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Wanshan Wu
Zhejiang University of Technology, China

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Journal article
Published: 12 June 2021 in Research in International Business and Finance
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Using daily data from August 9, 2015, to July 7, 2020, this study examines the effects of economic policy uncertainty (EPU) on the returns of four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Ripple. To this end, two new measures of EPU (Twitter-based economic uncertainty and Twitter-based market uncertainty) are considered. A Granger causality test using the recursive evolving window approach shows a significant causality between the Twitter-based EPU measures and the BTC/USD exchange rate from October 2016 to July 2017. Moreover, a significant causality was noted from the EPU measures to the ETH/USD exchange rate from June 2019 to February 2020 and from the EPU measures to the XRP/USD exchange rate from January 2020 to February 2020. The Twitter-based EPU measures primarily positively affect the returns of the related cryptocurrencies during these periods. These results are robust to different measures of Twitter-based EPU and different econometric techniques. Potential implications, including the COVID-19 era, are also discussed.

ACS Style

Wanshan Wu; Aviral Kumar Tiwari; Giray Gozgor; Huang Leping. Does Economic Policy Uncertainty Affect Cryptocurrency Markets? Evidence from Twitter-Based Uncertainty Measures. Research in International Business and Finance 2021, 58, 101478 .

AMA Style

Wanshan Wu, Aviral Kumar Tiwari, Giray Gozgor, Huang Leping. Does Economic Policy Uncertainty Affect Cryptocurrency Markets? Evidence from Twitter-Based Uncertainty Measures. Research in International Business and Finance. 2021; 58 ():101478.

Chicago/Turabian Style

Wanshan Wu; Aviral Kumar Tiwari; Giray Gozgor; Huang Leping. 2021. "Does Economic Policy Uncertainty Affect Cryptocurrency Markets? Evidence from Twitter-Based Uncertainty Measures." Research in International Business and Finance 58, no. : 101478.

Journal article
Published: 30 May 2020 in Pacific-Basin Finance Journal
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This paper examines the implication of top executive gender on the zombie likelihood of firms listed in China's stock market. Our investigation shows that an increase in female executive percentage can significantly reduce corporate risk and zombie likelihood. This reduction in zombie likelihood is mainly achieved by the financial supervision of the female CFOs, mainly through the channels of quality improvement in information disclosure as well as in corporate governance. By contrast, loans and subsidies from local governments and financial institutions do not improve the performance of listed companies but increase zombie likelihood. Female executives' previous appointments with government agencies and financial institutions increase zombie likelihood as well. The academic background of female executives does not affect zombie likelihood. These findings provide insights into the relationship between executive gender diversity and corporate governance. We provide policy recommendations to help address the issue of zombie firms in China.

ACS Style

Jianchun Fang; Giray Gozgor; Chi-Keung Marco Lau; Wanshan Wu; Cheng Yan. Listed zombie firms and top executive gender: Evidence from an emerging market. Pacific-Basin Finance Journal 2020, 62, 101357 .

AMA Style

Jianchun Fang, Giray Gozgor, Chi-Keung Marco Lau, Wanshan Wu, Cheng Yan. Listed zombie firms and top executive gender: Evidence from an emerging market. Pacific-Basin Finance Journal. 2020; 62 ():101357.

Chicago/Turabian Style

Jianchun Fang; Giray Gozgor; Chi-Keung Marco Lau; Wanshan Wu; Cheng Yan. 2020. "Listed zombie firms and top executive gender: Evidence from an emerging market." Pacific-Basin Finance Journal 62, no. : 101357.

Journal article
Published: 07 February 2020 in Sustainability
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This study analyzes urbanization, disasters, and their impact on tourism development for RCEP (Regional Comprehensive Economic Partnership) countries. We use ADF (Augmented Dickey-Fuller) and PP (Phillips-Perron) tests, causality tests, quantile regression, and fixed-effect panel models on data from 1995-2018. Empirical results show that urbanization does not help tourism development in the low quantiles but does help in the high quantiles. Disaster-preventive measures and post-disaster reconstruction help the development of tourism. However, in developed countries, disasters are not conducive to the development of tourism. Urbanization is the Granger cause of tourism and carbon emissions. The increase in temperature, rainfall, and carbon emissions caused by urbanization do not contribute to the development of tourism. Based on this, we have proposed a series of urbanization development and disaster defense measures to promote the sustainable development of tourism in RCEP countries.

