Baozhong Yang

Georgia State University - Robinson College of Business

H. Talmage Dobbs Jr. Associate Professor of Finance

35 Broad Street

Atlanta, GA 30303-3083

United States

http://sites.google.com/view/baozhongyang/

SCHOLARLY PAPERS

27

DOWNLOADS
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SSRN RANKINGS

Top 2,037

in Total Papers Downloads

28,103

SSRN CITATIONS
Rank 2,148

SSRN RANKINGS

Top 2,148

in Total Papers Citations

560

CROSSREF CITATIONS

237

Ideas:
“  AI, Machine Learning, Blockchain, FinTech, Corporate Finance, Investments  ”

Scholarly Papers (27)

From Man vs. Machine to Man Machine: The Art and AI of Stock Analyses

Journal of Financial Economics forthcoming; Columbia Business School Research Paper
Number of pages: 80 Posted: 06 May 2021 Last Revised: 26 Jan 2024
Sean Cao, Wei Jiang, Junbo L. Wang and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Emory University Goizueta Business School, Louisiana State University, Baton Rouge and Georgia State University - Robinson College of Business
Downloads 3,919 (5,037)
Citation 10

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Artificial Intelligence; Machine Learning; FinTech; Stock Analyst; Alternative Data; Disruptive Innovation

From Man vs. Machine to Man + Machine: The Art and Ai of Stock Analyses

NBER Working Paper No. w28800
Number of pages: 52 Posted: 17 May 2021 Last Revised: 12 Mar 2023
Sean Cao, Wei Jiang, Junbo L. Wang and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Emory University Goizueta Business School, Louisiana State University, Baton Rouge and Georgia State University - Robinson College of Business
Downloads 100 (487,957)

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How to Talk When a Machine is Listening: Corporate Disclosure in the Age of AI

Review of Financial Studies, Forthcoming
Number of pages: 84 Posted: 14 Sep 2020 Last Revised: 22 Mar 2023
Sean Cao, Wei Jiang, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Emory University Goizueta Business School, Georgia State University - Robinson College of Business and Florida International University (FIU)
Downloads 3,495 (6,101)
Citation 22

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Machine Learning, AI, Corporate Disclosure, Textual Analysis, Speech Analysis, Feedback Effect

How to Talk When a Machine is Listening?: Corporate Disclosure in the Age of Ai

NBER Working Paper No. w27950
Number of pages: 59 Posted: 19 Oct 2020 Last Revised: 15 May 2023
Sean Cao, Wei Jiang, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Emory University Goizueta Business School, Georgia State University - Robinson College of Business and Florida International University (FIU)
Downloads 102 (481,279)
Citation 10

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Downloads 2,893 ( 8,389)
Citation 146

The Mystery of Zero-Leverage Firms

Number of pages: 61 Posted: 14 Mar 2006 Last Revised: 10 Apr 2013
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 2,470 (10,579)
Citation 5

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Leverage, debt financing, capital structure, zero leverage, financing decisions, low-leverage puzzle

The Mystery of Zero-Leverage Firms

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 61 Posted: 06 Apr 2013
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 335 (165,155)

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Leverage, Debt financing, Capital structure, Zero leverage, Financing

The Mystery of Zero-Leverage Firms

NBER Working Paper No. w17946
Number of pages: 43 Posted: 31 Mar 2012 Last Revised: 16 Jul 2023
Ilya A. Strebulaev and Baozhong Yang
Stanford University - Graduate School of Business and Georgia State University - Robinson College of Business
Downloads 88 (530,992)
Citation 70

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4.

Financial Reporting and Blockchains: Misreporting, Auditing, and Regulation

Number of pages: 51 Posted: 25 Sep 2018 Last Revised: 26 Sep 2023
Sean Cao, Lin William Cong and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Cornell University - Samuel Curtis Johnson Graduate School of Management and Georgia State University - Robinson College of Business
Downloads 2,861 (8,516)
Citation 3

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Auditor Risk and Sampling, Collaborative Auditing, Distributed Ledger Technology, FinTech, PCAOB PCAOB, RegTech, Technology Adoption, Zero-Knowledge Proof.

