Qian Wang

Education

• Ph.D. in Management (Finance), Purdue University, 2019–2025 (expected)
• M.S. in Economics, Purdue University, 2019–2021
• Master of Finance, University of California, Riverside, 2017–2018
• B.A. in Economics, Sun Yat-sen University, 2010–2014

Research Interests

Corporate Finance, Financial Intermediation, Small Business, Bankruptcy, Fintech, Household Finance, Real Estate Finance

Working Papers

• Negative Capital Shock, Overseas Buyers, and Housing Market (Job Market Paper) SSRN Link
  Abstract: While local policies regarding foreign capital inflows into residential housing markets typically oscillate between promoting wealth effects and ensuring housing affordability, the majority of current literature focuses on the positive demand shocks to examine the necessity of implementing restrictions on foreign capital. In this paper, I explore the implications of a negative capital shock from China on local housing markets. By leveraging China's implementation of stricter foreign exchange purchase quota management for its citizens as an exogenous negative demand shock on foreign Chinese buyers in the US single-family homes market, my analysis reveals substantial effects on local housing assets. Not only did the volume of house transactions by foreign Chinese buyers significantly decline compared to other foreign ethnicities (Indian and Russian), but house prices also significantly dropped in neighborhoods that are popular among Chinese buyers. However, the magnitude of price drop is smaller than expected, especially when compared to positive demand shocks of similar magnitude reported in the literature. Additionally, the elasticity of housing supply, as implied by such a negative demand shock, is higher than that reported in existing literature. My findings provide an important rationale for why some cross-border bans or restrictions, aimed at curbing capital inflows and thus local house prices, have had limited effects.
  Presentation: AREUEA National (2025 Scheduled), MFA (2025), AFA PhD Student Poster Session (2025), FMA Doctoral Student Consortium (2024), Purdue Krannert Finance Brown Bag (2024), Krannert Doctoral Research Symposium (2024)

• Where Do Small Firms Get Debt Financing? (with Sergey Chernenko)
  R&R, Journal of Financial Intermediation
  Abstract: We use detailed claim-level data from bankruptcy filings to study the types and sources of debt financing used by small firms. About half of firms in our data borrow from multiple lenders; 29% borrow from both bank and nonbank lenders. Only 29% of firms borrow exclusively from banks. We report detailed descriptive statistics on the types of debt used by small firms: credit cards, lines of credit, receivables financing, equipment financing, mortgages, and term loans. The smallest firms rely more on credit cards, receivables and equipment financing, while larger firms rely more on mortgages and lines of credit. Only half of the loans in our data are associated with UCC financing statements, calling for caution in using UCC filings as a proxy for small business lending. We examine the association between the structure of the local banking markets and the composition and sources of small business debt financing. Deposit concentration is associated with significantly lower share of bank debt, especially credit cards. Firms in counties with high deposit concentration appear to substitute to receivables financing and to mortgages from nonbank lenders. In counties with larger banks, small firms also substitute from bank to nonbank lenders. Finally, we investigate the presence of racial disparities in the utilization of different types and sources of debt financing. Black-owned firms rely significantly less on credit cards and receivables financing and more on mortgages. Asian-owned firms are significantly less likely to get their debt from banks than observably similar white-owned firms.