Baolian Wang
Associate Professor | University of Florida
Gainesville, FL, UNITED STATES
Baolian Wang is an expert in behavioral finance, investor behavior, cryptocurrency and social finance.
Biography
Baolian Wang is the Bank of America associate professor of finance in the Department of Finance, Insurance and Real Estate. His research areas are empirical asset pricing, behavioral finance, investor behavior and corporate governance. His research has been published in leading academic journals including the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, Management Science, the Review of Finance, and the Strategic Management Journal.
Areas of Expertise (6)
Social Finance
Cryptocurrency
Investor Behavior
Behavioral Finance
Asset Pricing
Chinese Economy
Media Appearances (2)
Finance professor honored for outstanding stock market research
UF Warrington College of Business online
2023-04-19
Baolian Wang, Bank of America Associate Professor of Finance, is the second prize recipient of the Roger F. Murray prize. Every year, the Institute for Quantitative Research in Finance, or Q Group, awards three prizes to individuals who present outstanding financial research at the Q Group’s seminars. For the originality, usefulness and excellence of his work, as well as his presentation skills, Wang was honored with second place.
Gainesville residents are feeling the impact of high gas prices
WUFT online
2022-04-12
Wang said he believes that the gas crisis is internationally correlated with policies and sanctions. He said he finds it hard to predict how long gas inflation will last given the current price. “The government can control some oils, and they can release it from strategic reserves, and that would help some of the oil crisis,” Wang said.
Articles (5)
The Portfolio-Driven Disposition Effect
The Journal of FinanceLi An, et. al
2023-11-21
The disposition effect for a stock significantly weakens if the portfolio is at a gain, but is large when it is at a loss. We find this portfolio-driven disposition effect (PDDE) in four independent settings: US and Chinese archival data, as well as US and Chinese experiments. The PDDE is robust to a variety of controls in regression specifications and is not explained by extreme returns, portfolio rebalancing, tax considerations, or investor heterogeneity.
A New Value Strategy
Review of Asset Pricing StudiesBaolian Wang
2023-06-09
Traditional value measures performed poorly in the past three decades. We reevaluate the value strategy using a new measure—the ratio of cash-based operating profitability to price (COP/P)—and find a zero-investment portfolio that buys the highest-COP/P stocks and shorts the lowest-COP/P stocks earns monthly returns of 0.78% on a value-weighted basis and 1.04% on an equal-weighted basis.
The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural Experiment
Management ScinceMark J Flannery, et al.
2022-08-11
Government bonds might provide reference entities that reduce corporate bond yields. We study China’s 2017 issuance of two U.S. dollar (USD)-denominated sovereign bonds when there were (effectively) no outstanding USD sovereigns. We find that Chinese corporate USD bonds experienced a four- to nine-basis-point decline in yield spreads, whereas corporate renminbi (RMB) bonds did not. The effect was stronger for corporate bonds with maturities similar to those of the USD sovereigns.
The Gender Effects of COVID-19 on Equity Analysts
SSRNFrank Weikai Li and Baolian Wang
2021-10-26
We use COVID-19 as an experiment to study the effects of childcare and household duties on sell-side analysts. We find that female analysts' forecast accuracy declined more than male analysts, especially when schools were closed and among analysts who were more likely to have young children, inexperienced, busier, and lived in southern states. Relative to male analysts, females also reduced forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency.
Prospect Theory and Stock Market Anomalies
The Journal of FinanceNicholas Barberis, et al.
2021-06-05
We present a new model of asset prices in which investors evaluate risk according to prospect theory and examine its ability to explain 23 prominent stock market anomalies. The model incorporates all of the elements of prospect theory, accounts for investors' prior gains and losses, and makes quantitative predictions about an asset's average return based on empirical estimates of the asset's return volatility, return skewness, and past capital gain. We find that the model can help explain a majority of the 23 anomalies.
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