Baozhong Yang

Georgia State University - J. Mack Robinson College of Business

H. Talmage Dobbs Jr. Professor of Finance

35 Broad St NW

Atlanta, GA Ga 30303-3083

United States

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

  • Georgia State University - J. Mack Robinson College of Business

SCHOLARLY PAPERS

29

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37,249

TOTAL CITATIONS
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Top 1,758

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399

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

  • Georgia State University - J. Mack Robinson College of Business

Scholarly Papers (29)

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1.

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

Downloads 5,942 ( 2,872)
Citation 56

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: 81 Posted: 06 May 2021 Last Revised: 29 Jun 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 - J. Mack Robinson College of Business
Downloads 5,803 (2,951)
Citation 55

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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 - J. Mack Robinson College of Business
Downloads 139 (434,980)
Citation 1

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2.

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

Downloads 4,327 ( 5,002)
Citation 53

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 - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 4,167 (5,196)
Citation 28

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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 - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 160 (386,698)
Citation 25

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3.

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: 76 Posted: 26 Jul 2023 Last Revised: 05 Mar 2025
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 - J. Mack Robinson College of Business
Downloads 3,224 (8,064)
Citation 10

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

4.

Distributed Ledgers and Secure Multi-Party Computation for Financial Reporting and Auditing

Management Science, Forthcoming
Number of pages: 58 Posted: 25 Sep 2018 Last Revised: 12 Jul 2024
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 - J. Mack Robinson College of Business
Downloads 3,148 (8,357)
Citation 31

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Accounting, FinTech, Misreporting, Monitoring, Permissioned Blockchains, Privacy Preservation, Interoperability, Technology Adoption

5.

The Mystery of Zero-Leverage Firms

Downloads 2,968 ( 9,151)
Citation 83

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 - J. Mack Robinson College of Business
Downloads 2,506 (11,756)
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 - J. Mack Robinson College of Business
Downloads 363 (171,461)

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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 - J. Mack Robinson College of Business
Downloads 99 (566,158)
Citation 78

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6.

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 - J. Mack Robinson College of Business
Downloads 2,722 (10,555)
Citation 23

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

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 - J. Mack Robinson College of Business, Emory University Goizueta Business School, University of Florida - Department of Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 2,151 (15,321)
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
Lin William Cong, Tengyuan Liang, Baozhong Yang and Xiao Zhang
Cornell University - Samuel Curtis Johnson Graduate School of Management, University of Chicago - Booth School of Business, Georgia State University - J. Mack Robinson College of Business and Compass Lexecon
Downloads 1,222 (36,227)
Citation 6

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

9.

Beyond the Lines: Uncovering Private Information from Fund Managers' Disclosures

Number of pages: 49 Posted: 02 Dec 2020 Last Revised: 06 Aug 2024
Sean Cao, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Georgia State University - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 1,129 (40,776)

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JEL Classification: C45, G11, G14, G23 Machine Learning, Large Language Models, Mutual Fund Performance, Disclosure, Textual Analysis, Shareholder Letters, Fund Flows

10.

Generative AI and Asset Management

Number of pages: 57 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 - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 1,093 (42,994)

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

11.

Visual Information and AI Divide: Evidence from Corporate Executive Presentations

Number of pages: 55 Posted: 26 Jun 2023 Last Revised: 18 Jul 2024
Sean Cao, Yichen Cheng, Meng Wang, Yusen Xia and Baozhong Yang
University of Maryland - Robert H. Smith School of Business, Georgia State University, University of South Florida - Muma College of Business, Georgia State University - Robinson College of Business and Georgia State University - J. Mack Robinson College of Business
Downloads 1,068 (44,481)
Citation 1

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JEL Classification: D83, G12, G14, G23, G30 Machine Learning, Artificial Intelligence, FinTech, Corporate Presentation, Image Analysis, Textual Analysis, Information and Market Efficiency, Institutional Investors, Investment

12.

Managerial Risk Assessment and Fund Performance: Evidence from Textual Disclosure

Number of pages: 59 Posted: 18 Apr 2022 Last Revised: 20 Jan 2025
Sean Cao, Baozhong Yang and Alan L. Zhang
University of Maryland - Robert H. Smith School of Business, Georgia State University - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 1,035 (46,134)
Citation 3

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

13.

