Wei Wang

Journal Articles

Loans to Chapter 11 Firms: Contract Design and Pricing, 2023, with B. Espen Eckbo and Kai Li, accepted, The Journal of Law and Economics.    

• Featured in Harvard Law School Bankruptcy Roundtable and Oxford Business Law Blog
• FMA Best Paper Award (Corporate Finance), Semi-finalist.

The Changing Face of Chapter 11 Bankruptcy, 2023, with Edith Hotchkiss and Karin Thorburn, Annual Review of Financial Economics, Vol. 15, forthcoming

Default and Bankruptcy Resolution in China, 2023, with Edith Hotchkiss, Kose John, Bo Li, and Jacopo Ponticelli, Annual Review of Financial Economics, Vol. 15, forthcoming.

The Disappeared Outperformance of Post-Reorg Equity, 2023, joint with Wei Jiang and Yan Yang, Journal of
Alternative Investments, Vol. 25, 118-137

• Featured in The FinReg Blog.

The Real Effects of Implicit Government Guarantee: Evidence from Chinese SOE Defaults, 2023, with Shuang Jin and Zilong Zhang, Management Science, Vol. 69, 3650-3674.

The Costs of Bankruptcy Restructuring 2022, Oxford Research Encyclopedia of Economics and Finance, August 15.

Financial Costs of Judicial Inexperience: Evidence from Corporate Bankruptcies, 2021, with Ben Iverson, Joshua Madsen, and Qiping Xu, forthcoming, Journal of Financial and Quantitative

• Featured in Oxford Business Law Blog, Harvard Law School Bankruptcy Roundtable, and The Wall Street Journal.
• FMA Best Paper Award (Corporate Finance), Semi-finalist.

Bankrupt Innovative Firms, 2021, with Song Ma and Joy Tong, in press, Management Science.

• Featured in Harvard Law School Bankruptcy Roundtable and Tuck Forum on Private Equity and Venture Capital
• An executive summary of the paper is published by ABI (American Bankruptcy Institute) Journal, 2021 (November)

Dissecting Bankruptcy Frictions, 2021, with Winston Dou, Luke Taylor, and Wenyu Wang, Journal of Financial Vol. 142, 975-1000.

• This was published in December of 2021Winner of 2020 Wharton School Jacobs Levy Outstanding Research Paper Prize

SEC Scrutiny Shopping, 2021, with Paul Calluzzo and Serena Wu, Journal of Corporate Finance, 67.

Senior Lender Control: Cross-Monitoring or Creditor Conflicts? 2018, with Bo Li and Lynnette Purda, Journal of Law, Finance and Accounting, Vol. 3, No.2, 373-411.

Provision of Management Incentives in Bankrupt Firms, with Vidhan K. Goyal, 2017, Journal of Law, Finance and Accounting, Vol.2., No.1, 87-123

• Best Conference Paper Award at 2012 NTU International Conference on Finance; Featured in the Wall Street Journal; podcast with American Bankruptcy Institute.

Executive Lawyers: Gatekeepers or Strategic Officers? 2016, with Adair Morse and Serena Wu, Journal of Law and Economics, Vol. 59, 847-888.

• Best Conference Paper Award at China International Conference in Finance 2015 Meeting; Featured on the Harvard Law School Forum on Corporate Governance (September 30, 2014); Lawyer Watch by Richard Moorhead (February 16, 2017).

Debtor-in-Possession Financing, Loan-to-Loan, and Loan-to-Own, with Kai Li, 2016, Journal of Corporate Finance, Vol. 39, 121-138.

How Costly is Corporate Bankruptcy for the CEO? with B. Espen Eckbo and Karin Thorburn, 2016, Journal of Financial Economics, Vol. 121, 210-229.

• Best Conference Paper Award at European Financial Management Association 2012 Meeting; featured on the Harvard Law School Forum on Corporate Governance. 

Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes, with Vidhan K. Goyal, 2013, Journal of Financial and Quantitative Analysis, Vol. 48, No.3, 789-817.

