Jenny Li Zhang
Relevant Degree Programs
Affiliations to Research Centres, Institutes & Clusters
Financial reporting, corporate disclosure, restatements, disclosure of foreign firms listed in the U.S.
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- Familiarize yourself with program requirements. You want to learn as much as possible from the information available to you before you reach out to a faculty member. Be sure to visit the graduate degree program listing and program-specific websites.
- Check whether the program requires you to seek commitment from a supervisor prior to submitting an application. For some programs this is an essential step while others match successful applicants with faculty members within the first year of study. This is either indicated in the program profile under "Admission Information & Requirements" - "Prepare Application" - "Supervision" or on the program website.
- Identify specific faculty members who are conducting research in your specific area of interest.
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- Compose an error-free and grammatically correct email addressed to your specifically targeted faculty member, and remember to use their correct titles.
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G+PS regularly provides virtual sessions that focus on admission requirements and procedures and tips how to improve your application.
Graduate Student Supervision
Doctoral Student Supervision
Dissertations completed in 2010 or later are listed below. Please note that there is a 6-12 month delay to add the latest dissertations.
This thesis explores the impacts of blockchain technology on accounting practice in two separate chapters. Blockchain is a system of distributed ledgers that can record information in a verifiable and permanent way. As the underlying technology of Bitcoin, Blockchain has received increased attention since 2008.Chapter 2 takes an empirical approach to examine how startup firms use blockchain to finance their projects in the market for Initial Coin Offerings (ICOs). The blockchain technology allows entrepreneurs to commit to disclosing their transactions with investors before the transactions take place. Such decisions are coded into computer programs, known as ‘smart contracts,’ which become immutable once deployed on blockchains. I manually collected and analyzed the ‘smart contract’ code of 2085 ICO projects. I find that ICOs that make more disclosure commitments with blockchains are more likely to succeed, as measured by the likelihood of reaching fundraising goals and delivering preliminary products. I also find that transaction volumes disclosed on blockchains predict ICO outcomes and that investors punish ICOs with suspicious volumes, e.g., volumes that show signs of automated trading. These findings indicate that blockchains can function as a self-commitment device, and firms in the ICO market use blockchain to signal project quality.Chapter 3 takes an analytical approach to study how blockchain differs from traditional commitment mechanisms, e.g., regulations, and how firms can benefit from the additional features. When firms make commitments through disclosure regulations, they are choosing a regulation ‘combo,’ a set of predetermined disclosure requirements that apply to many firms. However, when firms make commitments on blockchains, they can customize a set of disclosure requirements that best suit them. I develop a model to study firms’ endogenous commitment decisions. A manager can commit to disclosing a value relevant signal before it is realized, or he can defer the disclosure decision until after he observes the signal. My analyses demonstrate that the commitment decision can credibly convey information that otherwise could not be disclosed, suggesting that blockchain enhances firms’ ability to communicate private information to the market.