![](https://neoma-bs.com/sites/default/files/uploaded_images/profs-neoma_0.png)# CAO Wenbin { "@context": "https://schema.org", "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://neoma-bs.com/" }, { "@type": "ListItem", "position": 2, "name": "CAO\u0020Wenbin", "item": "https://neoma-bs.com/node/8528.md" } ] } - [Home](https://neoma-bs.com/) - CAO Wenbin ![](/sites/default/files/styles/large/public/uploaded_images/photos_academ/3255-cao-wenbin.jpg?itok=zBPhsK13)CAO Wenbin Associate Professor - About - Academic publications [Finance](https://neoma-bs.com/departements/finance) PhD, Finance Wenbin Cao is an Associate Professor of Finance at NEOMA. He obtained his Ph.D. from the Price College of Business at the University of Oklahoma in 2016. He teaches data analytics in finance, managerial economics, corporate finance, and operational risk. His main research interest is in corporate finance. He also diversifies his research in various fields. He has published in the Journal of Economic Dynamics and Control, International Review of Law and Economics, the Journal of Retailing, and Physica A: Statistical Mechanics and its Applications. He has presented his papers at influential conferences, including the China International Conference in Finance, and the Financial Management Association Annual Meetings. He is currently the Head of MSC Financial Markets and Technologies. ### Areas of research - Corporate Finance - Structural Modeling - Financial Econometrics ## Recent academic contributions CAO, W., R. DING, C.-C. HSIEH, "Double taxation treaties and disclosure of offshore activities: evidence of tax avoidance incentive", *Journal of International Accounting, Auditing and Taxation*, June 2026, vol. 60, pp. 100742 DOI : [ 10.1016/j.intaccaudtax.2025.100742 ](https://dx.doi.org/10.1016/j.intaccaudtax.2025.100742) CAO, W., X. DUAN, S. LINN, P. SIX, "New tests of the theory of storage and the theory of normal backwardation: Time and frequency dimensions", *Journal of Banking and Finance*, February 2026, vol. 183, pp. 107611 DOI : [ 10.1016/j.jbankfin.2025.107611 ](https://dx.doi.org/10.1016/j.jbankfin.2025.107611) SIX, P., M. DE BOURMONT, W. CAO, F. LARMANDE, J. VERNY, "A few ratios do not tell the whole story: financial statements informativeness evolution and bankruptcy prediction" in *American Accounting Association annual conference*, 2025, Chicago, United States ## Publications CAO, W., R. DING, C.-C. HSIEH, "Double taxation treaties and disclosure of offshore activities: evidence of tax avoidance incentive", *Journal of International Accounting, Auditing and Taxation*, June 2026, vol. 60, pp. 100742 DOI : [ 10.1016/j.intaccaudtax.2025.100742 ](https://dx.doi.org/10.1016/j.intaccaudtax.2025.100742) CAO, W., X. DUAN, S. LINN, P. SIX, "New tests of the theory of storage and the theory of normal backwardation: Time and frequency dimensions", *Journal of Banking and Finance*, February 2026, vol. 183, pp. 107611 DOI : [ 10.1016/j.jbankfin.2025.107611 ](https://dx.doi.org/10.1016/j.jbankfin.2025.107611) ZHANG, Q., R. DING, W. DING, W. CAO, "Societal trust and information timeliness: international evidence", *The European Journal of Finance*, February 2025, vol. 31, no. 3, pp. 231-259 DOI : [ 10.1080/1351847X.2024.2376719 ](https://dx.doi.org/10.1080/1351847X.2024.2376719) CAO, W., X. DUAN, X. NIU, "Access to Finance, Bureaucracy, and Capital Allocation Efficiency", *Journal of Economics and Business*, May 2023, vol. 125-126 DOI : [ http://dx.doi.org/10.2139/ssrn.3803504 ](https://dx.doi.org/http://dx.doi.org/10.2139/ssrn.3803504) ATTAOUI, S., W. CAO, P. SIX, "Capital