Endogenous Bankruptcy and Expected Recovery, with Wulin Suo and Qi Zhang, 2013, Journal of Fixed Income, Vol. 23, No.2, 114-131.

Hedge Funds and Chapter 11, with Wei Jiang and Kai Li, 2012, Journal of Finance, Vol. 67, 513-560. 

• Featured in Dow Jones Newswires, Allaboutalpha.com, Business Week Dealscape, Te Temps, The Globe and Mail, Vancouver Sun, and National Post; A short version appeared in Finance and Accounting Memos Vol.1, 30-37;
• Reprinted in Institutional Investor Activism, edited by William W. Bratton and Joseph A. McCahery, 2015, Oxford Press

What’s in a “China” name? A Test of Investor Attention Hypothesis, with Kee-Hong Bae, 2012, Financial Management Summer, 429-455. 

• Featured in The Wall Street Journal; The National Post, and The South China Morning Post.

Recovery and Returns of Distressed Bonds in Bankruptcy, 2011, Journal of Fixed Income, Vol. 21, No.1, 21-31.

Working Papers

Knowing is Power: The Value of Judge-Lawyer Familiarity, 2021, joint with Vidhan Goyal and Joshua Madsen, revise and resubmit, The Review of Financial Studies.

• Featured in Harvard Law School Bankruptcy Roundtable.
• Featured in the FinReg Blog by the Global Financial Markets Center at Duke University.

Global Zombies, 2022, joint with Edward I. Altman and Rui Dai, revise and resubmit, The Journal of International Business Studies.

• Featured in Turnaround Management Association (TMA)'s podcast) and Bloomberg
• Best Conference Paper Award at the Sourthern Finance Association annual meetings

Do Hedge Funds Exploit Material Non-public Information? Evidence from Corporate Bankruptcies, 2023, with
Jingyu Zhang and Yan Yang

Polluted IPOs, 2022, with Meng Miao and Zhengyu Zuo

• Featured in the FinReg Blog by the Global Financial Markets Center at Duke University.

Debt-Equity Simultaneous Holdings and Distress Resolution, 2022, with Yongqiang Chu, Ha Diep Nguyen, Jun Wang, and Wenyu Wang.

The Costs of Intermediary Market Power for Distressed Borrowers, 2022, with Winston Dou and Wenyu Wang

• Featured on Knowledge at Wharton

Global Insolvency and Crossboarder M&As, 2022, with Yeejing Jang and Jenny Tak

The Indirect Costs of Bankruptcy: Evidence from Management Practices, 2022, with John Bai and Wang Jin. 

Harvard Business School Case Packages*

*All case packages include the case, teaching notes, and spreadsheets for students and instructors

William E. Fruhan and Wei Wang, Burton Sensors, Inc., #918-539, June 2018

William E. Fruhan and Wei Wang, Pinewood Mobile Homes, #915-547, March 2015

William E. Fruhan and Wei Wang, Landmark Facility Solutions, #915-527, September 2014 Carliss Y. Baldwin and Wei Wang, Paramount Equipment, #914-557, July 2014

William E. Fruhan and Wei Wang, Newfield Energy, #914-541, February 2014

William E. Fruhan and Wei Wang, Jackson Automotive Systems, #914-505, July 2013 William E. Fruhan and Wei Wang, New Earth Mining, Inc., #913-548, March 2013

W. Carl Kester and Wei Wang, Polar Sports, Inc., #913-513, August 2012

Books

Corporate Financial Distress, Restructuring, and Bankruptcy (fourth edition), Edward I. Altman, Edith Hotchkiss, and Wei Wang, Wiley, March, 2019 (Chinese edition released in February 2021)

Study in Britain (Chinese), Fudan University Press, 2002 (more than 5,000 copies sold)

Other Teaching Material Development

PowerPoint slides for all chapters of Ross et al. Corporate Finance (6^th Canadian ed.) with McGraw-Hill Ryerson (2010).

