2022 Doctoral Notes

Liang Shen (Marketing) and Tianhai Zu (OBAIS) win Lindner’s Outstanding Research Award


Liang Shen.

In “Fear in the Stock Market: How COVID-19 Affected Investment Preference,” Liang Shen and coauthors examined that high-priced stocks fared better than low-priced stocks during the COVID-19 crash, since fearful investors deemed the high-priced stocks to be more stable. Both experiments and archival data confirmed this hypothesis.

By further exploring the archival data, Shen and coauthors showed that this effect is likely when incidental fear grips investors (e.g., COVID-19 and 9/11). However, when fear is elicited by the financial market itself (e.g., 2008 recession), then the effect will not be evident.

The paper has been published in the Journal of the Association for Consumer Research and was ranked in SSRN’s top 10 download list for multiple topics.


Tianhai Zu.

Tianhai Zu’s research, “Ultra-high Dimensional Quantile Regression for Longitudinal Data: an Application to Blood Pressure Analysis,” aims to identify important risk factors linked to high blood pressure over more than half-million genotype and repeated measurements of phenotype factors.

Zu also provides a comprehensive, nuanced picture of blood pressure at various quantiles via a novel quantile method instead of mean regression or a categorical binary hypertension response. This research is unique in that it incorporated ultra-high dimensional variables through a novel penalized quantile longitudinal data analysis with rigorous theoretical properties and efficient algorithms, especially on blood pressure analysis. Zu and his co-authors are revising the manuscript for re-submission to the Journal of the American Statistical Association.


Recent graduates of the Carl H. Lindner College of Business PhD program have accepted positions at the following universities:

  • Brianna Escoe (marketing), Vanderbilt University, post-doctoral studies
  • Donald Gaffney (marketing), Vanderbilt University, post-doctoral studies
  • Xin Li (finance), Michigan Technological University, assistant professor
  • David Rea (OBAIS), Lehigh University, assistant professor
  • Beau Sauley (economics), Murray State University, assistant professor
  • Jayoung Yoon (finance), Drake University, assistant professor

Lindner’s PhD Students

The Lindner College of Business PhD program is an apprenticeship-style model in which students learn the history and current state of research in their area of concentration and then conduct original research to advance knowledge in their field and transfer that knowledge to others via teaching.


  • Min Jaeik
  • Lingting Jian
  • Yu Kexin
  • Janean Rundo
  • Economics
  • Ian Bryant
  • Sarah Katanchian
  • Vikram Suresh Krishnaveti
  • Thang Le
  • Saani Rawat
  • Maxwell Richards
  • Sachin Sisodiya


  • Dan Boles
  • Albert Choi
  • Chad Dulle
  • Yang Guoyang
  • Yuan Tian
  • Management
  • Bina Ajay
  • Omowumi Alimi
  • Oliva Rose Anger
  • Zhang Kaiqi
  • Zhuo Lin
  • Achira Sedari Mudiyanselage
  • Daniel Peat


  • Barchetti Alberto
  • Hyerin Han
  • Yujin Lee
  • Nathanael Martin
  • Emma Neybert
  • Liang Shen

Operations, Business Analytics & Information Systems (OBAIS)

  • Yang Chia-Chun
  • Zhaohu (Jonathan) Fan
  • Jiawei Huang
  • Zewei Lin
  • Jack Luu
  • Wang Jiantong
  • Saidat Sanni
  • Ilkay Nehir Tanyel
  • Zhao Zhexing
  • Xiaorui Zhu
  • Tianhai Zu