Danling Jiang's Homepagege

Research

Journal Articles (refereed)

By field convention in finance and economics, most publications list authors alphabetically, which represents joint first author and equal contribution. Joint first authors are noted. Otherwise, author's order is based on the share of contribution.

1. Game in Another Town: Geography of Stock Watchlists and Firm Valuation , (Dayong Dong, Danling Jiang, Keke Wu, and Hongquan Zhu, joint first authors), Journal of Banking and Finance, forthcoming, 2024
2. Lawyer CEOs, (M. Todd Henderson, Irena Hutton, Danling Jiang, and Matthew Pierson, joint first authors), Journal of Financial and Quantitative Analysis, forthcoming, 2024. [Online Appendix]
- - Final publication at Cambridge University Press
  - Featured at Harvard Law School Forum on Corporate Governance and Financial Regulation here, and Harvard Business Review here. Covered by Brian Leiter's Law School Reports, Bloomberg View, GoingConcern, Global Legal Post, AboveTheLaw, Philadelphia Business Journal, Marginal Revolution, Law.com.
3. Factor Beta, Overnight and Intraday Expected Returns in China, (Zhengke Ye*, Danling Jiang*, and Yunfeng Luo, *joint first authors). Global Finance Journal, 2023, Article 100827.
- - Final publication at ScienceDirect by Elsevier
  - Featured at Quantpedia.
4. Shared Analyst Coverage and Connected-Firm Momentum Spillover in China, (Danling Jiang, Xun Peng, and Hongquan Zhu, joint first authors), System Engineering - Theory & Practice, 2023, 43(7): 1891–1909. (in Chinese) [English slides]
- - A股关联公司的股票动量溢出效应研究: 基于分析师共同覆盖的视角, 系统工程理论与实践, 2023, 43(7): 1891–1909 (open access)
  - Final publication is available at SETP (open access); English summary at SSRN
5. Earnings Seasonality, Management Earnings Forecast and Stock Returns, (Danling Jiang, Pan Song, and Hongquan Zhu), China Journal of Accounting Research, 2023, 16(2), Article 100303 (Lead Article). [Slides, Video]
- - Final publication at ScienceDirect by Elsevier (open access)
  - 管理层业绩预告有助于缓解盈利季节性的股市异象吗？[Chinese version]
6. Urban Vibrancy, Human Capital, and Firm Valuation in China, (Danling Jiang, Shuying Liu, Feiyu Li, and Hongquan Zhu). China Finance Review International, 2022, 12 (3), 415-432. [Data, Video and Companion slides, Slides with tables in English, Slides with tables in Chinese].
- - Final publication at Emerald (open access)
7. Weather, Institutional Investors, and Earnings News, (Danling Jiang, Dylan Norris, and Lin Sun, joint first authors). [Data, Video] Journal of Corporate Finance, 2021, 69, Article 101990.
- - Final publication at Elsevier
  - Featured in Irish Times, Shanghai Securities, Market Watch, Institutional Investors, SBU News, TBR Newsmedia, George Mason B-School News.
8. Blockchain Speculation or Value Creation? Evidence from Corporate Investments, (Don Autore, Nicholas Clarke, and Danling Jiang, joint first authors). Financial Management, 2021, 50: 727–746. [Slides, Online Data Appendix]
- - Final publication at Wiley
9. Mood Beta and Seasonalities in Stock Returns, (David Hirshleifer, Danling Jiang, and Yuting Meng DiGiovanni, joint first authors). Journal of Financial Economics, 2020, 137: 272-295. [Online Appendix, Video, Sample SAS Code to Estimate Mood Beta]
- - Final publication at Elsevier
10. The Market Response to Earnings Seasonality: Evidence from Chinese A-Share Market, (Yujing He, Danling Jiang, and Hongquan Zhu, joint first authors). Journal of Systems Science and Mathematical Sciences, 2020, 40(10): 1805-1820. (in Chinese)
- - 盈利季节性的市场反应: 基于中国A股公司的研究, 系统科学与数学, 2020, 40(10): 1805-1820 (open access)
  - Final publication is available at JSSMS (open access); English summary at SSRN
11. The Preholiday Corporate Announcement Effect, (Don Autore and Danling Jiang, joint first authors). Journal of Financial Markets, 2019, 45: 61-82. [Online Appendix]
- - Final publication at Elsevier
12. Long and Short Memory in the Risk-Neutral Pricing Process, (Young Shin Kim, Danling Jiang, and Stoyan Stoyanov). Journal of Derivatives, 2019, 26(4): 71-88.
- - Final publication at PMR