5.

How Valuable Is FinTech Innovation?

Review of Financial Studies, Forthcoming
Number of pages: 58 Posted: 29 Jan 2018 Last Revised: 24 Jul 2023
Mark A. Chen, Qinxi Wu and Baozhong Yang
Georgia State University - Robinson College of Business, Baylor University - Hankamer School of Business and Georgia State University - Robinson College of Business
Downloads 2,481 (10,707)
Citation 23

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FinTech, innovation, patents, valuation, abnormal returns, machine learning, text analysis, text classification, market leader, market follower, disruption

6.

ChatGPT and Corporate Policies

Chicago Booth Research Paper No. 23-15, Fama-Miller Working Paper , University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2023-103
Number of pages: 68 Posted: 26 Jul 2023 Last Revised: 16 Feb 2024
Manish Jha, Jialin Qian, Michael Weber and Baozhong Yang
Georgia State University - Department of Finance, Georgia State University - Department of Finance, University of Chicago - Finance and Georgia State University - Robinson College of Business
Downloads 2,044 (14,601)
Citation 3

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AI, ChatGPT, Corporate Investment, Corporate Policies, Large Language Model, Managerial Expectations, Market Efficiency, Textual analysis

7.

Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide

Journal of Finance, Forthcoming
Number of pages: 78 Posted: 21 Mar 2011 Last Revised: 14 Nov 2013
Vikas Agarwal, Wei Jiang, Yuehua Tang and Baozhong Yang
Georgia State University, Emory University Goizueta Business School, University of Florida - Department of Finance and Georgia State University - Robinson College of Business
Downloads 2,026 (14,797)
Citation 40

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Confidential treatment, ownership disclosure, 13F holdings, hedge funds

8.

Analyzing Textual Information at Scale

Number of pages: 34 Posted: 17 Sep 2019 Last Revised: 09 Dec 2019
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Chicago - Booth School of Business, Georgia State University - Robinson College of Business and University of Chicago - Booth School of Business
Downloads 1,094 (37,387)
Citation 6

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Big Data, Machine Learning, Text-based Analysis, Topic Models, Unstructured Data, Word Embedding

9.

Beyond the Lines: Deciphering Proprietary Information from Fund Managers’ Disclosures

Number of pages: 47 Posted: 02 Dec 2020 Last Revised: 25 Mar 2024
Sean Cao, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Georgia State University - Robinson College of Business and Florida International University (FIU)
Downloads 775 (60,394)

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Machine Learning, Large Language Models, Mutual Fund Performance, Disclosure, Textual Analysis, Shareholder Letters, Fund Flows

10.

Managerial Risk Assessment and Fund Performance: Evidence from Textual Disclosure

Number of pages: 52 Posted: 18 Apr 2022 Last Revised: 30 May 2023
Sean Cao, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Georgia State University - Robinson College of Business and Florida International University (FIU)
Downloads 771 (60,823)
Citation 1

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Deep Learning, Machine Learning, Mutual Fund, Disclosure, Textual Analysis, Sentiment, Risk Assessment, Fund Performance, Fund Skill

Copycat Skills and Disclosure Costs: Evidence from Peer Companies’ Digital Footprints

Journal of Accounting Research, Forthcoming
Number of pages: 54 Posted: 08 Nov 2018 Last Revised: 30 Apr 2021
Sean Cao, Kai Du, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Pennsylvania State University, Georgia State University - Robinson College of Business and Florida International University (FIU)
Downloads 725 (64,976)
Citation 19

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Copycat, Disclosure, SEC EDGAR, Hedge Fund, Investment Company, Investment Research, Proprietary Cost, Big Data

Copycat Skills and Disclosure Costs: Evidence from Peer Companies’ Digital Footprints

Journal of Accounting Research, Volume 59, Issue 4
Posted: 20 Sep 2021
Sean Cao, Kai Du, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Pennsylvania State University, Georgia State University - Robinson College of Business and Florida International University (FIU)

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copycat; disclosure; SEC EDGAR; hedge fund; investment company; investment research; proprietary cost; big data

12.

