Na Wang CV

NA (NINA) WANG Department of Finance Frank G. Zarb School of Business Hofstra University Hempstead, NY 11549

Tel: Office: Email: Updated:

516-463-5498 117 Business School Na.Wang@hofstra.com September 2023

ACADEMIC EXPERIENCE Hofstra University, Frank G. Zarb School of Business, Professor of Finance Associate Professor of Finance Assistant Professor of Finance

2023 – Present 2017 – 2023 2011 – 2017

VISITING New York University, Leonard N. Stern School of Business, Visiting Research Professor

Spring 2018

EDUCATION Ph.D., Economics with concentration in Finance and Financial Econometrics, Arizona State University

2011

B.A., Financial Engineering, Renmin University of China

2006

RESEARCH INTEREST Investment, Empirical Asset Pricing, Behavioral Finance, Financial Econometrics

PUBLICATIONS •

[12] “Comparing Geopolitical Risk Measures,” with Ahmet K. Karagozoglu and Tianpeng Zhou, August 2022, Journal of Portfolio Management. Volume 48, Issue 10, 226-257.

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[11] “Can Stock Message Board Sentiment Predict Future Returns? Local versus Nonlocal Posts,” with Yen-Cheng Chang and Ran Shao, 2022, Journal of Behavioral and Experimental and Finance, Volume 34, 100625.

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[10] “Trust and Local Bias of Individual Investors,” with Ran Shao, 2021, Journal of Banking and Finance, Volume 133, 106273. (Semifinalist for Best Paper Award at FMA 2017)

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[9] “The Implications of Contemporary Research on COVID-19 for Volatility and Portfolio Management,” with Dominique Outlaw and Aimee Hoffmann Smith, 2021, Journal of Portfolio Management, Volume 47, Issue 9, Pages 159-177.

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[8] “The Effects of Credit Default Swaps on Corporate Investment,” with Jieying Hong, 2021, European Journal of Finance, Volume 27, No. 3, Pages 260-277.

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[7] “Beta Matrix and Common Factors in Stock Returns,” with Seung Ahn and Alex Horenstein, 2018, Journal of Financial and Quantitative Analysis, Volume 53, Issue 3, Pages 1417-1440.

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[6] “The Effects of Spot Market Short-Sale Constraints on Index Futures Trading,” with Frank Fabozzi and Ahmet K. Karagozoglu, 2017, Review of Finance, Volume 21, Issue 5, Pages 1975-2005. (Top 10 Session at FMA 2013)

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[5] “Sentiment and the Performance of Technical Indicators,” with Shu Feng and Edward J. Zychowicz, 2017, Journal of Portfolio Management, Volume 43, No. 3, Pages 112-125.

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[4] “Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry,” with David M. Smith, Ying Wang and Edward J. Zychowicz, 2016, Journal of Financial and Quantitative Analysis, Volume 51, No. 6, Pages 1991-2013 (Featured in Barclay Insider Report, July 2014; Reported by Bloomberg Business, May 2015).

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[3] “Effects of Aging on Gender Differences in Financial Markets,” with Ran Shao, 2015, Economics Bulletin, Volume 35, Issue 1, Pages 834-840.

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[2] “Trading for Status,” with Harrison Hong, Wenxi Jiang, and Bin Zhao, 2014, Review of Financial Studies, Volume 27, Issue 11, Pages 3171-3212 (Summarized in CFA Digest, April 2015).

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[1] “Impact of the Securities Transaction Tax on Stock Markets Trading,” with Dong Li, 2012, The Chinese Economy, Volume 45, Issue 5, Pages 26-49.

CONFERENCE PROCEEDINGS •

“Sentiment and the Performance of Technical Indicators,” with Edward J. Zychowicz, 2013, Midwest Finance Association Conference Proceeding, Volume 10.

