I am an Associate Professor of Accounting at Nanyang Technological University.  I obtained my doctoral education from The University of Texas at Austin.  Before my current role, I was a Senior Corporate Tax Advisor at KPMG in Hong Kong.  My current research interests include corporate taxation, financial fraud, and sustainability.  I have published papers in internationally recognized peer-reviewed journals and also presented my research at international conferences.   I currently serve on the editorial board of The Accounting Review.  I have served as a referee for about 40 academic peer-review journals, and have received multiple reviewer awards from journals and conferences, including the Excellence in Reviewing Award from American Accounting Association six times, Best Reviewer Award from Hawaii Accounting Research Conference three times, Excellence in Reviewing Award from Management Science, Excellence in Refereeing Award from the Journal of Accounting Research, and Distinguished Service Award from Management Science.  Thank you for taking the time to visit my website.  Have a good day!

Research Interests - Tax, financial crime, sustainability, behavioral bias, and financial analysts.

CV | Google Scholar

• 'Fake friend' scammers could be using PayNow to search for victims, experts suggest masking users' names Channel NewsAsia April 25, 2024 (link).

• What does that green label on your new purchase mean? Channel NewsAsia April 22, 2024 (link).

• Global wave of consultancy layoffs has not hit Singapore The Business Times April 19, 2024 (link).

• The $2bn dirty-money case that rocked Singapore. BBC April 12, 2024 (link).

• S’pore firms show how they – and the planet – have a future as sustainability reporting takes root. The Straits Times April 11, 2024 (link).

• Competition and Consumer Commission drafts anti-greenwashing principles and launches public consultation. Lianhe Zaob April 2, 2024 (link).

• What's the problem with biofuels? Channel NewsAsia January 2, 2024 (link).

• Indian Customs on alert for travellers recruited at airports including Changi to smuggle gold. The Straits Times December 17, 2023 (link).

• Sustainable fuel production doubles, yet accounts for less than 1% of total aviation demand. LianHe ZaoBao December 12, 2023 (link).

• Is inflation an excuse for greedy businesses? Business Times November 4, 2023 (link).

• Academics suggest airline carbon offsets are on the right path but require greater transparency.  LianHe ZaoBao November 3, 2023 (link).

• For everyone’s sake, companies must stop manipulating their emission report. ChannelNew Asia October 27, 2023 (link).

• In banking, security and convenience don't mix. The Straits Times October 23, 2023 (link).

• Singapore eyes leadership in Asian carbon market. Central News Agency NewsWorld October 2023 (link).

• Morning shot: What goes behind the hunt for billions in dirty money?  MoneyFM 89.3 September 19, 2023 (link).

• Where are the green jobs in Singapore?  The Straits Times September 18, 2023 (link).

• Singapore busts multimillion-dollar money laundering scheme. Voice of America August 29, 2023 (link).

• Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling. Channel NewsAsia August 29, 2023 (link).

• What is money laundering and why does it involve luxury cars, watches and bags? Channel NewsAsia August 17, 2023 (link).

• Listed firms could be subject to mandatory climate reporting by 2025. Channel NewsAsia July 6, 2023 (link).

• Call out greenwashing, crack down on it. The Straits Times June 22, 2023 (link).

• COSMIC (Anti-Money Laundering Digital Platform): New war cry to weed out financial crimes. MoneyFM 89.3 May 15, 2023 (link).

• Biden’s climate law exposes mispriced assets due for writedowns. Bloomberg April 11, 2023 (link).

• Some small green startups struggle as customers tighten belts, bigger stores get into the game. TODAY Online March 30, 2023 (link).

• Will buying carbon offsets really help to make your flight greener? Channel NewsAsia March 24, 2023 (link).

• MSCI will speed ESG ratings reviews after silence on Adani.  Bloomberg February 18, 2023 (link).

• Carbon credits may be giving companies a way out instead of reducing actual emissions. The Straits Times November 15, 2022 (link).

• Top-performing Singapore firm accused of greenwashing in India coal sale.  Bloomberg November 9, 2022 (link).

1)  Taxes and financial constraints: Evidence from linguistic cues (with Lillian Mills) Journal of Accounting Research 2015.

• Financially constrained firms pursue more aggressive tax planning strategies. 

• Main graph

• Ungated preprint | Published version

2)  Political contributions and analyst behavior (with Danling Jiang and Alok Kumar) Review of Accounting Studies 2016.

• Republican analysts are more conservative in their research output. 

• Ungated preprint | Published version

3)  Military experience and corporate tax avoidance (with Lillian Mills) Review of Accounting Studies 2017.

• Veteran CEOs avoid less tax. 

• Main graphs | Summary: 6 min read

• Review of Accounting Studies' five most-cited papers of 2019.

• Ungated preprint | Published version | Request for the Final Published Version

4)  Financial gatekeepers and investor protection: Evidence from criminal background checks  (with Lillian Mills) Journal of Accounting Research 2019. 