Reviewer for Corporate Finance by Berk, Dermarzo, and Stangeland (2^nd and 4^th Canadian ed.) (2010, 2015) 

Queen’s University (Smith School of Business)

Master of Finance Beijing Program (2014-Present)

• Investment Banking
• Financial Statement Analysis and Corporate Finance II

Full-Time MBA Program (2007-2011, 2017-2018)

• Financial Strategy

PhD/MSc Program (2009-2012; 2019-Present)

• Corporate Finance: Empirical
• Math Prep Course

Commerce Program (2007-2014)

• Corporate Finance II

University of Pennsylvania (Wharton)

Undergraduate, MBA, EMBA, and ExecEd Programs (2015-2018)

• Corporate Restructuring
• Corporate Restructuring and Distress Investing

Hong Kong University of Science and Technology Business School (2015-2016)

• Advanced Financial Management (UGD)  – Dean’s recognition for teaching excellence
• Fixed Income Analysis (MSc) – Dean’s recognition for teaching excellence
• Advanced Corporate Finance (MBA/MSc) – Dean’s recognition for teaching excellence
• Advanced Topics: Debt Restructuring (MBA/MSc) – Dean’s recognition for teaching excellence

York University 

• Principles of Microeconomics and Corporate Finance II

Supervision

• Christopher Amaral, Matt Boland, Bo Li, Chen Liu, Samir Saadi, Yan Yang, Shu Zhang (PhD thesis supervision and committee member)
• Changjie Hu, Akshay Maria, Matt Murphy, Calvin Zhu, Jason Zhong (MSc thesis supervision)
• Carmen Chen, Jeff Gallant, Andrew Iu, Tom Kewley, Thomas Lee, John Lin, Payton Liske, Robbie Mitchnick, Mitch Schinbein, Vania Shi, Rohan Wadhwa, Cathy Wang, Tony Xing, and Eric Yan (BComm independent study supervision)

Doctoral students I have coauthored with:

Bo Li (Queen’s University) (Placement: Tsinghua University)
Ha Diep-Nguyen (Indiana University) (Placement: Purdue University)
Shuang Jin (Hong Kong University of Science and Technology) (Placement: Hong Kong Monetary Authority)
Tianjiao Joy Tong (Duke University) (Placement: Western University)
Jenny Tak (University of New South Wales)
Yan Yang (Queen’s University)
Zhengyu Zuo (Renmin University)

Visiting Positions

Visiting/Adjunct Associate Professor of Finance
The Wharton School, University of Pennsylvania
2015, 2017, 2018

Visiting Associate Professor of Finance, Finance Department
School of Business and Management, Hong Kong University of Science and Technology 
2015–2016

Visiting Scholar
Lindenauer Center for Corporate Governance, Tuck School of Business, Dartmouth College 
2011

Conference Presentation, Discussion and Participation

2022

FMA annual meetings (Atlanta) – one paper

NFA annual meetings (Banff) – one paper, one discussion, and one chairing

UBC Summer Finance Conference – one paper

Journal of Law, Finance, and Accounting conference (Barcelona) – one paper

China International Conference in Finance (Shanghai) – one paper

FMA European Conference (Lyon) – – one paper and one discussion

Financial Research Intermediation Society (Budapest) – one paper and one discussion
ABFER (Singapore) – one paper

2021

BPI-Nova SBE Conference on Corporate Bankruptcy and Restructuring (virtual) – one paper

FMA annual meetings (virtual) – one paper

NFA annual meetings (virtual) – one paper and one discussion

China International Conference in Finance – one paper

WFA annual meetings (virtual) – one discussion

FIRS Conference – one paper

MFA annual meetings (virtual) – one paper

2020

NFA annual meetings (virtual) – chairing

FMA annual meetings (virtual) – one paper

South Carolina Fixed Income Financial Institutions conference (virtual) – one paper

SFS Cavalcade -  one paper

AFA – two papers

2019

NBER Corporate Finance program – one paper

FMA annual meetings – one paper

NFA annual meetings – one paper

UBC Summer Finance Conference – one paper

China International Conference in Finance (Guangzhou) – two papers, one discussion, and chairing

