• Wang Kemin

    Professor

    Finance

    Add: Guoshun Road Siyuan Building Room 204, Siyuan Building

    Tel: 25011091(TEL)

    E-mail: wangkm@fudan.edu.cn

    Research Field: Chinese Economics,Capital Market, Corporate Finance, Empirical Accounting, M&A

    Website:

    Teacher information
    Achievements in scientific research
    Academic activities and community service

    Journal Papers


    1.Yang He, Xin Pang, and Kemin Wang2025Managerial incentives and trade credit: Evidence from China's EVA appraisal reform among CSOEsJournal of Corporate Finance 94 1-26.  



    2.Haohan Ren, Kemin Wang, Bohui Zhang, and Fan Zhang2025Pandemics and household cash withdrawals: Evidence from transaction data on hundreds of millions of bank cardsFinancial Management forthcoming 1-24.  



    3.Qiong Wang, Huajie Wang, and Kemin Wang2024Making outside directors inside: Independent directors’ corporate site visits and real earnings managementThe British Accounting Review 56(6, Part A) 1-31.  



    4.Xin Pang, Kemin Wang, and Lin Zhou2024When they say ‘not affected’, what do they mean? Evidence from trade disputesPacific-Basin Finance Journal 84 1-21.  



    5.Kemin Wang, Xiaoyun Yu, and Bohui Zhang2023Panda games: Corporate disclosure in the eclipse of searchManagement Science 69(6) 3263-3284.  



    6.Kemin Wang, Guanglong Zhang, and Lin Zhou2023Managerial disposition effect: Evidence from ChinaPacific-Basin Finance Journal 78 1-20.  



    7.Dongdong Li, Haijie Huang, and Kemin Wang2023Information technology infrastructure and earnings management strategy: evidence from a quasi-natural experimentChina Journal of Accounting Studies 11(1) 108–133.  



    8.Qiong Wang, Edward Lee, Kemin Wang, and Xin Zhang2022The effect of government industrial policies on corporate accounting conservatismJournal of Accounting and Public Policy 41(5) 1-23.  



    9.Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, and Yi Zhou2022Insider sales under the threat of short sellers: new hypothesis and new testsThe Accounting Review 97(2) 427–451.  



    10.Qiong Wang and Kemin Wang2021Does high-speed rail stimulate shareholder activism by small investors in China?China Journal of Accounting Studies 9(3) 408–431.  



    11.Dongdong Li, Fan Shi, and Kemin Wang2020China-US trade dispute investigations and corporate earnings management strategyChina Journal of Accounting Research 13(4) 339-359.  



    12.Jeong-Bon Kim, Xiaoxi Li, Yan Luo, and Kemin Wang2020Foreign investors, external monitoring, and stock price crash riskJournal of Accounting, Auditing & Finance 35(4) 829-853.  



    13.Han Xiao and Kemin Wang2020Does environmental labeling exacerbate heavily polluting firms’ financial constraints? Evidence from ChinaChina Journal of Accounting Research 13 147-174.  



    14.Xiaoxi Li, Jing Liu, and Kemin Wang2019Pledgee competition, strategic disclosure, and future crash riskChina Journal of Accounting Research 12(3) 271-291.  



    15.Bo Liu and Kemin Wang2019Uncertainty of political subsidy, heterogeneous beliefs, and IPO anomaliesReview of Quantitative Finance and Accounting 52(4) 923–951.  



    16.Changjiang Lyu, Kemin Wang, Frank Zhang, and Xin Zhang2018GDP management to meet or beat growth targetsJournal of Accounting & Economics 66(1) 318-338.  



    17.Bo Liu and Kemin Wang2015The employees’ self-interest and the underwriter reputation effectsChina Finance Review International 5(3) 236-257.  



    18.Xingyun Dai, Sicong Dai and Kemin Wang2013Exercise price regulation and the timing of ESO reports: evidence from ChinaChina Finance Review International 3(3) 264-283.  



    19.Haiwei Chen, James Chong, Changjiang Lu, Kemin Wang2008The Effectiveness of Regulatory Policy Changes on the Volatility Dynamics of the Chinese Stock MarketsThe Chinese Economy vol.41(2) 5-23.  



