Charles C. Y. Wang

Harvard Business School

Glenn and Mary Jane Creamer Associate Professor

Soldiers Field Road

Morgan 270C

Boston, MA 02163

United States

  • Harvard Business School

SCHOLARLY PAPERS

29

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Scholarly Papers (29)

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1.

Core Earnings: New Data and Evidence

Harvard Business School Accounting & Management Unit Working Paper No. 20-047, October 2019, Journal of Financial Economics (JFE), Forthcoming
Number of pages: 71 Posted: 11 Oct 2019 Last Revised: 24 Nov 2020
Ethan Rouen, Eric C. So and Charles C. Y. Wang
Harvard Business School, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School
Downloads 8,860 (724)
Citation 2

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Core Earnings, Transitory Earnings, Non-Operating Earnings, Quantitative Disclosures, Equity Valuation, Big Data

2.

How Much Should We Trust Staggered Difference-In-Differences Estimates?

European Corporate Governance Institute – Finance Working Paper No. 736/2021, Rock Center for Corporate Governance at Stanford University Working Paper No. 246
Number of pages: 70 Posted: 01 Mar 2021 Last Revised: 31 Mar 2021
Andrew Baker, David F. Larcker and Charles C. Y. Wang
Stanford University, Graduate School of Business, Stanford University - Graduate School of Business and Harvard Business School
Downloads 4,282 (2,672)
Citation 4

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Difference in differences, staggered difference-in-differences designs, generalized difference-in-differences, dynamic treatment effects

3.

Learning and the Disappearing Association Between Governance and Returns

Downloads 3,739 ( 3,221)
Citation 82

Learning and the Disappearing Association Between Governance and Returns

Journal of Financial Economics, Vol. 108, No. 2, pp. 323-348, May 2013, Harvard Law School John M. Olin Center Discussion Paper No. 667
Number of pages: 56 Posted: 14 Apr 2010 Last Revised: 12 Jun 2014
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School
Downloads 3,492 (3,546)
Citation 18

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Corporate governance, governance indices, GIM, G-Index, E-Index, shareholder rights, entrenchment, market efficiency, learning, earning announcements, analyst forecasts, IRRC provisions, behavioral finance, asset pricing

Learning and the Disappearing Association between Governance and Returns

NBER Working Paper No. w15912
Number of pages: 44 Posted: 26 Apr 2010 Last Revised: 25 Jun 2010
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School
Downloads 247 (148,825)

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4.

Golden Parachutes and the Wealth of Shareholders

Journal of Corporate Finance, Vol. 25, April 2014, pp. 140-154, Harvard Law School John M. Olin Center Discussion Paper No. 683
Number of pages: 44 Posted: 02 Dec 2010 Last Revised: 14 Nov 2018
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School
Downloads 3,015 (4,711)
Citation 12

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Golden Parachute, Executive Compensation, Corporate Governance, Acquisitions, Takeovers, Acquisition Likelihood, Acquisition Premiums, Agency Costs, Tobin’s Q, Dodd-Frank

5.

Evaluating Firm-Level Expected-Return Proxies: Implications for Estimating Treatment Effects

Harvard Business School Accounting & Management Unit Working Paper No. 15-022, Rock Center for Corporate Governance at Stanford University Working Paper No. 197, Stanford University Graduate School of Business Research Paper No. 15-57, The Review of Financial Studies (RFS), Forthcoming
Number of pages: 79 Posted: 06 Aug 2010 Last Revised: 03 Mar 2021
Charles M.C. Lee, Eric C. So and Charles C. Y. Wang
Stanford University - Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School
Downloads 2,144 (8,285)
Citation 40

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Expected returns, expected return proxies, measurement errors, treatment effects

6.

Short-Termism and Capital Flows

Review of Corporate Finance Studies, Forthcoming., European Corporate Governance Institute (ECGI) - Law Working Paper No. 342/2017, Harvard Business School Accounting & Management Unit Working Paper No. 17-062
Number of pages: 48 Posted: 10 Jan 2017 Last Revised: 25 Nov 2018
Jesse M. Fried and Charles C. Y. Wang
Harvard Law School and Harvard Business School
Downloads 1,810 (10,867)
Citation 8

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short-termism; quarterly capitalism; corporate governance; share buybacks; open market repurchases; dividends; equity issuances; seasoned equity offerings; equity compensation; acquisitions; payout policy; capital flows; capital distribution

7.

