to our whole profession, and to our Chinese community as I always view Yihong as a great role model for all of us.


I want to remember Yihong more at a personal level as our research did not overlap much, and we interacted more at the personal instead of professional level.


Yihong was a very warm and sociable person. One year I was late at my WFA hotel reservation and called up Yihong for help. She gladly extended a kind offer to share her room with me and it turned out that in the end, Ashley also joined us and it became a room of three and we had a lot of fun.


Yihong was very serious about her work. Yihong primarily was a theory person, but from time to time, she also did some empirical work. One time, I sent some of my comments about her work and unexpectedly, I received this longer (than my initial comments) reply email from her within hours, addressing my comments as well as making justifications on why they had done their way in the paper.


Yihong was a super capable person. Looking at her career path, she had a daughter during her last year at the UCLA and finished her doctoral program in four year without any delay (as faculty we could ask for maternity leave and a one year extension on the tenure clock, Yihong had none of that luxury.) More impressively, she came out of her doctoral program in such a short time (four-year) with a star status on the job market. Once at Wharton, she continued her productive momentum and in five-year time, she had nine high quality publications and half a dozen completed or on-going research. I shared many private conversations with her at various conferences and my impression is that despite her hectic schedule on teaching and research, she was also a very caring mother to her lovely daughter Jessica. Whenever we met, she would spent a lot of time talking about Jessica, her likes and dislikes and her daily stories. In our profession, we all know our job is extremely demanding. For a mother with a young child and a frequently traveling spouse, Yihong had made her life and her career a miracle. There were moments in Yihong’s life that she had to continue teaching while Jessica had fever in her daycare. I am sure she was torn between family and career at those moments. But in the end, she survived all those hard times and flourished in her career.


At this moment, I had to say something about Guiming, Yihong’s husband, whom I fortunately met at the 1999 WFA conference when Yihong was expecting. As per my conversation with Yihong, Guiming had been very supportive of her career all these years and several times, he took Jessica for holiday at Disney in LA while waiting for Yihong to finish her work with Brennan. Whenever Guiming was around the house, Yihong was fully relieved with all household responsibilities and devoted all herself to work.


Yihong always gave people the impression that she was dynamic, energetic and sociable. Most of us who had the good fortune to know her or know her well, will always remember her with her smiling face and cheerful outlook for life that is why her passing came as a total shock to many of us, as we would never have imagined a cheerful, energetic and kind person like Yihong would leave us.


Let’s remember and celebrate her brilliant life and try to live our lives by not taking things for granted and cherish the moment! May Yihong rest in peace!!!

Kai

In memory of Yihong from Chao Wei


Although I have heard of Yihong’s name back in the 80s, when we were in the same program at Fudan, I got to know her in person when visiting Wharton last September.

Yihong struck me as warm and genuine, yet very passionate when putting forward her comments and suggestions on my research.

Being a mother of a little child myself, I deeply feel for the competing demands Yihong might have faced from both work and family, and lament the possible harm these mounting pressure might have done to her health.

During our conversation, Yihong said something which I could not forget. She said, “There is nothing I could do, or no paper I could write, which would change the finance field. But there are indeed things I can do, which would change my daughter’s entire life.”

By establishing and contributing to Yihong memorial fund, we, collectively, can make a difference in little Jessica’s life.

May Yihong rest in peace!

韦超

Thinking of her makes me a better person--Ping He

I am one of the many who luckily had a chance to know Yihong. I had been her teaching assistant, I was once in her house for a party (Yihong made the best dumplings that I ever had), I was in the audience for her presentations in conferences, ... As to many others, Yihong has offered great helps to me several times, which I'll remember forever. However, it was not until recently that I started to realize what an amazingly nice person she is. I had been absorbed into things that seems to be important, job, money, etc, and I was lost into paying too much attention on small gains and losses in my life. Yihong's death makes me, slowly and suddenly, realize how blind I have been without the ability to appreciate the kindness of people like Yihong and taking nice things that happen to me as granted. Yihong has melted the numbness of my mind, little by little, with the power of her personality, by showing me what a difference she has made to the lives of others by helping them. Thinking of her makes me a better person, and it will always do. Thank you, Yihong.

想跟你说说话

clare.yin@gmail.com

一红:

我们一直开玩笑, 说夏一红的眼睛里永远闪烁着智慧的光芒,毕业十多年,当我们每个人都被生活磨出苍伤感的时候,再次见到你,神采奕奕,依然精神而发亮的眼睛,真的被你感动了,不知疲倦,永不放弃,我相信你一定在天堂的哪个office里继续努力着,所以,如果有空,一定要常常记得我跟你说的话,无论你在哪里,都要好好地过日子,好好地照顾自己,一言为定! 我会想你的!

大学四年上下铺的同窗殷蔚

Why does it have to be only the good die young?

by Yunfang Lu

A week ago, Yihong quietly left us. It has been the longest week in my life. Everywhere I looked I saw Yihong’s radiant smile and sparkling eyes. Every time I tried to write something about her, I was taken by grief and left incapacitated. How could this happen? Just when her career is flourishing and life getting better, just when it’s time to reap harvest from decades of hard work, Yihong left this world that she loved so much. Why, does it always have to be “only the good die young?!”

