FEI Lab Activities & Research Projects

FEI Student Research Projects

 2018-19

Patricio Aguilar, '19
Patricio Aguilar worked with Professor Matthew Delventhal on a project involving trade between Spain and the U.K. during the 19th century. Specifically, this involved transferring import and export records taken from Spanish government books into Excel.

Ahmed Bilal, '19
Ahmed Bilal worked with Professor George Batta on estimating accounting conservatism using structural modeling techniques by analyzing executive compensation at firms and doing a literature review on recent empirical studies on Credit Bubbles and International Corporate Spread data.

Shu Bin, '19
Shu Bin worked with Professor Paul Zak on a project that investigates the neuroactive hormone oxytocin's effects on consumer-brand relationship, consumers' perception of brand competence, and willingness to pay.

Linyue (Evelyn) Chen, '19
Linyue (Evelyn) Chen worked with Professor Yun Liu (KGI) to study the role of social networks in executive markets, innovation, and corporate governance. She conducts initial data analysis and literature review to analyze trends and correlations. She is also the Excel tutor in the FEI Lab.

Roma Forest, '19
Roma Forest worked on a project with Professor Eric Helland that created a database of civil court cases at the county court level. In the future, this database can be used for future research into a wide variety of litigation topics as well as assist other students with their litigation / policy research projects or theses.

Reeve Grobecker, '19
Reeve Grobecker worked with Professor Eric Helland to examine the effect of shifting cases from district courts to the SEC. In particular, the project focused on the impact of Dodd-Frank and the SEC's enhanced authority in administrative courts in regard to civil penalties.

Yutao (James) Jiang, '19
Yutao (James) Jiang is the Bloomberg tutor in the FEI Lab.

Ethan Kruz, '20
Ethan Kurz worked with Professor Eric Helland to create a “sourdough starter” dataset of all civil cases from county electronic document filing systems.

Jia Jian (Blaze) Li, '19
Jia Jian (Blaze) Li (BMGI) is the Capital IQ tutor in the FEI Lab.

William Li, '21
William LI performed literature review for research studying the effects of international diversification on firm value under Professor William Lincoln.

Jennifer Mace, '19
Jennifer Mace (BMGI) worked on a project with Professor Fan Yu to match DRD default records to corporate bond data and analyze bond trading around the time of default. She will also be using the data for her thesis to compare bond trading for firms with CDS to those without CDS around default events. 

Alexander McKenna, '20
Alexander Mckenna (BMGI) worked with Professor Julio Garin on a project titled "On the Welfare Effects of Phasing Out Paper Currency". The paper uses a quantitative model to assess the costs and benefits of currency suspension proposals around the world.

Nikolas Papageorgiou, '19
Nikolas Papageorgiou worked with Professor Eric Helland on a project that involves collecting and analyzing data on civil court cases.

Joseph Scheuer, '19
Joseph Scheuer (BMGI) worked with Professor Eric Hughson conducting research on the impact of monetary policy on United States security prices from 1926 to 1938. 

Julia Schulman ’21
Julia Schulman worked with Professor Matthew Delventhal on a project involving trade between Spain and the U.K. during the 19th century. Specifically, this involved transferring import and export records taken from Spanish government books into Excel.

Tanisha Sheth, '20
Julia Schulman worked with Professor Matthew Delventhal on a project involving trade between Spain and the U.K. during the 19th century. Specifically, this involved transferring import and export records taken from Spanish government books into Excel.

Xubin (Haven) Shi, '21
Xubin (Haven) Shi worked with Professor Richard Burdekin on a project that inspects the global financial effect of 1962 Cuba Crisis. She collected and interpreted 9 international market indices monthly data in the 1960s. She also analyzed the influence of US market on other international markets using regression and correlation tools.

Seth Taylor-Brill ’20
Seth Taylor-Brill worked with Professor Benjamin Gillen on a project concerned with testing a strategy that used subset optimization to develop portfolios that would otherwise encounter problems of dimensionality.