    20.LV Changjiang, WANG Kemin, CHEN Haiwei and James Chong2007Integrating A-and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market EfficiencyReview of pacific basin financial markets and policies v.10.n.3 309-329.  



    21.Qiong Wang, Huajie Wang, and Kemin Wang2024Downstream industrial policy and customer information disclosure: Evidence from industrial policy spillover effectAccounting Research (4) 165-177(in Chinese) 



    22.Yuanxing Wan, Kemin Wang, Renyangyang Wen, and Anqi Wu2023R&D Manipulation and Audit FeesAuditing Research (2) 99-111(in Chinese) 



    23.Xin Pang and Kemin Wang2020The motivations and effects of local SOEs' holding of commercial banksEconomic Theory and Business Management (9) 88-101(in Chinese) 



    24.Qiong Wang, Dongdong Li, and Kemin Wang2020Transport infrastructure and corporate cash holding: perspectives from market competition and investment opportunitiesAccounting Research (4) 88-99(in Chinese) 



    25.Kemin Wang, Huajie Wang, Dongdong Li, and Xingyun Dai2018Complexity of annual report and management self-interest: empirical evidence from Chinese listed firmsManagement World 34(12) 120-132(in Chinese) 



    26.Huajie Wang and Kemin Wang2018Accrual management and tone managementAccounting Research (4) 45-51(in Chinese) 



    27.Linrong Chen, Yizheng Qiu, and Kemin Wang2018A research on the R&D expenditure behaviors during implementation of the stock option incentive schemeScience Research Management 39(2) 86-93(in Chinese) 



    28.Jing Liu and Kemin Wang2018Peer effect on corporate R&D: Evidence from ChinaEconomic Theory and Business Management (1) 21-32(in Chinese) 



    29.Kemin Wang, Jing Liu, and Xiaoxi Li2017Industrial policy, government support and corporate investment efficiencyManagement World (3) 113-124(in Chinese) 



    30.Jing Liu, Xiaoxi Li, Xiaowei Weng, and Kemin Wang2016Family founder's work experiences and corporate risk-takingEconomic Theory and Business Management (8) 33-46(in Chinese) 



    31.Xiaoxi Li, Jing Liu, and Kemin Wang2016On family firm founders' work experiences and corporate financial conservatismJournal of Finance and Economics 42(4) 92-101(in Chinese) 



    32.Kemin Wang, Guochao Yang, Jing Liu, and Xiaoxi Li2015A study on the scrambling for IPO resources, the government subsidies and the performances of the firmManagement World (9) 147-157(in Chinese) 



    33.Xiaoxi Li, Jing Liu, and Kemin Wang2015Classification shifting and core earnings anomaly of seasoned equity offeringsAccounting Research (7) 26-33(in Chinese) 



    34.Kemin Wang and Bo Liu2014A study on the transfer of the corporate control tight, and earnings managementManagement World (7) 144-156(in Chinese) 



    35.Wang, Kemin and Bo Liu2012SEO performance threshold and earnings managementManagement World (8) 30-42(in Chinese) 



    36.Wang, Kemin and Peng Lian2012The regulation on IPO earnings forecasts and earnings management of listed companiesAccounting Research (3) 72-77(in Chinese) 



    37.Kemin Wang, Peng Lian2010Does Sponsor Institution Improve Earnings Quality of IPO Firms?Management World (8) 21-34,43(in Chinese) 



    38.Kemin Wang, Meiguang Ji, Wei Li2009Corporate Transparency and Expropriation by Large ShareholdersNankai Businesss Review Vol.12(4) 83-91(in Chinese) 



    39.Peng Lian, Kemin Wang2009Review of Corporate Insider TradeContemporary Economic Research Vol.165(5) 69-72(in Chinese) 



    40.Kemin Wang, Peng Lian, Yang Xiang2009The “Origin” of Listed Companies and Earnings QualityChina Accounting Review Vol.7(1) 3-28(in Chinese) 



    41.WANG Kemin, WANG Zhichao2007Manager Power, Compensation and Earnings Management--Evidence from Listed Companies in ChinaManagement World (7) 111-119(in Chinese) 



