Wei Wang, PhD

REFEREED FINANCE PUBLICATIONS

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1. Senior Lender Control: Cross-Monitoring or Creditor Conflicts? 2018, with Bo Li and Lynnette Purda, Journal of Law, Finance, and Accounting, Vol. 3, No.2, 373-411.

2. Provision of Management Incentives in Bankrupt Firms, 2017, with Vidhan K. Goyal, Journal of Law, Finance, and Accounting, Vol. 2, No.1, 87-123.

   • Best conference paper award at 2012 NTU International Conference on Finance.

   • Featured in the Wall Street Journal, Law 360, Towers Watson, and Jones Day

   • Podcast with American Bankrutpcy Institute on this study can be accessed HERE.

3. Executive Lawyers: Gatekeepers or Strategic Officers?, 2016, with Adair Morse and Serena Wu, Journal of Law and Economics, Vol. 59, 847-888.

   • Best conference paper award at 2015 China International Conference in Finance

   • Featured in the Harvard Law School Forum on Corporate Governance (September 30, 2014)

4. Debtor-in-Possession Financing, Loan-to-Loan and Loan-to-Own, 2016, with Kai Li, Journal of Corporate Finance, Vol. 39, 121-138.

5. How Costly is Corporate Bankruptcy for the CEO? 2016, with B. Espen Eckbo and Karin Thorburn, Journal of Financial Economics,Vol. 121, 210-229.

   • Best conference paper award at EFMA 2012 meeting.

   • Featured in the Harvard Law School Forum on Corporate Governance (January 30, 2013)

   • A two-page executive summary of the paper can be downloaded HERE.

6. Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes, with Vidhan K. Goyal, 2013, Journal of Financial and Quantitative Analysis,Vol. 48, No.3, 789-817

7. Explaining Debt Recovery Using an Endogeneous Bankruptcy Model, with Wulin Suo and Qi Zhang, 2013, Journal of Fixed Income, Vol. 23, No.2, 114-131.

8. Hedge Funds and Chapter 11, with Wei Jiang and Kai Li, 2012, Journal of Finance, Vol. 67, 513-560. Click HERE for Internet Appendix.

   • Featured in Dow Jones Newswires, The Globe and Mail, Business Week, Le Temps, allaboutalpha.com, Vancouver Sun, straight.com, National Post.

   • A short-version of the paper appears as Hedge Funds Activism in Chapter 11 Firms, 2014, Finance and Accounting Memos, Vol.1,30-37.

   • Reprinted in Institutional Investor Activism, edited by William W. Bratton and Joseph A. McCahery, 2015, Oxford Press

9. What’s in a “China” name? A Test of the Investor Attention Hypothesis? with Kee-Hong Bae, 2012, Financial Management, Vol. 42, No.2, 429-455.

   • Featured in The Wall Street Journal, National Post, and South China Morning Post.

10. Recovery and Returns of Distressed Bonds in Bankruptcy, 2011, Journal of Fixed Income, Vol 21, No.1, 21-31.

WORKING PAPERS

1. Dissecting Bankruptcy Frictions, 2019, with Winston Dou, Luke Taylor, and Wenyu Wang

   • Accepted for Presentation at AFA (2020), Jackson Hole Finance Group conference (2020), and MFA (2020).

   • Presented at Bank of Canada, BI Norwegian, HEC Paris, HKUST, Johns Hopkins University, NBER Corporate Finance Program (Stanford), Norwegian School of Economics, NOVA School of Business and Economics, Stanford University, University of Amsterdam, University of Pennsylvania, and University of Wisconsin-Madison.

2. Rent Extraction by Super-priority Lenders, 2019, with Espen Eckbo and Kai Li

   • Presented at AFA, CICF, Dartmouth College, Marstrand Finance Conference, McGill University, Northern Finance Association annual meetings, NHH, NOVA School of Business and Economics, Peking University, Shanghai University of Finance and Economics, UBC Summer Finance Conference, University of Nebraska-Lincoln, and Western University

   • Featured in Harvard Law School Bankruptcy Roundtable (October 1, 2019)

3. Selling Innovation in Bankruptcy, 2019, with Song Ma and Joy Tianjiao Tong

   • Presented at AFA, CICF, Economics of Entrepreneurship and Innovation Conference, EFA, FIRS, MFA, NBER Summer Institute (Corporate Finance), NBER Summer Institute (Law and Economics), NFA, Queen's, Rome Junior Finance Conference, Tsinghua (PBC), University of Pennsylvania (Wharton), Yale SOM, and 10th Searle Center/USPTO Conference on Innovation Economics.

   • Featured in the Harvard Law School Bankruptcy Roundtable (December 19, 2017)

4. Learning by Doing: Evidence from Bankruptcy Judges, 2019, with Ben Iverson, Josh Madsen, and Qiping Xu

   • Presented at AFA, EFA, FIRS, FMA, Notre Dame, Queen's University, University of Minnesota (Carlson School and Law School), Wabash River Conference, and WFA.

