Publications

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02 Aug 2016
First Look

August 2, 2016

Charles C.Y. Wang Abstract—In the presence of managerial short-termism and asymmetric information about skill and effort provision, firms may opportunistically shift earnings... View Details

Keywords: Sean Silverthorne

23 Oct 2018
First Look

New Research and Ideas, October 23, 2018

attitudes about the CEO’s company. Download working paper: https://www.hbs.edu/faculty/Pages/item.aspx?num=50763 Can Staggered Boards Improve Value? Evidence from the Massachusetts Natural Experiment By: Daines, Robert, Shelley Xin Li, and View Details

Keywords: Dina Gerdeman

2021
Working Paper

How Much Should We Trust Staggered Difference-In-Differences Estimates?

By: Andrew C. Baker, David F. Larcker and Charles C.Y. Wang

Difference-in-differences analysis with staggered treatment timing is frequently used to assess the impact of policy changes on corporate outcomes in academic research. However, recent advances in econometric theory show that such designs are likely to be biased in the... View Details

Keywords: Difference In Differences; Staggered Difference-in-differences Designs; Generalized Difference-in-differences; Dynamic Treatment Effects; Mathematical Methods

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25 Aug 2022
News

The Exchange: The Road Ahead for Crypto

From left: Scott Duke Kominers and Charles C.Y. Wang (Image by John Ritter) Cryptocurrencies have been edging their way out of the periphery for... View Details

Keywords: Jen McFarland Flint; Securities, Commodities, and Other Financial Investments; Finance

Web

2022 Reunion Presentations - Alumni

the kids are all right. CASE STUDY Should Public Companies Embrace Cryptocurrency? Associate Professor Charles C.Y. Wang + More Info – Less Info This session will be centered... View Details

15 Jul 2014
First Look

First Look: July 15

http://www.hbs.edu/faculty/Publication%20Files/13-039%20Nov%202012_612ce7e2-7f81-4eea-9126-3c0964f2be2f.pdf August 2013 Journal of Financial Economics Search-Based Peer Firms: Aggregating Investor Perceptions Through Internet Co-Searches By: Lee, View Details

Keywords: Carmen Nobel

02 Feb 2016
First Look

February 2, 2016

Matthew R. Lyle, and Charles C.Y. Wang Abstract—Under fairly general assumptions, expected stock returns are a linear combination of two accounting-based characteristics—book... View Details

Keywords: Sean Silverthorne

March 2020 (Revised March 2024)
Case

CIAM: Home-Grown Shareholder Activism in France

By: Charles C.Y. Wang, Tonia Labruyere and Vincent Dessain

The case discusses the strategy of CIAM, a French activist investment firm, involved in a case of a buy-out of minority shareholders in the telecommunications sector. Altice NV, an international telecommunications company based in the Netherlands that owned more than... View Details

Keywords: Corporate Governance; Private Equity; Strategy; Valuation; Investment Activism; Financial Services Industry; France

Educators

January 2022 (Revised March 2022)
Module Note

Analysis of Financial and Non-Financial Information for Forecasting Performance

This note describes the main themes and cases of a teaching module on the analysis of information from, and outside of, financial statements for forecasting firms’ future financial performance. The module’s pedagogical goal is to deepen students’ understanding of the... View Details

Keywords: Financial Reporting; Performance; Analysis; Valuation; Accounting; Finance

2024
Working Paper

Scaling Core Earnings Measurement with Large Language Models

By: Matthew Shaffer and Charles CY Wang

We study the application of large language models (LLMs) to the estimation of core earnings, i.e., a firm's persistent profitability from its core business activities. This construct is central to investors' assessments of economic performance and valuations. However,... View Details

Keywords: Large Language Models; AI and Machine Learning; Accounting; Profit; Corporate Disclosure; Analytics and Data Science; Measurement and Metrics

SSRN

June 2023
Case

Dan McCrum - Unmasking Wirecard

By: Jonas Heese, Charles C.Y. Wang, Tonia Labruyere and Carlota Moniz

Dan McCrum, an investigative journalist for the Financial Times, had spent the past six years fighting to expose German payment processing firm Wirecard. The company had enjoyed years of exponential growth and was viewed by several investors as the poster child of... View Details

Keywords: Crime and Corruption; Accounting; Financial Services Industry; Journalism and News Industry; Europe; United Kingdom; Germany

Educators

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Technology & Operations Management Awards & Honors - Faculty & Research

Winner of the 2024 Society for Advancing Business Editing and Writing (SABEW) Award, Management and Leadership category, for Right Kind of Wrong: The Science of Failing Well (Atria Books, 2023). Amy C. Edmondson : Awarded the 2024 Medal for Distinguished Service View Details

14 Nov 2017
First Look

New Research and Ideas: November 14, 2017

https://www.hbs.edu/faculty/Pages/item.aspx?num=52652 Governance Through Shame and Aspiration: Index Creation and Corporate Behavior By: Chattopadhyay, Akash, Matthew D. Shaffer, and Charles C.Y. View Details

Keywords: Carmen Nobel

December 2021 (Revised October 2023)
Teaching Note

Accounting for Bitcoin at Tesla

Article

Should We Embrace Crypto?

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June 2021
Teaching Note

Tesla's Bid for SolarCity (A)

Teaching Note for HBS Case No. 118-044. View Details