Danling Jiang
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Danling Jiang
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| Assistant Professor | Department of Finance, The College of Business, Florida State University | |
| Address: | Contact: | |
| Florida State University | Phone: (850) 645 -1519 | |
| Room 314 RBA | Fax: (850) 644 - 4220 | |
| 821 ACADEMIC WAY | E-mail: djiang 'AT' cob.fsu.edu | |
| P.O. Box 3061110 | ||
| Tallahassee, FL 32306-1110 | Homepage: http://mailer.fsu.edu/~djiang | |
Download
CV
My
SSRN Author Page
My RePEc Author
Page
Research Interest
Behavioral Asset Pricing, Behavioral Corporate Finance, Individual Investor Behavior, Experimental Finance (Financial Judgment and Decision Making)
Publications
Reference Point Adaptation: Tests in
the Domain of Security Trading (with
Hal Arkes,
David Hirshleifer, and
Sonya Lim),
Investors adapt reference points more after a trading gain than after a trading loss of equal size.
---- Sponsored by the National Science Foundation (NSF) 0339178, 2004-2006, Presented at the Society for the Judgment and Decision Making Annual Conference (SJDM), Nov., 2005, Toronto, Canada, and the 10th Biennial Behavioral Decision Research in Management Conference (BDRM) hosted by UCLA Anderson School of Management, Jun., 2006, Santa Monica, CA
Working papers
Commonality in Misvaluation,
Equity Financing,
and the Cross-Section of Stock Returns
(Download from
SSRN or
RePEc-IDEAS
(with David Hirshleifer) (Latest draft: July 2009)
Risk has a systematic component that affects stock returns, so is mispricing: Evidence from new issues and repurchases.
--- Presented at the University of Maryland's Seventh Finance Symposium, entitled "Behavioral Finance", Mar., 2007, College Park, MD, the Financial Management Association Annual Conference (FMA), "The Top 10 Percent Sessions", Oct., 2007, Orlando, FL, the American Finance Association Annual Conference (AFA), Jan., 2008, New Orleans, LA, and the Western Finance Association Annual Conference (WFA), 2009, San Diego, CA.
A Cross-Cultural Study of Reference Point Adaptation: Evidence from China,
Korea, and the US (Download from
SSRN or
RePEc-IDEAS)
(with Hal Arkes, David Hirshleifer, and Sonya Lim) (Latest draft: August 2008)
The faster adaptation to gains than to losses of reference points is not unique to Americans. East Asians exhibit similar asymmetric adaptation, though with small but non-trivial variations.
---- Sponsored by the National Science Foundation (NSF) 0339178, 2004-2006, Presented at the Society for the Judgment and Decision Making Annual Conference (SJDM)*, Nov., 2006, Houston, TX , the Carnegie-Mellon Department of Social and Decision Science colloquium*, May, 2007, the Experimental Social Science Research Group at Florida State University, April, 2008, and the 2008 Behavioral Decision Research in Management Conference (BDRM) hosted by UCSD Rady School of Management, La Jolla, California, April, 2008.
Cross-Sectional
Dispersion of Firm Valuations and Expected Stock Returns
(Download from
SSRN or
RePEc-IDEAS)
(Latest draft:
April, 2008)
A previously circulated version is titled as "Investor Overreaction, Cross-Sectional Dispersion of Firm Valuations, and Expected Stock Returns"
The first moment (cross-sectional mean) of logarithmic price-to-fundamental ratios ---known as the aggregate valuation ratio---- does not distinguish a behavioral story from a risk story, but the second moment (cross-sectional standard deviation) does.
---Presented at the 10th Biennial Behavioral Decision Research in Management Conference (BDRM) hosted by UCLA Anderson School of Management, Jun., 2006, Santa Monica, CA (poster), and
the Financial Management Association Annual Conference (FMA), "Program in a Program" (the top 10% of submitted papers), Oct., 2006, Salt Lake City, UT.
Gambling Preference and the New Year Effect of Assets with Lottery Features (Download from
SSRN or
RePEc-IDEAS)
(with James S. Doran and David R. Peterson) (Latest draft: March, 2009)
Individuals exhibit strong preference to gamble at the turn of the New Year: in Las Vegas casinos, option markets, equity markets, and China stock markets (where the New Year differs from January 1st). So part of the January effect may be a New Year's gambling effect.
----- Presented at the University of Florida, Oct. 2007, at the 2008 Behavioral Decision Research in Management Conference (BDRM) hosted by UCSD Rady School of Management, La Jolla, California, April, 2008 (poster), the China International Conference in Finance, Dalian, China, July, 2008, the Financial Management Association Annual Conference (FMA), Oct., 2008, Dallas, TX. Scheduled to be presented at the Behavioral Finance & Economics Research Symposium; September, 2009, Chicago, Illinois.
Short-Sale Constraints and the Idiosyncratic Volatility Puzzle: An Event Study
Approach (Download from
SSRN or RePEc-IDEAS)
(with James S. Doran and David R. Peterson) (Latest draft: February, 2009)
Idiosyncratic volatility reflects noise trading and investor overconfidence, which, combining with short-sale constraints, produce low expected stock returns: Evidence from the IPO lockup expiration, option introduction and recent short-sale ban on financial firms in Fall 2008.
----- Presented at the University of Florida, Oct. 2007
Marketing Financial Securities, It’s all in the Name: The Case of
Dual-Class Share IPO and Beyond (Coming soon!)
(with James Ang and Ansley Chua)
----- Presented as a poster at the 2008 Behavioral Decision Research in Management Conference (BDRM)* hosted by UCSD Rady School of Management, La Jolla, California, April, 2008 (poster).
Ad hoc Referee
Economics Letters, Journal of Finance, Review of Financial Studies, Routledge Research Publishing, Financial Review, Journal of The European Economic Association, Journal of Financial Intermediation
Conference Discussion
Teaching
Service on Dissertation/Thesis Committees
Dissertation
Overconfidence, Factor Mispricing, and Expected Stock Returns
Last updated: June 2009
Florida State University | College of Business | Dept. of Finance |