WORKING PAPERS •

[9] “The Salience of Corporate Social Responsibility - Evidence from Air Pollution and Firm Performance,” with Jieying Hong and Ran Shao

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[8] “Diversity, Disagreement, and Stock Price Crash Risk,” with Yen-Cheng Chang, YuSiang Su, and Kevin Tseng, 2022 (Under Review at Management Science)

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[7] “Credit Default Swaps and Risk-taking Incentives in CEO Compensation,” with Jieying Hong, 2021

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[6] “Individual Investors and the Financial Crisis,” with Jarl Kallberg, Crocker Liu, and Ran Shao, 2022

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[5] “Does Diversity lead to Diverse Opinion? Evidence from Languages and Stock Markets,” with Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, and Bin Zhao, 2016 (AFE/AEA 2015, WFA 2014, EFA 2014, Best Paper Award at the 22nd Conference on the Theories and Practices of Securities and Financial Markets)

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[4] “Who Speculates and When? Evidence from Stock Index Futures Market,” with Ahmet K. Karagozoglu, 2016 2

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[3] “Don’t Confuse Brains with a Bull Market: Attribution Bias, Overconfidence, and Trading Behavior of Individual Investors,” with Zhen Shi, 2020 (EFA 2010)

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[2] “Two-Pass Tests of Asset Pricing Models when Rank Condition Fails,” with Seung Ahn, 2015

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[1] “GMM Estimation of Dynamic Models with Long Panels,” with Seung Ahn, 2018 (AEA 2018)

WORK IN PROGRESS •

[1] “Round-Trip Trades, Trading Frequency, and Performance,” with Jarl Kallberg, Crocker Liu and Adam Nowak

HONORS AND AWARDS •

Beta Gamma Sigma Faculty Inductee, Hofstra University Chapter

2018

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Dean's Research Award, Frank G. Zarb School of Business, Hofstra University

2018

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Lawrence A. Stessin Prize for Outstanding Scholarly Publications, Hofstra University

2015

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Dean's Research Award, Frank G. Zarb School of Business, Hofstra University

2015

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Best Paper Award at the 22nd Conference on the Theories and Practices of Securities and Financial Markets

2014

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Summer Research Award, Department of Finance, Hofstra University

2011 – Present

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Barchilon Award for outstanding research in Ph.D. program, Department of Economics, Arizona State University

2010

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Graduate and Professional Student Association Conference Travel Grant, Arizona State University

2010

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Hardison Award for the Best Qualifying Examination in Microeconomics, Department of Economics, Arizona State University

2007

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Full Tuition and Stipend Scholarship, Department of Economics, Arizona State University

2006 – 2011

TEACHING EXPERIENCES Graduate Courses •

Time Series Analysis of Financial Data (MSQF), Hofstra University

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Financial Engineering (MSQF), Hofstra University

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Research Seminar in Finance (MSF), Hofstra University

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Topics in Mathematical Finance (MSQF), Hofstra University

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Applied Econometrics Using Gauss (Ph.D.), Arizona State University

Undergraduate Courses 3

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Portfolio Management, Hofstra University

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Introduction to Finance, Financial Markets and Institutions, Hofstra University

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Fundamentals of Corporate Finance, Hofstra University

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Microeconomic Principles, Arizona State University