Structure and the Optimal Payment Methods in Acquisitions", *International Review of Law and Economics*, June 2021, vol. 66 DOI : [ 10.1016/j.irle.2021.105986 ](https://dx.doi.org/10.1016/j.irle.2021.105986) ATTAOUI, S., W. CAO, X. DUAN, H. LIU, "Optimal Capital Structure, Ambiguity Aversion, and Leverage Puzzles", *Journal of Economic Dynamics and Control*, August 2021, vol. 129, pp. 104176 DOI : [ 10.1016/j.jedc.2021.104176 ](https://dx.doi.org/10.1016/j.jedc.2021.104176) CAO, W., S. B.GUERNSEY, S. C.LINN, "Evidence of infinite and finite jump processes in commodity futures prices: Crude oil and natural gas", *Physica A: Statistical Mechanics and Its Applications*, July 2018, vol. 502, pp. 629-641 DOI : [ 10.1016/j.physa.2018.03.007 ](https://dx.doi.org/10.1016/j.physa.2018.03.007) CAO, L., X.LIU, W.CAO, "The Effects of Search-related and Purchase-related Mobile App Additions on Retailers' Shareholder Wealth: The Roles of firm Size, Product Category, and Customer Segment", *Journal of Retailing*, December 2018, vol. 94, no. 4, pp. 343-351 DOI : [ 10.1016/j.jretai.2018.08.003 ](https://dx.doi.org/10.1016/j.jretai.2018.08.003) ## Conferences LARMANDE, F., M. DE BOURMONT, W. CAO, P. SIX, J. VERNY, "A few ratios do not tell the whole story: financial statements informativeness evolution and bankruptcy prediction" in *Annual conference of the European Accounting Association*, 2025 CAO, W., X.DUAN, V.UYSAL, "Does policy uncertainty affect capital structure choices?" in *Financial Management Association Annual Conference*, 2013, Chicago, United States ## Conference invitations CAO, W., S.ATTAOUI, X.DUAN, H.LIU - "Optimal capital structure, ambiguity aversion, and leverage puzzles" - 2020, Tianjin, China CAO, W., P.SIX, S.ATTAOUI - "Capital structure and the optimal payment methods in acquisitions" - 2020, Lyon, France CAO, W., X.DUAN, X.NIU - "Access to finance, bureaucracy, and capital allocation efficiency" - 2020, Online, France ## Conference contributions SIX, P., M. DE BOURMONT, W. CAO, F. LARMANDE, J. VERNY, "A few ratios do not tell the whole story: financial statements informativeness evolution and bankruptcy prediction" in *American Accounting Association annual conference*, 2025, Chicago, United States SIX, P., W. CAO, X. DUAN, S. C. LINN, "New Tests of the Theory of Storage and the Theory of Normal Backwardation: Time and Frequency Dimensions" in *New Directions in Commodities Research Symposium*, 2025, Denver, United States Coauthorspresented DE BOURMONT, M., W. CAO, F. LARMANDE, P. SIX, J. VERNY, "Have financial statements become less informative? Yes, and no…Evidence from the ability of a new accounting model to predict bankruptcy" in *2024 French Accounting Association Annual Conference*, 2024, Dijon, France Coauthorspresented CAO, W., X. DUAN, P. SIX, S. C. LINN, "New Tests of the Theory of Storage and the Theory of Normal Backwardation: Time and Frequency Dimensions" in *Commodity Energy Markets Annual Conference, Boston University Questrom School of Business*, 2024, Boston, United States SIX, P., M. DE BOURMONT, W. CAO, F. LARMANDE, J. VERNY, "Bankruptcy prediction: a persistent model of cash flows based on Beaver’s theory of the reservoir" in *2023 International Conference in Finance, Banking and Accounting*, 2023, Montpellier, France ## Research seminars SIX, P., W. CAO, X. DUAN, S. C. LINN, "New Tests of the Theory of Storage and the Theory of Normal Backwardation: Time and Frequency Dimensions" *Finance Research Seminar-NEOMA Business School*. 2021, Paris, France