Scholar Profiles
Hao Wang
2003 - 2004 University Scholar
Mentor: Jay Ritter
Warrington College of Business
"Working with my mentor, Dr. Jay Ritter, is the culmination of my college career. I have learned immensely from him how top-notch research should be conducted. He has taught me to appreciate how beautiful the world of finance is and how fascinating research can be. I am determined to follow in his footsteps and establish myself as a serious researcher in finance."
Hao is a senior with a triple major in economics, mathematics, and statistics. His research interests include corporate finance, market microstructure, and financial development. Hao has been on the president’s honor roll every semester he has been at UF, and he is a member of Golden Key International Honors Society and the Undergraduate Economics Society.
Research Description:
Looking into the Bad News: The Market Reactions Following Downgrades from Analysts
In this project, I look at analyst recommendations (particularly the downgrades) within the one year window after IPOs, categorize the reasons for downgrades and test whether there is a different market return for different reasons of downgrades. I expect to find that with bad news such as shortfalls in earning announcements and engaging in lawsuit will have a greater negative impact on market return, compared to downgrades that are just the opinions of the analysts. I will also compare the differences across industries and explain the discrepancies, if there are any.
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