    42.WANG Kemin, JI Meiguang, ZHAO Mo2006Macroeconomic Environment, Corporate Governance and Financial DistressResearch on Economics and Management (9) 18-25(in Chinese) 



    43.WANG Kemin, JI Meiguang2006Corporate Financial Warning Forecasting: Based on the Analysis of Financial vs. Non-financial Measures of Loss FirmJournal of Finance and Economics vol.32(7) 63-72(in Chinese) 



    44.WANG Kemin, ZHAO Yuheng2006Empirical Study on Efficiency in China's Capital MarketInvestment Research (6) 40-43(in Chinese) 



    45.WANG Kemin, LUO Yanmei2006Corporate External Guaranty and Financial DistressJilin University Journal of Social Science 5 (5) 106-113(in Chinese) 



    46.WANG Kemin, LUO Yanmei2006Market Response of Corporate External Guaranty ReleaseChina Management Studies v.1(1) 43-62(in Chinese) 



    47.WANG Kemin, DU Xiaoyu2005Discussion of Corporate Governance and Management Earnings ForecastChina Accounting Review vol.3(2) 355-360(in Chinese) 



    48.WANG Kemin, CHEN Jingyong2004Ownership Structure, Investor Protection and Corporate PerformanceManagement World (7) 127-133,148(in Chinese) 



    49.LV Changjiang, WANG Kemin2002Interaction Mechanism among Corporate Capital Structure, Dividend Policy and Managerial OwnershipAccounting Research (3) 39-48(in Chinese) 



    50.LV Changjiang, WANG Kemin1999Empirical Analysis of Dividend Policy of Listed CompaniesEconomic Research Journal (12) 31-39(in Chinese) 


    Papers in Books

    Wang, Kemin and Jian Zhang.Chinese listed company's internal governance structure, ownership structure and financial distress.In .Quantitative Economics in the 21st Century (V).成都,2005

    Wang, Kemin and Lina Zhang.Financial leverage effect analysis of listed companies in China.In .Quantitative Economics in the 21st Century (IV).湖南,2004

    Teaching Materials, etc.

    LV Changjiang, WANG Kemin, HAN Huibo and ZHAO Yan2004Financial ManagementNankai University PressTianjin(in Chinese)

    Research Projects

    2025.01—2029.12Principal InvestigatorResearch On High-Quality Development of Capital Market Driven by Artificial IntelligenceNational Natural Science Foundation of China

    2024.01—2027.12Principal InvestigatorDisclosure, Investment, and financing in supply chains under economic policy uncertaintyNational Natural Science Foundation of China

    2022.07—2022.12Principal InvestigatorOpportunities and Challenges for China from the Evolution of the International Monetary SystemNational Development and Reform Commission

    2020.01—2023.12Principal InvestigatorChina-US Trade Disputes and Corporate Information Disclosure StrategyNational Natural Science Foundation of China

    2016.01—2019.12Principal InvestigatorThe Secret Trading Strategy of Informed Traders in Response to Security RegulationsNational Natural Science Foundation of China

    2013.01—2016.12Principal InvestigatorNegotiated Stock Transactions Premiums, Target Firm's Earnings Management and PerformanceNational Natural Science Foundation of China

    2009.01—2011.12Principal InvestigatorTiming of Corporate Disclosures and Timing of Insider Trading: Evidence from China's Listed CompaniesNational Natural Science Foundation of China

    2008.09—2010.06Principal InvestigatorManagement Earnings Forecasts and Insider Trading: Evidence from China's Listed CompaniesShanghai Philosophy and Social Science

    2006.12—2009.12Principal InvestigatorLarge Shareholder' Expropriation Behaviors - An Empirical Study on Private Listed Companies in ChinaThe Ministry of Education P.R.C

    2004.04—2006.04Principal InvestigatorInvestor Protection, Ownership Structure, and Corporate Performance of Listed CompaniesThe Ministry of Education P.R.C

    2003.01—2006.12Principal InvestigatorFinancial Forecasting Model InnovationNational Natural Science Foundation of China

    2001.12—2004.10Principal InvestigatorOwnership Structure, Investor Protection and Corporate PerformanceThe Ministry of Education P.R.C

    2000.05—2002.07Principal InvestigatorThe Study on the Restraint System to the Manager's Corruption of State-owned EnterpriseNational Natural Science Foundation of China



    Journal Papers


    1.Yang He, Xin Pang, and Kemin Wang2025Managerial incentives and trade credit: Evidence from China's EVA appraisal reform among CSOEsJournal of Corporate Finance 94 1-26.  