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 - J. Mack Robinson College of Business
Downloads 886 (57,106)

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

14.

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

Downloads 839 (61,586)
Citation 28

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 - J. Mack Robinson College of Business and Florida International University (FIU)
Downloads 839 (60,658)
Citation 28

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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 - J. Mack 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

15.

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
Vikas Agarwal, Kevin Mullally, Yuehua Tang and Baozhong Yang
Georgia State University - J. Mack Robinson College of Business, University of Central Florida, University of Florida - Department of Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 697 (78,509)
Citation 50

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Portfolio disclosure, Stock liquidity, Mutual funds, Fund performance

16.

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 - J. Mack Robinson College of Business
Downloads 660 (84,171)

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

17.

Harnessing Generative AI for Economic Insights

Number of pages: 67 Posted: 14 Nov 2024 Last Revised: 03 Feb 2025
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 - J. Mack Robinson College of Business
Downloads 638 (88,453)
Citation 1

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ChatGPT, Generative AI, Large Language Model, Macroeconomic Forecast, Managerial Expectations, Textual analysis, Artificial Intelligence

18.

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 - J. Mack Robinson College of Business
Downloads 580 (99,485)

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

19.

Short-Selling Hedge Funds 

Number of pages: 50 Posted: 12 Apr 2024
Jialin Qian, Zhen Shi and Baozhong Yang
Georgia State University - Department of Finance, Georgia State University and Georgia State University - J. Mack Robinson College of Business
Downloads 521 (113,736)

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JEL Classification: G23, G41, G12, G14 Hedge Funds, Short Selling, Investment Skill, Retail Investor, Social Media

20.

Communication and Comovement: Evidence from Online Stock Forums

Downloads 448 (136,107)
Citation 4

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
Kent State University, University of International Business and Economics (UIBE) - School of Banking and Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 338 (185,390)
Citation 3

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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
Kent State University, University of International Business and Economics (UIBE) - School of Banking and Finance and Georgia State University - J. Mack Robinson College of Business
Downloads 110 (523,672)
Citation 1

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Comovement; Asset Returns; Communication

21.

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 - J. Mack Robinson College of Business
Downloads 408 (151,746)
Citation 3

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

22.

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 - J. Mack Robinson College of Business
Downloads 405 (153,042)
Citation 5

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

23.

Optimal Dynamic Risk Taking

Downloads 381 (163,928)

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 - J. Mack Robinson College of Business
Downloads 285 (222,526)

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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 - J. Mack Robinson College of Business
Downloads 96 (577,967)

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

24.

Blockchains, Smart Contracts, and Supply Chain Efficiency

Number of pages: 44 Posted: 28 Mar 2022 Last Revised: 18 Jul 2024
Hongguang Ma, Yusen Xia and Baozhong Yang
affiliation not provided to SSRN, Georgia State University - Robinson College of Business and Georgia State University - J. Mack Robinson College of Business
Downloads 255 (250,935)
Citation 1

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

25.

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 - J. Mack Robinson College of Business
Downloads 210 (302,740)

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

26.

Product Variety and Asset Pricing

Number of pages: 48 Posted: 07 Dec 2014 Last Revised: 27 Feb 2024
Florin Bidian, Carlos Nunez, Ajay Subramanian and Baozhong Yang
Northeastern University - Department of Economics, Georgia State University, Georgia State University and Georgia State University - J. Mack Robinson College of Business
Downloads 177 (354,239)

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

27.

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 - J. Mack Robinson College of Business
Downloads 90 (595,268)

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communication, excess comovement, factor structure

28.

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 - J. Mack Robinson College of Business
Downloads 21 (1,089,187)
Citation 1
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29.

Distributed Ledgers and Secure Multi-Party Computation for Financial Reporting and Auditing

NBER Working Paper No. w32763
Number of pages: 49 Posted: 05 Aug 2024
Sean Cao, Lin William Cong and Baozhong Yang
University of Maryland, Cornell University - Samuel Curtis Johnson Graduate School of Management and Georgia State University - J. Mack Robinson College of Business
Downloads 4 (1,279,817)
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