• Financial advisors with pre-advisor criminal records pose a greater risk to investors than those without. 

• Main graphs

• Ungated preprint | Published version | Online Appendix

• Journal of Accounting Research Conference webcast

5)  How does the economy shape the financial advisory profession? (with Luo Zuo) Management Science 2021.

• Financial advisors who start their career in recessions (booms) are less (more) likely to commit professional misconduct throughout their career. 

• Ungated preprint | Published version

• Picture of the Great Recession

6)  Do disruptive life events affect how analysts assess risk? Evidence from deadly hurricanes (with Thomas Bourveau) The Accounting Review 2021.

• Disruptive life events affect how analysts assess risk. 

• Ungated preprint | Published version

• Nelson's Directory (sample) | Original Nelson's Directory (sample) | Boxes of Nelson's Directory

• Picture of Hurricane Katrina

7)  Green new hiring (with Alper Darendeli and Michael Shen) Review of Accounting Studies 2022.

• We propose a new measure, Green Score, to capture firms’ investment in green human capital based on the concentration of green skills required in firms’ job postings.  

• Firms that increase their Green Score have higher future profitability and generate more green patents.

• Main graphs

• Published version (open access) | Online Appendix

• Feature in NBS Research Blog

• Presented at the 2022 Review of Accounting Studies Conference.

8)  Taxes and haven activities: Evidence from linguistic cues (with Lillian Mills) The Accounting Review 2022.

• Users of Exhibit 21 cannot tell whether a tax haven subsidiary is actively operating or a dormant shell company. 

• Our new measure, Active Haven, differentiates whether a tax haven subsidiary is actively operating or merely mentioned in Ex. 21. 

• Main graph

• Ungated preprint | Published version | How AI Can Reveal Corporate Tax Avoidance

• Download Active Haven data

9)  Public concern about immigration and customer complaints against minority financial advisors (with Luo Zuo) Management Science 2022.

• Minority advisors are more likely to receive complaints in periods of high public concern about immigration than in other periods.  

• Main graphs

• Ungated preprint | Published version (open access) | Replication Files

10)  Good-bye IBES (or not?) Journal of Financial Reporting 2023.

• Presented at FARS and Journal of Financial Reporting: 2nd Annual Research Mini-Conference.

• In October 2018, IBES claimed to have anonymized the identifications (IDs) of 88 brokers and their analysts in its Detail History Files.  This paper examines to what extent the change affects the post-2018 Detail History File.

• There is no evidence of a large-scale ID anonymization for the annual and quarterly EPS forecasts for U.S. firms.  Also, there is no evidence of a large-scale ID reshuffling of forecasts between the 2015 and 2021 Detail History Files.

• 2023 Update

• Ungated preprint | Published version | Stata Codes and Linking Table

1)  What's the problem with biofuels? Channel NewsAsia January 2, 2024.

• Let us not be beguiled by the "bio" prefix, but recognize the potential and the limitations of biofuels.

• Web version

2)  Is inflation an excuse for greedy businesses? Business Times November 4, 2023.

• Greedflation undermines consumer trust and exacerbates social inequality, especially on vulnerable socioeconomic groups.

• Web version

3)  For everyone’s sake, companies must stop manipulating their emission report. Channel NewsAsia October 27, 2023.

• Loopholes continue to allow companies to manipulate their carbon emissions.

• Web version

4)  In banking, security and convenience don't mix. Straits Times October 23, 2023.

• Safer banking, longer lines.

• Web version

5)  Green Score and corporate sustainability. Strategic Finance October 1, 2023.

• Green Score, a new metric derived from the concentration of green skills in job postings, offers a more credible, action-based measure of corporate sustainability and is positively correlated with future profitability, challenging the shortcomings of traditional ESG ratings vulnerable to greenwashing.

• Web version

6)  Where are the green jobs in Singapore? Straits Times September 18, 2023.

• Young job seekers today are increasingly emphasizing to find employment that aligns with their personal values like environmental protection and sustainability.  This is a generational shift in attitude that companies could embrace it by expanding green jobs across more functions.

• Web version

7)  Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling. Channel NewsAsia August 29, 2023.

• Cryptocurrencies are becoming an increasingly popular tool for money laundering through online gambling platforms.

• Web version

8)  Calling out greenwashing, crack down on it. Straits Times June 23, 2023.

• Green must be more than a marketing color: Businesses making environmental claims must be transparent and accountable, to ensure 'green' also colors their conscience.

• Web version

9)  Carbon credits may be giving companies a way out instead of reducing actual emissions. Straits Times November 15, 2022.

• Firms should not outsource their environmental and social responsibilities to someone else by buying carbon credits.

• Web version

10)  What makes a sustainability report that’s actually worth reading? (with Rony Lim) Institute of Singapore Chartered Accountants Journal October 2022

• This is a reprint of an update version of the article previously published in The Business Times on September 2, 2022.

