Research Interests:

Theoretical and empirical corporate finance, intermediation, and entrepreneurial finance with primary focus on: IPOs, Innovation, Labor and Finance, Institutional Cross-ownership, Corporate Governance, M&As, Delegated Portfolio Management, Mortgage-backed Securities Markets, Rating Agencies, Analysts, Payout Policies, and Corporate Social Responsibility.


Working Papers:

1. Information Production, Endogenous Occupational Choices, and Delegated Portfolio Management.  [Download]

Ø   On the 2010 AFA program

2.  Expectation Management in Mergers and Acquisitions, with Tingting Liu, Jeff Netter, and Tao Shu. [Download]

Ø   On the 2016 MIT Asia Conference in Accounting and the 2014 CICF program 

3.  Do Short Sellers Exacerbate or Mitigate Managerial Myopia? Evidence from Patenting Activities, with Xuan Tian. [Download]

Ø   On the 2016 AFA program, the 2016 CFEA program, and the 2014 LBS Summer Finance Symposium

4.  Asymmetric Cost Behavior and Dividend Policy, with Xuan Tian, Huan Yang, and Luo Zuo.

5.  Standing out from the Crowd via Corporate Goodness: Evidence from Non-fundamental-driven Price Pressure, with Lei Gao and Julie Wu. [Download]

Ø   On the 2016 FARS Midyear Meeting program and the 2017 CFEA program

6.  Internalizing Governance Externalities: The Role of Institutional Cross-ownership, with Jiekun Huang and Shan Zhao. [Download]

Ø   On the 2017 WFA program and the 2017 CICF program

7. The Employee Clientele of Corporate Leverage: Evidence from Personal Labor Income Diversification, with Tao Shu and Huan Yang. [Download]

Ø   On the 2017 Stanford Institute for Theoretical Economics Workshop for Labor and Finance, the 2017 SFS Finance Cavalcade Asia-Pacific program, and the 2017 CFEA program

8.  Two Tales of Monitoring: Effects of Institutional Cross-Blockholding on Accruals, with Lei Li and Eric Yeung. [Download]



1. Finance and Corporate Innovation: A Survey, with Xuan Tian. [Download]



1. Product Market Competition in a World of Cross Ownership: Evidence from Institutional Blockholdings, with Jiekun Huang, Review of Financial Studies, 30, (2017), pp. 2674-2718.  [Download]

2. Product Market Characteristics and the Choice between IPOs and Acquisitions, with Thomas J. Chemmanur, Shan He, and Debarshi Nandy, Journal of Financial and Quantitative Analysis, forthcoming. [Download]

3. Does the Market Understand Rating Shopping? Predicting MBS Losses with Initial Yields, with Jun Qian and Philip Strahan, Review of Financial Studies, 29, (2016), pp. 457-485. [Download]

4. The Dark Side of Analyst Coverage: The Case of Innovation, with Xuan Tian, Journal of Financial Economics, 109, (2013), pp. 856-878. [Download]

5. Are All Ratings Created Equal? The Impact of Issuer Size on the Pricing of Mortgage-Backed Securities, with Jun Qian and Philip Strahan, Journal of Finance, 67, (2012) pp. 2097-2137. [Download]

6. IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence, with Thomas Chemmanur, Journal of Financial Economics, 101, (2011), pp. 382-412. [Download]

7. Credit Ratings and the Evolution of Mortgage-backed Securities, with Jun Qian and Philip Strahan, American Economic Review Papers and Proceedings, 101, (2011), pp. 131-135. [Download]

8. Is Dividend Smoothing Universal? New Insights from a Comparative Study of Dividend Policies in Hong Kong and the U.S., with Thomas J. Chemmanur, Gang Hu, and Helen Liu, Journal of Corporate Finance, 16, (2010), pp. 413-430. [Download]