Ou-Yang previously served as a managing director at UBS, Lehman Brothers and Nomura Securities, an associate professor at Duke University, and an assistant professor at the University of North Carolina at Chapel Hill.

He holds a Ph.D. in finance from the University of California at Berkeley and a Ph.D. in chemical physics from Tulane University. He received his postdoctoral training in chemical physics from the California Institute of Technology.

Ou-Yang was voted the best teacher by Duke's Global Executive EMBA Class of 2004. He won the second best paper award presented by Review of Financial Studies in 2003 as well as the best paper award (joint with Henry Cao) presented by the Society of Quantitative Analysts in 2005.

• Barclays Global Investors/ Michael Brennan Runner-Up (Second Place) Award for the best paper published in Volume 16 of the Review of Financial Studies for "Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem".
   
• Outstanding Professor Award (Professor of the Year), Global Executive MBA, Fuqua Business School, Duke University, 2004.
   
• The Society of Quantitative Analysts Award, 2005 Western Finance Association Meetings for "Differences of Opinion of Public Information and Speculative Trading in Stocks and Options" (with H. Cao).
   
• Third place award for the best paper presented at the 2004 China International Finance Assiciation Meeting for "Differences of Opinion of Public Information and Speculative Trading in Stocks and Opinions" (with H. Cao)

• "A Model of Portfolio Delegation and Strategic Trading", with A. S. Kyle and B. Wei, Review of Financial Studies, 2010, forthcoming.
• "A Continuous-Time Model of Risk-averse Strategic Trading with Dynamic Information," with M. Guo, Review of Economic Studies, revise and resubmit.
• "Beauty Contests, Risk Shifting, and Bubbles" with H. Cao, Econometrica, revise and resubmit.
• "A Model of Portfolio Delegation and Strategic Trading"，with A. S. Kyle and B. Wei, Review of Financial Studies, 2010, conditionally accepted.
• "Differences of Opinion of Public Information and Speculative Trading in Stocks and Options", with H. Cao, Review of Financial Studies, 22, 299-335, 2009. (Placed third in the best paper award at CIFC in 2004 and judged best paper in the "most relevant to practitioners" category at WFA in 2005.)
• "Capital Structure, Debt Maturity, and Stochastic Interest Rates", with N. Ju, Journal of Business, 79, 2469-2502, 2006.
• "Estimation of Continuous-Time Models with an Application to Equity Volatility", with G. Bakshi and N. Ju, Journal of Financial Economics, 82, 227-249, 2006.
• "Prospect Theory and Liquidation Decisions", with A. S. Kyle and W. Xiong, Journal of Economic Theory, 129, 273-288, 2006.
• "Incentives and Performance in the Presence of Wealth Effects and Endogenous Risk", with M. Guo, Journal of Economic Theory, 129, 150-191, 2006.
• "An Equilibrium Model of Asset Pricing and Moral Hazard", Review of Financial Studies, 18, 1219-1251, 2005.
• "Optimal Contracts in a Continuous-Time Delegated Portfolio Management Problem", Review of Financial Studies, 16, 173-208, 2003. (Awarded the Barclays Global Investors/ Michael Brennan Runner-Up Award for the best paper published in Volume 16)