Yihong and I shared a dorm-room at Fudan University for two years. Winters in Shanghai are bitterly cold and humid, and of course, there was no heat in our dorm or in any classroom. When the early morning air was pierced by the blaring music of the school broadcast, we would pull our blankets over our head to linger with the last moment of warmth. To maximize the quality time with our warm beds on cold mornings, we would take turns to have one of us go to the school cafeteria and get breakfast for all, so that we, except for the one “on duty,” could have an extra hour of sweet dream. But not Yihong. By the time the one “on duty” got up, Yihong would be already sitting in the classroom, reading and getting ready for the class. Every night, when the dorm went dark and all of us were lying in our mosquito-net-enclosed bunk-beds, we would chat a long time, usually about boy problems. Yihong would say something to analyze the situation (she was always the clear-headed one and always to the point), and, while the rest of us were still idly chatting away, she would soon fall sound asleep. No wonder she was always able to get up so early with bright eyes while the rest of us missed many morning classes.

In our college days, just when most of us were enjoying our newly-found freedom and stumbling our ways to find our identities as young adults in the society, Yihong seemed to have clearly seen where she was heading. And contrary to the common image of an “A-student,” which is neurotic and obsessive, Yihong was very out-going and had a warm personality that was contagious. Now, coming to think of it, Yihong had always led a calm and purpose-driven life. There was a Chinese saying, a real piece of gold would shine wherever you put it. Like a piece of real gold, Yihong excelled in every situation she was in: at Fudan University, a start-up in Shanghai, the Sanwa Bank Shanghai Branch, Emory University, UCLA, and finally Wharton. Each step of her life, her intelligence, diligence, and kindness won her many friends among schoolmates, professors, bosses, colleagues and students. Just like what Simon posted above, Yihong’s exceptional IQ and EQ determined her destiny to excel in any field she would choose.

Yihong had a baby when she was getting her PhD at UCLA. A year after Jessica was born, I also gave birth to my first daughter. As I could tell, juggling motherhood and doctoral studies was not a piece of cake, so I took it slow. But to my astonishment, Yihong graduated in only four years, and was a star on the finance rookie market. When she came to give her job talk at Stanford, Yihong dropped by my home. My mother, who was at the time visiting me, hadn’t seen Yihong in years and had remembered her as a round-faced little girl (after I transferred from Fudan to a college in the US, Yihong often visited my parents’ home in Shanghai). Seeing that Yihong had lost quite a bit of weight (and she had always been petite to start with), my mother hugged her and told her to eat more and not to work too hard. The day my mother heard about Yihong’s passing, she was dumbfounded and repeated to herself, “poor little girl, she got so skinny. She was working too hard …” Every time I think about my mother’s words, tears would come into my eyes.

To obtain Yihong’s kind of academic achievement would certainly require not only talent but also utmost dedication. However, such dedication did not come at the cost of her attention to her child. In many of our conversations, Yihong would lovingly talk about the cute moments of her precocious little Jessica. Last summer, five-year old Jessica and my four-year-old enjoyed a day together in Legoland. While the daddies were watching the girls, Yihong and I had some long talks about the traverses of domestic life and academic life. From the way she looked at little Jessica, you would see a doting mother, not a professor with a stellar publishing record at one of the best business schools in the world.

Too many memories; no doubt some more will surface once the shock and grief subsides. In her short lifetime, Yihong had achieved so much and touched so many lives. With her passing, the world is missing a gentle soul, the field of finance is missing a promising scholar and dedicated professor, the many of us are missing a kind friend, a pair of parents is missing such an exceptional daughter that one could only dream of, a husband is missing a loving wife, and a little girl is missing a devoted mother. Yihong, our love will always be with you. Please rest peacefully in heaven.

Dunno what to say

By Qi Zeng

I just got back from US and learned the news from Bruce Grundy, a professor here at Melbourne. I knew something bad happened before I left for US 10 days ago, but didn't get the chance to dig it out. Leping sent me this link and now, sitting in front of the computer, just like an hour ago in Bruce's office, I still don't know what to say. Hack, I don't even believe this really happened.

Last December, she and her family came to Melbourne for a visit. I really regret now that I didn't stay to personally arrange the visit, even if I managed to have other people to show them around. Later we met at Wharton when she went back and I was in Philly. I still remember the very last time we talked in her office in Feburary, just before I left US. Even though we had been friends and shared many similar research interests ever since she came to Wharton in 2000, it seemed odd that only after I graduated from Wharton did I have the chance to talk with her about joint work. Her talent and hard working style always amazed me. The many stories people have talked about only show what people already know about her. I can only confirm that the response everyone had when I told the news around is the same: why did bad things always happen to good people?

Still, I don't know what to say and what to think...

Yihong, she made it all look so easy

by Andrew Metrick

I was Yihong’s friend and colleague at Wharton for five years. Here in the finance department, we are all shocked and saddened by her passing. Yihong was universally liked and respected. I have never heard a bad word spoken about her, and I never heard her speak badly of others. With her kindness, intelligence, and work ethic, she was a model to her colleagues and students alike. I will miss her, and the finance profession and the Wharton School will be worse for her passing.

Yihong accomplished an incredible amount in her too-short lifetime. She excelled in a competitive profession, in a foreign country, teaching demanding students using her fourth (!) language. When she arrived at Wharton, we had a desperate need for someone to teach a class in “Security Analysis”. The subject was far from her research expertise, and required teaching arcane details of accounting statements and securities regulation. I witnessed as she took on the job without complaint, and was soon explaining obscure details from the footnotes of SEC documents. Of course, she did all of this work while raising a wonderful daughter, producing high-quality research at an astounding rate, and participating actively as an advisor and colleague.

