October 21, 2025 — Beijing The Cheung Kong Graduate School of Business (CKGSB) hosted an academic seminar in Beijing and online featuring Professor Bo Bian, Assistant Professor of Finance at the University of British Columbia’s Sauder School of Business, who shared insights from her latest paper, “Data as a Networked Asset.”
The event drew scholars from China and worldwide, highlighting CKGSB’s growing reputation as a global hub for cutting-edge academic dialogue in finance, economics, and digital innovation. “Research and academic exchange are at the heart of CKGSB’s mission. Engaging with scholars across top schools allows us to broaden perspectives and continue pushing the boundaries of business research.” noted Erica Li, CKGSB Professor of Finance.
In her presentation, Professor Bian discussed how data, often viewed merely as an intangible asset, should instead be understood as a networked productive resource. Her coauthored research uncovers a system of inter-firm data conduits—particularly through mobile applications—that enable firms to share and benefit from one another’s consumer information. “Data is non-rival,” Bian explained, “a firm’s customer data informs other firms about their customers.” Therefore, she argues that its value multiplies when connected across firms. This network structure, the study finds, not only drives co-movement in operational and financial performance but also influences corporate valuations and systemic risk across industries.
Professor Bian’s model introduces a “network-augmented Gordon growth formula” that integrates spillover effects from interconnected firms into traditional valuation frameworks. Her findings show that data sharing can make certain firms “systemically important” far beyond what their market capitalization alone would suggest—a concept with significant implications for investors and policymakers in today’s increasingly data-driven economy.
Bian also reflected on how regulatory shifts, such as Apple’s App Tracking Transparency (ATT) policy, have reshaped these data networks, weakening information spillovers and changing firm behavior. She noted that while privacy protections are essential, they can unintentionally reduce the positive externalities of shared data, challenging firms to innovate within new regulatory boundaries.
Professor Bian, who earned her Ph.D. in Finance from London Business School and now serves as Co-Director of the PH&N Centre for Financial Research at UBC, has received multiple international awards for her work on digital economics, data privacy, and innovation finance.
Her presentation at CKGSB emphasizes the school’s standing as a high-caliber academic platform that bridges theory and practice, fostering exchanges among leading scholars from around the world who are shaping the future of business.