ACS Style

Wanshan Wu; Qingyi Su; Chunding Li; Cheng Yan; Giray Gozgor. Urbanization, Disasters, and Tourism Development: Evidence from RCEP Countries. Sustainability 2020, 12, 1221 .

AMA Style

Wanshan Wu, Qingyi Su, Chunding Li, Cheng Yan, Giray Gozgor. Urbanization, Disasters, and Tourism Development: Evidence from RCEP Countries. Sustainability. 2020; 12 (3):1221.

Chicago/Turabian Style

Wanshan Wu; Qingyi Su; Chunding Li; Cheng Yan; Giray Gozgor. 2020. "Urbanization, Disasters, and Tourism Development: Evidence from RCEP Countries." Sustainability 12, no. 3: 1221.

Journal article
Published: 17 April 2019 in Sustainability
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This paper is the first of its kind to measure the income level of a country’s tourist arrival and empirically examine its impact on economic growth and environmental pollution in a sample of eight Mediterranean countries. The paper undertakes annual data from 1995 to 2014 and employs quantile regression models, autoregressive distributed lag (ARDL) estimations, and a heterogeneity causality test. The empirical results show that the income level of a country’s tourist arrival, across all quantiles, plays an important role in promoting economic development. However, the role of the income level of a country’s tourist arrival on environmental pollution varies with the changes in quantiles. More specifically, income level of a country’s tourist arrival has a positive impact on environmental pollution for the lower quantiles, while it has a negative impact for higher quantiles. The findings from panel ARDL models confirm that the income level of a country’s tourist arrival has positive and negative impacts on economic growth and emissions, respectively. Given these results, these findings provide information to take the necessary actions to ensure sustainable tourism development, i.e., the expansion of the tourism industry without harming the environment in the Mediterranean countries.

ACS Style

Ren Taizeng; Muhlis Can; Sudharshan Reddy Paramati; Jianchun Fang; Wanshan Wu. The Impact of Tourism Quality on Economic Development and Environment: Evidence from Mediterranean Countries. Sustainability 2019, 11, 2296 .

AMA Style

Ren Taizeng, Muhlis Can, Sudharshan Reddy Paramati, Jianchun Fang, Wanshan Wu. The Impact of Tourism Quality on Economic Development and Environment: Evidence from Mediterranean Countries. Sustainability. 2019; 11 (8):2296.

Chicago/Turabian Style

Ren Taizeng; Muhlis Can; Sudharshan Reddy Paramati; Jianchun Fang; Wanshan Wu. 2019. "The Impact of Tourism Quality on Economic Development and Environment: Evidence from Mediterranean Countries." Sustainability 11, no. 8: 2296.

Research article
Published: 05 March 2019 in Environmental Science and Pollution Research
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Using the new measure of the export quality of the International Monetary Fund (IMF), this paper investigates the effects of the product quality of exports on the growth rate of the per capita carbon dioxide emissions. The paper focuses on the panel dataset of 82 developing economies for the period from 1970 to 2014. Along with the index of export quality, we also consider the measures of the per capita income, per capita energy consumption, natural resource rents, and trade openness. The results indicate that there is the positive impact of the quality of exports on carbon dioxide emissions. There is also the positive relationship between the per capita income and carbon dioxide emissions. In addition, we find that the trade openness measures are positively related to carbon dioxide emissions. These results are robust to consider different income measures and to divide the developing economies, according to their income levels.

ACS Style

Jianchun Fang; Giray Gozgor; Zhou Lu; Wanshan Wu. Effects of the export product quality on carbon dioxide emissions: evidence from developing economies. Environmental Science and Pollution Research 2019, 26, 12181 -12193.

AMA Style

Jianchun Fang, Giray Gozgor, Zhou Lu, Wanshan Wu. Effects of the export product quality on carbon dioxide emissions: evidence from developing economies. Environmental Science and Pollution Research. 2019; 26 (12):12181-12193.

Chicago/Turabian Style

Jianchun Fang; Giray Gozgor; Zhou Lu; Wanshan Wu. 2019. "Effects of the export product quality on carbon dioxide emissions: evidence from developing economies." Environmental Science and Pollution Research 26, no. 12: 12181-12193.

