Recently, Wei Xinbei, a young faculty member from the School of Finance, CUEB, in collaborationwith her doctoral supervisor Professor Zhang Qunzi from Shandong University, has officially published the paper “Narrative Ambiguity Matters” online in Management Science, a top‑tier international journal in management.

Identifying and characterizing deep‑seated uncertainty that is hardtoquantify in financial markets is a key issue for understanding investor behavior and assetprice fluctuations.Starting from economicnews narratives, this study leverages textual information to capture the ambiguity (Knightian uncertainty) facing markets, and further investigates its impacts on financial markets.The study finds that uncertainty embedded in news narratives effectively reflects investors’ perceptions of and responses to unknown risks, and exhibits significant predictive power for future financialmarket risks and asset returns. It offers new perspectives and empirical evidence for understanding how uncertainty shapes financial markets.

Founded in 1954, Management Science is published by the Institute for Operations Research and the Management Sciences (INFORMS).As a highly influential and authoritative journal in international management science. It is included in the UTD24 list (the 24 premier academic journals designated by the Naveen Jindal School of Management at the University of Texas at Dallas) and FT50 list (the 50 top‑tier academic journals identified by the Financial Times, UK).

Wei Xinbei, Lecturer at the School of Finance of CUEB, holds a PhD in Finance.Her research interests include asset pricing, machine learning and studies on large language models. Her papers have been published in core journals including Management Science.She is the principal investigator of the Youth Scientists Fund of the National Natural Science Foundation of China (NSFC).