Recently, Prof. Pan Deng, a “Minjiang Scholar ” distinguished professor of SMXMU’s finance department, as a corresponding author, together with Gong Binglin, from East China Normal University, and Shi Donghui, from Shanghai Stock Exchange, published an essay titled “New Investors and Bubbles: An Analysis of the Baosteel Call Warrant Bubble” on Management Science（Online）, a top international academic journal. The journal is one of the 24 internationally recognized top journals in the Economics and Management category of UT / DALLAS and one of the top 50 academic journals of business schools in Financial Times.
Supported by the account-level data, the essay discovered that new investors not only blew the bubble of Baogang Warrant, but also sustained it and prevented it from bursting. In the international academic community, the paper, for the first time, brought forward the concept of new investors effect, which helped to explain the frequent bubbles in recent decades and the ineffectiveness and failure of the investors’ learning and experience in solving the problem.
In the financial field, it was the first time a mainland China scholar published an essay on a top international academic journal without foreign partners. Prof. Pan Deng gained his Ph.D in Management Science and Engineering from Shanghai Jiao Tong University. He was invited to join SMXMU in 2016 as a “Talents Plan” professor of the finance department. His main research interests were in financial market bubble, market micro-structure, and behavioral finance, etc. He had presided over 3 projects of National Natural Science Foundation of China, 1 sub-project of one of the National Social Science Fund’s key projects, and 1 research topic of the Humanity and Social Science of the Ministry of Education，etc.