FIRS Conference (Savanah) – two papers

AFA – two papers

2018

FMA (San Diego) – one paper and one discussion

China Financial Research Conference (CFRC) – one paper

SFS Cavalcade – two papers

South Carolina Fixed Income Financial Institutions conference – one paper

AFA – one paper

2017

Penn Law Bankruptcy Symposium (Philadelphia) – participation 

FMA (Boston) – one paper and one discussion

NFA (Halifax) – two papers

China International Conference in Finance (Hangzhou) – one paper, one discussion, and chairing

EFMA (Athens) – one paper and one discussion

Journal of Law, Finance, and Accounting International Conference (Hong Kong) – two papers

Economic of Entrepreneurship and Innovation Conference – one paper (participation, coauthor presenting)

Midwest Finance Association annual meetings (Chicago) – one paper

NYU/PENN Conference on Law and Economics - participation 

2016

NFA (Quebec) – one discussion and chairing

UBC Summer Finance Conference (Vancouver) – participation

FIRS Conference (Lisbon) – one paper

2015

HKUST Finance Symposium – one discussion

EFA (Vienna) – one discussion 

China International Conference in Finance (Shenzhen) – one paper 

FMA European Conference (Venice) – one paper and one discussion

Journal of Law, Finance, and Accounting Conference (Hong Kong) – one paper

FIRS Conference (Iceland) – one paper

Drexel Corporate Governance Conference (Philadelphia) – one paper (early idea)

NBER Law and Economics Meetings (Boston) – one paper (participation, coauthor presenting)

2014

Washington U Corporate Finance Conference (St. Louis) – one paper 

NFA (Ottawa) – two papers 

FMA European Conference (Maastricht) – one discussion 

LBS Summer Finance Symposium (London) – one paper 

FIRS Conference (Quebec City) – one discussion 

AFA (Philadelphia) – two papers 

2013

NFA Annual Meeting (Quebec City) – one paper and one discussion 

EFA Annual Meeting (Cambridge) – one paper and one discussion 

UBC Summer Finance Conference (Vancouver) – one paper 

China International Conference in Finance (Shanghai) – two papers and one discussion  Frontier in Finance Conference (Banff) – one paper  MFA (Chicago) – one paper and one discussion.

2012

Conference on Empirical Legal Studies (Stanford) – one paper 

NFA (Niagara Falls) – one paper 

EFA (Copenhagen) – one paper and one discussion 

UBC Summer Finance Conference (Vancouver) – one paper  Paris Spring Corporate Finance Conference – one paper 

Drexel Corporate Governance Conference – one paper

2011

NFA (Vancouver) – one discussion 

WFA (Santa Fe) – one paper 

2010

FMA (New York) – two papers, one discussion and chair 

UT Austin AIM Center Institutional Investors Conference – one paper 

NFA (Manitoba) – two papers and one discussion 

EFA (Frankfurt) – one paper and one discussion 

FMA Asia Conference (Singapore) – one paper and one discussion 

China International Finance Conference (Beijing) – two papers and two discussions 

FIRS Conference (Florence) – two papers and one discussion 

FMA Napa Conference in Financial Markets Research – one paper.

2008-2009

UBC Summer Finance Conference – one paper 

China International Finance Conference (Guangzhou) – one discussion 

EFMA (Milan) – one paper and one discussion 

Third International Conference on Credit and Operational Risks (HEC Montreal) – one paper 

NFA (Vancouver) – one paper and one discussion

FMA Annual Meeting (Chicago) – one paper, chair, and one discussion

Invited Seminars

Australian National University (2016)
Cheung Kong Graduate School of Business (2015)
City University of Hong Kong (2015)
Concordia University (2012)
Corporate Restructuring and Insolvency Seminar (2021)
Durham University (2020)
HEC Montreal (2023)
Hong Kong University (2011, 2016)
Hong Kong University of Science and Technology (2022)
Nanyang Technological University (2015)
Peking University Guanghua School of Management (2019, 2022)
Purdue University (2020)
Renmin University of China (2014)
Shanghai University of Finance and Economics (2018, 2019)
Simon Frasor University (2018)
Singapore Management University (2012)
Tsinghua University School of Economics and Management (2014, 2018)
Tsinghua University PBC School (2015)
University of Alberta (2015)
Western University (2019)
Wharton School at University of Pennsylvania (2015, 2017)
York University (2012, 2022)