On this memorial site, people have shared wonderful stories of Yihong’s accomplishments and character. I will add to this outpouring with a memory – trivial on the surface – that will forever remind me of Yihong. In the finance department, the faculty mailboxes are lined up against one wall. There are several rows of boxes, and somehow Yihong’s box always managed to end up in the top row. Yihong, not the world’s tallest person, could not even reach her mailbox. Now, in this situation, I think that most people would just ask that their box be moved down to a lower row. I am sure that such a reasonable request would have been honored. But it was not Yihong’s style to complain. Instead, every time she came to check her mail, she stepped up onto the first row of boxes – even then she couldn’t see into her own mailbox – and, holding onto the wall with one hand, reached with her other hand into her mailbox. What was, for most of us, a simple glance to see if we had mail, was, for Yihong, an acrobatic trick. But still, she made it look easy. She made everything look easy.

随风而逝

生命如此脆弱,消失了的随着清风飘远了,留给我们的只是肩上的尘土,从此我轻抚肩上的尘土,就好像见到了我的远方的朋友,再也舍不得她离去,但生活总是在最意想不到的时候带给我们一些疼痛。。。

接到殷蔚的电话是星期天的中午,我正在和家人吃饭,还来不及从接到朋友的电话的喜悦中明白,却被另一个消息震惊了,一红去世了,这怎么可能?!以后的一天里,我似乎还做着该做的是,心里却愈来愈空落落起来,慢慢的感到内心深处有一部分消失了。将近一个星期我都没有再谈论此事,直到那天在电脑前坐了好一会儿才给新梅、云舫发了email, 然后我知道一红她再也不会回来了,然后我接到了新梅和云舫的电话,然后我看到了这个网页。

我们是大学的同学,同寝室三年,吵吵闹闹、亲亲爱爱的日子里我们共同成长,留下了太多太多的回忆,她是个聪明的模范生,我是个懒散的人,但并不影响我和她成为好朋友,直到毕业后我们还经常出去玩儿,直到她去了美国,从此联系少了,但总想着来日方长,好朋友之间不在乎今朝明朝。她每次回上海都会和我吃个饭,聊一聊,今年六月份还和她见了面,没想到却是最后一次,这几天经常想着那天,她瘦了一些,黑了一些,但还是那双我喜欢的黑眼睛,爽朗的笑声,还和我谈了她的工作、她的家、她的老公和她的宝贝女儿,一切都那么让人羡慕的幸福。。。可怎想到才一个多月,她却走了,这么匆忙。

我经历过亲人的离去,但这种事总不会让人习惯,但我总想着张小娴小说里说的,生命是不会消失的,它最终会变成无处不在的尘土,永远在我们周围。看着窗外的景象,感受的微风,我的朋友一红,她也会随着风袅袅升上天空,象个天使永远伴随着我们。。。

一红,我的朋友,走好!

海波 2005年8月16日

Missing Yihong from Lei Ji

This is absolutely sad and tragical news. I have been quite upset for the last several days. How I wish I could have known Yihong's treatments erlier so that I could visit her. Sometimes we can't help doubting God's justice cause Yihong in nooooo way deserves this kind of fate.

My last meeting with Yihong seems just yesterday and it's so hard for me to accept this bitter fact. Haunting in my mind are her patient explanations in Finance 911, her warm encouragements in both academic and personal matters, her insightful research comments and advice, her forgiving smiles, her frank exchange of ideas as an excellent adviser, the unforgetable parties for Chinese students in her home, and so many others...

But all of these are suddenly deprived from us forever. We are only left with those wonderful memories with Yihong, and the belief that God is with her in the heaven...

Yihong will always be remembered dearly

I was absolutely shocked when I heard of Yihong's passing and found it very hard to come to terms with it. During my short meeting with Yihong in Cambridge earlier this year, I was very impressed by the liveliness of her. I stayed with her for a day and a night to work on a paper, and almost got to know her life story -- her darling Jessica, her family back in China, her times in FuDan, her students in Wharton, her views on finance issues, and so on. I felt that there was much more in her life than merely coping with the pressure of Wharton. Indeed, she was so full of life that I simply cannot imagine not being able to hear her voice again.

Xiaoquan

May she rest in Peace

I didn't know her at all. By chance I clicked this link, read her bio and her story. Sorry to hear it. From her experience, we may see a lot of Chinese students who come to the States and have been working much harder than others, haven't had a time to take a break or enjoy life. It is very sad! My prayers and thoughts go out with her and her famliy.

May she rest in peace!

A stranger

I appreicate Prof Xia's email reply

The news about Prof. Xia's passing from my officemate shocked me and turned me into sadness. A group of PhD students in Minnesota economics department talked about Prof. Xia many times at different occasions. In fact we did not know much about her academic papers (now almost no students here are working on asset pricing) but we were amazed by her awesome publication records which established her fame here, far from Wharton.

I am one of few students here working on finance and sometimes felt lost because it was hard to get guidance from faculty. For example, when I emailed a faculty, I seldom got reply. I once sent emails to Prof. Xia and another famous Chinese finance professor with a typical second-year student question like how to study finance, what math is important, what the study strategy should be. I chose them with a funny reason: the former has the same last name as mine, and the latter has the same birthplace as mine. I hoped this kind of similiarity will enhance the chance of reply because I do not know them personally. As you can expect, the latter did not reply (actually my contact with another Chinese finance professor from whom I took a course was unhappy). While I got a long and kind reply from Prof. Xia which I would like to post below (it is still in my email box):

''Hi, Chun Xia:

Your adviser is pretty good at asset pricing, and I think that he'll be able to help you a lot. In terms of math, it always gives you some advantage over other people. I have not taken much math myself, so I really do not know what math is the most important. I guess that it depends on what you are going to work on. I have never thought about any strategies as a student or as a faculty, so I really cannot help you in this regard. I think that hardworking is always important, but never thought it as a strategy.