Do Hedge Funds Strategically Misreport Their Holdings? Evidence from 13F Restatements

Number of pages: 52 Posted: 20 Aug 2021 Last Revised: 26 May 2023
Sean Cao, Zhi Da, Daniel Jiang and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, University of Notre Dame - Mendoza College of Business, University of Waterloo - School of Accounting and Finance and Georgia State University - Robinson College of Business
Downloads 697 (69,312)

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Strategic Disclosure, Hedge Funds, Ownership Disclosure, 13F Holdings, Restatement, Fund Skill

13.

Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance

Journal of Finance, Forthcoming
Number of pages: 97 Posted: 07 May 2013 Last Revised: 10 May 2014
Georgia State University, University of Central Florida, University of Florida - Department of Finance and Georgia State University - Robinson College of Business
Downloads 639 (77,482)
Citation 42

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Portfolio disclosure, Stock liquidity, Mutual funds, Fund performance

14.

Visual Information in the Age of AI: Evidence from Corporate Executive Presentations

Number of pages: 51 Posted: 26 Jun 2023 Last Revised: 18 Jul 2023
Sean Cao, Yichen Cheng, Meng Wang, Yusen Xia and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Georgia State University, Georgia State University - Robinson College of Business, Georgia State University - Robinson College of Business and Georgia State University - Robinson College of Business
Downloads 626 (79,454)

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Machine Learning, Artificial Intelligence, FinTech, Corporate Presentation, Image Analysis, Textual Analysis, Information and Market Efficiency, Institutional Investors, Investment

15.

Endogenous Fracturing under Partisan Voting

Number of pages: 50 Posted: 14 Nov 2023 Last Revised: 17 Nov 2023
Stephen Yang and Baozhong Yang
Pace Academy and Georgia State University - Robinson College of Business
Downloads 514 (101,759)

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Voting, Game Theory, Corporate Governance, Microeconomics, Politics, Representative Democracy.

Communication and Comovement: Evidence from Online Stock Forums

Number of pages: 59 Posted: 16 Feb 2015 Last Revised: 22 May 2018
Lei Jiang, Jinyu Liu and Baozhong Yang
Tsinghua University, University of International Business and Economics (UIBE) - School of Banking and Finance and Georgia State University - Robinson College of Business
Downloads 318 (174,597)
Citation 2

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Comovement; Asset Returns; Communication

Communication and Comovement: Evidence from Online Stock Forums

Second Annual Volatility Institute at NYU Shanghai (VINS) 2016
Number of pages: 66 Posted: 30 Jun 2016
Lei Jiang, Jinyu Liu and Baozhong Yang
Tsinghua University, University of International Business and Economics (UIBE) - School of Banking and Finance and Georgia State University - Robinson College of Business
Downloads 98 (494,784)
Citation 1

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Comovement; Asset Returns; Communication

17.

Dynamic Prudential Regulation

Forthcoming in Management Science
Number of pages: 62 Posted: 24 Nov 2011 Last Revised: 03 Mar 2019
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 384 (143,153)
Citation 4

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capital requirements, asset substitution, debt overhang, bank bailouts, prudential regulation

18.

