Publications

June 2024 (Revised March 2025)
Case

Wemade: (Re)Establishing Trust in Blockchain Games (A)

By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So

This case explores the fundamental challenges and accounting issues arising from the integration of blockchain technology into traditional business models. It features Wemade, a South Korean online gaming company that has staked its future on blockchain-based games.... View Details

Keywords: Blockchain; Cryptocurrency; Video Games; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Technology Adoption; Accounting Industry; Information Technology Industry; Video Game Industry; South Korea

06 Nov 2012
First Look

First Look: November 6

Disappearing Association Between Governance and Returns Authors: Lucian A. Bebchuk, Alma Cohen, and Charles C.Y. Wang Publication: Journal of Financial Economics (forthcoming)... View Details

Keywords: Sean Silverthorne

December 2023
Teaching Note

Dan McCrum - Unmasking Wirecard

By: Jonas Heese and Charles C.Y. Wang

Teaching Note for HBS Case No. 123-098. View Details

January 2022 (Revised March 2022)
Teaching Note

New Constructs: Disrupting Fundamental Analysis with Robo-Analysts

By: Charles C.Y. Wang and Albert Shin

Teaching Note for HBS Case No. 118-068. View Details

February 2025 (Revised May 2025)
Case

Align Partners and SM Entertainment: Korean Shareholder Activism Meets K-Pop (A)

By: Charles C.Y. Wang and Billy Chan

For years, institutional investors had experienced very limited success in influencing the management of listed companies through shareholder activist campaigns in Korea. The common practice of circular ownership and public resentment toward foreign shareholder... View Details

Keywords: Financial Reporting; Public Equity; Stocks; Investment Activism; Music Entertainment; Corporate Governance; Success; Business and Shareholder Relations; Entertainment and Recreation Industry; South Korea

October 2024
Supplement

Boba Fete Tea Shop – Student Worksheet

By: Charles C.Y. Wang and Miles Mrowiec

October 2024
Case

Boba Fete Tea Shop

By: Charles C.Y. Wang and Miles Mrowiec

January 2022
Background Note

Residual Income Valuation Model

By: Charles C.Y. Wang and Albert Shin

This note explains the residual income valuation model (RIM), how it relates to "traditional" valuation models, the intuition behind its use, and empirical research related to its value relevance. RIM is theoretically equivalent to the dividend discount model and the... View Details

Keywords: Residual Income Valuation; Valuation; Research; Theory; Measurement and Metrics; Performance; Financial Management; Business Strategy

July 2021 (Revised February 2024)
Teaching Note

Wirecard: The Downfall of a German Fintech Star

By: Jonas Heese and Charles C.Y. Wang

Teaching Note for HBS Case No. 121-058. View Details

2015
Working Paper

Staggered Boards and Shareholder Value: A Reply to Amihud and Stoyanov

By: Alma Cohen and Charles C.Y. Wang

In a paper published in the Journal of Financial Economics in 2013, we provided evidence that market participants perceive staggered boards to be on average value-reducing. In a recent response paper, Amihud and Stoyanov (2015) “contest” our results. They... View Details

Keywords: Staggered Boards; Takeover Defense; Antitakeover Provision; Firm Value; Agency Costs; Delaware; Chancery Court; Airgas; Governing and Advisory Boards; Acquisition; Corporate Governance; Business and Shareholder Relations; Delaware

SSRN

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24 Feb 2015
First Look

First Look: February 24

engaging in dishonest behavior allows further dishonest behavior in a subsequent task (Experiment 5). Download working paper: http://ssrn.com/abstract=2563196 Measurement Errors of Expected-Return Proxies and the Implied Cost of Capital By: Wang, View Details

Keywords: Sean Silverthorne

21 Jun 2011
First Look

First Look: June 21

characterizes the financial world. They also overlook the role of natural selection. To be sure, natural selection in the financial world is not exactly analogous to the processes first described by Darwin and elaborated on View Details

Keywords: Sean Silverthorne

October 27, 2020
Blog Post

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

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2020
Working Paper

Short-Termism, Shareholder Payouts, and Investment in the EU

By: Jesse M. Fried and Charles C.Y. Wang

Investor-driven “short-termism” is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—in the form of rising levels of repurchases and dividends—is... View Details

Keywords: Short-termism; Quarterly Capitalism; EU; Dividends; Equity Issuances; Equity Compensastion; Capital Flows; Capital Distribution; R＆D; Innovation; Investment; Corporate Governance; Investment Return; Acquisition; European Union

SSRN

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July 9, 2018
Editorial

The Real Problem with Stock Buybacks

By: Jesse M. Fried and Charles C.Y. Wang