Sorry that this may not be much help. Good luck in everything.''

What an excellent and modest professor! I appreciated her so much and I will remember her forever.

A pity is that even I admire Prof. Xia’s publications I almost never read any of them because I am working on other fields. I once printed out her first working paper from UCLA archive and amazed that she had seven working papers before she graduated, but I did not finish reading that one. Now I am determined to read over all her papers, published and unpublished, and it is my best way to remember her.

May Prof Xia rest in peace!

Chun

may prof Xia's soul rest in peace

i do not know prof xia at all--all my knowledge of her is from this site. yet, i was deeply impressed by her achivement in such a short life. she is a role model for many people, for different reasons. as for me, a ph.d famale student with a little kid to take care, prof xia has proved that the parental responsibilty should not be an insurmountable obstacle to success, and therefore never use it as a lame excuse for slow progress. this is a mother jessica can be forever pround of.

from Yao Wang

when I was in middle school in Yangzhou, I always heard her name from my older sister although I have never seen her. She was a great student in our middle school.

Today, I feel very shocked to hear the news. I believe that there is no rule between alive and dead in the universe, she just moved to another world for a while. Best wishes!

Yao

Life, Death, Love, Give... ( In Memory of Yihong from Wang, Niandong )

Actually I don't know Yihong and I didn't even have a chance to meet her.

But I do know Guiming well since we were in the same class/program at Shanghai Jiao Tong University. And we met again at another alumnus' place for a small class reunion in Philly in early 2003, after graduated for so many years.

That was the first time that I heard about Yihong, as Guiming's wife and as a promising professor at Wharton. Unfortunately she couldn't join us as she was sick that day.

I was hoping that I could see her, her lovely daughter Jessica (who was so energetic during our reunion) and Guiming again next time when I visit Philly... Until this noon that I got an email from SJTU-Alumni group...

一红, 走好! 贵铭, 保重!

-念冬, 2005 年 8 月 18 日于西雅图

PS - 附上最近写的一篇 Blog, 纪念一红, 也寄托哀思. ____________________________________________________________________________________________

http://spaces.msn.com/members/himlaya/Blog/cns!1pENC3I9NJ-c5X8_FHC9yCUw!157.entry

July 07

Life, Death, Love, Give ...

  • Latest*

Passed away at only 34 on August 6, 2005, Yihong Xia was an Assistant Professor in Finance at Wharton (http://www.wharton.upenn.edu/faculty/xia.html ). An UCLA Ph.D, She got her bachelor from Fudan University and married my classmate Guiming Miao (a Shanghai Jiao Tong Univ. alumnus). A forum set up to share the memories from her family, friends and alumni can be found at http://yihongforever.org.

It's a big loss not only for her family, but also for Wharton and overseas Chinese community. _______________________________________________________________________________________________

This is the second time that someone around me died suddenly during the holiday weekend, in the past 6 months.


Last Thanksgiving, one of my classmates in the graduate school, had a heart attack in his office in downtown San Francisco when he worked overtime there. He died at age 31 and was survived by his 4-month-old son and his wife. When I first heard about that, I simply couldn't believe it. We were in the same class for two years. Our last conversation before graduation last May was about our future lives and a few tips of buying new cars from him (As an American, he used to run an automobile shopping startup in France). My memories about him are still very fresh, yet, he's in another world already. Later, I sent his wife a check for his son's education fund and a card.


On the past 4th of July weekend, a colleague was killed in the accident when he rode his beloved motorcycle on the highway and made a turn too fast to avoid hitting the rock wall. His office was right across mine when I first joined the company last year. He's kind of guy that can always cheer you up and never look upset. Once I followed him to the parking garage as he, like all car/bike owners, would like to show off his newly purchased/reengineered motorcycle. Shortly afterwards, he moved to another group somewhere else on the campus, and I never met him again. He's only 35, survived by two kids and his wife.


Before the long weekend, a young Chinese man Jian Yu (于健) whom I never met, also passed away in the Sillcon Valley, after suffering 520 days of Leukemia treatment. His wife, a woman with strong nerve and a loving heart, set up a website ( http://www.yujian.org ) not only to call for bone marrow donation (as it's hard to find Chinese donors in US. National Marrow Donar Program, aka, NMDP) in Chinese community in US, but also for the loving memories of Jian Yu - a maths and computer whiz kid, later, a Master in CS at UT Austin. Jian was only 31 when he left the world on June 29, 2005.


Like what I did for my classmate Mike, I will send another donation check to my colleage Scott's family for his kids' education fund. I will let them know that I will keep them in my thoughts and, how I will remember their daddy, in addition to, his favorite motorcycle.


Also, I will register in NMDP and hope I could save a fellow Chinese's life sometimes later.


And I won't stop telling everyone I love that how much I love them, everyday.