 

Teaching Awards

Professor of the Year Award – Master of Finance (2018, 2019, 2020, 2022)

Research Awards

New Researcher Achievement Award, Queen’s School of Business (2012)

Other Awards

Southern Finance Association Best Paper Award (2022)

Research Excellence Award, Smith School of Business (2021)

Wharton School Jacobs Levy Outstanding Research Paper Prize (2020)

FMA Best Paper Award in Corporate Finance Semi-Finalist (2018, 2020)

Best Conference Paper at China International Conference in Finance, Shenzhen (2015)

Best Conference Paper at NTU International Conference on Finance, Taiwan (2012)

Best Conference Paper at European Financial Management Association Annual Meeting, Barcelona (2012)

Grants & Funds

SSHRC Insight Development Grant ($67,203) – Do Hedge Funds Exploit Non-Public Information? (Co-Investigator) (2022)

SSHRC Insight Development Grant ($64,821) – Market Power in Loan Pricing (Principal Investigator) (2021)

Insight Grant – Project: Redeployment of Intellectual Properties in Bankruptcy (2017) 
SSHRC | $70,070

Insight Development Grant – Project: Creditor Control Rights, CEO Personal Bankruptcy Costs, and Chapter 11 Sales (2012) 
SSHRC | $67,600

Major Research Grant (2010) 
CA Queen’s Center of Corporate Governance

Research Grant – Project: Hedge Funds and the Changing Nature of Chapter 11 (2010)
SSHRC | $71,500

Fund for Scholarly Research and Creative Work, Queen’s University (2007-2011) 

Ad hoc refereeing for:
Canadian Journal of Administrative Studies; Economic Journal; European Financial Management; Financial Research Letters; Financial Review; Journal of Banking and Finance; Journal of Corporate Finance; Journal of Credit Risk; Journal of Economic Behavior and Organization; Journal of Empirical Finance; Journal of Finance; Journal of Financial Economics; Journal of Financial and Quantitative Analysis; Journal of Financial Research; Journal of Financial Stability; Management Science; Pacific Basin Finance Journal; Review of Finance; Review of Financial Studies; Research Grants Council (RGC) of Hong Kong; Social Sciences and Humanities Research Council (SSHRC) of Canada.

Serving on the program committee for:
China International Conference in Finance; Conference on Financial Economics and Accounting; Financial
Management Association (FMA) annual meetings; FMA Track Chair; FMA Best Paper Award; Midwest Finance
Association (MFA) annual meetings; Northern Finance Association (NFA) annual meetings; Northern Finance
Association (NFA) Best Paper Award; SFS Cavalcade Asia-Pacific; Summer Institute of Finance.

Organizing the First China Corporate Restructuring International Forum

Queen’s University:
Board Member of QUAAF (Queen’s University Alternative Asset Fund) (2011-);
Master of International Business Program Review committee (2021-2022);
PhD Comprehensive Exam Chair (2022);
Principal’s Advisory Committee for Dean Search (2019);
Coordinator of Finance Seminar Series and Brown Bag Workshops (2009-2010; 2019-2022);
Database Committee (2019);
Undergraduate Curriculum and Progress Committee (2008-2010);
Finance Group Representative for Career and Course Orientation Week (2009-2011);
Faculty Advisor for Queen’s Team Competing at Citi-HKUST Case Competition (2015) and Rotman International
Trading Competition (2011-2013);
Judging Queen’s Entrepreneur Competition, DECA Queen’s Case Competition, Inter-Collegiate Business Case
Competition, and Queen’s Business Competition; Investment Workshop for ACE Queen’s