13. Short Interest as a Signal to Issue Equity, (Don Autore, Irena Hutton, Danling Jiang, and Dominique Gehy Outlaw, joint first authors). Journal of Corporate Finance, 2018, 48: 797-815.
- - Final publication at Elsevier
14. Trust and Household Debt, (Danling Jiang and Sonya Lim, equal contribution). Review of Finance, 2018, 22(2), 783-812.
- - Final publication at Oxford University Press
15. The Human Capital That Matters: Expected Returns and High-Income Households, (Sean Campbell, Stefanos Delikouras, Danling Jiang, and George Korniotis, joint first authors), Review of Financial Studies, 2016, 29(9): 2523-2563. [Online Appendix]
- - Final publication at Oxford Academic
16. Political Contributions and Analyst Behavior, (Danling Jiang, Alok Kumar, and Kelvin Law, joint first authors), Review of Accounting Studies, 2016, 21(1): 37-88. [Online Appendix]
- - Final publication at Springer
  - Featured by the OutLookIndia.com (11/27/2010)
17. Cultural New Year Holidays and Stock Returns Around the World, (Kelley Bergsma and Danling Jiang, joint first authors), Financial Management, 2016, 45(1), 3-35 (Lead article). [Abstract, Data]
- - Final publication is available at Wiley
18. Political Values, Culture, and Corporate Litigation, (Irena Hutton, Danling Jiang, and Alok Kumar, joint first authors), Management Science, 2015, 61(12): 2905-2925. [Online Appendix, Supplementary Data]
- - Final publication at Informs
  - Featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation here; Featured by PRnewswire.com (8/20/2012)
19. Corporate Policies of Republican Managers, (Irena Hutton, Danling Jiang, and Alok Kumar, joint first authors), Journal of Financial and Quantitative Analysis, 2014, 49(5/6), 1279-1310. [Online Appendix, Supplementary Data]
- - Final publication at Cambridge University Press
20. Short-Sale Constraints and the Idiosyncratic Volatility Puzzle: An Event Study Approach, (Danling Jiang, David R. Peterson, and James S. Doran), Journal of Empirical Finance, 2014(28): 36-59.
- - Final publication at Elsevier
21. The Second Moment Matters! Cross-Sectional Dispersion of Firm Valuations and Expected Stock Returns, (Danling Jiang), Journal of Banking and Finance, 2013, 37(10), 3974-3992. [Supplementary Data]
- - Final publication at Elsevier
22. Call-Put Implied Volatility Spreads and Option Returns, (James Doran, Andy Fodor, and Danling Jiang, joint first authors), Review of Asset Pricing Studies, 2013(3), 258-290.
- - Final publication at Oxford Academic
  - Abstracted in CFA Digest, 2014, 44(6); featured by the Traders Magazine here (2/18/2016), Darwin Investing Network (2/22/2016).
23. Gambling Preference and the New Year Effect of Assets with Lottery Features, (James S. Doran, Danling Jiang, and David R. Peterson, joint first authors), Review of Finance, 2012, 16(3), 685-731. [Online Appendix, Supplementary Data, Video]
- - Final publication at Oxford University Press
24. Is A Better than B? How Affect Influences the Marketing and Pricing of Financial Securities, (James Ang, Ansley Chua, and Danling Jiang, joint first authors), Financial Analysts Journal, 2010, November/December, 66(6), 40-54. [Supplementary Data]
- - Final publication at CFA Institute
25. A Financing-Based Misvaluation Factor and the Cross-Section of Expected Returns, (David Hirshleifer and Danling Jiang, joint first authors), Review of Financial Studies, 2010, 23(9), 3401-3436. [UMO Factor Summary, Online Appendix, Supplementary Data, Correction to book-to-market equity definition ]
- - Final publication at Oxford Academic
26. A Cross-Cultural Study of Reference Point Adaptation: Evidence from China, Korea, and the US, (Hal Arkes, David Hirshleifer, Danling Jiang, and Sonya Lim, joint first authors), Organizational Behavior and Human Decision Processes, 2010, 112(2), 99-111. [SAS code to computer reference points]
- - Final publication at Elsevier
27. Reference Point Adaptation: Tests in the Domain of Security Trading, (Hal Arkes, David Hirshleifer, Danling Jiang, and Sonya Lim, joint first authors), Organizational Behavior and Human Decision Processes, 2008, 105(1), 67–81. [SAS code to computer reference points]
- - Final publication at Elsevier