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Downloads 1,648 ( 12,632)
Citation 3

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

Harvard Law School John M. Olin Center Discussion Paper No. 697
Number of pages: 36 Posted: 13 Nov 2010 Last Revised: 11 Jun 2014
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School
Downloads 1,602 (12,958)
Citation 3

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Corporate governance, staggered boards, takeover defenses, antitakeover provisions, proxy fights, Tobin's Q, firm value, agency costs, Delaware, chancery court, Airgas

Staggered Boards and the Wealth of Shareholders: Evidence from Two Natural Experiments

NBER Working Paper No. w17127
Number of pages: 36 Posted: 20 Jun 2011 Last Revised: 19 Apr 2021
Lucian A. Bebchuk, Alma Cohen and Charles C. Y. Wang
Harvard Law School, Harvard Law School and Harvard Business School
Downloads 46 (484,676)

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8.

Economic Uncertainty and Earnings Management

Harvard Business School Accounting & Management Unit Working Paper No. 16-103, 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
Number of pages: 49 Posted: 11 Mar 2016 Last Revised: 02 Oct 2016
Luke C.D. Stein and Charles C. Y. Wang
Babson College and Harvard Business School
Downloads 1,509 (14,494)
Citation 12

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Earnings management, discretionary accruals, uncertainty, implied volatility, earnings response coefficient

9.

Accounting Data, Market Values, and the Cross Section of Expected Returns Worldwide

Harvard Business School Accounting & Management Unit Working Paper No. 15-092
Number of pages: 60 Posted: 02 Jun 2015 Last Revised: 19 Jan 2016
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Northwestern University - Kellogg School of Management and Harvard Business School
Downloads 1,409 (16,163)
Citation 13

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Expected returns, discount rates, fundamental valuation, present value, information quality, international equity markets

10.

Search Based Peer Firms: Aggregating Investor Perceptions through Internet Co-Searches

Journal of Financial Economics (JFE), Forthcoming, Rock Center for Corporate Governance at Stanford University Working Paper No. 128, Harvard Business School Accounting & Management Unit Working Paper No. 13-048
Number of pages: 58 Posted: 06 Nov 2012 Last Revised: 05 Oct 2014
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Stanford University - Graduate School of Business, University of Minnesota and Harvard Business School
Downloads 1,368 (16,921)
Citation 29

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peer firm, EDGAR search traffic, revealed preference, co-search, industry classification

11.

The Search for Peer Firms: When Do Crowds Provide Wisdom?

Harvard Business School Accounting & Management Unit Working Paper No. 15-032, Stanford University Graduate School of Business Research Paper No. 14-46, Rock Center for Corporate Governance at Stanford University Working Paper No. 198
Number of pages: 47 Posted: 02 Nov 2014 Last Revised: 07 Nov 2016
Charles M.C. Lee, Paul Ma and Charles C. Y. Wang
Stanford University - Graduate School of Business, University of Minnesota and Harvard Business School
Downloads 1,284 (18,610)
Citation 1

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peer firm, performance benchmarking, EDGAR co-search, analyst co-coverage, wisdom of crowds, crowd of crowds

12.

The Cross Section of Expected Holding Period Returns and Their Dynamics: A Present Value Approach

Journal of Financial Economics (JFE), Forthcoming, Harvard Business School Accounting & Management Unit Working Paper No. 13-050, Rotman School of Management Working Paper No. 2182628
Number of pages: 57 Posted: 02 Dec 2012 Last Revised: 20 Jun 2014
Matthew R. Lyle and Charles C. Y. Wang
Northwestern University - Kellogg School of Management and Harvard Business School
Downloads 1,227 (19,910)
Citation 11

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Expected returns, discount rates, holding period returns, fundamental valuation, present value

13.

Governance through Shame and Aspiration: Index Creation and Corporate Behavior

Journal of Financial Economics (JFE), Forthcoming, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 567/2018, Harvard Business School Accounting & Management Unit Working Paper No. 18-010
Number of pages: 64 Posted: 31 Jul 2017 Last Revised: 09 Aug 2019
Akash Chattopadhyay, Matthew Shaffer and Charles C. Y. Wang
University of Toronto - Rotman School of Management, University of Southern California and Harvard Business School
Downloads 1,104 (23,310)
Citation 5

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JPX-Nikkei 400 index; Corporate governance; Index inclusion; Reputation incentives; Status incentives; Return on equity; Capital efficiency; Social norms

14.

