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sep. 01, 2025

SHoF’s latest PhD graduates Alessia Meichetti and Chunjie Wang reflect on their research, their time at the Swedish House of Finance, and where their academic paths are headed next.

The Swedish House of Finance celebrates two new PhD graduates, Alessia Meichetti and Chunjie Wang, both from the Stockholm School of Economics. Meichetti’s research shows how repeated online news drives market overreactions and trading spikes. Wang’s work offers a simpler way to explain stock returns by looking at entire firms rather than just prices. They now continue their academic careers in ESCP Business School in Madrid and KU Leuven.

What motivated you to focus on your area of research?

AM: My research has two key elements: retail investors and information. Retail investors are typically less sophisticated than professional investors and often make suboptimal decisions. Collecting the right information—and understanding and sharing it correctly—is essential to making sound decisions, but it can also be very costly. I find studying the impact of these potential mistakes both fascinating and highly relevant in today’s environment.

CW: I have accumulated many questions during our first and second years of PhD studies, especially in the theoretical and empirical asset pricing courses. While the theories aim to precisely describe financial markets, there are still numerous empirical anomalies. The world is changing rapidly, and since COVID, there has been an explosion of research applying the latest techniques from computer science to finance. I believe this shift has come at the right time for young researchers like my self: although my understanding of financial markets especially the institutional details that could inspire interesting research topics is still developing, we’ve been exposed to long-standing questions. Now, we have the opportunity to explore them using new methods. That’s how I started my job market paper “Asset Pricing, Not Equity Pricing”.

How do you think your research contributes to current debates or challenges in finance?

AM: The rapid developments in information and communication technologies (ICT) over the past couple of decades have fundamentally changed how we gather, process, and share information. My research engages with these transformations. In parallel, the decision-making environment of retail investors has also evolved significantly—not only in terms of service availability (e.g., the ability to invest via smartphone), but also due to broader socio-economic trends, such as rising inequality. I find these developments both intellectually stimulating and rich in potential for future research.

CW: Asset pricing theory aims to unify the valuation of different assets by applying the same fundamental equations across the board. However, there is ongoing debate about how well these theories hold up in the real world. As empirical models for pricing specific securities grow increasingly complex, partly driven by advances in computing power, I feel we may be drifting away from this theoretical core. My research offers empirical reassurance that such complexity may not be necessary. If we can accurately identify the fundamental drivers of cash flows, we may not need models with millions of parameters, nor should we treat securities as entirely separate entities simply because they are traded individually.

What’s one thing you know now that you wish you’d known at the start of your PhD?

AM: I found that one of my biggest challenges during the PhD was my reluctance to seek help and my insistence on solving everything independently. It took me some time to learn that asking for help is perfectly acceptable—often far less costly than expected—and can save a great deal of time.

CJ: It’s a lonely journey at times, even with the support of faculty, friends, and family. Feeling lost is perfectly normal, especially at the beginning of the research process. Do not get discouraged by it.

What’s next for you and what questions are you excited to explore next?

AM:I will join ESCP as an Assistant Professor of Finance starting in September. I am tremendously excited, as this opportunity allows me to continue expanding my current projects and to engage in new research. I plan to further explore issues related to information and retail investors, and to incorporate empirical data analysis into my work.

CW: I have several ideas that could help deepen our understanding of how to harmonize pricing across different securities. They are essentially follow-up questions stemming from my job market paper. From a methodological perspective, I hope to strengthen my current working paper by incorporating more theoretical modeling, something I didn’t have the time to fully explore while on the job market. I’m also very interested in the application of techniques for analyzing unstructured data, which is both abundant and increasingly important in finance.

How did being part of an international research environment influence your work?

AM: Beyond the clear benefits of learning about different cultures and ways of life, being in an international environment exposes you to a multitude of perspectives that—if approached with an open mindset—can significantly enhance the development of critical thinking skills.

CW: All research is built on the collision of ideas, and it’s never enough to try to understand the world through your own keyhole. Visiting different departments, presenting your work, and engaging with research from other fields are some of the most effective ways to broaden your outlook, both on your own work and on academia as a whole. A question I struggled with for over a month in my job market paper was unexpectedly resolved during a casual conversation at a flyout dinner with several assistant professors, none of whom were even in my field. You just never know.

What advice would you give to someone considering pursuing a PhD in finance, and why should they be here at SSE and SHoF?

AM: A PhD is no walk in the park—you should be comfortable with challenges and with being challenged. On the bright side, at SHoF you will find a highly supportive environment, with exceptionally knowledgeable and bright faculty members.

CW: The journey is long and filled with challenges, but it’s incredibly rewarding, especially for those who are genuinely curious about the fundamental drivers behind financial phenomena. SSE has a remarkably strong finance department. The faculty are not only leading experts in their fields but also consistently supportive, regardless of your specific research interests. SHoF regularly hosts world-class researchers who present cutting-edge work across diverse areas of finance. The scholarship support is generous, and the administrative assistance from the school is top-notch. While we may not be the largest department, we are a close-knit and supportive community.