Jianfeng Shen

Associate Professor of Finance
Associate Professor

For more details, please click here: CV.

I am an associate professor of finance at the UNSW Business School. My research expertise is in the empirical asset pricing area. One common theme in my research is how various market participants process different types of information, interact with each other, and consequently affect the formation of asset prices. My work covers topics including the time-series and cross-sectional patterns in asset returns, and the behaviors and roles in capital markets of financial intermediaries (e.g., analysts, delegated asset managers, and news media). I received BA in Economics from Zhejiang University and PhD in Finance from National University of Singapore.

Journal articles
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Parwada J; Rui Y; Shen J, 2021, 'Financial Transaction Tax and Market Quality: Evidence from France', International Review of Finance, http://dx.doi.org/10.1111/irfi.12342
2021
Ding N; Parwada J; Shen J; Zhou S, 2020, 'When Does a Stock Boycott Work? Evidence from a Clinical Study of the Sudan Divestment Campaign', Journal of Business Ethics, vol. 163, pp. 507 - 527, http://dx.doi.org/10.1007/s10551-018-4021-0
2020
Gao P; Parsons C; Shen J, 2018, 'The global relation between financial distress and equity returns', The Review of Financial Studies, vol. 31, pp. 239 - 277, http://dx.doi.org/10.1093/rfs/hhx060
2018
Huang X; Rui Y; Shen J; Tian G, 2017, 'U.S. Class Action Lawsuits Targeting Foreign Firms: The Country Spill-over Effect', Journal of Corporate Finance, vol. 45, pp. 378 - 400, http://dx.doi.org/10.1016/j.jcorpfin.2017.05.011
2017
Ning D; Parwada J; Shen J, 2017, 'Information sharing within the networks of delegated portfolio managers: Evidence from plan sponsors and their sub-advisors', Journal of Behavioral Finance, vol. 18, pp. 99 - 113, http://dx.doi.org/10.1080/15427560.2016.1238369
2017
Hameed A; Morck R; Shen J; Yeung B, 2015, 'Information, Analysts, and Stock Return Comovement', The Review of Financial Studies, vol. 28, pp. 3153 - 3187, http://dx.doi.org/10.1093/rfs/hhv042
2015
He W; Shen J, 2014, 'Do foreign investors improve informational efficiency of stock prices? Evidence from Japan', Pacific-Basin Finance Journal, vol. 27, pp. 32 - 48, http://dx.doi.org/10.1016/j.pacfin.2014.01.005
2014
Sankaraguruswarmy S; Shen J; Yamada T, 2013, 'The relationship between the frequency of news release and the information asymmetry: The role of uniformed trading', Journal of Banking and Finance, vol. 37, pp. 4134 - 4143, http://dx.doi.org/10.1016/j.jbankfin.2013.07.026
2013
Shen F; He W; Zhang B; Li D, 2013, 'Large foreign ownership and stock price informativeness around the world', Journal of International Money and Finance, vol. 36, pp. 211 - 230, http://dx.doi.org/10.1016/j.jimonfin.2013.04.002
2013
He W; Shen J, 2010, 'Investor extrapolation and expected returns', Journal of Behavioral Finance, vol. 11, pp. 150 - 160, http://dx.doi.org/10.1080/15427560.2010.507164
2010
Conference Presentations
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Parwada J; Shen J; Siaw K, 2016, 'The Value of institutional brokerage relationships: Evidence from the collapse of Lehman Brothers', presented at 2016 European Finance Association annual meeting, Oslo, Norway, 17 August 2016 - 20 August 2016
2016
Parwada J; Rui Y; Shen J, 2016, 'Are hedge funds more skilled than other institutional investors? Evidence from their use of insider trading information', presented at 2016 China International Conference in Finance, Xiamen, China, 07 July 2016 - 10 July 2016
2016
Da Z; Jagannathan R; Shen J, 2015, 'Growth expectations, dividend yields, and future stock returns', presented at 2015 Finance Down Under Conference, University of Melbourne, Melbourne, VIC, Australia, 05 March 2015 - 07 March 2015
2015