    2.Haohan Ren, Kemin Wang, Bohui Zhang, and Fan Zhang2025Pandemics and household cash withdrawals: Evidence from transaction data on hundreds of millions of bank cardsFinancial Management forthcoming 1-24.  



    3.Qiong Wang, Huajie Wang, and Kemin Wang2024Making outside directors inside: Independent directors’ corporate site visits and real earnings managementThe British Accounting Review 56(6, Part A) 1-31.  



    4.Xin Pang, Kemin Wang, and Lin Zhou2024When they say ‘not affected’, what do they mean? Evidence from trade disputesPacific-Basin Finance Journal 84 1-21.  



    5.Kemin Wang, Xiaoyun Yu, and Bohui Zhang2023Panda games: Corporate disclosure in the eclipse of searchManagement Science 69(6) 3263-3284.  



    6.Kemin Wang, Guanglong Zhang, and Lin Zhou2023Managerial disposition effect: Evidence from ChinaPacific-Basin Finance Journal 78 1-20.  



    7.Dongdong Li, Haijie Huang, and Kemin Wang2023Information technology infrastructure and earnings management strategy: evidence from a quasi-natural experimentChina Journal of Accounting Studies 11(1) 108–133.  



    8.Qiong Wang, Edward Lee, Kemin Wang, and Xin Zhang2022The effect of government industrial policies on corporate accounting conservatismJournal of Accounting and Public Policy 41(5) 1-23.  



    9.Kemin Wang, Rencheng Wang, K. C. John Wei, Bohui Zhang, and Yi Zhou2022Insider sales under the threat of short sellers: new hypothesis and new testsThe Accounting Review 97(2) 427–451.  



    10.Qiong Wang and Kemin Wang2021Does high-speed rail stimulate shareholder activism by small investors in China?China Journal of Accounting Studies 9(3) 408–431.  



    11.Dongdong Li, Fan Shi, and Kemin Wang2020China-US trade dispute investigations and corporate earnings management strategyChina Journal of Accounting Research 13(4) 339-359.  



    12.Jeong-Bon Kim, Xiaoxi Li, Yan Luo, and Kemin Wang2020Foreign investors, external monitoring, and stock price crash riskJournal of Accounting, Auditing & Finance 35(4) 829-853.  



    13.Han Xiao and Kemin Wang2020Does environmental labeling exacerbate heavily polluting firms’ financial constraints? Evidence from ChinaChina Journal of Accounting Research 13 147-174.  



    14.Xiaoxi Li, Jing Liu, and Kemin Wang2019Pledgee competition, strategic disclosure, and future crash riskChina Journal of Accounting Research 12(3) 271-291.  



    15.Bo Liu and Kemin Wang2019Uncertainty of political subsidy, heterogeneous beliefs, and IPO anomaliesReview of Quantitative Finance and Accounting 52(4) 923–951.  



    16.Changjiang Lyu, Kemin Wang, Frank Zhang, and Xin Zhang2018GDP management to meet or beat growth targetsJournal of Accounting & Economics 66(1) 318-338.  



    17.Bo Liu and Kemin Wang2015The employees’ self-interest and the underwriter reputation effectsChina Finance Review International 5(3) 236-257.  



    18.Xingyun Dai, Sicong Dai and Kemin Wang2013Exercise price regulation and the timing of ESO reports: evidence from ChinaChina Finance Review International 3(3) 264-283.  



    19.Haiwei Chen, James Chong, Changjiang Lu, Kemin Wang2008The Effectiveness of Regulatory Policy Changes on the Volatility Dynamics of the Chinese Stock MarketsThe Chinese Economy vol.41(2) 5-23.  



    20.LV Changjiang, WANG Kemin, CHEN Haiwei and James Chong2007Integrating A-and B-Share Markets in China: The Effects of Regulatory Policy Changes on Market EfficiencyReview of pacific basin financial markets and policies v.10.n.3 309-329.  



