Ling Cen (岑岭)

Research Areas

Impact of Supply-Chain Relationships on Corporate and Investment Decisions

Information Production and Diffusion in Financial Markets

Roles of Buy-Side and Sell-Side Analysts in Financial Markets

Skill and Mobility in the Labor Market

Past and Current Teaching Assignments

Behavioral Finance (Undergraduate, MSc, and FMBA Classes)

Mergers and Acquisitions (MBA Class)

Corporate Finance/Financial Management (Undergraduate and MSc Classes)

--- CUHK Business School Faculty Teaching Excellence Awards (2020-2021, 2023-2024)

--- CUHK Business School Faculty Teaching Merit Awards (2017-2018, 2018-2019, 2019-2020, 2020-2021, 2021-2022, 2022-2023, 2023-2024, 2024-2025)

Publications

Academic Articles 

[1] Ling Cen, Gilles Hilary, and K. C. John Wei, 2013, “The Role of Anchoring Bias in the Equity Market: Evidence from Analysts’ Earnings Forecasts and Stock Returns”, Journal of Financial and Quantitative Analysis 48(1), 47-76.

[2] Ling Cen, Hai Lu, and Liyan Yang, 2013, “Investor Sentiment, Disagreement, and the Breadth-Return Relationship”, Management Science 59(5), 1076-1091. 

[3] Ling Cen, Kalok Chan, Sudipto Dasgupta, and Ning Gao, 2013, “When the Tail Wags the Dog: Industry Leaders, Limited Attention, and Spurious Cross-Industry Information Diffusion”, Management Science 59(11), 2566-2585. 

[4] Ling Cen, Sudipto Dasgupta, Redouane Elkamhi, and Raunaq Pungaliya, 2016, “Reputation and Loan Contract Terms: The Role of Principal Customers”, Review of Finance 20(2), 501-533. 

[5] Ling Cen, Sudipto Dasgupta, and Rik Sen, 2016, “Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat”, Management Science 62(10), 2820-2841. 

[6] Ling Cen, K.C. John Wei, and Liyan Yang, 2017, “Disagreement, Underreaction, and Stock Returns”, Management Science 63(4), 1214-1231.

[7] Ling Cen, Edward Maydew, Liandong Zhang, and Luo Zuo, 2017, “Customer-Supplier Relationships and Corporate Tax Avoidance”, Journal of Financial Economics 123(2), 377-394. 

[8] Ling Cen, Feng Chen, Yu Hou, and Gordon Richardson, 2018, “Strategic Disclosures of Litigation Loss Contingencies When Customer-Supplier Relationships Are at Risk”, The Accounting Review 93 (2), 137-159.

[9] Ling Cen, Jing Chen, Sudipto Dasgupta, and Vanitha Ragunathan, 2021, "Do Analysts and Their Employers Value Access to Management? Evidence from Earnings Conference Call Participation", Journal of Financial and Quantitative Analysis, 56(3), 745-787 (Lead article).

[10] Ling Cen, Yanru Han, and Jing Wu, 2025, "Equal Employment Opportunity in Supply Chains", Production and Operations Management (Special Issue on “Diversity, Equity, and Inclusion in Operations and Supply Chain Management”), 34(3), 524-540.

[11] Ling Cen, Michael Hertzel, and Christoph Schiller, 2025, "Speed Matters: Limited Attention and Supply Chain Information Diffusion", Management Science, 71(10), 8642-8669.

[12] Ling Cen, Sudipto Dasgupta, Anthony Rice, and Fan Zhang, 2025, "Presidential Particularism (and the Trump Anomaly): Evidence from Federal Contract Awards and Capital Markets", Review of Corporate Finance Studies, 14(4), 1024-1057.

[13] Ling Cen, Yanru Han, and Jarrad Harford, 2026, "What Do Questions Reveal? The Detection, Recognition, and Implications of Topic-Specific Expertise in Capital Markets", Review of Financial Studies, Accepted.

[14] Ling Cen, Yanru Han, Jiaping Qiu, and Jing Wu, 2026, "Artificial Intelligence along Supply Chains: Evidence from AI Talent Diffusion", Manufacturing & Service Operations Management, Conditionally Accepted.

Book Chapters

[1] Sudipto Dasgupta, and Ling Cen, "The Economics and Finance of Customer-Supplier Relationships", 2021, In the Oxford Research Encyclopedia of Economics and Finance. Oxford University Press. doi: 10.1093/acrefore/9780190625979.013.631 [SSRN Link]

Working Papers

[1] Ling Cen, Lauren Cohen, Jing Wu, and Fan Zhang, "Who Benefits from Trade Wars?" (previously circulated under the title "The Golden Revolving Door'') [NBER Link]

--- covered by Harvard Law School Forum on Corporate Governance [Link] and Cato Institute [Link] 

[2] Ling Cen, Bing Han, Yanru Han, and Chanik Jo, "Data Scientists on Wall Street" [SSRN Link]

    --- covered by China Business Knowledge [Link]

[3] Ling Cen, Sudipto Dasgupta, Isil Erel, and Yanru Han, "Acquiring Supplier Networks: Domestic Mergers for International Supply Chain Resilience" [SSRN Link]

[4] Ling Cen, Ting Dai, Michael Hertzel, and Scott Liao, "Monitoring the Green Line: Environmental Covenants in Supply Chain Contracts" [SSRN Link]

[5] Ling Cen, Candie Chang, and Sudipto Dasgupta, "Peer Information Quality and Analysts' Forecast Efficiency" [SSRN Link]

[6] Ling Cen, Yanru Han, Chang Liu, and Jing Wu, "Rise of Conscious Consumers: Impact of Corporate Workplace Equality on Household Spending" [SSRN Link]

--- covered by China Business Knowledge [Link]

[7] Ling Cen, Vanitha Ragunathan, Yan Xiong, and Liyan Yang, "The Dynamics of Information Production and Diffusion: Evidence from Buy-Side Participation in Earnings Conference Call" [SSRN Link]

[8] Ling Cen, Jing Chen, Chayyawat Ornthanalai, and Christoph Schiller, "Navigating Wall Street: Career Concerns and Analyst Transitions from Sell Side to Buy-Side" [Coming Soon]