Yajing (Stella) Wang

Yajing (Stella) Wang

School of Accounting and Finance
The Hong Kong Polytechnic University
Ph.D. Candidate in Finance
yajing-stella.wang@connect.polyu.hk

I am a fourth-year Ph.D. Candidate in Finance at the School of Accounting and Finance, The Hong Kong Polytechnic University.

My research interests include corporate finance, focusing on innovation and climate finance, as well as asset pricing, with an emphasis on derivatives and cryptocurrency.

Research Interests

Corporate Finance: Innovation, Climate Finance

Asset Pricing: Derivatives, Cryptocurrency

My CV SSRN

Education

Ph.D. in Finance

The Hong Kong Polytechnic University, September 2022 — present

Supervisor: Jie Cao, Professor, Hong Kong Polytechnic University School of Accounting & Finance

Co-Supervisor: Xintong Zhan, Li-Dasan Chair Professor, Fudan University School of Management


Visiting student, Johns Hopkins University, February 2026 — present

Supervisor: Zhaogang Song, R. Clayton Emory Chair of Real Estate and Infrastructure, Professor of Finance, Johns Hopkins University

M.S. in Finance

University of International Business and Economics, September 2017 — June 2020

Supervisor: Weixing Wu, President, Capital University of Economics and Business

Co-Supervisor: Zhuo Huang, Deputy Dean, Peking University National School of Development

BEc in Finance

Shandong University, September 2013 — June 2017

Working Papers

Climate Change and Green Technology: Evidence from Patent Examiners

with Jie Cao, Tao Shu, Xuan Tian, and Xintong Zhan
Abstract: This paper investigates the influence of climate change on green innovation by studying U.S. patent examiners. We leverage local climatic disasters as exogenous shocks to examiners’ climate change beliefs and find that exposed examiners grant more green patents of higher quality. The higher quality stems from increased efforts by examiners. This “greening” of gatekeepers has real economic effects, as these patents are associated with greater corporate carbon emissions reductions and improved firm performance. Our findings highlight that climate change can significantly influence the advancement of green technologies by shifting the attitudes and efforts of individuals toward green innovation.
Best Paper in ESG and Sustainability, The 37th Australian Finance & Banking Conference, Sydney, 2024
CICF (2026), AEA Poster (2025), SFS Cavalcade Asia Pacific (2025)

The Options Market Pricing of Workforce Risk

with Jie Cao, Amit Goyal, Xintong Zhan, and Weiming Zhang
Abstract: We investigate whether firms’ workforce risk is priced in the options market. Using the U.S. opioid crisis as an exogenous shock to human capital, we show that firms with higher workforce uncertainty have higher option-implied downside risk. We exploit a natural experiment and establish causal effects using various difference-in-differences methods. The effects are stronger for firms that are labor-intensive, in low-labor-supply regions, with higher investor attention to labor issues, and without hedging activities. Overall, our findings identify workforce uncertainty as a novel determinant of downside risk, highlighting the important role of human capital in firm risk management and option pricing.
WFA (2026), CICF (2026), AFA Poster (2025), Finance Down Under (2025), FMA Conference on Derivatives & Volatility (2025)

Bitcoin Option and Stock Return Predictability

with Jie Cao, Gang Li, and Xintong Zhan
Abstract: This paper studies the interconnections between cryptocurrency and traditional financial markets. We find a novel and surprising predictive relationship between the Bitcoin options market and stock market returns in time series. The implied volatility smirk measure (VSBTC), defined as the difference in the implied volatilities of out-of-the-money and at-the-money Bitcoin options, serves as a strong and robust predictor of future U.S. stock market excess returns from days to weeks. The cross-market return predictability also applies to international stock markets and the U.S. corporate bond markets. We further explore and suggest some economic mechanisms that drive such a relationship.
Best Ph.D. Paper in the 9th China Derivatives Youth Forum, Hangzhou, 2025
CICF (2026)

Teaching Experience

Tutorial Instructor

School of Accounting and Finance, The Hong Kong Polytechnic University

AF3313 (Undergraduate): Business Finance, Fall 2025

AF4513 (Undergraduate): Corporate Social Responsibility, Fall 2024

AF3313 (Undergraduate): Business Finance, Fall 2023

Teaching Assistant

School of Accounting and Finance, The Hong Kong Polytechnic University

AF6305 (Ph.D.): Asset Pricing and Investment Research, Fall 2023, Fall 2024

AF6306 (Ph.D.): Contemporary Issues in Empirical Finance, Fall 2024

AF5373 (Master): ESG Investment and Green Finance, Spring 2023

Presentation

Selected presentations (*by coauthor)


  • Western Finance Association Annual Meeting (WFA), 2026, Denver, U.S. (Scheduled)
  • China International Conference in Finance (CICF), 2026, Hong Kong (Scheduled)
  • Johns Hopkins University, 2026, Washington D.C., U.S.
  • The 20th Conference on Asia-Pacific Financial Markets (CAFM), 2025, Seoul, South Korea
  • SFS Cavalcade Asia-Pacific, 2025, Beijing, China
  • The 9th China Derivatives Youth Forum, 2025, Hangzhou, China
  • FMA Conference on Derivatives & Volatility*, 2025, Chicago, U.S.
  • Massey Sustainable Finance Conference, 2025, Nanjing, China
  • Symposium on Financial Markets in the Era of Climate Change*, 2025, Madrid, Spain
  • Global Entrepreneurship and Innovation Research Conference, 2025, Taibei, Taiwan
  • Fudan University*, 2025, Shanghai, China
  • Seoul National University/ Korea University/ Sungkyunkwan University*, 2025, Seoul, South Korea
  • Renmin University/ University of International Business and Economics*, 2025, Beijing, China
  • Chinese University of Hong Kong-Shenzhen*, 2025, Shenzhen, China
  • Australian National University/ Deakin University*, 2025, Canberra, Australia
  • Finance Down Under Conference*, 2025, Melbourne, Australia
  • American Finance Association (AFA) PhD Student Poster Session, 2025, San Francisco, U.S.
  • American Economic Association (AEA) PhD Student Poster Session 2025, San Francisco, U.S.
  • Chinese University of Hong Kong*, 2024, Hong Kong
  • The 37th Australasian Finance and Banking Conference (AFBC), 2024, Sydney, Australia
  • The University of Sydney Business Financing and Banking Annual Workshop, 2024, Sydney, Australia
  • Research in Behavioral Finance Conference (RBFC), 2024, Amsterdam, Netherlands
  • Indonesian Financial Management Association International Conference (IFMA), 2024, Bali, Indonesia
  • Tsinghua University*, 2024, Beijing, China (Online)
  • “Climate Finance and E. S. and G: Shaping a Sustainable Future” Conference (Poster Session), 2024, New York, U.S.
  • The Hong Kong Polytechnic University, 2023, Hong Kong