Tingting Liu, a Ph.D. student in the Department of Finance, has received the Wharton Research Data Services’ Eastern Finance Association Best Paper Award.

Liu examined the use and benefits of fairness opinions in her paper, The Wealth Effects of the Choice of a Fairness Opinion in M&As: Evidence From a Regression Discontinuity Design.

WRDS, a part of the Wharton School of the University of Pennsylvania, is an award-winning data research platform and business intelligence tool for corporate, academic and government institutions worldwide.

“We are honored to present this WRDS Best Paper Award to Tingting Liu for research that challenges current assumptions,” said Robert Zarazowski, managing director of WRDS. “Expanding the field of knowledge and showing how financial research has real implications for practice is central to our work at WRDS, and we are pleased to highlight research of this caliber.”

Liu’s inquiry challenges current teachings that indicate fairness opinions result in a negative market response. Using regression discontinuity to compare only similar firms and mergers and acquisitions, Liu showed that fairness opinions do not harm shareholder wealth, and in fact, have a positive effect.

“I am honored to receive this Best Paper Award from WRDS,” Liu said. “I’ve always been drawn to financial research in order to answer big questions, and I am grateful for the opportunity to add a new perspective to the research on fairness opinions.”