Win Lei Lei Tun, '19
Win Lei Lei Tun worked with Professor Eric Hughson on researching discount and interest rates in various cities in which the Federal Reserve banks and their branches are located. 

Shujie (John ) Xia, '19
Shujie (John) Xia worked with Professor Jeffery Flory on a project that examines the impact of access to financial services on reducing poverty using a field experiment data set on Malawi.

Haohan Zhang, '21
Haohan Zhang worked on a project with Professor Eric Helland that constructed a database containing all available civil case reports on a county court level. In particular, the study aims to provide evidence for any future research or independent project related to civil case litigation process.

Langning (Lorraine) Zhao, '21
Langning (Lorraine) Zhao worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

 2017-18

Yashna Batra ’20
Yashna Batra worked with Professor Darren Filson on a project that involved writing a code to download S-1 forms from the SEC website and then analyzing the text to distinguish platform-based firms from other types of firms and different types of platforms from each other.

Bhavika Booragadda ’18
Bhavika Booragadda worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Samarth Chawla ’19
Samarth Chawla ’worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Linyue (Evelyn) Chen ’19
Linyue (Evelyn) Chen was the Excel tutor in the FEI Lab.

Amberish (Rish) Chitre ’18
Amberish (Rish) Chitre was the Bloomberg tutor in the FEI Lab.

Ha Yun (Chloe) Cho ’19
Ha Yun (Chloe) Cho worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

John Everett '18 *

Anthony Deras ’20
Anthony Deras worked on a project with Professor Finley that looks at how the behaviors of major corporations change based on the favorability of their tax settlements, which in turn affects how much they save in taxes in the following years. In addition, he is also assisting Professor Finley with a project that tracks how non-profit organizations perform when given corporate donations.  

Roma Forest ’19 *
Roma Forest worked on a project with Professor Eric Helland that examined the additional safety effects of a mass litigation on pharmaceuticals. In particular, the study, which examines over 30 years of litigation and adverse events data, can provide evidence on the marginal value of litigation beyond the FDA's safety regime.

Zijin (Lydia) Fu ’18
Zijin (Lydia) Fu worked with Professor Yun Liu of KGI to study the effect and characteristics of executive mobility. She is also doing initial data analysis on the role of private directors on public corporate boards. 

Xinyi (Cindy) Hu ’19
Xinyi (Cindy) Hu worked with Professor Burdekin to further research discrepancy between consumer and producer price movements in China, Japan and Spain and the factors that may account for both the gap and the underlying deflationary pressures.

Jiawei (Jack) Huang ’19
Jiawei (Jack) Huang is the FEI website editor. He also worked with Professor Joshua Rosett to build custom equity indices in Bloomberg to investigate whether the performance of companies that are headquartered in a specific region reflect economic growth within that region. Analysis will be done by region and sector within California

Yutao (James) Jiang ’19
Yutao (James) Jiang worked on a project with Professor Eric Helland that examines the additional safety effects of a mass litigation on pharmaceuticals. In particular, he is analyzing over 30 years of litigation, adverse events, and market data of FDA-approved drugs to assess the marginal value of litigation beyond the FDA’s safety regime.

Kanishk Kapur ’18
Kanishk Kapur worked on a project with Professor Darren Filson that examines the performance of franchise films. He was also the Capital IQ tutor in the FEI Lab.

Ethan Kurz ’20
Ethan Kurz worked on a project with Professor Ricardo Fernholz investigating the common shape and shaping factors of power law distributions in economics, finance, and the social and natural sciences more broadly. This involves comparing the distribution of market capitalizations of U.S. firms to the distributions of city sizes and earthquake magnitudes.

William Li ’21
William Li worked on a project with Professor Eric Helland that examined the additional safety effects of a mass litigation on pharmaceuticals. In particular, the study, which examines over 30 years of litigation and adverse events data, can provide evidence on the marginal value of litigation beyond the FDA’s safety regime.

Franny Lin ’19
Franny Lin worked with Professor Lincoln on a literature review on how exchange rate fluctuations affect firm value.

