Kent State College of Business Administration Finance Faculty Win Award

College of Business Administration finance faculty Xiaoling Pu, Lindsay Baran and finance Ph.D. candidates Zilong Liu and Chang Liu (with co-author Ying Li) received the Outstanding Paper Award in Derivatives at the 2015 Eastern Finance Association Annual Meeting.

Their research investigates the impact of S&P 500 Index revisions on the credit default swap (CDS) market. Over a sample period of 2001 to 2012, they found that in addition to the S&P 500 Index leads to significantly negative cumulative abnormal CDS spread changes for event firms over both short- and long-term windows, deletion from the index has no impact. This effect is more pronounced in a financial crisis when the equity and CDS markets are more highly correlated.  Additionally, investment and speculative grade rated firms react differently in short- and long-term windows. There are no significant changes in CDS market liquidity upon the announcement of S&P 500 Index revisions.  Their results provide new empirical evidence for the certification hypothesis of S&P 500 Index revisions.

“Dr. Pu and Dr. Baran are very valuable members of the Department of Finance at Kent State University. “Their research is already cited in top journals, and their influence will only increase in the years to come,” said Steve Dennis, department chair of finance and Firestone Chair of Corporate Finance. “They work diligently with Kent State’s doctoral students and they motivate the people around them to perform at a high level. This award recognizes their outstanding achievement.”

Pu received a Ph.D. in finance from the University of Massachusetts at Amherst in 2008. Her current research interests include credit risk, credit derivatives, credit markets and investments. She has been published in journals such as the Journal of Financial Economics and the Journal of Banking and Finance. Pu, who joined Kent State in 2008, is the Olga A. Mural Risk Management Fund Associate Professorship, as well as assistant professor of Finance.

Baran received her Ph.D. from the University of North Carolina at Charlotte in 2010. Her research interests include areas of corporate finance; including board of director characteristics. Baran an associate professor of finance joined Kent State in 2011.

Second year Finance Ph.D. student, Chang Liu, attributes the success of the paper to the Ph.D. mentorship program in the College of Business Administration.

“This is my first mentorship paper co-authored with the finance faculty, it was a great experience. I learned both the research process, as well as the content.” said Chang.

Liu received a Bachelor of Economics and a Bachelor of Administration from Southwestern University of Finance and Economics in Chengdu, China, along with a Master of Science in Finance from the University of Denver in Colorado.

For more information on the Accounting Department, visit


Kent State University’s College of Business Administration is one of only 180 colleges or schools of business worldwide to achieve dual accreditation in both business and accounting from the Association to Advance Collegiate Schools of Business (AACSB) International, the global accrediting body providing specialized accreditation at the bachelor's, master's and doctoral levels.  The College of Business Administration is home to 4,502 students, the second largest college of business in Ohio.  The college boasts a satellite office of Kent State University’s Career Services Center dedicated to business students, and operates the Global Management Center, the Center for Information Systems and the Center for Entrepreneurship and Business Innovation all propelling scholarly research, establishing innovative industry partnerships and providing outreach to Northeast Ohio and beyond.


Michelle Parrish Manning, Director of Marketing Communications, 330-672-2717,

Bri Figley, Marketing Communications Specialist, 330-672-1279,


POSTED: Tuesday, May 26, 2015 12:00 AM
Updated: Tuesday, August 9, 2016 08:24 AM