How Do Staggered Boards Affect Shareholder Value? Evidence from a Natural Experiment

Journal of Financial Economics, Vol. 110, No. 3, pp. 627-641, (2013), Harvard Business School Accounting & Management Unit Working Paper No. 13-068
Number of pages: 45 Posted: 04 Sep 2012 Last Revised: 25 May 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School
Downloads 1,040 (25,470)
Citation 20

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Corporate governance, Staggered board, Takeover defense, Antitakeover provision, Proxy fight, Tobin's, Firm value, Agency cost, Delaware, Chancery court, Airgas

15.

Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital

Harvard Business School Accounting & Management Unit Working Paper No. 13-098
Number of pages: 62 Posted: 05 Dec 2011 Last Revised: 11 Feb 2015
Charles C. Y. Wang
Harvard Business School
Downloads 986 (27,542)
Citation 9

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Expected returns, implied cost of capital, measurement errors

16.

Expected Stock Returns Worldwide: A Log-Linear Present-Value Approach

Harvard Business School Accounting & Management Unit Working Paper No. 18-079, The Accounting Review, Forthcoming
Number of pages: 47 Posted: 26 Feb 2018 Last Revised: 20 Feb 2021
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Northwestern University - Kellogg School of Management and Harvard Business School
Downloads 918 (30,467)
Citation 3

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Expected returns; Discount rates; Fundamental valuation; Implied cost of capital; International equity markets; Present value;

17.

Relative Performance Benchmarks: Do Boards Follow the Informativeness Principle?

Harvard Business School Accounting & Management Unit Working Paper No. 17-039
Number of pages: 52 Posted: 12 Jul 2016 Last Revised: 11 Oct 2018
Paul Ma, Jee-Eun Shin and Charles C. Y. Wang
University of Minnesota, University of Toronto - Rotman School of Management and Harvard Business School
Downloads 914 (30,676)
Citation 4

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Executive compensation; relative performance evaluation; relative TSR; common shock filtration; systematic risk; search-based peers; board of directors; corporate governance; compensation consultants

18.

The European Commission's Sustainable Corporate Governance Report: A Critique

European Corporate Governance Institute - Law Working Paper 553/2020, Harvard Public Law Working Paper No. 20-30, Yale Journal on Regulation Bulletin
Number of pages: 27 Posted: 21 Oct 2020 Last Revised: 27 Apr 2021
Mark J. Roe, Holger Spamann, Jesse M. Fried and Charles C. Y. Wang
Harvard Law School, Harvard Law School, Harvard Law School and Harvard Business School
Downloads 794 (37,411)

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corporate governance, short-termism, hedge funds, shareholder activism, European Union, securities regulation, agency costs, research and development, political economy, investment, payouts, repurchases

19.

Can Staggered Boards Improve Value? Causal Evidence from Massachusetts

Harvard Business School Accounting & Management Unit Working Paper No. 16-105, Stanford Law and Economics Olin Working Paper No. 498, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 499/2017
Number of pages: 59 Posted: 10 Sep 2016 Last Revised: 10 Feb 2021
Robert Daines, Shelley Xin Li and Charles C. Y. Wang
Stanford Law School, University of Southern California - Marshall School of Business and Harvard Business School
Downloads 678 (46,163)
Citation 8

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Staggered board; entrenchment; life-cycle; Tobin's Q; investments; innovation; profitability; institutional investors; investor composition

20.

Short-Termism, Shareholder Payouts, and Investment in the EU

European Financial Management, Forthcoming, European Corporate Governance Institute - Law Working Paper 544/2020
Number of pages: 38 Posted: 13 Oct 2020 Last Revised: 03 Mar 2021
Jesse M. Fried and Charles C. Y. Wang
Harvard Law School and Harvard Business School
Downloads 569 (57,811)
Citation 2

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short-termism; EU; payout policy; investment; innovation

21.

Market Advisor or Government Mouthpiece: The Role of Sell-Side Analysts in Emerging Markets

Harvard Business School Accounting & Management Unit Working Paper No. 18-095
Number of pages: 46 Posted: 14 Mar 2018 Last Revised: 28 Sep 2019
Sheng Cao, Xianjie He, Charles C. Y. Wang and Huifang Yin
Tongji University, Shanghai University of Finance and Economics - School of Accountancy, Harvard Business School and Shanghai University of Finance and Economics
Downloads 516 (65,451)

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Sell-Side Analysts; Forecast Optimism; Forecast Accuracy; Government Incentives; Emerging Markets; Coordinated Economies

22.

