Lee Kong Chian School of Business
Singapore Management University
50 Stamford Road, 178899
Email: xqgeng.2021@pbs.smu.edu.sg
Lee Kong Chian School of Business
Singapore Management University
50 Stamford Road, 178899
Email: xqgeng.2021@pbs.smu.edu.sg
Hi, welcome to my personal website! I am Xueqing GENG (耿雪晴), a Ph.D. candidate in finance at Lee Kong Chain School of Business, Singapore Management University (SMU).
My research primarily focuses on corporate finance, with an interest in financial intermediation, SPACs, financial analysts, etc.
Working papers
SPACs Boom, Bust, and Structural Failures with Fangjian Fu and Dan Ma
Presented at FMA Europe, ENTFIN, SMU, Singapore Rising Scholar Conference
Abstract: Special Purpose Acquisition Companies (SPACs) experienced a skyrocket rise in 2020-2021 but rapidly collapsed in 2022, raising concerns about their long-term viability. This paper explores the structural flaws that underlie the SPAC boom-and-bust cycle. Three key issues emerge: (1) the misalignment between risk and return, which turns SPACs into speculative instruments rather than investment vehicles; (2) agency problems, where sponsors have distorted incentives with limited governance; and (3) the failure of traditional market gatekeepers – such as underwriters and M&A advisors – in certifying deal quality. Empirical evidence from updated data on redemption rates, deal performance, and the role of financial intermediaries, supports the need for regulatory and structural reforms to make SPACs a viable alternative to traditional IPOs and venture capital.
Salient Signals of Economic Transitions in Analyst Forecasting: Evidence from the Electric Vehicle Era with Jarrad Harford, Weikai Li, and Yonghao Zhai
Presented at FMA (scheduled), ABR-Fuan Joint Conference (scheduled), SMU
Abstract: We examine how salient signals of broad economic trends shape financial analysts’ forecasting, using U.S. MSA-level electric vehicle (EV) adoption as a proxy for local environmental salience. After controlling for MSA, analyst, and firm characteristics, analysts in high-EV areas make more accurate forecasts for green firms. This improvement reflects not a net gain in forecasting ability, but a reallocation of limited attention and effort towards green firms. The effect is stronger among male, younger, and less busy analysts, in climate-conscious regions, and for harder-to-value firms, and is accompanied by more frequent forecast revisions, greater climate-related engagement during earnings calls, and increased use of opportunity-oriented climate language in analysts’ reports. Markets respond more strongly to forecast revisions by these analysts, and the information environment of green firms improves under their coverage.
Work in Progress
Employee Whistleblowing on Glassdoor and Consumer Purchasing Behavior: Evidence from Machine Learning Analysis with Rencheng Wang and Yonghao Zhai
Ideology Alignment and the US Government Foreign Procurement
Publications before PhD
The influence of international oil price fluctuation on the exchange rate of countries along the “Belt and Road”, with Yijing Wang and Kun Guo, The North American Journal of Economics and Finance, 2022
Research on dynamic structure of the exchange rate volatility network among the Belt and Road countries based on spillover effect, with Kun Guo, Applied Economics Letters, 2022