Publications and Accepted Papers
"The Effect of Salience on the Equity Market Reaction to Innovation Announcements: Theory and Evidence from Patent Grants and FDA Drug Approvals" (with Dongmei Li, Kevin Tseng, and Yu Wang), Review of Corporate Finance, accepted December 2023
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"Can mergers and acquisitions internalize positive externalities in funding innovation?" (with Leo Ang Li, Mark Liu), Pacific-Basin Finance Journal, accepted December 2023
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"Innovation beyond firm boundaries: Strategic alliances and corporate innovation" (with Yao Shen, Jing Xie), Journal of Corporate Finance, accepted April 2023
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"The exit choices of European private firms: A dynamic empirical analysis" (with Andrea Signori, Silvio Vismara), Journal of Financial Markets, accepted December 2022
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"Information Production by Institutions and Information Extraction by Underwriters in Hybrid IPO Auctions" (with Pengfei Ma, Chaopeng Wu, and Qianqian Yu), Review of Corporate Finance, accepted October 2022
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"Top Management Team Quality and Innovation in Venture-Backed Private Firms and IPO Market Rewards to Innovative Activity," (with Manish Gupta and Karen Simonyan), Entrepreneurship Theory and Practice, June 2022.
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"Why Do Firms Undertake Accelerated Share Repurchase Programs?" (with Yingmei Cheng, Yuxin Wu, and Tianming Zhang), Review of Corporate Finance, accepted February 2022
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"The Relationship between Venture Capital Backing and the Top Management Team Quality of Firms Going Public and Implications for Initial Public Offerings," (with Manish Gupta, Karen Simonyan, and Hassan Tehranian), Journal of Business Venturing, accepted October 2021
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"A model of the editorial process in academic journals," (with Onur Bayar), Research Policy, accepted Novembe 2021
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"Cross-Border LBOs, Human Capital, and Proximity: Value Addition through Monitoring in Private Equity Investments," (with T. Hull and K.Krishnan), Journal of Financial and Quantitative Analysis, May 2021.
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"Institutional Trading, Information Production, and Forced CEO Turnovers," (with Gang Hu, Yingzhen Li, and Jing Xie), Journal of Corporate Finance, April 2021
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"Transforming the Management and Governance of Private Family Firms: The Role of Venture Capital," (with Gang Hu, Chaopeng Wu, Shinong Wu, and Zehao Yan), Journal of Corporate Finance, February 2021
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"The Role of Institutional Investors in Corporate and Entrepreneurial Finance," (with Gang Hu and K.C. John Wei), Journal of Corporate Finance, February 2021
(Guest Editorial to a Special Issue of the Journal of Corporate Finance Co-Edited by me)
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"Dividends versus Stock Repurchases and Long-Run Stock Returns under Heterogeneous Beliefs," (with Onur Bayar and Mark H. Liu), Review of Corporate Finance Studies, February 2021
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"How Does Greater Bank Competition Affect Borrower Screening? Evidence from China's WTO Entry," (with Jiaqi Qin, Yan Sun, Qianqian Yu, and Xiang Zheng), Journal of Corporate Finance, December 2020
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"Recent Developments in the FinTech Industry," (with Michael Imerman, Harshit Rajaiya, Qianqian Yu), Journal of Financial Management, Markets and Institutions, June 2020.
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"Peer monitoring, Syndication, and the Dynamics of Venture Capitalist Interactions: Theory and Evidence," (with Onur Bayar and Xuan Tian), Journal of Financial and Quantitative Analysis, (Forthcoming, 2019).
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"Top management human capital, inventor mobility, and corporate innovation," (with Lei Kong, K. Krishnan, and Qianqian Yu), Journal of Financial and Quantitative Analysis, December 2019.
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"Is it the Investment Bank or the Investment Banker? A Study of the Role of Investment Banker Human Capital in Acquisitions," (with M. Ertugrul and K. Krishnan), Journal of Financial and Quantitative Analysis, April 2019.
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"Advertising, Attention, and Stock Returns." (with An Yan), Quarterly Journal of Finance, February 2019.
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"A Theory of Corporate Boards and Forced CEO Turnover," (with Viktar Fedaseyeu), Management Science, October 2018.
