04 Aug 2026
Yudian Fang, a PhD candidate in the Department of Accounting at International Business School Suzhou (IBSS), Xi'an Jiaotong-Liverpool University, has successfully passed her doctoral viva defence and been awarded the degree of PhD in Finance and Accounting.
Yudian's thesis is titled "CEO Media Awards and Corporate and Capital Market Consequences: Evidence from China". Set against the backdrop of China's capital market, the thesis examines the multidimensional effects of CEO media awards on corporate outcomes and capital markets. The findings show that CEO media awards reduce stock price crash risk and improve reporting behaviour and investment efficiency, particularly under stronger governance. However, they also weaken firm performance by increasing agency costs and excess leverage. In addition, CEO awards reduce analyst forecast quality and stock price informativeness by making favourable CEO-related information more salient. Overall, the research demonstrates that media recognition can generate both governance benefits and distortionary costs.
Reflecting on her doctoral experience at IBSS, Yudian describes it as "both challenging and rewarding." Under the guidance of her supervisory team, she conducted empirical research on frontier issues in China's capital markets and developed the ability to conduct independent academic research. She particularly notes that departmental training sessions and presentation workshops helped her improve her research design, academic communication, and ability to respond to feedback. What she found most memorable was the continuous support, guidance, and encouragement from her supervisors throughout the research process. During her doctoral studies, Yudian attended the British Accounting and Finance Association (BAFA) Annual Conference. She received the Best Oral Presentation Award Winner at The First Wisdom Lake Postgraduate Researcher Development Conference & 2023 XJTLU Postgraduate Research Symposium.
Yudian was supervised by Dr Jie Zhang, Professor Stephen Gong, and Dr Li Xie. Dr Jie Zhang comments that Yudian's thesis provides an integrated account of the heterogeneous consequences of CEO media recognition and makes an original contribution to the field. Throughout her PhD journey, Yudian developed into a more independent and academically mature researcher, becoming increasingly capable of taking ownership of her research, making considered academic judgements, critically evaluating evidence, and responding constructively to feedback and research challenges.
About the Supervisor
Dr Jie Zhang’s research lies at the intersection of accounting, corporate finance, capital markets, and behavioural finance, with particular interests in corporate governance, disclosure, managerial incentives, market regulation, and decision-making under uncertainty. She welcomes PhD proposals in empirical accounting and finance or behavioural finance, including projects using capital-market data, experiments, or computational methods.
【About the IBSS PhD programmes】
The IBSS PhD programmes at Xi’an Jiaotong-Liverpool University offer an excellent opportunity for students seeking doctoral study at a young, dynamic and academically strong business school. Founded in 2013, IBSS is the largest English-language business schools in China and is among an elite and prestigious group of business schools worldwide to hold Triple Crown accreditation from AACSB, EQUIS and AMBA. IBSS brings together a highly international body of academic staff, with all holding overseas doctoral degrees and/or international work experience, and offers prospective students access to a strong pool of potential supervisors in a vibrant, research-led academic environment.
PhD students at IBSS study in a highly international environment and benefit from joint supervision involving XJTLU and the University of Liverpool, UK, gaining broad academic support and diverse international perspectives. IBSS offers doctoral research opportunities across a broad range of areas in business, including accounting, economics, finance, strategy, organisation, marketing, operations, and data-driven business research, among other fields. Prospective applicants are warmly encouraged to explore the webpages and academic staff profiles of each department to identify research areas and potential supervisors that best match their own research interests.
Welcome to the IBSS official website for more information about our programmes: https://www.xjtlu.edu.cn/zh/study/doctoral/international-business-school-suzhou
If you have any questions regarding the application system, please contact: DoctoralStudies@xjtlu.edu.cn.
For enquiries about the IBSS PhD programmes, please email: IBSS.PhD@xjtlu.edu.cn
04 Aug 2026