• Web version

11)  The best sustainability reports: Winning features (with Rony Lim) Business Times September2, 2022

• 1) Data-driven and actionable, 2) verifiable, 3) comprehensive and balanced, and 4) accountable.

• Published version

12)  Do personal traits predict fraud? (with Rony Lim) Institute of Singapore Chartered Accountants Journal April 2021

• Yes, personal behaviors predict professional misconduct.

• Web version

1)  How does artificial intelligence shape the audit industry? (with Michael Shen)

• AI does not replace auditor jobs but leads to upskilling in auditor jobs and improves audit quality. 

• Recipient of Best Archival Paper Award at the 2021 AAA Audit Midyear Meeting 

• Presented at Nanyang Business School Knowledge Lab: Empower Financial Services with Artificial Intelligence (conference webcast)

2)  Impact of climate change on firm earnings (with Artur Hugon)

• Warmer climate hurts firm earnings, and managers underestimate the impact.

3)  The bright side of fair value accounting: Evidence from private company valuation (with Nicholas Crain)

• Fair value accounting improves the quality of private valuations.

4)  Career imprinting: The influence of coworkers in early career

• Analysts who worked with more optimistic coworkers in their early career are more optimistic in their forecasts.

5)  Labor market dynamics and analyst ability (with Michael Clement)

• Brokers are able to identify the innate ability of sell-side analysts.

6)  Recession analysts and conservative forecasting (with Michael Clement)

• Analysts who start in a recession are more conservative in their earnings forecasts.

7)  How Does Working from Home Affect Research Analysts during the COVID-19 Pandemic? (with Luo Zuo)

• Excellence in Reviewing Award: Management Science 2023.

• Distinguished Service Award: Management Science 2023.

• Excellence in Refereeing Award: Journal of Accounting Research 2021.

• Best Reviewer Award: Hawaii Accounting Research Conference 2022, 2023, 2024.

• Best Archival Paper Award at the 2021 AAA Audit Midyear Meeting.

• FARS Excellence in Reviewing Award: AAA Annual Meeting 2018, 2020, 2021.

• FARS Excellence in Reviewing Award: 2020 AAA Midyear Meeting 2017, 2018.

• NTU Division of Accounting’s Research Excellence Award.

Editorial Activities

Editorial Board, The Accounting Review (2023-Present)

Referee Activities

1. Abacus

2. Accounting and Finance

3. Accounting Horizons

4. The Accounting Review

5. Accounting, Organizations and Society

6. Asia Pacific Management Review

7. Asia-Pacific Journal of Accounting & Economics

8. Auditing: A Journal of Practice & Theory

9. British Accounting Review

10. Contemporary Accounting Research

11. Corporate Governance: An International Review

12. European Accounting Review

13. Finance Research Letters

14. International Journal of Accounting

15. International Research Journal of Management and Business Studies 

16. Journal of Accounting and Economics

17. Journal of Accounting and Public Policy

18. Journal of Accounting Research

19. Journal of Accounting, Auditing and Finance

20. Journal of Banking and Finance

21. Journal of Behavioral and Experimental Finance

22. Journal of Business Ethics

23. Journal of Business Finance and Accounting

24. Journal of Corporate Finance

25. Journal of Economic Surveys

26. Journal of Empirical Finance

27. Journal of Financial Quantitative Analysis 

28. Journal of International Accounting, Auditing and Taxation

29. Journal of International Accounting Research

30. Journal of International Financial Markets, Institutions & Money

31. Journal of Management Accounting Research

32. Journal of Multinational Financial Management

33. Management Science

34. Managerial Auditing Journal

35. North American Journal of Economics and Finance

36. Pacific-Basin Finance Journal

37. Quarterly Review of Economics and Finance 

38. Review of Accounting Studies

39. Review of Finance

40. Review of Financial Studies

41. Universal Journal of Education and General Studies

• Discussion of "Reputation-building actions after corporate social irresponsibility" by Wei Cai, Aneesh Raghunandan, Shivaram Rajgopal, and Wenxin Wang at Singapore Management University School of Accountancy's Accounting Symposium.

• Nanyang Business School's Knowledge Lab Webinar of "Sustainability reporting: Navigating trends, technology and best practices." (Link)

• Discussion of "Managerial reaction to analysts’ limited attention: Evidence from overlapping conference calls" by Gus De Franco, Heather Li, Rui Shen, and Shijie Yang at MIT Asia Accounting Conference.

• Presentation of "How does artificial intelligence shape the audit industry?" with Michael Shen (conference webcast).

• Discussion of "Insider trading in news deserts" by Hangsoo Kyung and Jonathan Nam at MIT Asia Accounting Conference.

• Discussion of "Firm-level climate change exposure" by Sautner, van Lent, Vilkov, and Zhang  (Full video; discussion).

• Discussion of "The information asymmetry between top management and rank-and-file employees: Determinants and consequences" by Kelly Huang, Meng Li, and Stanimir Markov at MIT Asia Accounting Conference.