Andrew Lindquist ’19
Andrew Lindquist worked on a project with Professor Eric Helland that examines the additional safety effects of a mass litigation on pharmaceuticals. In particular, he is analyzing over 30 years of litigation, adverse events, and market data of FDA-approved drugs to assess the marginal value of litigation beyond the FDA’s safety regime. 

Alexander McKenna ’20
Alexander McKenna worked with Professor Darren Filson on a project involving fintech and investment banking. He is interested in learning more about the digitization of banking and how technology is shaping the evolution of the industry. 

Leon Ren ’20
Leon Ren worked with Professor Andrew Finley on a project examining how tax settlements affect corporate accounting behavior. In particular, he looked at whether corporations change their Domestic Production Activities deductions and Research and Development (R&D) claims after tax settlements. In addition, he worked with Professor Finley on a project examining how the source of donations affects nonprofit performance.

Tanisha Sheth ’20
Tanisha Sheth worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Yiliu (Elaine) Song ’18
Yiliu (Elaine) Song worked with Professor Vossmeyer on a project that examines bank reluctance to borrow from their lender of last resort. During financial crises, banks are often reluctant to borrow from an emergency lending facility for fear that market participants will infer the assistance as a signal of weakness. The project is working to quantify the consequences of this reluctance behavior.

Yulang (Danny) Wang ’18
Yulang (Danny) Wang worked with Professor Julio Garin on a working paper that investigates the relationship between the legality as well as availability of marijuana and narcotics consumption on the U.S. county level. He is also looking into the effect of the moments of firm sales data on a model of the relationship between inflation and the firm-level liquid assets. Danny was also the Python tutor in the FEI Lab.

Shujie (John) Xia ’19
Shujie (John) Xia worked with Professor De Pace (Pomona College) and a Ph.D. student on a project: Are tails of equity price distribution symmetrical? He reviewed research method discussed in relevant scholarly articles. Collected both domestic stock index data and about 60 international stock markets data paired with recession indicators from multiple sources, such as S&P Capital IQ, Trading economics and FRED.

Yujia (Eugia) Yao ’19
Yujia (Eugia) Yao was the Stata tutor in the FEI Lab.

Zheng (Vergil) Ying ’18
Zheng (Vergil) Ying worked with Professor Sven Arndt on a project that strives to establish a better system to describe the trade pattern between the U.S. and Mexico. He contributed by analyzing data compiled from USITC and IMF’s IFS since 1989 as well as adding trade data between the U.S. and China to determine the effect on the manufacture/non-manufacture trade with Mexico.

Mingyu Zheng ’20
Mingyu Zheng worked on a project with Professor Eric Helland that examined the additional safety effects of a mass litigation on pharmaceuticals. In particular, the study, which examines over 30 years of litigation and adverse events data, can provide evidence on the marginal value of litigation beyond the FDA’s safety regime.

 2016-17

Laira Aggarwal ’19
Laira Aggarwal worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Bhavika Booragadda ’18
Bhavika Booragadda worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Amberish Chitre ’18
Amberish Chitre ’18 was working with Professor Joshua Rosett to build custom equity indices in Bloomberg to investigate whether the performance of companies that are headquartered in a specific region reflect economic growth within that region.  Analysis will be done by region and sector within California.  Rish was also the Bloomberg tutor in the FEI Lab

John Everett ’19
John Everett was working with Professor Andrew Finley on a project concerned with the impact of fraud allegations on executive compensation in public accounting.  He also worked with Professor Eric Hughson, later in the semester, on a project examining momentum crashes and monetary policy.

Zijin (Lydia) Fu ’18
Zijin (Lydia) Fu worked with Professor Joshua Rosett and Professor George Batta on a paper that examines the impact of off-balance-sheet obligations on U.S. corporate bond spread using a modified Merton Structure Model that incorporates off-balance-sheet obligations in companies’ face value of debt.  She also worked on a project with Professor Rosett about the impact of 150-hour rule on CPA exam performance in different states.

