Nanying "Sheldon" Lin, PhD, FRM
Assistant Professor of Finance
Neil Griffin College of Business, Arkansas State University
Email: nlin@astate.edu
My research interest is primarily in empirical asset pricing, including short-sale constraints, climate finance, market sentiment, hedge fund performance, investor heterogeneous beliefs, asset pricing with capital structure, and CSR disclosure. My job market paper is “Short-selling Profitability, Stock Lending Fees, and Asset Pricing Anomalies.” This study shows a simple model where a stockholder serves as a stock lender, supplies stock loans, and attempts to maximize the expected risk premium from a typical short sale. The stock lender expects to earn a subjective risk premium from supplying a stock loan, a fraction of its stock inventory. To maximize the expected risk premium, an optimal short-sale fee that the lender will earn is the negative sensitivity of perceived stock return on short interest. The sensitivity at the stock level is empirically measurable using short interest beta. My empirical evidence suggests that short interest beta is related to the severity of short-sale constraints and mispricing at the cross-section. I find that short interest beta also affects the performances of well-known stock market anomalies.
In the future, I will continue to pursue my current research focuses and attempt to publish papers in top journals.
Besides research, I am intensely interested in teaching undergraduate courses in the broad finance area. I am certified as a Financial Risk Manager (FRM), which ensures my ability to teach a broad range of finance courses. My teaching interests include Investments, Corporate Finance, Financial Derivatives, and Financial Risk Management.
"Disagreement Exploitation and Hedge Fund Performance” (with Gady Jacoby, Shi Li, and Yan Yang)
Financial Management, 1-33, (2024). https://doi.org/10.1111/fima.12471
“Market Sentiment and the Cross-section of Expected Stock Returns” (with Gady Jacoby, Chi Liao, and Lei Lu)
Financial Review, 1–27, (2024). https://doi.org/10.1111/fire.12380
“CSR disclosure of foreign versus U.S. firms: Evidence from ADRs” (with Reza Chowdhury, Chengbo Fu, and Qiping Huang)
Journal of International Financial Markets, Institutions & Money, Volume (70), 101275 (2021).
“A New Measure for the Asset Pricing Value of Investor Sophistication” (with Chengbo Fu, Gady Jacoby, and Lei Lu)
Financial Management (2025), https://doi.org/10.1111/fima.12497
“Implied Asset Volatility and Stock Misvaluation: A Mertonian Perspective” (with Chengbo Fu and Xiankui Hu)
“Short Interest Sensitivity, Short-sale Constraints, and Asset Prices” (with Chengbo Fu and Lei Lu)
“The Impact of Green Finance on Carbon Dioxide Emissions: A Study of EU countries” (with Chengbo Fu)
“Effects of Geopolitical Risk on Equity-Agricultural-Commodity Correlations” (with Shi Li and Xiaoping Song)
“Consumption Sentiment and Asset Prices” (with Gady Jacoby and Chi Liao)
Investments, Financial Analytics and Modeling, Financial Risk Management
Fall 2024
Corporate Finance I, Corporate Finance II, and Intermediate Accounting II
Spring 2023; Spring 2024
Investments, Intermediate Accounting I, and Corporate Finance I
Spring 2020; Fall 2022; Fall 2023
Teaching evaluation: 4.52/5.00
Economics and Financial Applications
Spring 2021, remote learning, Instructor
Teaching evaluation: 3.82/5.00
Financial Derivatives for Actuarial Practices
Fall 2021, remote learning, Instructor
Assistant Professor
Arkansas State University
August 2024 to present
Assistant Professor
Lyon College
2022 to 2024
Ph.D. in Finance
I.H. Asper School of Business, University of Manitoba
2016 to 2022
Stata
SAS
Python
Web Crawler
Matlab/Octave
Machine Learning, Starter
American Finance Association Ph.D. Student Travel Grant (2020)
Fellowship for Education Purposes by Asper School of Business (2020)
Duha Family Graduate Scholarship in Business (2019)
International Graduate Student Scholarship (2017)
International Graduate Student Entrance Scholarship (2016)
Canadian Credit Management Foundation Ph.D. Fellowship (2016 - 2020)
Arkansas Society of CPAs (ASCPA) Student Education Fund (2015)
Chancellor’s or Dean's List, eight terms from 2014 to 2016