AREAS OF INTEREST Law and economics, corporate governance, corporate finance, behavioral finance

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1 Tracy Yue Wang Carlson School of Management, th Avenue South, Minneapolis MN Tel: Fax: umn.edu EDUCATION Robert H. Smith School of Business, University of Maryland, College Park Ph.D., Finance Ohio State University 2000 M.A., Economics Renmin University of China 1998 B.A., International Finance PROFESSIONAL POSITION HELD Carlson School of Management, University of Minnesota Assistant Professor of Finance Associate Professor of Finance now Securities and Exchange Commission Expert Consultant AREAS OF INTEREST Law and economics, corporate governance, corporate finance, behavioral finance PUBLICATIONS How Management Risk Affects Corporate Debt, (with Yihui Pan and Michael Weisbach). Review of Financial Studies forthcoming. Corporate Risk Culture, (with Yihui Pan and Stephan Siegel). Journal of Financial and Quantitative Analysis forthcoming. --- Best Paper Award, 2016 China International Conference in Finance CEO Investment Cycles, (with Yihui Pan and Michael Weisbach). Review of Financial Studies 29, Featured in NBER Digest March 2014 issue. Corporate Scandals and Household Stock Market Participation, (with Mariassunta Gianneti). Journal of Finance 71, Cited in Keynote address by SEC Commissioner Kara M. Stein in May 2014, featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation and London School of Economics Business Review. Learning of CEO Ability and Stock Return Volatility, (with Yihui Pan and Michael Weisbach). Review of Financial Studies 28,

2 Tolerance for Failure and Corporate Innovation, (with Xuan Tian). Review of Financial Studies 27, Featured in the MIT Management Review, cited and discussed in the textbook Venture Capital and the Finance of Innovation by Andrew Metrick and Ayako Yasuda. Corporate Political Donation: Investment or Agency? (with Rajesh Aggarwal and Felix Meschke). Business and Politics, April Featured in Financial Times, cited and discussed by the Securities Exchange Commission on disclosure of corporate political spending petition for rulemaking in 2011, California State Treasurer s letter to CalPERS investment committee in 2011, Institutional Shareholder Services comments on proposed 2012 proxy voting policy for political spending proposals, International Corporate Governance Network s statement and guidance on political lobbying and donations Research award, Modern Capital Markets Academic Conference: 2008, Yale University. Investor Overconfidence and the Forward Premium Puzzle, (with Craig Burnside, Bing Han and David Hirshleifer). Review of Economic Studies 78, Corporate Securities Fraud: Insights from a New Empirical Framework, Journal of Law, Economics and Organization 29 (3), Corporate Fraud and Business Conditions: Evidence from IPOs, (with Andrew Winton and Xiaoyun Yu). Journal of Finance 65, Best Paper Award, 2016 China International Conference in Finance Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistration, (with Christian Leuz and Alexander Triantis). Journal of Accounting and Economics 45 (2008), Featured in Wall Street Journal, New York Times, Business Week, cited and discussed in multiple Securities Exchange Commission reports, General Accounting Office reports, and Small Business Administration reports on the effect of the Sarbanes-Oxley Act. Corporate Financial Distress and Bankruptcy: A Survey, (with Lemma Senbent). Foundations and Trends in Finance, Vol. 5, No. 4 (2010) Editor: Franklin Allen. Publisher: Now Publishers. --- Cited by ABI Commission in Study the Reform of Chapter 11. WORKING PAPERS Skilled Labor Risk and Compensation Policies, (with Yue Qiu). March The Cultural Origin of CEO Preferences: Evidence from Corporate Mergers and Acquisitions, (with Yihui Pan and Stephan Siegel). November Industry Informational Interactions and Corporate Fraud, (with Andrew Winton). January TEACHING EXPERIENCE

3 Carlson School of Management, University of Minnesota, Twin City 9/ present Undergraduate elective in Corporate Finance MBA elective in Corporate Finance MSF Fundamentals of Corporate Finance III Nominated as the Teacher of the Year by Carlson undergraduate students in 2009 Robert H. Smith School of Business, University of Maryland, College Park 9/2002 5/2005 Undergraduate elective in Futures and Options Krowe Award for Teaching Excellence, University of Maryland, March 2004 CONFERENCE PRESENTATIONS Year 2017: 2017 Western Finance Association Annual Meeting: June 2017 Skilled Labor Risk and Compensation Policies 2017 FIRS Conference on Banking, Corporate Finance and Intermediation: June 2017 Skilled Labor Risk and Compensation Policies Year 2016: The Ackerman Conference on Corporate Governance: December China International Conference in Finance: July FSU Suntrust Beach Conference: April American Finance Association Meeting: January American Economics Association Meeting: January 2016 The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Investment Year 2015: 2015 Conference on Financial Economics and Accounting: November 2015 Management Risk and Cost of Borrowing 2015 European Finance Association Annual Meeting: August Indian School of Business Summer Research Conference: July Western Finance Association Annual Meeting: June 2015 Management Risk and Cost of Borrowing NBER Culture and Economics Meeting: April 2015 The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Investment Year 2014: NBER Behavioral Finance Meeting: November 2014 The Cultural Origin of Preferences: CEO Cultural Heritage and Corporate Investment

