PHILADELPHIA–(BUSINESS WIRE)–Wharton Research Data Services (WRDS), the award-winning data research platform and business intelligence tool for corporate, academic and government institutions worldwide, is pleased to announce Tingting Liu as the winner of the WRDS-sponsored Eastern Finance Association Best Paper Award. Liu, of the Terry School of Business at the University of Georgia, examined the use and benefits of fairness opinions in her paper, The Wealth Effects of the Choice of a Fairness Opinion in M&As: Evidence From a Regression Discontinuity Design. WRDS, a part of the Wharton School of the University of Pennsylvania, is trusted by universities across the globe and fundamental to accelerate impactful research and enhance learning.
“We are honored to present this WRDS Best Paper Award to Tingting Liu for research that challenges current assumptions,” said Robert Zarazowski, Managing Director of WRDS. “Expanding the field of knowledge and showing how financial research has real implications for practice is central to our work at WRDS, and we are pleased to highlight research of this caliber.”
Liu’s inquiry challenges current teachings that indicate fairness opinions result in a negative market response. Using regression discontinuity to compare only similar firms and M&As, Liu showed that fairness opinions do not harm shareholder wealth, and in fact, have a positive effect.
“I am honored to receive this Best Paper Award from WRDS,” said Tingting Liu. “I’ve always been drawn to financial research in order to answer big questions, and I am grateful for the opportunity to add a new perspective to the research on fairness opinions.”
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