Qianyun (Carole) Gao ’17
Qianyun (Carole) Gao worked with Professor Sven Arndt to continue a project on cross-border financial intermediation, credit conditions and asset-price volatility.  She also assisted in a related project testing the hypothesis that certain types of cross-border networking reduce the sensitivity of a nation’s trade balance to variations in exchange rates.  The specific case involves U.S.-Mexico production sharing in certain industries.  Carole also worked with Professor Darren Filson on two projects: assessing the optimal structure and characteristics of target-date funds, and dissecting the R&D efficiency anomaly to explain the abnormal stock market performance of portfolios constructed on the basis of high R&D efficiency.

Jinlin (Dennis) Gu ’17 
Jinlin (Dennis) Gu worked with Professor Eric Hughson on a project entitled, “Is Fed Policy Finance Friendly: The Relations between Monetary Policy Shocks and Sectoral Stock Returns.”

Matthieu Hafemeister ’17
Matthieu Hafemeister worked on a project with Professor Joshua Rosett involving reporting and analyzing trends on Mergers and Acquisitions in Southern California.  He was also the Capital IQ tutor at the FEI.

Amy Ingram ’17
Amy Ingram  worked with Professor Angela Vossmeyer on a project involving systemic risk and network structure to trace the evolution (destruction and rebuilding) of the banking correspondent network system during the Great Depression and make comparisons to the recent structure.

Anant Jaitha ’17
Anant Jaitha worked with Professor Ananda Ganguly developing a web application to conduct and record the results of an experiment on the effect of different kinds of accounting reports on investors’ belief formation and trading activity.

Yutao (James) Jiang ’19
Yutao (James) Jiang worked on a project with Professor Eric Helland that examined the additional safety effects of a mass litigation on pharmaceuticals.  In particular, the study, which examines over 30 years of litigation and adverse events data, can provide evidence on the marginal value of litigation beyond the FDA’s safety regime.

Kanishk Kapur ’18
Kanishk Kapur worked on two projects for Professor George Batta.  The first one is attempting estimate accounting conservatism using structural modeling techniques.  As a basis of comparison, Kanishk estimated accounting conservatism using (mainly) regression-based techniques.  In the second project, he gathered data on corporate defaults in Bloomberg, for a project Professor Batta and Professor Fan Yu are working on that explores the effect of credit default swap trading initiation on firm investment and debt issuance.

Andrew Lindquist ’19
Andrew Lindquist worked on a project with Professor Eric Helland that examined the additional safety effects of a mass litigation on pharmaceuticals.  In particular, the study, which examines over 30 years of litigation and adverse events data, can provide evidence on the marginal value of litigation beyond the FDA’s safety regime.  In addition, Andrew scraped data for a paper Professor Helland presented at George Mason entitled, “OSHA, State Ergonomics Regulations, and Federal Relations.”

Mingda Liu ’17 
Mingda Liu worked with Professor Joshua Rosett to oversee the content and the maintenance of the FEI website.

Nayantara (Naina) Mullick '17
Nayantara (Naina) Mullick was the Excel tutor at the FEI Lab.

Student Theses

Thesis topics by CMC students who have completed the CMC Financial Economics Sequence as well as those in the dual degree BA/MA program.

 2017-18 Senior Theses

Crystal Anderson, FES, The Effect of the Mandatory Adoption of IFRS on Transparency for Investors, Professor George Batta

Emily Bassett, FES, The Effect of Chinese Capital Control Liberalizations on Shanghai Stock Market Integration, Professor Richard Burdekin

Abhishek Biyani, FES, An Event Study to understand the Varied Response of Demonetization on the Indian Stock Exchange, Professor Cameron Shelton

Bhavika Booragadda , FES, IPO Underpricing and Insider Wealth Maximization in Internet firms, Professor Lisa Meulbroek

Cara Brinster, FES, The Mortgage Interest Deduction and Implications of Its Limitation In Tax Reform, Professor Matthew Magilke

