Research
RESEARCH INTERESTS
Environmental, Social, and Governance (ESG)
Corporate Governance
Financial Markets
Stock Returns
Mutual Funds
Supply Chains
WORKING PAPERS
1. Firm-Level ESG Information and Active Fund Management (with Linquan Chen, Yao Chen, and Alok Kumar). [SSRN]
R&R.
2. Investment Efficiency of Private and Public Firms (with Pantelis Kazakis and Steven Ongena). [SSRN]
Featured in Columbia Law School (CLS) Blue Sky Blog.
3. Dark Trading and Corporate Cash Holdings (with Jonathan Brogaard, Khaladdin Rzayev, and Xuan Tian). [SSRN]
4. Pay Transparency and Financial Leverage (with Ben Sila and Xuan Tian). [SSRN]
JOURNAL ARTICLES
17. Corporate Social Responsibility and Profit Shifting (with Iftekhar Hasan, Panagiotis Karavitis, and Pantelis Kazakis). European Accounting Review, forthcoming (2024). [URL] [SSRN]
Featured in Columbia Law School (CLS) Blue Sky Blog.
Finalist for Best Paper Award (@2019 FMA Annual Meeting).
16. ETF Ownership and Seasoned Equity Offerings (with Kevin Evans, Junqiu Li, and Khelifa Mazouz). Journal of Financial and Quantitative Analysis, forthcoming (2023). [URL] [SSRN] [Online Appendix]
15. Corporate Culture and Firm Value: Evidence from Crisis (with Yiwei Fang, Franco Fiordelisi, Iftekhar Hasan, and Gabriel Wong). Journal of Banking and Finance, forthcoming (2023). [URL] [SSRN] [Online Appendix]
14. The Bank of Japan’s Equity Purchases and Stock Illiquidity (with Izidin El Kalak, Hidenori Takahashi, and Kazuo Yamada). Journal of Financial Markets, forthcoming (2022). [URL] [SSRN]
13. Policy Uncertainty and Customer Concentration (with Jiong Sun). Production and Operations Management 30(5): 1517-1542 (2021). [URL][SSRN][Online Appendix]
12. The R&D Anomaly: Risk or Mispricing? (with Kevin Evans and Khelifa Mazouz). Journal of Banking and Finance 115, forthcoming (2020). [URL] [Online Appendix]
11. Labor Unionization and Supply-Chain Partners' Performance (with Jing Li and Jiong Sun). Production and Operations Management 29(5): 1325-1353 (2020). [URL] [SSRN] [Online Appendix]
10. Why Female Board Representation Matters: The Role of Female Directors in Reducing Male CEO Overconfidence (with Jie Chen, Marc Goergen, and Wei Song). Journal of Empirical Finance 53: 70-90 (2019). [URL]
Featured in Harvard Business Review.
9. Foreign Ownership, Bank information Environments, and the International Mobility of Corporate Governance (with Yiwei Fang, Iftekhar Hasan, and Qingwei Wang). Journal of International Business Studies 50: 1566-1593. [URL] [Online Appendix]
In the Celebrating 50 Years of JIBS: Anniversary Issue.
Featured in the Academy of International Business (AIB) Journals Webinar: Finance in International Business: Theory and Applications (link).
8. CEO and Director Compensation, CEO Turnover and Institutional Investors: Is There Cronyism in the UK? (with Jie Chen, Marc Goergen, and Wei Song). Journal of Banking and Finance 103: 18-35 (2019). [URL]
7. Does Bank Stakeholder Orientation Enhance Financial Stability? (with Jie Chen and Wei Song) Journal of Corporate Finance 56: 38-63 (2019). [URL] [SSRN] [Online Appendix]
Best Paper Award in Financial Institutions (@2016 FMA Annual Meeting).
6. Does CDS Trading Affect Risk-Taking Incentives in Managerial Compensation? (with Davide Avino, Jie Chen, and Wei Song). Journal of Banking and Finance, Forthcoming (2019). [URL] [SSRN]
5. Female Board Representation, Corporate Innovation, and Firm Performance (with Jie Chen and Kevin Evans). Journal of Empirical Finance 48: 236-254 (2018). [URL] [SSRN]
4. Organizational Capital, Labor Market Flexibility and Stock Returns Around the World (with Jie Chen, Khelifa Mazouz, and Geoffrey Wood). Journal of Banking and Finance 89: 150-168 (2018). [URL] [SSRN] [Online Appendix]
Finalist for Best Paper Award (@2016 FMA Euopean Meeting).
3. The Impact of Board Gender Composition on Dividend Payouts (with Jie Chen and Marc Goergen). Journal of Corporate Finance 43: 86-105 (2017). [URL] [SSRN]
Featured on the Harvard Law School Forum on Corporate Governance and Financial Regulation (see the article here), Reuters (see this link), Daily Mail (see this link), Yahoo Finance (see this link), and Fortune (see this link).
One of the most downloaded JCF article.