Book Chapter

28. Individual Investors, (Henrik Cronqvist and Danling Jiang, joint first authors), Chapter 3 (pp. 45-63) of Financial Behavior: Players, Services, Products, and Markets, edited by H. Kent Baker, Greg Filbeck, and Victor Ricciardi, Oxford University Press USA, New York, 2017. (Invited, non-refereed)
- - Final publication is available on Amazon here

Working papers

1. Faster than Flying: High-Speed Rail, Investors, and Firms, (Lu Qin, Danling Jiang, Don Autore, Hongquan Zhu, joint first authors), 2023.
- - Presented at the 2021 Shanghai Financial Forefront Symposium and seminars at Florida State University, Panzhou Forum at Guangdong University of Finance & Economics, Southwest Jiaotong University, University of Arkansas, and the GEC-FERC Finance Talk.
2. Culture and Stock Lending, (Danling Jiang, Baixiao Liu, and Steven Chong Xiao, joint first authors), 2023.
- - Presented at the 2023 CFRN Young Finance Scholar Annual Meeting, the 3rd Bay Area Fintech University Forum, and Sichuan University

3. Formal versus Informal Housing Debt and Stock Market Participation , (Jie Yang, Danling Jiang, and Keli Xiao), 2023.
4. Working Class CEOs: Formation of Occupational Norms and Corporate Labor Policies, (Henrik Cronqvist, Irena Hutton, and Danling Jiang, joint first authors), 2019.
- - Presented at Université Paris Dauphine.
  - Featured at Harvard Business Review.
5. Investor Composition and the Market for Music Non-Fungible Tokens (NFTs) (Danling Jiang*, Lin Sun*, Lolita Nazarov, Jiarong Chen, Yihan Yang, Xinning Guo, *joint first authors), 2023 [Online Appendix]
- - Sponsored by the Ethereum Foundation Academic Grant (ID: FY22-0683)
  - Top 100 music NFT collections Infographic
  - Music NFT master dashboard (sample code)
  - Video series to share research resources and summary
    - Video 1: Music NFTs on the Ethereum Blockchain; Video 2: Dune Analytics; Video 3: Introduction to SQL; Video 4: Investor Composition and Music NFTs
6. High-Speed Rail Network and Market Reactions to Earnings News (Danling Jiang, Yuelin Peng, Hongquan Zhu), 2023
- - Presented at the 3rd Symposium on "The Theory and Application of Big Data Econometrics - Spatial Data and Network Data Analysis and Application"
7. Intercity Mentioning: Stock Posts, City Network, and Firms ( Danling Jiang, Longmin Shen, Hongquan Zhu, Dayong Dong), 2023
- - Presented at the 2023 Economics Forum at Chongqing University of Technology, to be presented at the 2024 China International Risk Forum & China Finance Review International (CIRF & CFRI) Joint conference at Nanjing and the 2024 China Financial Research Conference (CFRC) at Beijing

8. 'Tis the Season! Preholiday Cross-Section of Stock Returns, (David Hirshleifer, Danling Jiang, Yuting Meng, and Zhengke Ye, joint first authors), 2023.
- - Presented at Chongqing University, Florida State University*, McMaster University, Southwest Jiaotong University, Stony Brook University, the 2016 MFA, the 2016 CEIBS Finance Conference, the 2016 China International Conference in Finance (CICF), the 2016 World Finance Conference*, and the 2016 FMA.

- - Previously circulated paper titled "`Tis the Season! Mood-Based Cross-Sectional Return Seasonality."

Inactive working papers

1. Regional Peer Effect in IPO Underpricing in China, (Hongquan Zhu, Feiyu Li, and Danling Jiang), 2021.
- - Presented at the 3rd Chinese Society of Optimization, Overall Planning and Economic Mathematics -- Quantitative Finance and Insurances Annual Meeting.
2. The No-Short Return Premium, (Danling Jiang and Xiao-Ming Li, joint first authors), 2019.
- - Presented at the 2015 AsianFA. [Practitioner's Brief at CFA-ARX]

Dissertation

Overconfidence, Factor Mispricing, and Expected Stock Returns

[Chair: David Hirshleifer, Committee Members: Bing Han and Kewei Hou], June 2006, The Ohio State University.

In-Practice Summary of Academic Research

1. "Practitioner Brief: Paying Attention to Stock Ranking," (Danling Jiang and Jingyu Cui), In-Practice Summary for "Ranking and Salience" by Baoliang Wang. CFA Institute, Asia-Pacific Research Exchange (ARX), April 2017

- The final publication is available at CFA-ARX via here

2. "Practitioner Brief: Short-Sale Restriction Restrictions Imply Higher Returns," (Danling Jiang and Xiao-Ming Li), In-Practice Summary for "The No-Short Return Premium" by Danling Jiang and Xiao-Ming Li. CFA Institute, Asia-Pacific Research Exchange (ARX), April 2017.

- The final publication is available at CFA-ARX via here

3. "Practitioner’s Brief: Investor Trading During China Split-Share Reform," (Danling Jiang and Jingyu Cui), In-Practice Summary for "Institutional Investors and Equity Prices: Information, Behavioral Bias and Arbitrage" by Bing Han and Dongmin Kong. CFA Institute, Asia-Pacific Research Exchange (ARX), September 2017

- The final publication is available at CFA-ARX via here