My Research
REFEREED PUBLICATIONS
1. “Corporate Leadership and Inherited Beliefs about Gender Roles” with R. David McLean and Christo A. Pirinsky, 2022, Forthcoming at Journal of Financial and Quantitative Analysis.
2. “Attitudes towards Business and Corporate Governance” with Vladimir A. Gatchev, Christo A.Pirinsky, forthcoming at Journal of Corporate Finance.
3. “A Closer Look at the Effects of Equity Market Liberalization in Emerging Markets” with R. David McLean and Jeffrey Pontiff, 2022, Forthcoming at Review of Corporate Financial Studies.
4. “Social Diversity of Audit Committee and Financial Reporting Quality” with Robert Felix and Mikhail Pevzner., 2021, Accounting Horizon, 35(3), pp143- 159.
5. “BoardAncestral Diversity and Firm Performance Volatility” with Mariassunta Giannetti, 2019, Journal of Financial and Quantitative Analysis. Vol 54, pp1117-1155.
--Standard Life Investment Best Working Paper Award of ECGI
6. "Cash Savings andCapital Markets", with R. David McLean, 2018, Journal of Empirical Finance, Vol 47, pp49-64.
7. “Bureaucrats as Managers and Their Roles in Corporate Diversification” with Joseph P.H. Fan, Felix Oberholzer-Gee, and Jun Huang, 2017, Journal of Corporate Finance.
8. “Can Analysts Analyze Mergers?” with Hassan Tehranian and Julie L. Zhu, Management Science, April 2014, Vol. 60, No.4, pp.959-979
9. “The Business Cycle, InvestorSentiment and Costly External Finance” with R. David McLean, 2014, Journal of Finance.
10. “The IPO of Industrial & Commercial Bank ofChina and the 'Chinese Model' of Privatizing Large Financial Institutions”, with Franklin Allen, Chenyu Shan and Jun Qian (Q.J), European Journal of Finance, 2014, Vol 20, 7-9.
11. “Why Does the Law Matter? Investor Protection and its Effects on Investment, Finance, and Growth ” with R. David McLean, and Tianyu Zhang, Journal of Finance, 2012, Vol 67, pp313-350.
--Summarized in Harvard Law School Forum on Governance and Financial Regulation
12. “Director Incentives and Option Backdating: Money or Reputation?” with Kristina Minnick, Journal of Financial Research, 2009, vol. 32 (4), p449-477
13. “Determinants of the Size and Structure of Corporate Boards: 1935-2000” with Kenneth Lehn, and Sukesh Patro, Financial Management 38, 2009.
--Second prize in the Pearson/Prentice Hall best paper competition.
--Summarized at Smarteconomist.com, 2007
14. “Diversification of Chinese Companies– An International Comparison” with Joseph P.H. Fan, Felix Oberholzer-Gee, Jun Huang, Troy D. Smith, China
Management Studies, Lead Article, January, 2008.
--Outstanding Paper Award Winner at the Literati Network Awards for Excellence 2009
15. “Corporate Governance Indexes and Valuation: Which Causes Which?” with Kenneth Lehn and Sukesh Patro, Journal of Corporate Finance, December,
2007.
16. “Public Governance and Corporate Finance: Evidence fromCorruption Cases” with Joseph P.H. Fan and Oliver Rui, Journal of Comparative Economics 36, Lead Article, September, 2008.
--Prize of the 2006 TCFA-CICC Best Paper Awards
17. “CEO Turnovers After Acquisitions: Are BadBidders Fired?” with Kenneth Lehn, Journal of Finance, August, 2006.
--Summarized in Bowne's Review for Dealmakers, 2006
COMPLETED WORKING PAPERS
1.“Short Sellers in the Realm of Social Media: Arbitrageurs or Manipulators?” with Guilong
Cai, R. David McLean, and Tianyu Zhang.
2. “Cultural Foundation of Executive Pay Dispersion”, with Christo A. Pirinsky
3. “Investor Protection, Accounting Standard, and Choice of Share Issuance Mechanism” with Guilong Cai, R. David McLean, and Tianyu Zhang.
4. “U.S. Financial MarketsGrowth and the Real Economy” with Claire Liang and R. David McLean.
BOOK CHAPTERS AND PROCEEDINGS
1. “A Review of China’s Financial System and Initiatives for the Future,” (with J. Qian, M. Qian, and M. Zhao), in China’s Emerging Financial Markets: Challenges and Opportunities, edited by J. Barth, J. Tatom, and G. Yago, Volume 8 in the The Milken Institute Series on Financial Innovation and Economic Growth, Springer, 2009, 3-72.
2. “Executive Risk Taking and Equity Compensation in M&A Process” with William Lekse, book chapter in Corporate Boards: Managers of Risks, Sources of Risk, by Robert W. Kolb and Donald Schwartz, Wiley-Blackwell, June 2009.
3. "China’s Financial System: Opportunities and Challenges," with Franklin Allen, Jun Qian and Chenying Zhang, last revised: August 2011 in the NBER book Capitalizing China.
4. "The Initial Public Offering of Industrial and Commercial Bank of China (ICBC)" with Franklin Allen and Jun Qian, 2011, World Congress on Macro and Finance Proceedings.
5. “The Initial Public Offering of the Industrial and Commercial Bank of China” (with Franklin Allen, Darien Huang, and Jun Qian), The Frontier State of Economics: IEA XIV World Congress, “The Chinese Economy”, edited by Masahiko Aoki, 2012