About me
About me
I am an Associate Professor of Accounting at Nanyang Business School. I investigate corporate sustainability, financial fraud, taxation, and AI, with particular focus on greenwashing detection, environmental credits, tax avoidance strategies, and how AI transforms business practices. Before academia, I worked as a senior corporate tax advisor at KPMG Hong Kong.
My work appears in journals including Journal of Accounting Research, Management Science, The Accounting Review, and Nature. I serve on the editorial boards of The Accounting Review and Accounting, Organizations and Society.
I earned my Ph.D. from The University of Texas at Austin. I also contribute analysis on sustainability and financial topics in media outlets.
Welcome to my page.
Research awards:
Research Excellence Award - Nanyang Business School (2024)
Best Archival Paper Award - AAA Audit Midyear Meeting (2021)
Editorial awards:
Outstanding Reviewer Award - Contemporary Accounting Research (2024)
Excellence in Reviewing Award - Management Science (2023)
Excellence in Refereeing Award - Journal of Accounting Research (2021)
Service awards:
Distinguished Service Award - Management Science (2023, 2024)
Conference awards:
Best Reviewer Award - Hawaii Accounting Research Conference (2022, 2023, 2024)
Excellence in Reviewing Award - AAA Annual Meeting (2018, 2020, 2021)
Excellence in Reviewing Award - AAA Midyear Meeting (2017, 2018)
Academic publications:
1) Biodiversity credits are more problematic than carbon credits (Correspondence). Nature 2025. https://doi.org/10.1038/d41586-025-00017-2
Trading nature is worse than trading carbon.
2) How does artificial intelligence shape the audit industry? (lead article with Michael Shen) Management Science 2025.
Recipient of Best Archival Paper Award at the 2021 AAA Audit Midyear Meeting
AI does not replace auditor jobs but leads to upskilling in auditor jobs and improves audit quality.
Published version (open access) | Ungated preprint | Online Appendix | Replication files
3) Good-bye IBES (or not?) - Journal of Financial Reporting 2023.
There is no evidence of a large-scale ID anonymization nor reshuffling for the annual and quarterly EPS forecasts for U.S. firms.
Published version | 2024 Update | 2023 Update| Ungated preprint | Stata Codes and Linking Table
4) 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.
Published version (open access) | Ungated preprint | Replication files
5) Taxes and haven activities: Evidence from linguistic cues (with Lillian Mills) - The Accounting Review 2022.
Our new measure, Active Haven, differentiates whether a tax haven subsidiary is actively operating or dormant shell company.
Published version | Ungated preprint | How AI can reveal corporate tax avoidance | Download Active Haven data
6) Green new hiring (with Alper Darendeli and Michael Shen) - Review of Accounting Studies 2022.
Our study proposes 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.
Published version (open access) | Online Appendix | NBS Research Blog
7) 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.
8) How does the economy shape the financial advisory profession? (with Luo Zuo) - Management Science 2021.
Financial advisors who start their career in recessions are less likely to commit professional misconduct throughout their career.
Published version (open access) | Ungated preprint | Online Appendix
9) 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.
10) Military experience and corporate tax avoidance (with Lillian Mills) - Review of Accounting Studies 2017.
Review of Accounting Studies’ five most-cited papers of 2019.
Veteran CEOs avoid less tax.
11) 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.
12) 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.
Other publications:
1) Reproducibility in Management Science - Management Science 70 (3): 1343-1356. Fišar, M., Greiner, B., Huber, C., Katok, E., Ozkes, A. I., and Management Science Reproducibility Collaboration. (2024). Note: Member of the Management Science Reproducibility Collaboration.
Although a significant number of articles could be reproduced when data and tools were accessible, data availability remains a major barrier to achieving full reproducibility in research.
Sustainability and climate change:
2) Green jobs and where to find them - Accountability in a Sustainable World Quarterly April 1, 2025.
Jobs qualify as “green” based on the environmental skills they require, not just job titles or industries.
3) Could mandatory climate reporting SGX less attractive? - CNA October 2, 2024.
Mandatory Scope 3 emission reporting is only a matter of time.
4) What’s the problem with biofuels? - CNA January 2, 2024.
Let us not be beguiled by the “bio” prefix, but recognize the potential and the limitations of biofuels.
5) For everyone’s sake, companies must stop manipulating their emission report - CNA October 27, 2023.
Loopholes continue to allow companies to manipulate their carbon emissions.