4 2014 Red Rock Finance Conference: September European Finance Association Annual Meeting: August Western Financial Association Annual Meeting: June th FIRS Conference on Banking, Corporate Finance and Intermediation: June SFS Finance Cavalcade: May Minnesota Corporate Finance Conference: May 2014 Conference on Household Behavior in Risky Asset Markets at HBS: March 2014 NBER Law and Economics Spring Meeting: February 2014 ASU Sonoran Winter Conference: February American Finance Association Annual Meeting: January 2014 Year 2013: Fourth Miami Behavioral Finance Conference: December th Conference on Financial Economics and Accounting: November 2013 Fraud and Misconduct Conference at University of California, Berkeley: October European Finance Association Annual Meeting: August China International Conference in Finance: July 2013 NBER Corporate Finance Summer Meeting: July 2013 European Winter Finance Conference (Skinance Conference): March 2013 Competition and Corporate Fraud American Economics Association Annual Meeting: January 2013 Competition and Corporate Fraud Year 2012: 23 rd Conference on Financial Economics and Accounting: November 2012 Competition and Corporate Fraud 7 th Conference on Empirical Legal Studies: November 2012

5 Competition and Corporate Fraud Financial Management Association Annual Meeting: October 2012 First Year in Office: How do New CEOs Create Value? 7th FIRS Conference on Banking, Corporate Finance and Intermediation: June 2012 First Year in Office: How do New CEOs Create Value? 2nd Minnesota Corporate Finance Conference: May 2012 First Year in Office: How do New CEOs Create Value? CFA-FAJ-Schulich Conference on Fraud, Ethics and Regulation: April 2012 Competition and Corporate Fraud Waves American Finance Association Annual Meeting: January 2012 Year 2011: European Finance Association Annual Meeting: August 2011 Competition and Corporate Fraud Waves 6th FIRS Conference on Banking, Corporate Finance and Intermediation: June 2011 Competition and Corporate Fraud Waves 2011 American Economics Association Annual Meeting: January 2011 Year 2010: 2010 Conference on Empirical Legal Studies (Yale Law School): November 2010 The Effect of Dividend Taxation on Corporate Investment: An Empirical Analysis 2010 Financial Management Association Annual Meeting: October China International Conference in Finance: July 2010 Conference on People & Money at DePaul University: June 2010 Entrepreneurial Finance & Innovation Conference (by RFS and Kaufman Foundation): June 2010 The 2 nd ESSEC Private Equity Conference: June th FIRS Conference on Banking, Corporate Finance and Intermediation: June Napa Conference on Financial Markets: April 2010 The SunTrust Bank Spring Beach Conference at Florida State University: April American Finance Association Annual Meeting: January 2010 Personal Income Taxes and Corporate Investment Year 2009: NBER Entrepreneurship 2009 Winter Group Meeting: December th Anniversary Conference on Financial Economics and Accounting: November 2009

6 Personal Income Taxes and Corporate Investment 6 th Wash-U Annual Conference on Corporate Finance: November th Annual Early-Career Women in Finance Conference: June Western Finance Association Annual Meeting: June 2009 Investor Overconfidence and the Forward Discount Puzzle 4th FIRS Conference on Banking, Corporate Finance and Intermediation: May 2009 Personal Income Taxes and Corporate Investment 2009 American Law and Economics Association Annual meeting: May Napa Conference on Financial Markets: April 2009 Year 2008: Modern Capital Markets Academic Conference (Yale University): November European Finance Association Annual Meeting: August European Summer Symposium in Financial Markets in Gerzensee Switzerland: July 2008 The Effect of Dividend Taxation on Corporate Investment: Old Debate, New Evidence 2008 China International Conference in Finance: July Western Finance Association Annual Meeting: June rd FIRS Conference on Banking, Corporate Finance and Intermediation: June 2008 Year 2007: 4 th Wash-U Annual Conference on Corporate Finance: November st Singapore International Conference on Finance: July China International Conference in Finance: July 2007 Investor Overconfidence and the Forward Discount Puzzle 2007 Asian Finance Association Annual Meeting: July Midwest Finance Association Annual Meeting (Emerging Scholars Session): March 2007 Year 2006: 2006 Journal of Accounting and Economics Conference: October 2006

7 Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistration 2006 Western Finance Association Annual Meeting: June 2006 Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistration 30 th Anniversary of the Journal of Banking and Finance Conference: June nd FIRS Conference on Banking, Corporate Finance and Intermediation: June American Finance Association Annual Meeting: January 2006 Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistration Year 2005: Conference on Financial Economics and Accounting: November 2005 SELECTED MEDIA COVERAGE OF RESARCH Slate Magazine (6/2014) Financial Times (6/4/2012) Agenda Magazine (4/2012) MinnPost.com (3/8/2010) Brennan Center for justice at New York University School of Law Report on Corporate Campaign Spending (2/2010) Harvard Law School Forum on Corporate Governance and Financial Regulation (2/2010) MinnPost.com (12/16/2009) MIT Management Review (10/2009) Business Week (10/22/2009) Fox 9 News (9/3/2008) CFO.com (3/4/2008) Star Tribune (11/24/2007) Financial Times (12/16/05) Board Alert (February 2005) Traders Magazine (1/03/2005) International Herald Tribune (1/25/2005; 1/26/2005) New York Times (1/23/2005) Legal Week (1/20/2005) Asian Wall Street Journal (12/20/2004) Wall Street Journal (12/15/2004; 12/17/2004) Baltimore Sun (12/14/2004) Forbes (12/13/2004) Chicago Tribune (12/13/2004) L.A. Times (12/13/2004) Securities Week (11/29/2004)