怀念一红


当我听到一红过世的消息,心里无比的震惊。我反复地问“为什么会这样?”。生命为什么如此的脆弱?生活为什么如此的残酷?有人说这是命,如果有命的话,这个命也对一红太不公平了。她还太年轻,还有年幼的女儿,还有美好的未来。 但是逝者长已矣,生者何切切!我不敢想象她的家人如何承受这突如其来的巨大悲痛。

和一红大学同窗四年,因为不同寝室,生活上交集并不多。在世经班里,有许多读书拼命三郎,一红是其中之一。所见所闻都是她刻苦努力,成绩优异。想来她当时就有很大的抱负吧。大学毕业后各奔东西,也没有机会联络。来到美国以后,当网络还不发达的时候,用最原始的gopher, 我在网络上查找同学的信息,夏一红是我第一个找到的。我拨打网络上找到的电话号码和她联络上了。也忘了当时聊了什么,大多是家常事,和她聊天很亲近,她不是那种心高气傲的人,人们很容易跟她接近,聊起来就象没有分别很久。我们俩的女儿的年纪很接近,当时都还很小,聊得最多的是当母亲的骄傲和辛苦。她曾经说过有时候在家好忙,反而是到了办公室里才能轻松一下。现在回想起来,她在办公室里也一定不是太轻松。她可能就属於那种特能干,不爱抱怨,特能接受生活的各种挑战的人。慢慢的,大家都忙,联络也少了,但总是听说她当了名校的教授,又发表了文章,一直为她的成就感到骄傲。午夜梦回,想着一红如果有来世,她会不会放慢她的脚步?

我记得去年回家,把大学同学的毕业合影找了出来带到美国。但是现在我想把它找出来,想再看看以前一红丰华正茂的样子,却一时怎么也找不到了。只有回忆中她神采奕奕的样子。

一红,我们会永远为你感到骄傲,希望你现在是在一个更美好的,无忧无虑的世界。
- 庄立梅 2005年8月18日 于达拉斯

愿夏老师一路走好!

她永远是我们海外学子的榜样!

盼望

请原谅我的冒昧,因为对于夏老师来说我是一个陌生人。 我是一个读Finance 的学生,只是在许多paper的reference里见到夏老师的名字,读过夏老师的paper,在她的主页上见过她笑容。我虽然从来没有见过夏老师,但却十分喜欢她。 当我听到她病逝的消息,心里非常难受,非常难受,我哭了。 但当我了解到夏老师是基督徒时,受到很大的安慰。因为我知道,她已经到天父那里。在地上我们虽然有眼泪,将来一定都在天父那里相聚。

也写给夏老师的家人。虽然有悲伤,但你们有盼望! 因为在现在的分别是暂时的,将来在美好的天家,你们一定会永远在一起!

愿您走好!

不认识夏老师。偶尔上了次mitbbs, link 到这里,发现夏老师和我来自同一个城市,而且还是扬州中学的校友,比我大一些,所以在学校并未见过。您是靖江的骄傲,扬中的骄傲!英年早逝,让人心痛。愿您走好! 也愿在异国他乡的学子们多多保重!

-凌云 from Seattle

Yihong Forever

By Hong Liu

I was extremely saddened and totally shocked by the passing of Yihong. I have known her for several years. She impressed me as nice, energetic, smart, and a rising star in our profession. Her passing is a great loss of the finance profession and especially of our Chinese finance community.

I first met Yihong at WFA when she was a second year Ph. D Student at UCLA. It is quite uncommon that a second year student attends such a conference. From her insightful questions, she also showed genuine interest and deep understanding of the paper I presented. When she was on the job market, I read her job market paper and I knew and told her that she would do very well. And of course, she did. Her productivity later on is even more amazing, especially as a working mother with a small kid at home.

She was the discussant of one of my papers in the 2004 AFA. She provided great comments which helped us significantly improve our paper later on. She also showed her extraordinary kindness: She concluded her discussion with "This paper is very interesting and solid. I highly recommend it to all who are interested in dynamic asset pricing." As is well known, it is really rare to see such a kind comment from a discussant, especially in a major finance conference. From her discussion, I learned a lot and the most important one is to be kind and ro respect others (even as a discussant).


Last September, Yihong and I both attended an asset pricing conference at London Business School. I presented the same paper that Yihong discussed in the 2004 AFA with only few changes. I thought she would not be there for my presentation, but she did and paid undistracted attention throughout my entire presentation. Afterwards she told me again that she liked the paper and the new changes. Impressive kindness again!


The last time I met her was in a recent major conference. Yihong chaired one session and chose the papers to be presented in the session. Yihong asked me to discuss one of the papers in the session. The day before her session she asked me how I thought about the paper. I said that I was not sure if I liked the paper very much. She smiled and replied, "So I did not pick a good enough paper, but I picked a good discussant." What an intelligent and humorous reply!


My final communication with Yihong was in this summer. I was invited to discuss Yihong's paper at WFA and I gladly accepted. Unfortunately, later on I had to back out because my dad's health situation. I emailed her to apologize and to explain the reason. She replied "you definitely made the right decision to stay with your family." I promised to discuss her paper in the future to return her favor. But I guess I would never be able to keep my promise.


I am indebted to Yihong for her great kindness. Yihong Forever!

Prof. Xia, Your Inspirations Are Forever

Dear Prof. Xia,

Just wanted to say "thank you" for your inspirations and encouragements during our participation in the 2002 National MBA Finance Competition. That was the only opportunity that I had contact with you, but your intelligence and down-to-earth demeanor really impressed me. Your passing is a tremendous loss for Wharton School, so is for our Chinese community. As a Christian, though, you must be happily in Heaven. May Lord bless you and your family.