    21.Qiong Wang, Huajie Wang, and Kemin Wang2024Downstream industrial policy and customer information disclosure: Evidence from industrial policy spillover effectAccounting Research (4) 165-177(in Chinese) 



    22.Yuanxing Wan, Kemin Wang, Renyangyang Wen, and Anqi Wu2023R&D Manipulation and Audit FeesAuditing Research (2) 99-111(in Chinese) 



    23.Xin Pang and Kemin Wang2020The motivations and effects of local SOEs' holding of commercial banksEconomic Theory and Business Management (9) 88-101(in Chinese) 



    24.Qiong Wang, Dongdong Li, and Kemin Wang2020Transport infrastructure and corporate cash holding: perspectives from market competition and investment opportunitiesAccounting Research (4) 88-99(in Chinese) 



    25.Kemin Wang, Huajie Wang, Dongdong Li, and Xingyun Dai2018Complexity of annual report and management self-interest: empirical evidence from Chinese listed firmsManagement World 34(12) 120-132(in Chinese) 



    26.Huajie Wang and Kemin Wang2018Accrual management and tone managementAccounting Research (4) 45-51(in Chinese) 



    27.Linrong Chen, Yizheng Qiu, and Kemin Wang2018A research on the R&D expenditure behaviors during implementation of the stock option incentive schemeScience Research Management 39(2) 86-93(in Chinese) 



    28.Jing Liu and Kemin Wang2018Peer effect on corporate R&D: Evidence from ChinaEconomic Theory and Business Management (1) 21-32(in Chinese) 



    29.Kemin Wang, Jing Liu, and Xiaoxi Li2017Industrial policy, government support and corporate investment efficiencyManagement World (3) 113-124(in Chinese) 



    30.Jing Liu, Xiaoxi Li, Xiaowei Weng, and Kemin Wang2016Family founder's work experiences and corporate risk-takingEconomic Theory and Business Management (8) 33-46(in Chinese) 



    31.Xiaoxi Li, Jing Liu, and Kemin Wang2016On family firm founders' work experiences and corporate financial conservatismJournal of Finance and Economics 42(4) 92-101(in Chinese) 



    32.Kemin Wang, Guochao Yang, Jing Liu, and Xiaoxi Li2015A study on the scrambling for IPO resources, the government subsidies and the performances of the firmManagement World (9) 147-157(in Chinese) 



    33.Xiaoxi Li, Jing Liu, and Kemin Wang2015Classification shifting and core earnings anomaly of seasoned equity offeringsAccounting Research (7) 26-33(in Chinese) 



    34.Kemin Wang and Bo Liu2014A study on the transfer of the corporate control tight, and earnings managementManagement World (7) 144-156(in Chinese) 



    35.Wang, Kemin and Bo Liu2012SEO performance threshold and earnings managementManagement World (8) 30-42(in Chinese) 



    36.Wang, Kemin and Peng Lian2012The regulation on IPO earnings forecasts and earnings management of listed companiesAccounting Research (3) 72-77(in Chinese) 



    37.Kemin Wang, Peng Lian2010Does Sponsor Institution Improve Earnings Quality of IPO Firms?Management World (8) 21-34,43(in Chinese) 



    38.Kemin Wang, Meiguang Ji, Wei Li2009Corporate Transparency and Expropriation by Large ShareholdersNankai Businesss Review Vol.12(4) 83-91(in Chinese) 



    39.Peng Lian, Kemin Wang2009Review of Corporate Insider TradeContemporary Economic Research Vol.165(5) 69-72(in Chinese) 



    40.Kemin Wang, Peng Lian, Yang Xiang2009The “Origin” of Listed Companies and Earnings QualityChina Accounting Review Vol.7(1) 3-28(in Chinese) 



    41.WANG Kemin, WANG Zhichao2007Manager Power, Compensation and Earnings Management--Evidence from Listed Companies in ChinaManagement World (7) 111-119(in Chinese) 



    42.WANG Kemin, JI Meiguang, ZHAO Mo2006Macroeconomic Environment, Corporate Governance and Financial DistressResearch on Economics and Management (9) 18-25(in Chinese) 