Da Z; Jagannathan R; Shen J, 2015, 'Growth expectations, dividend yields, and future stock returns', presented at 2015 China International Conference in Finance, 09 July 2015 - 12 July 2015
2015
Da Z; Jagannathan R; Shen J, 2015, 'Investor optimism, sales fixation and firm life cycle', presented at 2015 China International Conference in Finance, Shenzhen, China, 09 July 2015 - 12 July 2015
2015
Gao P; Shen J; Parsons C, 2013, 'The global relation between financial distress and equity returns', presented at 6th McGill Global Asset Management Conference, Montreal, Canada
2013
Da Z; Jagannathan R; Shen J, 2012, 'Investor optimism, sales fixation and firm life cycle', presented at 2012 Queen’s Annual Behavioural Finance Conference, Kingston, Canada, 11 May 2012 - 12 May 2012
2012
Hameed A; Morck R; Shen J; Yeung B, 2011, 'Information, Analysts, and Stock Return Comovement', presented at 2011 American Finance Association Annaul Meeting, Denver, United States, 07 January 2011 - 09 January 2011, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1569198
2011
Sankaraguruswamy S; Shen J; Yamada T, 2007, 'The relationship between the frequency of news release and the information asymmetry: The role of uninformed trading', presented at 2007 China International Conference in Finance, Chengdu, China, 09 July 2007 - 13 July 2007
2007
Sankaraguruswamy S; Shen J; Yamada T, 2006, 'Impact of firm-specific public information on the relation between prices and trading', presented at 2006 European Finance Association annual conference, Zurich, Switzerland, 23 August 2006 - 26 August 2006
2006
Preprints
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Sankaraguruswamy S; Shen J; Yamada T, Impact of Firm-Specific Public Information on the Relation between Prices and Trading, http://dx.doi.org/10.2139/ssrn.889860
Sankaraguruswamy S; Shen J; Yamada T, The Relationship between the Frequency of News Release and the Information Asymmetry: The Role of Informed Trading and Uninformed Trading, http://dx.doi.org/10.2139/ssrn.1100763
Hameed A; Morck RK; Shen J; Yeung BY, Information, Analysts, and Stock Return Co-movement, http://dx.doi.org/10.2139/ssrn.1569198
He W; Shen J, Do Foreign Investors Improve Informational Efficiency of Stock Prices? Evidence from Japan, http://dx.doi.org/10.2139/ssrn.2077334
Gao P; Parsons CA; Shen J, The Global Relation between Financial Distress and Equity Returns, http://dx.doi.org/10.2139/ssrn.2086475
Da Z; Jagannathan R; Shen J, Growth versus Margin and Castles in the Air: Evidence from Industry IPO Waves, http://dx.doi.org/10.2139/ssrn.2175396
Huang X; Shen J; Tian GY, U.S. Class Action Lawsuits Targeting Foreign Firms: The Spill-Over Effect, http://dx.doi.org/10.2139/ssrn.2428334
Da Z; Jagannathan R; Shen J, Growth Expectations, Dividend Yields, and Future Stock Returns, http://dx.doi.org/10.2139/ssrn.2516040
Shen J; Zhang H; Zhang W, Credit Rating and Stock Return Comovement, http://dx.doi.org/10.2139/ssrn.3801282
Parwada JT; Rui Y; Shen J, Hedge Fund Ownership, Funding Liquidity Constraints and Excess Return Co-Movement, http://dx.doi.org/10.2139/ssrn.2835273
Parwada JTM; Shen JM; Siaw KM; Tan EKMM, The Value of Institutional Brokerage Relationships: Evidence from the Collapse of Lehman Brothers, http://dx.doi.org/10.2139/ssrn.3101959
Ding N; Parwada JT; Shen J, When Does a Stock Boycott Work? Evidence from a Clinical Study of the Sudan Divestment Campaign, http://dx.doi.org/10.2139/ssrn.2469575
Foroughi P; Rui Y; Parwada JT; Shen J, Are Hedge Funds More Skilled than Other Institutional Investors? Evidence from Their Use of Insider Trading Information, http://dx.doi.org/10.2139/ssrn.3488875

Empirical asset pricing; Financial intermediaries; International financial markets

  • FINS2624 Portfolio Management
  • FINS3630 Bank Financial Management
  • FINS4774 Empirical Asset Pricing
  • FINS5517 Applied Portfolio Management and Modelling
  • FINS5530 Financial Institution Management
  • FINS5574 Empirical Asset Pricing