2. Are Employee-Friendly Workplaces Conducive to Innovation? (with Jie Chen and Kevin Evans). Journal of Corporate Finance 40: 61-79 (2016). [URL] [SSRN]
1. The Determinants of Bank Risks: Evidence from the Recent Financial Crisis (with Kevin Evans and Nick Taylor). Journal of International Financial Markets, Institutions and Money 34: 277-293. [URL]
BOOK CHAPTER
1. On the Impact of US Structured Finance Markets on International Financial Markets (With Nick Taylor), 2014. In: Bell, A. R., Brooks, C., Prokopczuk, M. (Ed.), Handbook of Research Methods and Applications in Empirical Finance, Publisher: Edward Elgar. [Link to book]
CONFERENCES
2023
Tri-University Annual Conference.
Research seminar, Soochow University, China.
Research Seminar, Swansea University.
Research Seminar, Xiamen University.
2022
African Accounting and Finance Association 2022 (presented by coauthor)
ASSA Annual Meeting 2022 (poster session) (presented by coauthor)
Academic Roundtable by Truvalue Labs (virtual) (presented by coauthor)
EFMA Annual Meeting 2022 (scheduled) (presented by coauthor)
2020-21
Cardiff-Newcastle-Xiamen Annual Conference 2021, Cardiff (presented by coauthor).
The 4th Annual GRASFI Conference, The Central University of Finance and Economics (CUFE) (presented by coauthor).
Sustainable finance and governance workshop, University of Bath, UK.
Sustainable Financial Innovation Centre Annual Conference, University of Birmingham, UK.
Academy of International Business (AIB) Journals Webinar: Finance in International Business: Theory and Applications (link).
2019
Accounting and Finance Seminar, Durham University, Durham, UK.
Academic Roundtable by Truvalue Labs, London, UK.
Finance Seminar at the University of Exeter, Exeter, UK.
National Tax Association Annual Conference, Florida, US.
Cardiff Empirical Finance Group Conference, Cardiff, UK.
Mutual funds, hedge funds, and factor investing conference, Lancaster, UK.
Financial Management Association (FMA) Annual Meeting, New Orleans, US (presented by coauthor).
American Accounting Association (AAA) Annual Meeting, San Francisco, US (presented by coauthor).
FMA European Meeting, Glasgow, UK (presented by coauthor).
European Accounting Association (presented by coauthor).
Cardiff Accounting and Finance seminar, Cardiff (presented by coauthor).
2018
Accounting and Finance seminar, Glasgow University, UK.
Financial Management Association (FMA) Annual Meeting, San Diego, US.
ANU/FIRN Banking and Financial Stability Meeting, Canberra, Australia (presented by coauthor).
Research in Behavioral Finance Conference, Amsterdam, The Netherlands.
Cardiff Corporate Governance Research Group First International Conference, Cardiff, UK (presented by coauthors).
POMS Annual Conference, Houston (presented by coauthors).
Economics Seminar, Cardiff, UK.
2017
Financial Management Association (FMA) Annual Meeting, Boston, US.
IFABS 2017 Ningbo Conference, Ningbo, China (presented by coauthors).
Cardiff-Xiamen-Newcastle Conference, Newcastle, UK.
China Marketing International Conference, China (presented by coauthors).
Financial Institutions, Regulation & Corporate Governance (FIRCG) Conference, Melbourne, Australia (presented by coauthors).
Accounting and Finance Workshop, Cardiff, UK.
Welsh Accounting and Finance Research Colloquium, Gregynog, Wales, UK.
2016
European Finance Association Annual Meeting, Oslo, Norway.
Financial Management Association (FMA) Annual Meeting, Las Vegas, US.
Portsmouth-Fordham Conference on Banking and Finance, Portsmouth, UK.
Multinational Finance Society Annual Meeting, Stockholm, Sweden.
European Financial Management Association Annual Meeting, Basel, Switzerland,
Cardiff Empirical Finance Group Conference, Cardiff, UK.
Midwest Finance Association Annual Meeting, Atlanta, US.
Accounting and Finance Workshop, Cardiff, UK.
Financial Management Association (FMA) European Meeting, Helsinki, Finland.
Welsh Accounting and Finance Research Colloquium, Gregynog, Wales, UK.
Cardiff-Xiamen Symposium, Cardiff, UK.
IFABS 2016 Barcelona Conference, Barcelona, Spain.
Accounting and Finance Seminar at University of Edinburgh Business School.
Paris Financial Management Conference, Paris, France.
2015 or earlier
Xiamen-Cardiff Symposiump, Xiamen, China.
Eastern Finance Association, New Orleans, US.
Welsh Accounting and Finance Research Colloquium, Gregynog, Wales, UK.
Cardiff Finance Workshop, Cardiff, UK
PRI in Person Academic Network Conference, London, UK.
Osmosis Project Efficiency Workshop, London, UK.
World Finance Conference, Venice, Italy.
INFINITI Conference on International Finance, Aix-en-Provence, France.
International Conference on the Global Financial Crisis, Southampton, UK.
Cardiff Finance Workshop, Cardiff, UK.
Welsh Accounting and Finance Research Colloquium, Gregynog, Wales, UK.