A Bright Star

by Roger Loh

I met first Yihong in June 2002 when she was a visiting professor at Singapore Management University. At that time, I was preparing to apply for a finance PhD in the US. Knowing she was a star in the field, I arranged to meet with her for some advice. She spent more than an hour to share with me her experience and tried to find a suitable School for my area of interests. Her generousity with her time and her sincerity touched me. To this day, I kept the two pages of notes that I wrote after meeting her. We met again in Philadelphia during the AFA 2005 conference and that same kind and sincere countenance greeted me as I asked if she could remember me. Though my acquaintance with her was brie f, I always spoke highly of her as one who is a rapidly rising star as a finance scholar and one who is a very nice person. There are few in the profession who can surpass her achievement as an young finance scholar in the last 5 years. More important than her career success is her spirit of caring for people which is well recorded here by a fraction of those whom she touched. Her sudden passing was so shocking and I offer my deep condolences to her family--they have lost so much. May God bring you comfort and love in this time of sorrow.

Memories of Yihong

by Qiao Liu

I met Yihong in 1996, when she just joined UCLA’s Finance PHD program. At that time, I was an econ phd student thinking about switching to finance. I was fortunate enough to have taken all of the four courses in the finance sequence, plus several other econ courses, together with Yihong. I would say I have collected enough data points and can comfortably draw some inferences about Yihong being a first-rate researcher and more importantly, a friend.

Without any doubt, Yihong was a model student. Two memories immediately surfaced. In our corporate finance and market microstructure classes, we were required to read 4-5 papers for each session. While most of us were satisfied with having a cursory read of the paper introduction and model set-up, Yihong read them all! I believe so because she was the only person in the class who can raise/address detailed modeling questions. In the final of David Levine’s Dynamic Game Theory class, David gave us four hours to work on three questions (BTW, even now, I still believe the three questions cannot be solved). Half way through the exam, while the rest of us were still struggling with question #1 and frustratingly thinking about how to kill the damned time as our every effort was becoming futile and pointless, Yihong stood up and submitted her exam paper. Again, she did them all!

I never believe things such as hard work or talent can squarely settle a researcher. There got to be something bigger. My observations of Yihong over years told me that it has to be love, the love for what you are doing. Yihong loved research. Simply because she loved what she was doing, she also knew how to appreciate, and how to encourage people to do whatever they feel like doing. Coming from a modest background myself, for quite a long time, I only took research as a way of making a living. However, observing what Yihong had accomplished and thinking about how she made all these happen is by itself inspiring enough. About four years ago, when I got frustrated with my own research progress and decided to leave the academia and join McKinsey, I got an email from Yihong. I still remember those words, “…trying out different things and knowing what you really want is always helpful…” Two years later, I left the private sector and rejoined the academia. I immediately got an email from her, which was simple but meant a lot to me, “Welcome Back!” It is not what you are doing but how you are doing that really matters. On this, Yihong is an inspiration!

Photographer John Muir once said, “Most people are on the earth but not in it.” Yihong is one of very few in the world who actually lived in the earth. Despite her short life, she had seen the beauty of the world. Actually, she was part of the beauty, as a loving wife, a caring mother, a first-rate researcher, and a great friend. Yihong, I am proud of you and will remember you forever!

希望夏老师能够一路走好

对我们来说,也许只有更好的继续她的工作才是对她最大的安慰吧.

怀念夏一红

太太告诉我你们复旦一个校友英年早逝了,叫夏一红。我觉得名字好熟,及至到这里一看才大吃一惊,原来我认识她。在复旦的最后几年我和新闻系的几个男孩常去她们寝室聊天。一红一直比较安静,好像很用功,虽然我们常常不请自来,有时打破了她们的自修,可她总是和善地微笑着,并不介意。那么多年过去了,我也不知道她在事业上那么有建树,正当年华,忽然离去,太可惜了。愿她安息。

My student

Yihong was my doctoral student at UCLA, and she and I later collaborated on a series of papers in finance. I benefited enormously from our relationship. Yihong was very talented and enthusiastic. She had very good technical skills and developed a good intuition about our field. What she did not know she was always willing to sit down and learn, so that in the years since her doctorate she had learned an enormous amount in the lively intellectual atmosphere at Wharton. I believe that she would have gone on to make major contributions to our field.

I am grateful to Yihong for our professional collaboration which extended my interest in research in finance well past my retirement. Doing research with Yihong was not only rewarding, it was also fun, and she usually took on the more difficult and technical tasks.

She was a wonderful person and I am grateful to have known her as a friend as well as a colleague. I will miss her grievously. My sympathy goes out to Guiming and Jessica as well as to her parents and other members of her family.

Michael Brennan at UCLA

我并不认识夏一红

我并不认识夏一红,但看到了她的照片,仿佛我们已经认识了好久。

我也是靖江人,在上海读过书,也在佐治亚州读过书。我从她的眼神里面,能够看到她从长江边上的家乡,一步一步走到世界顶级学术殿堂的努力和自豪。我想,如果我能够早点认识她,一定可以和她交流很多经历,从她身上学到很多很多。她的聪慧,勤奋,和善和坚强毅力,不仅仅是我一个作为家乡人的自豪,更是所有中国人的骄傲。

有一本书,叫做Life after Life, 书中提到每个人去世后,都能感觉到无限的无条件的爱,并被问及这一生是如何积累了爱和智慧。我想一红的这一生,正是爱和智慧所构建;她短短一生所收获和播种的爱和智慧,已经远远超出了我们这些凡夫俗子。赵朴老在遗偈中写到,"生固欣然,死亦无憾;花落还开,水流不断。我兮何有,谁欤安息?明月清风,不劳寻觅。"

谨以此劝慰一红的家人,节哀,珍重。

同乡ayao写于佐治亚州

Yihong, I wish

Yihong didn't know me. But I know her from her impressive research. I was hoping to see her very soon in AFA in the coming year. However, I saw the bad news about her, which shocked me.

