I am a Ph.D. student in Finance at the Fox School of Business, Temple University. My research examines how emerging technologies such as artificial intelligence and digital assets shape asset prices, investor behavior, and firms’ financing decisions.
Research Interests: Artificial Intelligence, Empirical Asset Pricing, Cryptocurrencies and Digital Assets, and Corporate Governance
Email: hongcheng.wang@temple.edu | SSRN Author Page | Temple Directory
Solo-authored
Abstract: I document AI-themed corporate name changes in U.S. equity markets since 2021 and examine their market and financing consequences. I identify 58 such name changes, of which 35 are non-M&A pure rebrands; the rebranders are markedly younger and smaller than the typical Compustat firm and concentrated in technology-adjacent industries. An event study on the 35 non-M&A rebrands shows that the market reacted positively to the name-change announcement, with statistically significant mean cumulative abnormal returns of 21% to 29% over short announcement windows that are robust to outlier trims, a momentum check, a firm-specific market-model adjustment, and a non-AI name-change control-group adjustment. Relative to non-AI name changers, AI rebranders raise significantly more external capital after the rebrand, concentrated in equity, consistent with using AI rebranding to create a more favorable environment for raising equity capital.
with Samuel Rosen
Abstract: Bitcoin has become increasingly integrated with traditional financial markets, but whether this integration is stable across market environments remains unclear. Using weekly data from 2011 through 2025, we examine the evolution of Bitcoin’s exposure to conventional equity risk factors. We first document that the strong time-series momentum observed during Bitcoin’s early years has largely disappeared, consistent with a maturing market. We then show that Bitcoin’s positive exposure to the Fama–French size (SMB) factor is conditional rather than constant through time. Specifically, Bitcoin behaves more like a small-cap equity during periods when common market-wide forces account for a larger share of equity-return variation and during periods of elevated economic policy uncertainty. These findings suggest that Bitcoin’s integration with traditional financial markets is state dependent rather than permanent. Our results have implications for portfolio diversification, risk management, and the evolving role of digital assets in financial markets.