I study the forces that distort information in capital markets — racial bias in analyst forecasts, pharmaceutical disclosure suppression, narcissistic executives, and the cognitive limits of investor attention. My work spans accounting, finance, behavioral science, and public policy.
My career has been a sustained investigation into a single question: what happens when information systems in capital markets break down?
Racial prejudice and executive narcissism systematically distort financial intermediaries' output. I document these distortions, validate novel measurement approaches, and identify what mitigates them.
Cognitive constraints cause systematic delays in price discovery. Information acquisition paradoxically crowds out macro news. Microstructure frictions create predictable return patterns around earnings.
Firms and accounting standards suppress and omit critical information. Pharmaceutical embargoes, regulatory backfire effects, and the trillions in intangible capital missing from corporate balance sheets.
Selected publications — each distilled to one question and one takeaway.
Free parameters and capitalized intangible stocks from EPW (2024). Build more accurate balance sheets for any publicly traded firm. Used by researchers worldwide and applied in Morgan Stanley Investment Management research.
Code + Data → SDC-GVKEY Mapping → MD&A Text →I write about information failures in markets, policy, and public health — translating academic research into arguments that practitioners and policymakers can act on.
A chemist who became a financial economist — bringing a scientist's rigor to the messiest questions in capital markets.
Before I studied markets, I studied molecules. My academic journey began in organic and polymer chemistry at Duke and the University of South Florida, where I learned to think in terms of systems, reactions, and equilibria. That scientific training — the insistence on rigor, on letting data and evidence lead, on theoretically questioning assumptions — became the foundation for everything that followed.
The pivot from pure science to capital markets and financial economics came at NYU Stern, where my focus in equity valuation and earnings quality gave me a front-row view of how information moves through markets — and how often it gets distorted along the way. That experience drove me to academia: I wanted to understand these distortions systematically, not just observe them anecdotally.
At Cornell, I found my intellectual home in information economics. My doctoral work, with additional concentrations in both econometrics and finance, gave me the methodological toolkit to study the deep structure of price discovery. Since then, my research has followed the information — wherever it gets produced, wherever it's corrupted, wherever it fails to reach the people who need it.
Today, my work spans from documenting racial bias in Wall Street analyst valuations, to exposing how pharmaceutical companies contractually suppress clinical trial results, to measuring the trillions in intangible assets that modern accounting systems systematically omit. The costs of these failures fall disproportionately on those with the least power to see them coming — retail investors without access, patients without expertise, minority-led firms without the benefit of the doubt. The through-line is always the same question: when information breaks, who pays?
I teach ACCT 6202: Financial Accounting II in the SMU Cox MBA program — full-time, professional, and online cohorts. Below are aggregated end-of-course evaluations from every section I have taught at SMU, beginning Fall 2018. Previously taught Equity Valuation and Corporate Finance at UNC Kenan-Flagler and Rice Jones. Raw response files available on request.
| Question | Mean | Median | % at 4 or 5 | N |
|---|---|---|---|---|
| The instructor fostered an academic environment that was respectful to students. | 4.6 | 5 | 94% | 569 |
| The course was intellectually challenging or thought-provoking. | 4.6 | 5 | 93% | 574 |
| The instructor was available to answer questions inside and outside of class. | 4.5 | 5 | 89% | 573 |
| The instructor clearly defined and explained the course objectives and expectations. | 4.5 | 5 | 91% | 576 |
| The course helped me to develop knowledge or skills. | 4.5 | 5 | 89% | 571 |
| The instructor utilized class time effectively. | 4.3 | 5 | 84% | 573 |
| The instructor presented the course content effectively. | 4.3 | 5 | 84% | 572 |
“Professor Wang is the best - I wish he taught more courses. He makes class exciting and actually ties it into real life. His emphasis on learning the material rather than memorizing should be adopted by the rest of the SMU faculty. Additionally, I really appreciated how he tied the lectures in with real life examples and explained how we can use this material when managing our own finances. This class was the most useful course I've taken this year, largely because of the approach that Professor Wang took to constructing it.”