After reading the story from Dr. Brennan, I got to know that Yihong and I share many things in common. We both do research in asset pricing, though she is professor and I am a student. We both are Chinese women and came to the US after we got our bachelor's degrees. We both had a mater degree in economics before we got accepted in a finance program. We both have a husband coming from China to join us. We both had babies in graduate schools. And we both are devoted mothers. I can image when we met we could be friends, possibly very good friends. However, when Yihong left the world, she took away this possiblity.

I am very sad to learn that Yihong had been overworked for a long time, which is the key factor leading to her illness and death. If I were her friend, I would have told her to relax more and enjoy life more. Life is short, Yihong. We need to well balance between work and leisure, between stress and relaxation, between work life and family life.

From Yihong's research, I can see that she had sketched a very clear line of her reserach agenda. She had been and would be very productive. However, I could not see the difference between having 9 papers published and having 5 papers published--eventually she would have the other 4 published---it is only a matter of time. In contrast, I do see the difference between enjoying life for 34 years and for 84 years--it is not only a matter of time but also a matter of happiness. By staying alive in good health would make everyone around her and herself happier. Yihong, I am sorry I missed you. I missed the chance to be your friends, to tell you not to work too hard, to tell you life has more wonders than research.

Yihong, I thank you for leaving good research to us. But I will also remember you for leaving so much regrets to me.

Yihong will be missed

from Monika Piazzesi, 8/25/05

Today I found this site, while I was trying to look up a research paper by Yihong. Yihong was a dear friend of mine. I first met Yihong during the job market of 2000, the "year of women".

Yihong was very serious about her work, but she was always filled with humor. The last time we talked was during dinner at the NBER Asset Pricing Meeting on Thursday, July 14, in Cambridge. We were sitting next to each other, opposite to Tano Santos and Andrew Ang. We were hotly debating the "conundrum" - the fact that long term interest rates are so low at the moment - and whether the change in exchange rate policy that China had announced the day earlier would have an effect on the conundrum. Yihong did a lot of the talking, since we did not know much about the Chinese exchange rate policy before the change, let alone about the effects of the change itself. At the end of the dinner, there was a choice of desserts. Yihong and I decided to go for the Tiramisu. When the dessert arrived, we started laughing so much that we forgot all about the conundrum: the Tiramisu was huge and looked more like an entire cake than a single dessert.

Saying good-bye that evening was easy, because we were supposed to see each other again two weeks later in Switzerland. I was asked to organize a focus session on interest rates and had invited Yihong to present her recent work. On Saturday, July 23, I received an email from Guiming with the news that Yihong was at the hospital and would not be able to come. Only later I realized that the good-bye in Cambridge was forever.

Yihong was a great friend and a brilliant researcher, I will miss her very much.

My memory of Yihong

It has been a few weeks since Yihong's passing. I keep on telling myself to write down pieces and bits of my memory of Yihong, yet always put it off. Anything I said might be so insignificant, I made excuses for myself. However, there is not a single day past without me thinking about her life and death. Tonight, I read through all the posts on this site, all the old stories came back to me again.

I was Yihong's classmate both in Yangzhou High School and Fudan University. Though we kept within our own little circles in high school and college, we did get together occasionally and exchanged a few words. But I would not dare call me her friend.

The high school Yihong went to is one of the best in Jiangsu Province. The students made up of our class came from surrounding counties and we had to live in the dormitories. Yihong was only 15 year old when she left home to attend high school in 1985. It did take great courage to do that. The girl's dorm was near the gate of the school, quite a distance from the dining hall. I can still remember her carrying two 'hot-water-bottles' trekking from the dining hall to her dorm. I know she was incredibly smart. I remember one of the geometry tests was very hard. I could not finish the whole test, and ended up getting 70 points our of 100. Yihong easily scored 98, the top score of the class. How was it possible, I remember asking myself. But everything looked so easy for her. The year we took college entrance exam was the hottest summer I can remember; yet that did not affect her as she consistently scored high points in the exam. Not only she was extremely smart, her handwriting was one of the most beautiful I have ever seen.

The streak continued in college, and after college. After college, we kind of lost touch of each other. But I continued to be amazed by her achievements. I heard from someone that she switched jobs to Sanwa Bank. I heard from someone that she came to US to study at Emory in 1993. I heard from someone that she went to UCLA in 1996. I also heard from someone that she was teaching at U.Penn. I was amazed, but I am not surprised at all.

In the days since Yihong's passing, this old poem always come to haunt me. I know it is less uplifting, but I just cannot get it out of my mind.

亲戚或余悲
他人亦已歌
死去何所道
托体同山阿
-陶渊明“挽歌”



Xiaobing Shuai

In Memory of Yihong

from Lixin Huang, 08/29/2005


I could not believe my ears when I heard that Yihong had left us. For days, I tried to convince myself that it was not true, because I just met her and chatted with her during the WFA conference in Portland in June.

I was a Ph.D. student at Penn the first time I met Yihong. She came to give her job market presentation. She was tiny and thin. At first glance, some people in the seminar room were concerned how she would handle the MBA students. However, her firm voice and confident responses to the challenging questions gradually captured the audience. She demonstrated her intelligence, ability and potential. It was not a surprise that she received the offer from Wharton.

Yihong was a modest person, hardly noticed by others, especially those who did not know her. But, she was always there whenever somebody needed help. Most of the Chinese students who studied finance at Penn received her help, and many of them left their memories here. She gave me a lot of encouragement when things did not work out very well for me on the job market. She shared with me her experiences as well as her opinions. Everything she said was so sincere that I could feel it came from deep in her heart.