Connecting Expected Stock Returns to Accounting Valuation Multiples: A Primer

Harvard Business School Accounting & Management Unit Working Paper No. 21-081
Number of pages: 18 Posted: 27 Jan 2021
Akash Chattopadhyay, Matthew R. Lyle and Charles C. Y. Wang
University of Toronto - Rotman School of Management, Northwestern University - Kellogg School of Management and Harvard Business School
Downloads 389 (91,863)
Citation 3

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Expected returns, Present value, Valuation multiples

23.

Boardroom Centrality and Firm Performance

Journal of Accounting & Economics (JAE), 55(2-3): 225-250 (April-May 2013), Rock Center for Corporate Governance at Stanford University Working Paper No. 84
Number of pages: 56 Posted: 31 Jul 2010 Last Revised: 11 Mar 2016
David F. Larcker, Eric C. So and Charles C. Y. Wang
Stanford University - Graduate School of Business, Massachusetts Institute of Technology (MIT) - Sloan School of Management and Harvard Business School
Downloads 363 (99,224)
Citation 42

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board of director networks, analyst forecasts, market efficiency

24.

rTSR: When Do Relative Performance Metrics Capture Relative Performance?

Harvard Business School Accounting & Management Unit Working Paper No. 19-112
Number of pages: 58 Posted: 30 Apr 2019 Last Revised: 28 Sep 2019
Paul Ma, Jee-Eun Shin and Charles C. Y. Wang
University of Minnesota, University of Toronto - Rotman School of Management and Harvard Business School
Downloads 360 (100,467)
Citation 1

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Relative TSR, measurement error, systematic risk, board of directors, compensation consultants, style effects

25.

Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

Forthcoming, Journal of Financial Economics
Number of pages: 19 Posted: 05 Dec 2015 Last Revised: 20 Apr 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School
Downloads 309 (118,437)
Citation 5

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Corporate governance, Staggered boards, Takeover defense, Antitakeover provision, Firm value, Agency costs, Delaware, Chancery court, Airgas

26.

Reexamining Staggered Boards and Shareholder Value

Journal of Financial Economics, Vol. 125, No. 3, September 2017, pp. 637-647, Harvard Law School John M. Olin Center Discussion Paper No. 908
Number of pages: 32 Posted: 13 Jun 2017 Last Revised: 12 Dec 2017
Alma Cohen and Charles C. Y. Wang
Harvard Law School and Harvard Business School
Downloads 262 (140,796)
Citation 1

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Corporate Governance, Staggered Boards, Takeover Defense, Antitakeover Provisions, Firm Value, Delaware, Airgas

27.

Explaining the Glass-Steagall Act’s Long Life, and Rapid Eventual Demise

Number of pages: 64 Posted: 09 Jan 2011
Charles C. Y. Wang and Yi David Wang
Harvard Business School and University of International Business and Economics (UIBE) - School of Banking and Finance
Downloads 228 (161,328)
Citation 3

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Glass-Steagall Act, financial regulation, commercial banking regulation

28.

Is Accounting Useful for Forecasting GDP Growth? A Machine Learning Perspective

Number of pages: 57 Posted: 19 Apr 2021 Last Revised: 26 Apr 2021
Srikant Datar, Apurv Jain, Charles C. Y. Wang and Siyu Zhang
Harvard University - Accounting & Control Unit, Harvard Business School, Harvard Business School and Harvard Business School
Downloads 140 (247,397)

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Accounting; Big Data; Elastic Net; GDP Growth; Machine Learning; Macro Forecasting; Short Fat Data

29.

Commentary on Implied Cost of Equity Capital Estimates as Predictors of Accounting Returns and Stock Returns

The Journal of Financial Reporting (Forthcoming)
Posted: 29 Jul 2017
Charles C. Y. Wang
Harvard Business School

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Other Papers (1)

Total Downloads: 3
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1.

Economic Uncertainty and Earnings Management

Harvard Business School Accounting & Management Unit Working Paper No. 16-103, 2nd Annual Financial Institutions, Regulation and Corporate Governance Conference
Number of pages: 49 Posted: 11 Mar 2016
Luke C.D. Stein and Charles C. Y. Wang
Babson College and Harvard Business School
Downloads 3

Abstract:

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Earnings management, discretionary accruals, uncertainty, implied volatility, earnings response coefficient