In a momentous achievement, the collaborative research efforts of Professor Cheng Xiaoke and his team from the Accounting Department at our college have been officially featured in the esteemed international journal, the Journal of Corporate Finance. The paper, titled "Sunshine induced mood and SEO pricing: Evidence from detailed investor bids in SEO auctions," stands as a testament to the scholarly excellence fostered within our institution. The team comprises Sun Qian, a doctoral student under Professor Cheng Xiaoke's guidance (currently affiliated with Nanjing University of Technology), along with Gao Shenghao, a professor at the Southwest University of Finance and Economics, Tao Chen, an assistant professor at the University of Macau, and Jia Liu, a professor at the University of Portsmouth.

The research delves into the nuanced realm of non-public offerings utilizing bidding mechanisms, leveraging unique insights from investor bidding prices during the bidding stage, coupled with investor geographical locations and weather data. The focus of the study revolves around the influence of sunlight-induced emotions on investors' bidding decisions in the primary market. Notably, the findings illuminate that higher light intensity or prolonged exposure to sunlight leads to a reduced degree of discount in both bidding and issuance prices. The article elucidates that emotional errors and risk-taking behavior are pivotal channels through which the sunshine effect exerts its impact. By substantiating that light intensity and duration share a common potential mechanism, the research not only validates the impact of the sunlight effect on primary market investor decisions but also advances the understanding of this phenomenon.

The Journal of Corporate Finance, as a beacon of authority in corporate finance and corporate governance, upholds rigorous standards in publishing high-quality theoretical and empirical papers. Boasting an average impact factor of 4.249 over the past 5 years, the journal has earned the distinction of being an AJG 4-star journal and an English A-class journal in our college's finance discipline.

For those eager to delve into the intricacies of this groundbreaking research, the paper, authored by Sun Q, Cheng X, Gao S, Chen T, and Liu J, is available under the title "Sunshine induced mood and SEO pricing: Evidence from detailed investor bids in SEO auctions" in the Journal of Corporate Finance (2023: 102411). The paper can be accessed via the following link: [Paper Link](https://doi.org/10.1016/j.jcorpfin.2023.102411).