“The instructor took time to really explain the concepts. He was available to all students when needed and took extra time to stay after class even if it was late. He taught accounting to where class was not boring and kept students engaged in the material.”
“He was constantly challenging us to look at accounting not just as debits and credits, but what did they mean.
He spent a lot of time trying to help us understand the WHY of accounting”
“The way in which Prof Wang relates everything back to the real world and is willing to talk after class is truly impressive. I have really enjoyed the class and he has made it exceptionally interesting.”
“Sean Wang has an amazing perspective when it comes to accounting. He made accounting relevant to investors in many topics which was extremely insightful and interesting to learn.”
“The bigger picture discussions helped a lot. Not just the journal entries and debits/credits but also how they apply, how managers can use or misuse accounting, and how it applies to personal finance”
“Sean really kept me engaged with his energy and relating the material to real world scenarios like investing. The pre-class videos helped with me learning the material as I felt I had a good understanding of it prior to going over it in class.”
“The instructor's energy was fantastic, and it was clear he genuinely cared about ensuring we understood the concepts. He made accounting engaging and enjoyable!”
“Material was presented in a great way to foster understanding of the concepts instead of just memorizing journal entries. Professor was very knowledgeable and a great instructor and seemed like he really cared about the student's learning and understanding.”
“Sean is a great teacher and I can tell he cares about teaching us the things most important to our future careers, not teaching us as if we are going to be accountants. I like the intuition approach he gives and his reasoning behind decisions he makes about how he instructs the course. I also like his no screens policy, I think a lot of learning is lost by typing notes and I'm glad he tried to push the science behind this to us.”
“The professors patience and focus on developing our intuition was the greatest contributor to our learning. It wasn't enough for us to memorize formulas and rules, the professor wanted us to understand the thoughts and reasoning behind each idea. As a result, myself and everyone else I have spoken to regarding the course has felt they have grown more knowledgeable and confident in their understanding of accounting.”
“Sean is a fantastic teacher because he genuinely wants us to understand the accounting concepts and why he's teaching the material.
Despite all the MAJOR life events going on, Sean went above and beyond to teach us what he set out to. I'm in awe and impressed and wish more teachers would care as much as Sean does.”
“Appreciate how much focus was given to the intuition behind the topics. I also appreciate the focus on explaining how each topic could be manipulated and the rational for why someone would manipulate it in that way. When focusing intently on learning the rules, for me, it can be easy to get lost in the details and not see the big picture. Your explanations and "why" questions on slides made the course much more about meaningful understanding. Great class, thank you for making it so valuable!”
“Thoroughly enjoyed the in-depth discussions to developing skills of intuition when reading financial statements and just in general when reading business news. The course was challenging, but the way it was presented had me asking questions and seeking knowledge more than the scope of the course. Thank you, Sean, for exciting me about Valuation and Intuition moving forward in this program and in the real world.”
“I have my undergraduate and masters in accounting so I have taken my fair share of accounting course in my life. Sean Wang could be in my top 2 accounting professors that I have ever had.
He is enthusatic about accounting
He is organized and prepared for the class lecture
He teaches in a way that is simple in learning complex concepts.”
“I'm not a huge fan of accounting, but Professor Wang used real-life examples that not only kept me engaged but also helped me better understand the concepts he was conveying to us students. On top of this, his teaching style of guiding us to use intuition throughout the course helped me connect what I previously thought of as complex subject matter into straightforward, tangible concepts.”
“He tied in his real life experiences and real world examples that made learning more interesting and applicable to my daily life. I have yet to find a class that made me as interested and engaged by fully understanding the material and how it relates to our everyday financial events. Having a teacher that not only teaches the material, but makes sure we understand why the material is important and relevant to everyday lives is the reason that I chose to come to SMU to get my MBA and Professor Wang did an exemplary job and I would love to take more of his classes.”
By a wide margin, the most common piece of constructive feedback I receive — across roughly 14% of improvement comments over a decade — is to provide additional practice problems and worked examples. It is the only suggestion to appear consistently in every academic year. I have been steadily incorporating more pre-class problem sets and TA-led review sessions in response, and continue to refine the balance between conceptual class discussion and procedural practice.
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