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"How Should a Firm Go Public? A Dynamic Model of the Choice between Fixed-Price Offerings and Auctions in IPOs and Privatizations," (with Mark H. Liu), Review of Corporate Finance Studies, (accepted, September 2018).
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"Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis," (with X. Tian), Journal of Financial and Quantitative Analysis, (published, June 2018).
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"Product Market Characteristics and the Choice between IPOs and Acquisitions," (with J. He, S. He, and D. Nandy), Journal of Financial and Quantitative Analysis, (published, April 2018).
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"Product market advertising, heterogeneous beliefs, and the long-run performance of initial public offerings," (with An Yan), Journal of Corporate Finance, October 2017.
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"Underwriter Networks, Investor Attention, and Initial Public Offerings," (with E. Bajo, K. Simonyan, and H. Tehranian), Journal of Financial Economics, November 2016.
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"Do Local and International Venture Capitalists Play well Together? The Complementarity of Local and International Venture Capitalists," (with T. Hull and K. Krishnan), Journal of Business Venturing, September 2016.
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"Institutional Trading, Information Production, and Corporate Spin-offs," (with S. He), Journal of Corporate Finance, June 2016.
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"Institutional Investors and the Information Production Theory of Stock Splits," (with G. Hu and J. Huang), Journal of Financial and Quantitative Analysis, June 2015.
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"A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs," (with O. Bayar and M. Liu), Review of Corporate Finance Studies, September 2015.
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"Communicating Private Information to the Equity Market before a Dividend Cut: An Empirical Analysis," (with X. Tian), Journal of Financial and Quantitative Analysis, December 2014.
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"Corporate Venture Capital, Value Creation, and Innovation," (with E. Loutskina and X. Tian), Review of Financial Studies, November, 2014.
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"Venture Capitalists versus Angels: The Dynamics of Private Firm Financing Contracts," (with Z. Chen), Review of Corporate Finance Studies Forthcoming, (accepted, June 2014).
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"The Effects of Corporate Spin-offs on Productivity," (with K. Krishnan and D. Nandy), Journal of Corporate Finance, August 2014.
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"A Theory of Mandatory Convertibles," (with D. Nandy, A. Yan and J. Jiao), Journal of Banking and Finance, May 2014.
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"Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research," (with P. Fulghieri), Review of Financial Studies, 2014 (Introduction to Special Issue of the Review of Financial Studies on Entrepreneurial Finance and Innovation).
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"Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis," (with Y. Cheng and T. Zhang), Journal of Financial Economics, 2013.
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"'Preparing' the Equity Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends," (with X. Tian), Journal of Financial and Quantitative Analysis, October 2012.
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'Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs," (with K. Krishnan), Financial Management, Winter 2012 (lead article).
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"What drives the valuation premium in IPOs versus acquisitions? An Empirical Analysis," (with O. Bayar), Journal of Corporate Finance, June 2012.
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"Dual class IPOs: A theoretical analysis," (with Y. Jiao), Journal of Banking and Finance, January 2012.
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"IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence," (with J. He), Journal of Financial Economics, August 2011.
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Appendix A: Three Tables Showing Robustness of Results (not in the published version):
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Appendix B: Propositions and Proofs (not in the published version):
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"Management Quality and Anti-Takeover Provisions," (with I. Paeglis and K. Simonyan), Journal of Law and Economics, August 2011.
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"IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists," (with O. Bayar), Journal of Financial and Quantitative Analysis, December 2011.
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Working paper version containing propositions and proofs on two extensions to our basic model (not in the published version):
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"A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs," (with O. Bayar and M. H. Liu), Journal of Financial Economics, June 2011.
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"How does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," (with K. Krishnan and D. Nandy), Review of Financial Studies Forthcoming, (accepted, May 2011).
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"Institutional Trading, Information Production, and the SEO Discount: A Model of Seasoned Equity Offerings," (with Y. Jiao), Journal of Economics and Management Strategy, Spring 2011.
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"The Role of Institutional Investors in IPOs," (with G. Hu and J. Huang), forthcoming in the Review of Financial Studies, December 2010.