PRESENTATIONS “Trust and Local Bias of Individual Investors,” with Ran Shao 2019 – Econometric Society Asian Meeting, China 2017 – Financial Management Association Annual Meeting 2017 – 8th International Research Meeting in Business and Management, France 2016 – Midwest Finance Association Annual Meeting “Does Diversity lead to Diverse Opinion? Evidence from Languages and Stock Markets,” with Yen-Cheng Chang, Harrison Hong, Larissa Tiedens, and Bin Zhao 2016 – Hofstra University 2016 – City University of New York-Brooklyn College 2015 – Association of Financial Economists/American Economic Association Annual Meeting 2014 – Western Finance Association Annual Meeting 2014 – European Finance Association Annual Meeting, Switzerland 2014 – Financial Management Association Annual Meeting 2014 – NBER Chinese Economy Working Group 2014 – National Chengchi University, Taiwan 2014 – China International Conference in Finance, China 2013 – Fudan University, China 2013 – Shanghai Advanced Institute of Finance, China 2013 – Soochow University, China 2013 – Xiamen University, China “Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry,” with David M. Smith, Ying Wang and Edward J. Zychowicz 2015 – Eastern Finance Association Annual Meeting 2015 – Southwestern Finance Association Annual Meeting 2015 – Midwest Finance Association Annual Meeting “Trading for Status,” with Harrison Hong, Wenxi Jiang, and Bin Zhao 2014 – Hofstra University 2014 – Arizona State University 2013 – NBER Chinese Economy Working Group 2013 – New York University 2013 – University of Amsterdam, Netherland 2013 – Fudan University, China 2013 – Southern University of Finance and Economics, China 2013 – Hong Kong University of Science and Technology, China 2012 – China International Conference in Finance, China 2012 – Peking University Symposium on Chinese Financial Markets, China 2012 – China Academy of Financial Research in Summer Institute of Finance, China “Individual Investors and the Financial Crisis,” with Jarl Kallberg and Crocker Liu 4

2022 – The 9th International Conference on Opportunities and Challenges in Management, Economics and Accounting, France 2013 – Eastern Finance Association Annual Meeting 2012 – Hofstra University 2012 – Academy of Behavioral Finance & Economics 2011 – Bank of Canada, Canada 2011 – Financial Management Association Annual Meeting 2010 – Arizona State University “Sentiment and the Performance of Technical Indicators,” with Edward J. Zychowicz 2013 – Financial Management Association Annual Meeting 2013 – Midwest Finance Association Annual Meeting “The Effects of Short-Sale Constraints and Information Asymmetry on Index Futures Trading,” with Ahmet K. Karagozoglu 2013 – Second International Conference on Futures and Derivatives Markets, China 2013 – Financial Management Association Annual Meeting “Determining the Rank of the Beta Matrix in Linear Asset Pricing Models,” with Seung Ahn and Alex Horenstein 2013 – Northern Finance Association Annual Meeting, Canada 2012 – International Symposium on Econometric Theory and Applications, China 2012 – University of Miami 2010 – Hofstra University 2010 – Financial Management Association Annual Meeting 2010 – Eastern Finance Association Annual Meeting 2010 – Midwest Finance Association Annual Meeting 2010 – Columbia University 2010 – Arizona State University 2010 – ITAM, Mexico 2010 – UANL, Mexico 2010 – Korean Econometric Society Meeting, South Korea 2010 – Japan Association of Applied Economics Meeting, Japan 2009 – Econometrics Society 2009 Far East and South Asia Meeting, Japan 2009 – Sogang University, South Korea “Individual Investor Portfolios: Round-Trip Trades, Trading Frequency, and Performance,” with Jarl Kallberg, Crocker Liu and Adam Nowak 2012 – Eastern Finance Association Annual Meeting “Don’t Confuse Brains with a Bull Market: Attribution Bias, Overconfidence, and Trading Behavior of Individual Investors,” with Zhen Shi 2011 – All Georgia Finance Conference 2010 – European Finance Association Annual Meeting, Germany 2010 – Eastern Finance Association Annual Meeting 2010 – Midwest Finance Association Annual Meeting

PROFESSIONAL ACTIVITIES Journal Reviewer 2022 – Journal of Economics and Business 5

