Research

SELECTED PUBLICATIONS

1.   Thirty Years of Change: The Evolution of Classified Boards, with Scott Guernsey, Feng Guo, and Matthew Serfling, forthcoming,  Journal of Finance

-Data and code for the classified board status for all U.S. public firms between 1991 and 2020 are available here: Classified Board data and code  

2. The Cost of Equity: Evidence from Investment Banking Valuations, with Greg Eaton, Feng Guo, and Danni Tu, forthcoming,  Journal of Financial and Quantitative Analysis

3. The Role of External Regulators in Mergers and Acquisitions: Evidence from SEC Comment Letters, with Tao Shu, Erin Towery, and Jasmine Wang, 2024, Review of Accounting Studies, 29, 451-492.

4. Neglected Peers in Merger Valuation, with Feng Guo and Danni Tu, 2023, Review of Financial Studies, 36,3257-3310.

5. Earnings Growth and Acquisition Returns: Do Investors Gamble in the Takeover Market?, with Danni Tu, 2023, Journal of Financial and Quantitative Analysis, 58,1326-1358.

6. The Development of the Takeover Auction Process: The Evolution of Property Rights in the Modern Wild West, with William Brown and Harold Mulherin 2022, Journal of Law and Economics, 65,715-751.

7.  Peer Selection and Valuation in Mergers and Acquisitions, with Greg Eaton, Feng Guo, and Micah Officer, 2022, Journal of Financial Economics, 146, 230-255.

8.  Measuring institutional trading costs and the implications for finance research: The case of tick size reductions, with Greg Eaton and Paul Irvine, 2021, Journal of Financial Economics, 139, 832-851.

9.  Measuring M&A premiums: Does the use of fixed pre-merger event windows impart bias?, with Greg Eaton and Micah Officer, 2021, Journal of Financial and Quantitative Analysis, 56, 1097-1126.

10.  Expectation Management in Mergers and Acquisitions, with Jack He, Jeffry Netter, and Tao Shu, 2020, Management Science, 66, 1205-1226.

11.  Information Provision in the Corporate Acquisition Process: The Causes and Effects of Target Fairness Opinions, 2020, The Accounting Review, 95, 287-310. 

12.  Vote Avoidance and Shareholder Voting in Mergers and Acquisitions, with Kai Li and Julie Wu, 2018, Review of Financial Studies, 31, 3176-3211.

Textbook

Financial Modeling in Excel, First Edition (with Chris R. Pope) John Wiley & Sons, August 2015.

WORKING PAPERS 

1. The Effects of Financial Markets on Managerial Opportunistic Behavior: Evidence from CEOs’ Tone Manipulation, with Hua Cheng and John Wei 

     - American Accounting Association (AAA) annual meeting 2020;  Eastern Finance Association Annual Meetings (EFA), 2021

2. Proxy Exempt Solicitation Campaigns, with Dipesh Bhattarai, Brian Blank, Kathryn M. Schumann, and Tracie Woidtke

- Finalist for the John L. Weinberg/IRRCi Best Paper Awards 2023, FMA, 2022; ECGI Corporate Governance Symposium, 2023; FIRS, 2023

3. Public News, Stock-market Reactions, and Bidding Behavior in Private Merger Negotiations, with Micah Officer

- AFA Annual Meeting 2020, SFS Cavalcade North America 2019, Fourth Annual Cass Mergers and Acquisitions Research Centre Conference 2019; 

4. The Real Effects of Reference-dependent Preferences: Evidence from Mergers and Acquisitions, with Danni Tu

5. Negotiation, auction, or negotiauction?! Evidence from the field, with Micah Officer, and Danni Tu

-The American Finance Association (AFA), 2024 (scheduled), EFA 2023

6. Winner’s Curse in Takeovers? Evidence from Investment Bank Valuation Disagreement, with Tao shu and Jasmine Wang

-CICF, 2023; MFA, 2022; AAA, 2022; Sixth Annual Cass Mergers and Acquisitions Research Centre Conference, August, 2022

7. Risks in Mergers and Acquisitions, with Feng Guo, Tao Shu, and Xinyan Yan.

-Financial Management Association Meeting, 2021; CICF, 2022; SFS Cavalcade Asia-Pacific, 2022

8. Does EDGAR implementation affect disclosure?, with Feng Guo and Tyler Jensen.

-MFA 2023