Wang YongLei

Assistant Professor

Phone: 27-17762539896

Email: Yonglei_wang@outlook

Academic Areas: Corporate Finance, Market Microstructure, Behavioral Finance

Research Interests:


PhD, Toulouse School of Economics, 2015

Diploma in Advanced Quantitative Economics, Toulouse School of Economics, 2011

M.A., Economics, Toulouse School of Economics, 2010

B.A., Economics, Wuhan University, 2008

B.A., Mathematics, Wuhan University, 2008


Corporate Finance, Market Microstructure, Behavioral Finance


Finance (undergraduate level), 2016

Financial Statistics and Econometrics (graduate level), 2016

Applied Econometrics (TA, graduate level), 2013-2014 & 2014-2015

R Programming (TA, graduate level), 2014-2015


Seminar and Conference Presentation

The 15th China Economics Annual Conference, Shanghai, 2015

The 11th World Congress of the Econometric Society, Montreal, 2015

Finance Students Workshop, TSE, 2014

Brown Bag Seminar, TSE, 2014

20th Annual Conference of the Multinational Finance Society, 2013

China Meeting of the Econometric Society, Peking University, CCER, 2013


Research Funding of the Bank of France, 2014

Fellowship for Research and Teaching (ATER), 2014-2015

Laffont Foundation Fellowship for Doctoral students, 2013-2014

French Government Fellowship for Doctoral students, 2010-2013

Eiffel Scholarship, The French Ministry of Foreign Affairs, 2009-2010

Fellowship for graduate students, Wuhan University, 2008

Fellowship for undergraduate students, Wuhan University, 2006 & 2007

Outstanding Freshman Scholarship, Wuhan University, 2004


Margin-Trading and Short-Selling with Asymmetric Information

Using the natural experiment of China’s margin-trading and short-selling (MTSS) program, I find that allowing MTSS decreases liquidity due to information asymmetry. This negative impact is more pronounced among stocks with greater information asymmetry, i.e., those (i) having a smaller fund ownership, (ii) lacking analyst coverage, or (iii) not being cross-listed. Evidence shows that MTSS with information asymmetry makes uninformed investors reluctant to trade. MTSS significantly reduces small trades that have no price impact; this response is heightened when there is greater information asymmetry. Contrarily, MTSS increases liquidity among exchange-traded funds (ETFs) for which information asymmetry is no concern.

Hurting without Hitting: The Economic Cost of Political Tension

(joint with Yinghua He and Ulf Nielsson)

Political tension causing diplomatic strains rarely escalates into direct violence or war. This paper identifies the economic effects of such non-violent political tension by examining Taiwan’s sovereignty debate. Non-violent events harming the relationship with mainland China lead to an average daily drop of 200 basis points in Taiwanese stock returns. The impact is more severe on firms openly supporting the Taiwanese pro-independence party. Through a series of tests we identify this economic penalty as initiated by mainland authorities, who specifically target political opponents that are economically exposed to mainland China via either investments or exports.

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