   • Featured in the Wall Street Journal (September 20, 2019), Harvard Law School Bankruptcy Roundtable (April 10, 2018), and the Oxford Business Law Blog (December 22, 2017)

5. The Real Effects of Implicit Government Guarantee: Evidence from Chinese SOE Defaults, 2019, with Shuang Jin and Zilong Zhang

   • Presented at Asian Finance Association annual meeting, China Financial Research Conference (CFRC), Summer Institute of Finance (Shanghai). SFS Cavalcade, FMA Asia conference, South Carolina Fixed Income and Financial Institutions conference, JLFA International conference, Shanghai University of Finance and Economics, Tsinghua University, and Queen's University.

6. Debt-Equity Simultaneous Holdings and Distress Resolution, 2019, joint with Yongqiang Chu, Ha Diep Nguyen, Jun Wang, and Wenyu Wang

   • Presented at AFA, Austriasia Conference, CICF, FMA, MFA, and SFS Cavalcade .

7. SEC Scrutiny Shopping, 2019, with Paul Calluzzo and Serena Wu

   • Presented at Cheung Kong Graduate School of Business, Nanyang Technological University, University of Pennsylvania (Wharton), Tsinghua University, American Law and Economics Association annual meetings, CAAA conference, CAPANA Conference, Drexel Corporate Governance conference, European Finance Association annual meetings, FIRS conference, Northern Finance Association Annual Meetings, SFS Cavalcade, and European Accounting Association annual meetings.

   • Featured in the Financial Executives International Daily (July 16, 2015)

8. Valuation Effects along the Technology Channel: Evidence from Corporate Bankruptcies, 2017, joint with Jiaping Qiu and Jin Wang

   • Presented at FMA European Conference (Venice), and Northern Finance Association Annual Meetings.

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MEDIA FEATURING

• Harvard Law School Bankruptcy Roundtable ("Rent Extraction by Super-Priority Lenders," October 1, 2019)

• The Wall Street Journal ("Lawmakers Propose Bill On Bankruptcy Case Location," by Katy Stech Ferek, September 20, 2019)

• Harvard Law School Bankruptcy Roundtable ("Practice Makes Perfect: Judge Experience and Bankruptcy Outcomes," April 10, 2018)

• Oxford Business Law Blog ("Practice Makes Perfect: Judge Experience and Bankruptcy Outcomes," December 22, 2017)

• Harvard Law School Bankruptcy Roundtable ("Selling Innovation in Bankruptcy," December 19, 2017)

• Harvard Law School Forum on Corporate Governance ("Executive Gatekeepers: Useful and Divertible Governance?," September 30, 2014)

• Harvard Law School Forum on Corporate Governance ("How Costly Is Corporate Bankruptcy for Top Executives?," January 30, 2013)

• The Wall Street Journal ("Study Finds Bankruptcy Bonuses Work," by Patrick Fitzgerald, August 9, 2012)

• The National Post ("Perform or get out; CP is just latest example of a firm changed by hedge funds," May 18, 2012)

• The Toronto Star ("CP Rail shakeup a warning for cozy Canadian boardrooms," by Niamh Scallan, May 18, 2012)

• The Toronto Star ("CP Rail vote Thursday could change the face of historic railroad," by Venessa Lu, May 17, 2012)

• The National Post ("Hedge funds help not hinder bankruptcy proceedings: Study," by David Pett, May 9, 2012)

• The Globe and Mail ("Activist investors more mediators than predators: study," by Jaqueline Nelson, May 9, 2012)

• The Vancouver Sun ("Hedge fund involvement good for bankrupt U.S. companies, Sauder researcher finds," by Scott Simpson, May 7, 2012)

• The Toronto Star ("Battle for control of CP Rail centers on proxy fight," by Venessa Lu, January 10, 2012)

• The Montreal Gazette ("Extravagant CEO salaries - necessary evil or economic burden," By Derek Abma, January 3, 2012)

• Kingston Whig Standard ("Rich getting richer, faster, report finds," by Peter Hendar, January 3, 2012)

• The Wall Street Journal ("What's in a name: If it is 'China,' a Pick-Me-Up," by Jason Zweig, March 20, 2010, in The Intelligent Investor)

• The National Post ("Companies that want to have hot stocks should just add 'China' to their names," by Ian McGugan, March 23, 2010).

• Le Temps ("Les hedge funds assurent une sorties plus rapide de la faillite," by Emmanuel Garessus, February 5, 2010).

• The Globe and Mail (“This hedge fund is more like a stork than a vulture,” in Streetwise, by Andrew Willis, November 9, 2009).

• Dow Jones Newswires (“Study finds hedge funds spur bankruptcy transformation,” by Patrick Fitzgerald, October 28, 2009).

• Allaboutalpha.com (“More evidence that distressed debt funds are a phoenix, not a vulture,” by Alpha Male, November 3, 2009).

• Business Week ("Are hedge funds good for bankrupt companies," by Sara Behunek, November 5, 2009).

• The South China Morning Post (“The investment equivalent of judging a book by its cover”, by Tom Holland, June 2, 2009, FB Business).

• The Wall Street Journal (“Bankruptcy venue change linked to recovery rates”, by Patrick Fitzgerald, January 24, 2007, p. B9B).

• Bankruptcy Law 360 (“Delaware, New York bad news for creditors: study,” by Jesse Greenspan, January 17, 2007)

• Distressed Debt Investors (“Venues and Recoveries”, Volume 3, No.2, January 25, 2007)