In January 2004, I presented a paper at AFA meetings and Yihong was the discussant. It was a portfolio selection paper and related to one of her papers. She compared our paper with other related ones by decomposing the trading strategy and illustrating the contribution brought by our studies. We really appreciated her comments. The paper is right on my desk when I am typing in these words. A glimpse at it brings back Yihong’s voice and smile.

Yesterday, Yihong was a rising star. Today, she is the brilliant one shining in the sky, always with us.

悼念一红

今天在联系9月16日复旦经济学院院庆时,找到海波,才知道这个消息。在电话那头听着海波讲,我感觉到身上顿时发凉,简直不敢相信这是真的!

在复旦时,一红住在我们隔壁寝室,非常清楚地记得她读书非常好,皮肤黑黑的,眼睛非常亮,平时我们交往也不太多,看到她的大多是匆匆地背着书包去自修或者从自修教室回来的身影!毕业后,从没见过她,只是从新梅,海波那里知道她在学术上发展得很好。再听到她的消息,居然是。。。愿她在天国能不再那么匆忙。。。

在这里,看到一些曾经非常熟悉的名字:钱军,陈炜,王卫东,云舫,新梅,海波,殷蔚 非常亲切!

愿大家健康平安!细细体味人生!


朱慧群 zhuhq@hotmail.com 2005-8-30

In Memory of Yihong

by Jinghua Yan

It's been almost a month since I learned about the tragic news. I am still shocked and saddened. So are many current/former Wharton students whom I met in the US and Shanghai over the past few weeks. Yihong and I last met in Boston 3 days before she was hospitalized. I wish I had one last chance to thank her in person for her rigorous teaching in FNCE 911,for her insightful comments on my research, and for her constant encouragement.

ucla lost a great alumna

I came across the news of Prof. Yihong Xia's death on mitbbs.com. Out of curiosity, I did a search on google and found this site. I never knew Prof. Xia, but I was very impressed by her achievment at such a young age and deeply saddened by her early death. I also graduated from UCLA with a Ph.D. degree. As a Chinese graduate student studied at UCLA, I feel somehow very close to Yihong (if you allow me call her by first name). University village, Ackerman Union, Powell library, Bruin walk, Wooden center, Young research library, these names must sound very familiar to her as they do to me. I'm very pround that UCLA produced such a great scholar and I'm also very sad that we lost her so soon. Her achievements will encourage me to pursue higher academic goals.

Professor Xia, You will be missed.

I was very shocked when a friend emailed me about ths tragic news. Professor Xia was a great and dedicated teacher. A caring one too. i knew her through FNCE207 which i took 2 years ago as a Junior. The course was tought but she did a great job teaching it. I will always her cold calls in class, her occasion jokes, the huge XEROX valuation that my group spent the whole thanksgiving week doing for her assignment, her energy and care, and most importantly, her. Professor Xia, thanks for everything. You will always be missed.

Ian Lin

In memory of Prof. Xia

When I came across this page this morning, tears filled in my eyes till I read all the words by friends and many many others. I never met Prof. Xia in person; but when I first read her papers years ago, I was kind of curious--who is this amazingly smart author? Later I knew she is such a brilliant and productive scholar graduated from my university--Fudan. I was so proud of her! After I myself came to the States, I came to know how hard life is for a foreign girl; Prof. Xia must have extreme brilliance, courage and determination to succeed. More importantly, she tried so hard to strike a balance between work and life and she was such a exemplary. I hold my greatest respect for her, my schoolmate--a perfect combination of professional brilliance and Chinese traditional virture. Today, this turns out to be an extremely heart-breaking time to know this tragedy. May her rest in peace.

From Prof. Laurie Hodrick

Jessica, I had the pleasure to meet your mother and to get to know her professionally. I just wanted you to know that you are in our prayers, where you will remain until you grow into the amazing woman that your mother, another amazing woman, always knew you would someday become. Professor Laurie Hodrick, Columbia University

一红老师家人朋友保重

本来是看看怎么申请这个怪学校的。。。

不料是同胞

亲切油然而生

赞,叹之余

吾辈更当共勉

前赴后继百尺竿头

以慰老师之灵


Changing My Life, And Never Knowing It

I met Professor Xia when I was on my exchange to Wharton -- a prestigious program i fought very hard for. She was my Security Analysis professor, and everything I thought Wharton to be. While I wish I could address her as informally as "Yihong", I can still say that she changed me profoundly while I still address her formally so.

She was incredibly perceptive and sharp in reading my nervousness in attending such an advanced finance class, and was quick and earnest in assuring me that she would help me out. I felt so incredibly assured, and warmed by her support. She was the one who helped me find my mastery of valuation and finance, when I barely knew the implications of CAPM or WACC, and helped me find my ambition and calling in life.

She wrote me a recommendation, just a few months before she left, and I can't help but feel an overwhelming sadness reading it, that I should not talk to her again, and that she will not be there when I come for my MBAs. The last time i saw her was in Singapore, when she visited my university.

I shall always remember her so -- confident, smart, warm, and always quick to laugh. I don't know if she knows that she has had such a profound impact on me, even if i met her so briefly. I am sure I am just one of multitude of students who thank her for such an amazing experience, but I will say my peace.

Dear Professor Xia, I will always miss you. I'll always think of you when I stand in the halls of JMHH, and whenever I write out the very equations you patiently taught me in class. Reading all the things people have to say about you makes me weep, that I will never have the chance to know all these things from you personally.

God Be With You, Professor Xia. Your Student, THE Danon Singapore Management University, Singapore 12/11/2005