Dynamic Capital Structure with Heterogeneous Beliefs and Market Timing

Journal of Corporate Finance, Forthcoming
Number of pages: 54 Posted: 01 Jan 2011 Last Revised: 27 Jun 2013
Baozhong Yang
Georgia State University - Robinson College of Business
Downloads 383 (143,580)
Citation 3

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capital structure, heterogeneous beliefs, market timing, zero-debt firms, debt conservatism

19.
Downloads 315 (177,603)

Optimal Dynamic Risk Taking

Number of pages: 54 Posted: 04 Jun 2012 Last Revised: 21 Sep 2016
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 237 (236,019)

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dynamic project choices, stochastic control, stochastic switching, dynamic risk management, asset substitution

Optimal Dynamic Risk Taking

Mathematics of Operations Research, Forthcoming
Number of pages: 54 Posted: 03 Jul 2016 Last Revised: 21 Sep 2016
Ajay Subramanian and Baozhong Yang
Georgia State University and Georgia State University - Robinson College of Business
Downloads 78 (572,261)

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dynamic project choices, stochastic control, stochastic switching, dynamic risk management

20.

Blockchains, Smart Contracts, and Supply Chain Efficiency

Number of pages: 44 Posted: 28 Mar 2022 Last Revised: 07 Mar 2023
Hongguang Ma, Yusen Xia and Baozhong Yang
affiliation not provided to SSRN, Georgia State University - Robinson College of Business and Georgia State University - Robinson College of Business
Downloads 212 (263,427)

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Blockchain, Smart Contracts, Supply Chain, FinTech, Real-Time Data, Random Yield, Supply Chain Coordination, Product Competition, Product Substitutability

21.

Green Energy, Emissions, and Blockchain Technology

Number of pages: 24 Posted: 18 Jun 2023
Tony Erwin and Baozhong Yang
Gerogia State University J. Mack Robinson College of Business and Georgia State University - Robinson College of Business
Downloads 161 (336,502)

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Fintech, Sustainability, Carbon Emissions, Renewable Energy, Blockchain, Distributed Ledger

22.

Short-Selling Hedge Funds

Number of pages: 47 Posted: 12 Apr 2024
Jialin Qian, Zhen Shi and Baozhong Yang
Georgia State University - Department of Finance, Georgia State University and Georgia State University - Robinson College of Business
Downloads 141 (374,873)

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Hedge Funds, Short Selling, Investment Skill, Retail Investor, Social Media

23.

Product Variety and Asset Pricing

Number of pages: 48 Posted: 07 Dec 2014 Last Revised: 27 Feb 2024
Northeastern University, Georgia State University, Georgia State University and Georgia State University - Robinson College of Business
Downloads 131 (397,157)

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product variety, imperfect substitutability, equity premium, risk-free rate puzzle

24.

Can Machines Understand Human Skills? Insights from Analyst Selection

Number of pages: 61 Posted: 01 Apr 2024
Sean Cao, Norman Guo, Houping Xiao and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Saint Louis University - Department of Finance, Georgia State University - J. Mack Robinson College of Business and Georgia State University - Robinson College of Business
Downloads 106 (465,092)

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FinTech, Machine Learning, Artificial Intelligence, Analyst Forecast, Analyst Skill

25.

Communication, Excess Comovement and Factor Structures

Journal of Business Finance and Accounting, Forthcoming
Number of pages: 28 Posted: 21 Nov 2011 Last Revised: 29 Jun 2013
Baozhong Yang
Georgia State University - Robinson College of Business
Downloads 79 (561,213)

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communication, excess comovement, factor structure

26.

Chatgpt and Corporate Policies

NBER Working Paper No. w32161
Number of pages: 68 Posted: 20 Feb 2024
Manish Jha, Jialin Qian, Michael Weber and Baozhong Yang
Georgia State University, Georgia State University - Department of Finance, University of Chicago - Finance and Georgia State University - Robinson College of Business
Downloads 13 (1,014,332)
Citation 1
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27.

Generative AI and Asset Management

Posted: 08 Apr 2024
Jinfei Sheng, Zheng Sun, Baozhong Yang and Alan L. Zhang
University of California, Irvine - Paul Merage School of Business, University of California, Irvine - Paul Merage School of Business, Georgia State University - Robinson College of Business and Florida International University (FIU)

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Generative AI, ChatGPT, Hedge Funds, Reliance on AI information (RAI), Portfolio Return, Alpha, AI Disparity