Dr Wenyi Sun
Lecturer in Finance
PhD in Finance
About
Biography
Dr Wenyi Sun joined the Surrey Business School as a Lecturer in Finance in February 2022. She graduated with a MSc degree in International Securities, Investment and Banking from the Henley Business School (ICMA Centre) in the University of Reading. She was awarded as the “Excellent Graduate Teaching Assistant in Business” in 2018. She holds a PhD in Finance from Durham University. Her research interest is empirical corporate finance: investor sentiment, productivity, risk management, cash policy, corporate governance, and managerial traits.
University roles and responsibilities
- Personal Academic Tutor
- Personal Placement Tutor
- Department Website Coordinator
My qualifications
2022
PhD in Finance
Durham University
ResearchResearch interests
- Corporate Hedging
- Corporate Governance
- Managerial Traits
- Firm Productivity
- Investor Sentiment
- Natrual Language Processing
Research interests
- Corporate Hedging
- Corporate Governance
- Managerial Traits
- Firm Productivity
- Investor Sentiment
- Natrual Language Processing
Teaching
MANM493: Overview of FinTech
MANM492: FinTech and Policy Project
MAN2165: Seminar in Finance for Business 1
Publications
Wenyi Sun, Chao Yin, Yeqin Zeng (2021) Financial Hedging, Corporate Cash Policy, and the Value of Cash. British Journal of Management, 33(3), 1271-1303.
We study the implications of financial hedging for corporate cash policy and the value of cash holdings. Using a web crawler program to collect data on the use of financial derivatives between 1993 and 2016, we find that US public firms with financial hedging programs have smaller cash reserves but a higher value of cash than firms without hedging contracts in place. Our empirical results are robust when controlling for potential endogeneity issues, corporate governance, cash regimes and alternative measures of cash holdings. Further, we find that financial hedging not only increases the investment sensitivity to internal cash, but also has a positive effect on investment efficiency. The positive effect of financial hedging on the value of cash is more pronounced for firms with more financial constraints, higher information asymmetry and weaker corporate governance. Collectively, our paper highlights the importance of corporate cash policy as a channel through which financial risk management increases firm value.