Most of my papers can be downloaded from my SSRN page.

Working Papers

"A New Value Strategy" December 2020

        American Association of Individual Investors; CXO Advisory Group

"The Portfolio-Driven Disposition Effect", (with Li An, Joseph Engelberg, Matthew Henriksson, and Jared Williams). May 2019. 

             Revise & Resubmit Journal of Finance

"Cryptocurrency Pump-and-Dump Schemes", (with Tao Li and Donghwa Shin). July 2020. 

             AEA; GSU/RFS FinTech conference; ABFER; Cornell; USF; CKGSB; SAIF; Fudan (Fanhai);

             Chicago Financial Institutions conference; Toronto FinTech conference; Renmin

             ABFER, CEPR, and CUHK First Annual Symposium in Financial Economics (scheduled);

             Blue Sky BlogBitcoin Exchange Guide; BitcoinNews; BTCNN; CCN; Coinigy Insights;;

             TheCryptoUpdates;; Yahoo; 




"Probability Weighting and Asset Prices: Evidence from Mergers and Acquisitions", March 2017. 

              Reject & Resubmit Journal of Finance

"The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural Experiment" (with Mark Flannery and Claire Hong). May 2020. 

            Revise & Resubmit Management Science

            VoxChina; SFS Cavalcade Asia-Pacific 2019; ABFER (2020, scheduled)

"Do Demand Curves for Stocks Slope Down in the Long Run?" (with Clark Liu). December 2020. 

            Revise & Resubmit Critical Finance Review

"Ranking and Salience", March 2019. 

"The Investment-Return Relation" (with Claire Hong). March 2019


"The Nominal Price Premium", (with Justin Birru). March 2017. 

              Revise & Resubmit Critical Finance Review


"Prospect Theory and Stock Market Anomalies" (with Nicholas Barberis and Lawrence Jin). December 2020. Journal of Finance forthcoming.

       NBER Behavioral Finance; AFA (2020); Miami Behavioral Finance conference (2019)

"The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment", (with Cary Frydman), 2020. Journal of Finance 75 (1): 229-276. 

              2018 TD Ameritrade Best Paper Award in Behavioral Finance

"The Cash Conversion Cycle Spread", Journal of Financial Economics 133 (2): 472-497. Link to SAS code

"Prospect Theory and Stock Returns: An Empirical Test", (with Nicholas Barberis and Abhiroop Mukherjee), 2016. Review of Financial Studies 29 (11): 3108-3139.

"Nominal Price Illusion", (with Justin Birru), 2016. Journal of Financial Economics 119 (3): 578-598.

"The Liability of Opaqueness: State Ownership and the Likelihood of Deal Completion in International Acquisitions by Chinese Firms", (with Jiatao Li and Peixin Li). Strategic Management Journal 40 (2): 303-327. 

"Do Cross-Border Acquisitions Create Value? Evidence from Overseas Acquisitions by Chinese Firms", (with Jiatao Li and Peixin Li), 2016. International Business Review 25 (2): 471-483.

"Why Investors do not Buy Cheaper Securities? Evidence from a Natural Experiment", (with Kalok Chan and Zhishu Yang), 2019. Journal of Banking and Finance 101: 59-76. 

"Acquiring Organizational Capital", (with Peixin Li, Weikai Li, and Zilong Zhang), 2018. Finance Research Letters 25: 30-35. 

© 2018 by Baolian Wang