Jack Brown, FES, The Effects of the Correspondent Banking Network on the Real Economy, Professor Angela Vossmeyer

Victor Bunce, BA/MA, Does Growth Drive Valuation? An Analysis of Percent Revenue Growth as a Multiples-Based Valuation Method in Public Mergers and Acquisitions , Professor George Batta

Amberish Chitre, BA/MA, The Effect of the Change in Call Loan Rates and Volatility on Stock Returns in 1929: An Empirical Study into a Determinant of the Great Depression, Professor Eric Hughson

Tim de Silva, FES, Are Volatility Expectations in Different Countries Interdependent? A Data-Driven Solution to Structural VAR Identification for Implied Equity Volatility Indices, Professor Fan Yu

Kendall Greenberg, BA/MA, You Can Run But You Can’t Hide: The Advance of Shareholder Activism, Professor Murat Binay

Alexander Huesing, FES, Crude Oil Volatility during the Shale Revolution, Professor Eric Hughson

Kanishk Kapur, FES, Is the Accruals Anomaly More Persistent in Firms With Weak Internal Controls? , Professor George Batta

Ammar Karmali, FES, Analyzing Large Shocks to the Dows Jones Industrial Average using Historical Industry-Specific Leverage Ratios, Professor Eric Hughson

Bryan Lynch, FES, The Effect of Gender Diversity on Liquidity Risk and Bank Performance, Professor Yaron Raviv

Clara Madsen, FES, The Effects of U.S and UK Quantitative Easing on the U.S and UK Commercial Real Estate Markets, Professor Richard Burdekin

Joe Malgesini, FES, A Smart Beta Approach to Fama-French and Profitability, Professor Eric Hughson

Arya Nakhjavani, FES, Geo-Political Risk-Augmented Capital Asset Pricing Model and the Effect on Long-Term Stock Market Returns, Professor Eric Hughson

Geno Quaid, BA/MA, Event Study of Amazon Entering New Markets and the Effects on Incumbent Firm Stock Prices, Professor Eric Hughson

Lauren Rosenberger, FES, The Impact of Regulation on Industry Abnormal Returns Following The 1933 Bank Holiday, Professor Eric Hughson

Benjamin Sacks , FES, Model Specification for CMBS Loan Default: A Retrospective Look at CMBS Performance Through the Great Recession, Professor Eric Hughson

Latisha Shah, BA/MA, Institutional Ownership in Relation to the Mandatory Audit Firm Rotation Rule and its Effect on Audit Quality, Professor Andrew Finley

Aarushi Tibrewala, BA/MA, Risk and Returns: The Impact of Political Risk on Financial Returns in Emerging and Developed Markets, Professor Murat Binay

Shruti Topudurti, BA/MA, Determinants of Flows Between Active and Passive Equity Investments, Professor Darren Filson

Daniel Walker, FES, Returns to Buying Winners and Selling Losers: A Look at Cryptocurrencies, Professor Fan Yu

Peter Welch, FES, Model Specification for Bank Failure: A Retrospective Look at Banks in Missouri during the Great Depression, Professor Angela Vossmeyer

Zihan (Cathy) Ye, FES, Success Factors of First Time Fund in Venture Capital, Professor Darren Filson

 2016-17 Senior Theses

Nathan (Gator) Adams, FES, Is Silence the Answer?, Professor George Batta

Tanvi Bhargava, FES, Financial Performance of Football Teams: Effects of Win Maximization, Performance and Transfer Spending on Stock Prices, Professor Richard Burdekin

Jack Gerstenberger, FES, The Impact of Macroeconomic Changes on Restaurant Segment Stock Returns, Professor Darren Filson

Jinlin (Dennis) Gu, FES, Housing Prices in Jingjinji, Huninghang and Pearl River Delta, Professor Richard Burdekin

Matthieu Hafemeister, FES, Understanding the Impact and Implications of Labor Leverage on Cash Holdings, Professor Joshua Rosett

