Research

JOURNAL ARTICLES:

1. Corporate Governance and Acquirer Returns, with Ronald W. Masulis and Cong Wang, 2007, Journal of Finance 62, 1851-1889.

   • Presented at the 2005 AFA, 2006 FIRS, 2006 Washington University (Olin) Corporate Governance conference

   • No.2 most cited article from the Journal of Finance in 2007

2. Corporate Governance Transfer and Synergistic Gains from Mergers and Acquisitions, with Cong Wang, 2009, Review of Financial Studies 22, 829-858.

3. Agency Problems at Dual-Class Companies, with Ronald W. Masulis and Cong Wang, 2009, Journal of Finance 64, 1697-2727.

   • No.9 most cited article from the Journal of Finance in 2009

4. Do Corporate Venture Capitalists Add Value to Startup Firms? Evidence from IPOs and Acquisitions of Venture-backed Companies, with Vladimir Ivanov, 2010, Financial Management 39, 129-152. 

   • Presented at the Harvard Business School Corporate Entrepreneurship Conference

   • No.1 most cited article from Financial Management in 2010

5. Do Executive Stock Options Induce Excessive Risk Taking? With Zhiyong Dong and Cong Wang, 2010, Journal of Banking and Finance 34, 2518-2529.

6. Globalizing the Boardroom - The Effects of Foreign Directors on Corporate Governance and Firm Performance, with Ronald Masulis and Cong Wang, 2012, Journal of Accounting and Economics 53, 527-554.

   • Presented at the 2011 AFA

   • 2015 Emerald Citations of Excellence Award (1 of 3 papers chosen from all 2012 JAE issues)

7. Industry Expertise of Independent Directors and Board Monitoring, with Cong Wang and Min Zhu, 2015, Journal of Financial and Quantitative Analysis 50, 929-962. 

   • Featured in CFA Digest, September 2016, Volume 46, Issue 9

8. When Firms Talk, Do Investors Listen? The Role of Trust in Stock Market Reactions to Corporate Earnings Announcements, with Mikhail Pevzner and Xiangang Xin, 2015, Journal of Financial Economics 117, 190-223.

   • Part of a special issue on the Causes and Consequences of Corporate Culture

9. Are All Analysts Created Equal? Industry Expertise and Monitoring Effectiveness of Financial Analysts, with Dan Bradley, Sinan Gokkaya, and Xi Liu, 2017, Journal of Accounting and Economics 63, 179-206. 

   • Presented at the 2014 Financial Economics and Accounting (FEA) Conference 

   • Featured in the Wall Street Journal, June 5, 2017, “It Takes One to Know One: Analysts With Experience Might Be Better Watchdogs”

10. CEO Inside Debt and Accounting Conservatism, with Cong Wang and Xiangang Xin, 2018, Contemporary Accounting Research 35, 2131-2159.  

    • Presented at the 2011 Utah Winter Accounting Conference

11.  Analyst Career Concerns, Effort Allocation, and Firms’ Information Environment, with Jarrad Harford, Feng Jiang and Rong Wang, 2019, Review of Financial Studies 32, 2179-2224.  

    • Presented at the 2017 AFA and 2018 China International Conference in Finance (CICF)

12. Foreign Institutional Investors and Corporate Voluntary Disclosure around the World, with Albert Tsang and Xiangang Xin, 2019, The Accounting Review 94, 319-348.

    • Presented at the 2015 AAA Financial Accounting and Reporting Section (FARS) Midyear Meeting

13. Worker-Manager Alliances and Shareholder Returns from Acquisitions, with Ronald Masulis and Cong Wang, 2020, Journal of Financial and Quantitative Analysis 55, 473-516. 

    • Presented at the 2016 European Finance Association (EFA) Annual Meeting, 2014 CICF, and 2012 FIRS Conference 

14. Expert Advice: Industry Expertise of M&A Advisors and Acquirer Shareholder Returns, with Cong Wang and Kuo Zhang, 2022, Journal of Financial and Quantitative Analysis 57, 599-628.  

15. Trust, Incomplete Contracting, and Corporate Innovation, with Bohui Zhang and Wenrui Zhang, 2022, Management Science 68, 3419-3443. 

    • Presented at the 2016 CICF, 2017 NFA, and 2017 ISB Summer Finance Conference

16. Is There Investment Value in Soft Dollar Arrangements? Evidence from Mutual Funds, with Sinan Gokkaya, Xi Liu, Veronika Pool, and Jinfan Zhang, 2023, Review of Financial Studies 36, 3122-3162. 

    • Presented at the 2017 CICF, 2018 FEA Conference, 2019 Cass Business School Conference, and 2020 FIRS conference 

17. Directors: Older and Wiser, or Too Old to Govern? With Ronald Masulis, Cong Wang, Shuran Zhang, 2023, Journal of Financial and Quantitative Analysis forthcoming. 

    • Presented at the 2017 AFA Annual Meeting, 2017 CICF, and 2018 FIRS Conference

BOOK CHAPTERS:

1. Corporate Venture Capital, with Vladimir Ivanov, Companion to Venture Capital, Ed., Douglas J. Cumming (Wiley, 2009)

2. Corporate Governance and M&As, The Art of Capital Restructuring: Creating Shareholder Value through Mergers and Acquisitions, Ed., H. Kent Baker and Halil Kiymaz (Wiley, 2011)

SELECTED WORKING PAPERS:

1. A Dark Side of Industry Tournament Incentives, with Qianqian Huang and Feng Jiang. 

   • Presented at the 2016 FEA Conference and 2019 CICF

2. Common Business Group Affiliation, Media Reporting, and Firms' Information Environment, with Yi Ru and Jian Xue. 

3. Can I Trust You with My Money? The Role of Trust in Corporate Cash Policy, with Xiangang Xin.

CITATIONS:

1. Google Scholar

2. Web of Science