Journal article
Published: 01 March 2019 in The Singapore Economic Review
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Most of the official data are released with a lag period, which increases the difficulties for decision-makers assessing the situation. To solve the problem of data lag, we used real-time Baidu Index to nowcast the Chinese consumer behavior of buying the best-selling smartphone, Huawei Mate 7. We introduced keywords like “Mate 7” and “Huawei” in Baidu Index search queries to examine whether the introduction of real-time data can improve the efficiency of benchmark model. Overall, our finding is that the introduction of Baidu Index, both in-sample and out-of-sample, can improve the prediction accuracy of the model significantly. The extended model provided a 55.2% outperformance relative to benchmark one. This can not only make up for official data release lag, but also help firms gain near-real-time insight into the consumer demand trends and reduce inventory costs. The findings suggest that firms can improve marketing performance by use of search engine promotion campaign.

ACS Style

Jianchun Fang; Wanshan Wu; Zhou Lu; Eunho Cho. USING BAIDU INDEX TO NOWCAST MOBILE PHONE SALES IN CHINA. The Singapore Economic Review 2019, 64, 83 -96.

AMA Style

Jianchun Fang, Wanshan Wu, Zhou Lu, Eunho Cho. USING BAIDU INDEX TO NOWCAST MOBILE PHONE SALES IN CHINA. The Singapore Economic Review. 2019; 64 (1):83-96.

Chicago/Turabian Style

Jianchun Fang; Wanshan Wu; Zhou Lu; Eunho Cho. 2019. "USING BAIDU INDEX TO NOWCAST MOBILE PHONE SALES IN CHINA." The Singapore Economic Review 64, no. 1: 83-96.

Research article
Published: 14 November 2018 in Environmental Science and Pollution Research
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This paper uses the 1990–2010 natural disaster and carbon emission data of G20 countries to examine the impact of natural disasters and climate change on the natural capital component of inclusive wealth. Our study shows that climate change and GDP have no positive impacts on the growth of natural capital. By contrast, trade openness and natural disaster frequency contribute to the accumulation of natural capital in G20 countries. There is an inverted U-shaped relationship between the growth of natural capital and the magnitude of natural disaster. Natural capital growth is not affected very much by small disasters. By contrast, large disasters tend to make the growth of natural capital fall sharply.

ACS Style

Jianchun Fang; Chi Keung Marco Lau; Zhou Lu; Wanshan Wu; Lili Zhu. Natural disasters, climate change, and their impact on inclusive wealth in G20 countries. Environmental Science and Pollution Research 2018, 26, 1455 -1463.

AMA Style

Jianchun Fang, Chi Keung Marco Lau, Zhou Lu, Wanshan Wu, Lili Zhu. Natural disasters, climate change, and their impact on inclusive wealth in G20 countries. Environmental Science and Pollution Research. 2018; 26 (2):1455-1463.

Chicago/Turabian Style

Jianchun Fang; Chi Keung Marco Lau; Zhou Lu; Wanshan Wu; Lili Zhu. 2018. "Natural disasters, climate change, and their impact on inclusive wealth in G20 countries." Environmental Science and Pollution Research 26, no. 2: 1455-1463.

Journal article
Published: 01 September 2018 in Energy Policy
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This paper uses the Logistic Curve and the STELLA model to simulate the Hubbert Peak uranium production in China. We used three scenarios to estimate China's Peak uranium. And the results are quite robust. According to Scenario 3, the Hubbert Peak uranium production is expected to be reached in 2065 with 4605 t per year. Before the peak, China's uranium demand will grow at the rate of about 7.69% per year, which is about three times the growth rate of production. China's uranium import dependence is estimated to continue to increase. In order to improve uranium resources security, the Chinese government needs to increase investment in uranium ore exploration, encourage private sector's investment in uranium production to promote competition, and improve cooperation with non-uranium mining enterprises for more efficient use of resources. To enhance the country's uranium security, China should establish development funds, accelerate acquisition of uranium enterprises abroad, increase R&D in the unconventional uranium resources such as phosphate mine, and take advantage of price downturn in uranium market to increase strategic reserves.

ACS Style

Jianchun Fang; Chi Keung Marco Lau; Zhou Lu; Wanshan Wu. Estimating Peak uranium production in China – Based on a Stella model. Energy Policy 2018, 120, 250 -258.

AMA Style

Jianchun Fang, Chi Keung Marco Lau, Zhou Lu, Wanshan Wu. Estimating Peak uranium production in China – Based on a Stella model. Energy Policy. 2018; 120 ():250-258.

Chicago/Turabian Style

Jianchun Fang; Chi Keung Marco Lau; Zhou Lu; Wanshan Wu. 2018. "Estimating Peak uranium production in China – Based on a Stella model." Energy Policy 120, no. : 250-258.