2022 – Applied Economics 2021 – Journal of Economics and Business 2020 – Applied Economics Letters 2020 – Emerging Markets Review (2 Papers) 2019 – Applied Economics 2019 – Financial Innovation 2018 – Asia-Pacific Journal of Financial Studies 2017 – Journal of Banking and Finance 2017 – Journal of Business Ethics 2017 – Economics Bulletin 2015 – Journal of Empirical Finance 2014 – The Financial Review 2013 – The Financial Review 2009 – Econometric Reviews Conference Reviewer 2022 – The China International Risk Forum (8 Papers) 2022 – Financial Regulations & Technology: Advances Since the Financial Crisis (4 Papers) 2017 – Financial Management Association Annual Meeting (6 Papers) 2017 – Financial Management Association Applied Finance Conference (3 Papers) 2015 – Eastern Finance Association Annual Meeting (7 Papers) 2013 – Northeast Decision Sciences Institute Conference Conference Organizer 2022 – Financial Regulations & Technology: Advances Since the Financial Crisis 2017 – Financial Management Association Annual Meeting Discussant 2022 – Financial Regulations & Technology: Advances Since the Financial Crisis 2017 – Financial Management Association Annual Meeting 2017 – 8th International Research Meeting in Business and Management, France 2016 – Midwest Finance Association Annual Meeting 2015 – Southwestern Finance Association Annual Meeting 2013 – Financial Management Association Applied Finance Conference 2013 – Eastern Finance Association Annual Meeting 2012 – Eastern Finance Association Annual Meeting 2010 – Midwest Finance Association Annual Meeting 2010 – Eastern Finance Association Annual Meeting (2 Papers) Session Chair 2017 – Financial Management Association Annual Meeting 2010 – Eastern Finance Association Annual Meeting 2010 – Midwest Finance Association Annual Meeting

MEDIA COVERAGE 6

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“Your Trading Charts Work Better in Study When Markets Get Frothy,” Bloomberg Business, May 4, 2015.

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“Trading for Status (Digest Summary),” CFA Digest, April 2015, Volume 45 Issue 4.

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“Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry,” Barclay's Insider Report, July 2014.

SKILLS Stata, MATLAB, Python, SAS, GAUSS, Excel, Word, LaTex, Scientific Workplace

SERVICE ACTIVITIES Department of Finance Service • • • • • • • •

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Committee Chair, Textbook and Curriculum Committee Seminar Coordinator, Finance Research Seminar Series Seminar Coordinator, Finance Research Seminar Series Faculty Advisor, MS in Quantitative Finance Faculty Advisor, MS in Finance Committee Member, Trading Room Advisory Committee Committee Member, Departmental Personnel Committee Committee Member, MS in Quantitative Finance Program Revision Committee Committee Member, Textbook and Curriculum Committee Committee Member, Departmental Honors Course Captain, FIN 163, FIN 315, FIN 279, FIN 280, FIN 285 Attendee, Final Enrollment Services Days Presenter, Finance Research Seminar Series

2013 – Present 2016 – 2020 2013 – 2015 2014, 2020 2013 2011 – Present 2012 – Present 2013 – 2014 2011 – 2013 Fall 2011 2011 – Present 2012 2012, 2014

School of Business Service • • • • •

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Co-Director, Martin B. Greenberg Trading Room Co-Director, Center for International Financial Services Associate Co-Director, Center for International Financial Services Committee Member, Curriculum and Standards Subcommittee Committee Member, Graduate Communication, Presentation, Analytical and Creative Thinking Task Force Acting Co-Director, Martin B. Greenberg Trading Room Attendee, Graduate Orientation Welcome Reception Attendee, Thanksgiving Dinner for New International Zarb Graduate Students Attendee, Zarb Welcome Back Barbecue Attendee, Zarb School of Business Retreat

2021 – Present 2022 – Present 2020 – 2022 2013 – 2017 Fall 2012 Spring 2014 2011 – 2019 2011 – 2019 2016 2011 – Present

University Service • •

Committee Member, Lawrence A. Stessin Prize Review Committee Committee Member, Internationalization Sub-committee on Faculty 7

2020 – Present Policies,

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Practices, Research, and Resources, Senate Committee Member, Undergraduate Academic Affairs Committee Attendee, Honors College Dinner Attendee, University Commencement Attendee, Weekday Admitted Student Day

2016 – 2017 2013 – 2015 Spring 2016 2014, 2015 2012 – 2016

Public Service • •

Volunteer, American Red Cross - Long Island Chapter, Mineola, NY Attendee, GARP College Chapter at Hofstra, New York, NY

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2015 – Present Fall 2012