Selected Working papers (* indicates presentation by coauthor)
SSRN page: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=455621
Maturity Overhang: Evidence from M&A, joint with Dirk Hackbarth (Boston), Jarrad Harford (Washington) and Yuxin Luo (Boston)
-- Provide empirical evidence and theoretical support for the maturity overhang problem that is due to shorter debt maturities creating higher rollover risk.
-- Conferences: American Finance Association annual meetings*, Midwest Finance Association annual meetings, Financial Intermediation Research Society annual meetings, Asian FA, China International Conference in Finance, SFS Cavalcade AP, Spring Finance Workshop *, and Xiamen University (School of Economics).
Government Investment and Q: Theory and Evidence, joint with Ran Duchin (BC), Daniel Kim (Waterloo) and Erica Xuenan Li (CKGSB).
-- Conferences: Northern Finance Association annual meetings, PHBS-CUHKSZ Economics and Finance Workshop, SGF conference, Financial Management Annual meetings, Finance Down Under (scheduled) and SFS Cavalcade AP (scheduled).
The Blessing of Persistent Mispricing, joint with Wenyu Wang (Indiana).
-- More persistent overvaluation is associated with better post-merger operating performance and higher announcement returns, because it reduces bidders' urgency to exploit mispricing, shifting incentives away from rushed, opportunistic transactions and toward deals with stronger fundamental synergies.
-- Conferences: European Finance Association annual meetings (2026).
Costly Escape: Regulatory Fragmentation and Cross-border Acquisitions, joint with Ming Gu (Xiamen), Hui Hu (Xiamen) and Dongxu Li (Xiamen).
-- The escape motive arises endogenously: domestic fragmentation weakens the acquirer's outside option, and the foreign target compresses the acquirer's payoff through the Nash bargaining channel, making cross-border escape value-destroying.
Bargaining Power, Business Cycle and Levered Equity Risk, joint with Ilya A. Strebulaev (Stanford).
-- Develop and test an agency-based contingent claims model that features debt renegotiation for cross-sectional stock returns. The model performs well for portfolios formed on financial leverage, book-to-market equity, and asset growth.
-- Conferences: American Finance Association Annual Meetings (Philadelphia), European Finance Association Annual Meetings (Cambridge, UK), Sonoran Winter Finance Conference (Arizona State University).