Baolian Wang is the Bank of America associate professor of finance in the Finance, Insurance and Real Estate Department. 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, and the Strategic Management Journal.
Areas of Expertise (6)
Media Appearances (1)
Gainesville residents are feeling the impact of high gas prices
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.
The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural ExperimentManagement Scince
Mark J Flannery, et al.
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 AnalystsSSRN
Frank Weikai Li and Baolian Wang
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 AnomaliesThe Journal of Finance
Nicholas Barberis, et al.
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.