6) 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.
7) Calling out greenwashing, crack down on it - The Straits Times June 23, 2023.
Businesses making environmental claims must be transparent and accountable.
8) Carbon credits may be giving companies a way out instead of reducing actual emissions - The Straits Times November 15, 2022.
Firms should not outsource their environmental and social responsibilities to someone else by buying carbon credits.
9) What makes a sustainability report that’s actually worth reading? (with Rony Lim) - The 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.
10) The best sustainability reports: Winning features (with Rony Lim) - The Business Times September 2, 2022
1) Data-driven and actionable, 2) verifiable, 3) comprehensive and balanced, and 4) accountable.
Financial crime and security:
11) To fight money laundering, we need sharp eyes but not silent directors - The Straits Times August 9, 2024.
Silent directors cannot keep silent when seeing red flags.
12) CrowdStrike crash: When protectors become the problem - The Straits Times July 24, 2024.
Centralized cybersecurity solutions offer efficiency but risk widespread failure.
13) In banking, security and convenience don’t mix - The Straits Times October 23, 2023.
Safer banking, longer queues.
14) Amid S$1 billion money laundering probe, a look at how dirty money is washed through online gambling. CNA August 29, 2023.
Cryptocurrencies are becoming an increasingly popular tool for money laundering through online gambling platforms.
AI and business:
15) AI in Auditing (with Michael Shen) - The Institute of Singapore Chartered Accountants Journals September 17, 2024.
AI is a co-pilot, not an auto-pilot .
16) Why dynamic pricing makes family outings less fun? - The Straits Times July 22, 2024.
Dynamic pricing in leisure activities is raising concerns about fairness, transparency, and accessibility for families.
17) Is inflation an excuse for greedy businesses? - The Business Times November 4, 2023.
Greedflation undermines consumer trust and exacerbates social inequality, especially on vulnerable socioeconomic groups.
18) Where are the green jobs in Singapore? - The 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.
19) Do personal traits predict fraud? (with Rony Lim) - The Institute of Singapore Chartered Accountants Journal April 2021
Yes, personal behaviors predict professional misconduct.
1) Impact of climate change on firm earnings (with Artur Hugon)
Warmer climate hurts firm earnings, and managers underestimate the impact.
2) The bright side of fair value accounting: Evidence from private company valuation (with Nicholas Crain)
Fair value accounting improves the quality of private valuations.
3) 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.
4) Labor market dynamics and analyst ability (with Michael Clement)
Brokers are able to identify the innate ability of sell-side analysts.
5) Recession analysts and conservative forecasting (with Michael Clement)
Analysts who start in a recession are more conservative in their earnings forecasts.
6) How Does Working from Home Affect Research Analysts during the COVID-19 Pandemic? (with Luo Zuo)
Editorial Board, The Accounting Review (2023-Present)
Editorial Board, Accounting, Organizations and Society (2024-Present)
External Reviewer, Hong Kong Research Grant Council (2017-Present)
External Reviewer for:
The Accounting Review
Accounting, Organizations and Society
Contemporary Accounting Research
Journal of Accounting and Economics
Journal of Accounting Research
Journal of Financial Quantitative Analysis
Management Science
Review of Accounting Studies
Review of Finance
Review of Financial Studies
Sustainability and climate change:
Singapore’s carbon tax raised to $25, revenue this fiscal year expected to exceed $600 million - Lianhe Zaobao June 10, 2025 (link).
Singapore plans to establish a renewable energy certificate framework to standardize and promote cross-border electricity trading- Lianhe Zaobao June 3, 2025 (link).
Only 25% of companies in Asia-Pacific consider nature-related issues important to operations - Straits Times January 15, 2025 (link).
Sustainability reporting will pay off for S'pore companies in the long run: Experts - Straits Times January 3, 2025 (link).
Singapore announces timeline for emission reduction, sets 2028 as target for emissions peak - Lianhe Zaobao November 13, 2024 (link).
F1 achieves 20% cargo transport with sustainable fuels, cutting carbon emissions by over 4,000 metric tons - Lianhe Zaobao September 21, 2024 (link).
Singapore Grand Prix sees 20% emission reduction last year; Night races help lower car temperatures - Lianhe Zaobao September 20, 2024 (link).
More companies are putting out sustainability reports – Why, and how to read them? - CNA July 23, 2024 (link).
Singapore aims for zero-energy buildings: Green buildings that breathe - CNA Taiwan July 5, 2024 (link).