    43.WANG Kemin, JI Meiguang2006Corporate Financial Warning Forecasting: Based on the Analysis of Financial vs. Non-financial Measures of Loss FirmJournal of Finance and Economics vol.32(7) 63-72(in Chinese) 



    44.WANG Kemin, ZHAO Yuheng2006Empirical Study on Efficiency in China's Capital MarketInvestment Research (6) 40-43(in Chinese) 



    45.WANG Kemin, LUO Yanmei2006Corporate External Guaranty and Financial DistressJilin University Journal of Social Science 5 (5) 106-113(in Chinese) 



    46.WANG Kemin, LUO Yanmei2006Market Response of Corporate External Guaranty ReleaseChina Management Studies v.1(1) 43-62(in Chinese) 



    47.WANG Kemin, DU Xiaoyu2005Discussion of Corporate Governance and Management Earnings ForecastChina Accounting Review vol.3(2) 355-360(in Chinese) 



    48.WANG Kemin, CHEN Jingyong2004Ownership Structure, Investor Protection and Corporate PerformanceManagement World (7) 127-133,148(in Chinese) 



    49.LV Changjiang, WANG Kemin2002Interaction Mechanism among Corporate Capital Structure, Dividend Policy and Managerial OwnershipAccounting Research (3) 39-48(in Chinese) 



    50.LV Changjiang, WANG Kemin1999Empirical Analysis of Dividend Policy of Listed CompaniesEconomic Research Journal (12) 31-39(in Chinese) 


    Papers in Books

    Wang, Kemin and Jian Zhang.Chinese listed company's internal governance structure, ownership structure and financial distress.In .Quantitative Economics in the 21st Century (V).成都,2005

    Wang, Kemin and Lina Zhang.Financial leverage effect analysis of listed companies in China.In .Quantitative Economics in the 21st Century (IV).湖南,2004

    Teaching Materials, etc.

    LV Changjiang, WANG Kemin, HAN Huibo and ZHAO Yan2004Financial ManagementNankai University PressTianjin(in Chinese)

    Research Projects

    2025.01—2029.12Principal InvestigatorResearch On High-Quality Development of Capital Market Driven by Artificial IntelligenceNational Natural Science Foundation of China

    2024.01—2027.12Principal InvestigatorDisclosure, Investment, and financing in supply chains under economic policy uncertaintyNational Natural Science Foundation of China

    2022.07—2022.12Principal InvestigatorOpportunities and Challenges for China from the Evolution of the International Monetary SystemNational Development and Reform Commission

    2020.01—2023.12Principal InvestigatorChina-US Trade Disputes and Corporate Information Disclosure StrategyNational Natural Science Foundation of China

    2016.01—2019.12Principal InvestigatorThe Secret Trading Strategy of Informed Traders in Response to Security RegulationsNational Natural Science Foundation of China

    2013.01—2016.12Principal InvestigatorNegotiated Stock Transactions Premiums, Target Firm's Earnings Management and PerformanceNational Natural Science Foundation of China

    2009.01—2011.12Principal InvestigatorTiming of Corporate Disclosures and Timing of Insider Trading: Evidence from China's Listed CompaniesNational Natural Science Foundation of China

    2008.09—2010.06Principal InvestigatorManagement Earnings Forecasts and Insider Trading: Evidence from China's Listed CompaniesShanghai Philosophy and Social Science

    2006.12—2009.12Principal InvestigatorLarge Shareholder' Expropriation Behaviors - An Empirical Study on Private Listed Companies in ChinaThe Ministry of Education P.R.C

    2004.04—2006.04Principal InvestigatorInvestor Protection, Ownership Structure, and Corporate Performance of Listed CompaniesThe Ministry of Education P.R.C

    2003.01—2006.12Principal InvestigatorFinancial Forecasting Model InnovationNational Natural Science Foundation of China

    2001.12—2004.10Principal InvestigatorOwnership Structure, Investor Protection and Corporate PerformanceThe Ministry of Education P.R.C

    2000.05—2002.07Principal InvestigatorThe Study on the Restraint System to the Manager's Corruption of State-owned EnterpriseNational Natural Science Foundation of China