Research

Publications

1. Polarized corporate boards (with Thao Hoang and Le Zhang) Journal of Corporate Finance 91, 102697, 2025

2. What can volatility smiles tell us about the too big to fail problem? (with Diego Puente) Journal of Financial and Quantitative Analysis 59, 863-895, 2024

3. De facto bank bailouts (with Diego Puente) Journal of Financial and Quantitative Analysis 57, 3081-3113, 2022

4. Intra-industry spillover effects: Evidence from bankruptcies (with Nhan Le)  Journal of Business, Finance & Accounting 49, 1113-1144, 2022

5. Does government spending crowd out R&D investment? Evidence from government-dependent firms and their peers (with Jared Stanfield)  Journal of Financial and Quantitative Analysis 57, 888 - 922, 2022

6. The dynamism of partially state-owned enterprises in East Asia (with Richard Carney, Travers Barclay Child, and Wai-Man Liu) Journal of Corporate Finance 68, 101951, 2021

7. Political uncertainty and accounting conservatism (with Lili Dai)  European Accounting Review 30, 277-307, 2021

8. There is no 'I' in team: Career concerns, risk-taking incentives and team outcomes (with Steven Roberts)  Journal of Economics & Management Strategy 30, 122-138, 2021

9. Voting with your feet: Political competition and internal migration in the US (with Wai-Man Liu)  European Journal of Political Economy 65, 101931, 2020

10. Global political uncertainty and asset prices (with Jonathan Brogaard, Lili Dai and Bohui Zhang), Review of Financial Studies 33, 1737–1780 , 2020 

11. Elections, political competition and bank failure (with Wai-Man Liu), Journal of Financial Economics 112, 251-268, 2014

12. A theory of precautionary regulatory capital in banking, International Review of Finance 6, 99-124, 2006 (lead article)

Working papers

1. The rise of distant non-bank lending: Evidence from the mortgage market (with Lin Hu and Kun Li)

2. Can financial education reduce domestic violence? (with Diego Puente) R&R at the Journal of Financial and Quantitative Analysis

3. Media exposure and stock market participation (with Lin Hu and Kun Li) R&R at the Journal of Banking and Finance

4. Financial media as a money doctor: Evidence from refinancing decisions (with Lin Hu, Kun Li and Denis Sosyura)

5. Lending standards dispersion (with Harry Scheule)

Permanent working papers

1. Stock market liquidity and loan contracting  (with Jonathan Brogaard and Ying Xia)  

2. Harnessing media attention: Strategic press releases around earnings announcements (with Wai-Man Liu and Qiaoqiao Zhu) 

3. Banker proximity, financial flexibility and corporate cash holdings (with Nhan Le)