Singapore’s CIX carbon trading platform focuses on nature-based market trends - CNA Taiwan July 4, 2024 (link).
What does that green label on your new purchase mean? - CNA April 22, 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 Zaobao April 2, 2024 (link).
Sustainable fuel production doubles, yet accounts for less than 1% of total aviation demand - LianHe ZaoBao December 12, 2023 (link).
Academics suggest airline carbon offsets are on the right path but require greater transparency - LianHe ZaoBao November 3, 2023 (link).
Singapore eyes leadership in Asian carbon market - Central News Agency NewsWorld October 2023 (link).
Listed firms could be subject to mandatory climate reporting by 2025 - CNA July 6, 2023 (link).
Biden’s climate law exposes mispriced assets due for writedowns - Bloomberg April 11, 2023 (link).
Will buying carbon offsets really help to make your flight greener? - CNA March 24, 2023 (link).
MSCI will speed ESG ratings reviews after silence on Adani - Bloomberg February 18, 2023 (link).
Top-performing Singapore firm accused of greenwashing in India coal sale - Bloomberg November 9, 2022 (link).
Financial crime and security:
#TalkBack: How rampant is the problem of silent directors in Singapore?” - CNA 938 May 6, 2025 (link).
What are ‘silent’ directors, and what's the impact of Singapore becoming stricter on them? - CNA July 12, 2024 (link).
‘Fake friend’ scammers could be using PayNow to search for victims, experts suggest masking users’ names - CNA April 25, 2024 (link).
The $2bn dirty-money case that rocked Singapore - BBC April 12, 2024 (link).
Indian Customs on alert for travellers recruited at airports including Changi to smuggle gold - The Straits Times December 17, 2023 (link).
Morning shot: What goes behind the hunt for billions in dirty money? - MoneyFM 89.3 September 19, 2023 (link).
Singapore busts multimillion-dollar money laundering scheme - Voice of America August 29, 2023 (link).
What is money laundering and why does it involve luxury cars, watches and bags? - CNA August 17, 2023 (link).
COSMIC (Anti-Money Laundering Digital Platform): New war cry to weed out financial crimes - MoneyFM 89.3 May 15, 2023 (link).
Corporate governance and business:
Goh Jin Hian judgment clarifies scope of directors’ duties, notes observers as ruling says directors should be a ‘sentinel’, not a ‘sleuth.’ The Business Times June 17, 2025 (link).
Daily Cuts—SingPost to seek shareholder approval for sale of Australia business. CNA February 27, 2025 (link).
Power tussle at CDL sparks concerns over governance and share price volatility. CNA February 26, 2025 (link).
Global wave of consultancy layoffs has not hit Singapore - The Business Times April 19, 2024 (link).
Some small green startups struggle as customers tighten belts, bigger stores get into the game - TODAY Online March 30, 2023 (link).
Conference presentations:
Presentation of “The illusion of green” in 2024 Illinois International Accounting Symposium and Nanyang Business School Accounting Conference (View the presentation).
Nanyang Business School’s Knowledge Lab Webinar of “Sustainability reporting: Navigating trends, technology and best practices.” (Link)
Presentation of “How does artificial intelligence shape the audit industry?” with Michael Shen (conference webcast).
Conference discussions:
Asian Bureau of Finance and Economic Research: Discussion of “The spillover effects of environmental lawsuits on industry peers” by Xia Chen, Qiang Cheng, Xuefan Peng, Ziliang Zhan.
Singapore Management University School of Accountancy's Accounting Symposium: Discussion of “Reputation-building actions after corporate social irresponsibility” by Wei Cai, Aneesh Raghunandan, Shivaram Rajgopal, and Wenxin Wang.
MIT Asia Accounting Conference: Discussion of “Managerial reaction to analysts’ limited attention: Evidence from overlapping conference calls” by Gus De Franco, Heather Li, Rui Shen, and Shijie Yang.
MIT Asia Accounting Conference.: Discussion of “Insider trading in news deserts” by Hangsoo Kyung and Jonathan Nam.
FutFinInfo Webinar: Discussion of ”Firm-level climate change exposure” by Sautner, van Lent, Vilkov, and Zhang (Full video; discussion).
MIT Asia Accounting Conference: Discussion of “The information asymmetry between top management and rank-and-file employees: Determinants and consequences” by Kelly Huang, Meng Li, and Stanimir Markov.