Griffin Lazarus, FES, Stock Returns and Industrial Production: A Sectoral Analysis, Professor Marc Weidenmier

Jizi Lu, FES, Effects of the Gender of the Real Estate Agents on House Prices, Professor Yaron Raviv

Tania Salomon, FES, The Risk-Return Characteristics and Diversification Benefits of Fine Wine Investment, Professor Manfred Keil, Janet Smith

Chuyi (Wendy) Sheng, FES, The Impact of the Shadow Banking Industry on the Effectiveness of Monetary Policies in China, Professor Richard Burdekin

Yunyi (Joanna) Wang, , Does Wall Street Love the Federal Reserve?, Professor Eric Hughson

Chengwu (Harris) Xuan, FES, Does the Use of Financial Derivatives Affect Distance-to Default: Evidence from U.S. Holding Companies, Professor George Batta

 2015-16 Senior Theses

Najeer Ahmed, FES, Addressing the Post-Keynesian Critique: Exchange Rate Determination with an Extended Mundell-Fleming Model, Professor Sven Arndt

Justin Beck, FES, NAFTA’s Impact on Mexico, the U.S., and Canada’s Economies: A Look at Stock Returns, Professor Sven Arndt, Ricardo Fernholz

Ahmed Eltamami, FES, The Effect of Increased Regulation on Option Use within the Information Technology Industry, Professor Lisa Meulbroek

James Ingram, FES, The Effects of the 1933 Bank Holiday and the Emergency Banking Act of 1933 on the Systematic Risks of Various Industries, Professor Eric Hughson

Eduardo Ramirez, FES, Does Size and Industry Affect CEO Performance? The Effect of CEO Succession Announcements on Firm Value, Professor Darren Filson

Sharan Seth, FES, The Effects of Managerial Turnover on Share Prices of Publicly Traded English Football Teams, Professor Darren Filson

Andrew Sova, FES, The Effect of Negative Special Items on Future Income in Different Sectors , Professor Eric Hughson

Zhengyang Xu, FES, Contagion and Competitive Intra-Industry Effects of Default Announcements – Evidence from Chinese Bond Market, Professor Fan Yu

Xinying Yow, FES, Measuring the Effectiveness of China’s Capital Flow Management and Progress on Capital Account Liberalization, Professor Sven Arndt

Emily Zhang, FES, San Francisco’s Housing Price Surge: Strained Market Fundamentals or Exaggerated Expectations?, Professor Richard Burdekin

Shiyu Zhang, FES, Relationship between Real Estate Market and Stock Market in China, Professor Fan Yu

Recent Faculty Publications

More faculty publications and research interests can be found on most individual faculty websites, accessed on the Faculty & Staff page.

George Batta, J. Qiu, Fan Yu, “Credit Derivatives and Analyst Behavior,” 2016, The Accounting Review 91: 1315-1343

Richard C. K. Burdekin, Leroy O. Laney, “Fiscal policymaking and the central bank institutional constraint Una Vez Más: New Latin American evidence,” 2016, Public Choice

Richard C. K. Burdekin, Xinyi Hu, “Deflationary Pressures Today: The Chinese, Japanese and Spanish Cases Compared,” 2018, The Chinese Economy, Routledge Taylor & Francis Group

Asaf Bernstein, Eric Hughson & Marc Weidenmier, “Counterparty Risk and the Establishment of the New York Stock Exchange Clearinghouse,” 2017, Journal of Political Economy

Alan Guoming Huang, Eric Hughson, J. Chris Leach, “Generational Asset Pricing, Equity Puzzles, and Cyclicality,” 2016, Review of Economic Dynamics

Angela Vossmeyer, “Sample Selection and Treatment Effect Estimation of Lender of Last Resort Policies,” 2016, Journal of Business & Economic Statistics, 34, 2, 197-212

Sriya Anbil, Angela Vossmeyer, “The Quality of Banks at Stigmatized Lending Facilities,” 2019, AEA Papers and Proceedings, forthcoming