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Editor’s Introduction to A Special Issue of the Journal of Economics and Business edited by me: “Venture Capital, Private Equity, IPOs, and Banking: An Introduction and Agenda for Future Research”, December 2010.
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"Institutional Trading, Information Production, and the Choice between Spin-Offs, Carve-Outs, and Tracking Stock Issues," (with M. H. Liu), Journal of Corporate Finance Forthcoming, (accepted, July 2010).
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"What Drives the Issuance of Putable Convertibles: Risk-Shifting, Asymmetric Information, or Taxes?" (with K. Simonyan), Financial Management Forthcoming, (accepted, March 2010).
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"Is Dividend Smoothing Universal? New Insights from a Comparative Study of Dividend Policies in Hong Kong and the U.S.," (with J. He, G. Hu and H. Liu), Journal of Corporate Finance Forthcoming, (accepted, March 2010).
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"Management Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs," (with I. Paeglis and K. Simonyan), Financial Management Forthcoming, (accepted, February 2010).
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"The Going-Public Decision and the Product Market," (with S. He and D. Nandy), Review of Financial Studies, May 2010.
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"A Theory of Contractual Provisions in Leasing," (with Y. Jiao and A. Yan), Journal of Financial Intermediation, January 2010.
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"The role of institutional investors in seasoned equity offerings," (with S. He and G. Hu), Journal of Financial Economics, 2009
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"Product market advertising and new equity issues," (with A. Yan), Journal of Financial Economics, 2009
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"Management Quality, Financial and Investment Policies, and Asymmetric Information," (with I. Paelgis and K. Simonyan), Journal of Financial and Quantitative Analysis Forthcoming, 2009.
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"Antitakeover provisions in corporate spin-offs," (with B. D. Jordan, M. H. Liu, and Q. Wu), Journal of Banking and Finance Forthcoming, 2009
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"The medium of exchange in acquisitions: Does the private information of both acquirer and target matter?" (with I. Paeglis and K. Simonyan), Journal of Corporate Finance Forthcoming, 2009
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"Competition and Cooperation among Exchanges: Effects on Corporate Cross-Listing Decisions and Listing Standards," (with J. He and P. Fulghieri), Journal of Applied Corporate Finance, 2008.
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"Competition and Co-operation Among Exchanges: A Theory of Cross Listing and Endogenous Listing Standards," (with P. Fulghieri), Journal of Financial Economics, 2006.
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"Management Quality, Certification, and Initial Public Offerings," (with I. Paeglis), Journal of Financial Economics, 2005.
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"A Theory of Corporate Spin-offs," (with A. Yan), Journal of Financial Economics, 2004.
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"New Technologies, Financial Innovation, and Intermediation," (with W. Wilhelm), Journal of Financial Intermediation, 2002.
(Guest Editor’s Introduction to the JFI Special Issue on "New Technologies, Financial Innovation, and Intermediation").
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"Why Issue Tracking Stocks? Insights from a Comparison with Spin-offs and Carve-outs," (with I. Paeglis), Journal of Applied Corporate Finance, 2001.
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"Asymmetric Information, Corporate Myopia, and Capital Gains Tax Rates: An Analysis of Policy Prescriptions" (with A. Ravid), Journal of Financial Intermediation, 1999.
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"A Theory of the Going-Public Decision," (with P. Fulghieri), Review of Financial Studies, 1999.
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"Why Include Warrants in New Equity Issues? A Theory of Unit IPOs" (with P.Fulghieri), Journal of Financial and Quantitative Analysis, March 1997 (lead article).
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"Optimal Incorporation, Structure of Debt Contracts, and Limited-Recourse Project Financing" (with K. John), Journal of Financial Intermediation, October 1996.
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"Privatization under Incomplete Information: Analysis of Equity Sale Strategies" (with P. Fulghieri), Advances in International Banking and Finance, Vol 1., 1995.
"Investment Bank Reputation, Information Production, and Financial Intermediation," with (P. Fulghieri), Journal of Finance, March 1994.
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"Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt" (with P. Fulghieri), Review of Financial Studies, 1994.
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"The Pricing of Initial Public Offerings: A Dynamic Model with Information Production", Journal of Finance, March 1993.
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