Updated January 2025
JIN XU
Pamplin Hall 1016, 880 W. Campus Dr.,
Blacksburg, VA, 24061. Tel: (540) 231-3607
Email: xujin@vt.edu
SSRN Page: http://ssrn.com/author=780124
ACADEMIC EXPERIENCE
2014-present Virginia Tech, Pamplin College of Business
Associate Professor of Finance (2017–present)
Assistant Professor of Finance (2014–2017)
2007-2014 Purdue University, Krannert School of Management
Assistant Professor of Finance
EDUCATION
2002-2007 University of Chicago, Booth School of Business
Ph.D. in Finance (2007)
M.B.A. (2006)
1999-2002 Peking University, Guanghua School of Management, China
M.A. in Finance (with honors)
1995-1999 Renmin University of China, Department of International Economics
B.A. in Economics (with honors)
REFEREED PUBLICATIONS
o Value-based CEO equity grants (with Pengfei Ye and Cheng Zhang)
Journal of Financial and Quantitative Analysis, forthcoming.
Financial Management Association meeting, Grapevine, TX, October 2024.*
Commonwealth Conference, Blacksburg, VA, November 2023.*
Boca Corporate Finance and Governance Conference, virtual, November 2020.
o Paying by donating: Corporate donations affiliated with independent directors (with Ye Cai and Jun Yang).
Review of Financial Studies 34(2), February 2021, pages 618-660.
o Taxes, capital structure choices, and equity value (with Mara Faccio)
Journal of Financial and Quantitative Analysis 53(3), June 2018, pages 967-995. Lead article.
William F. Sharpe Best Paper Award in the 2018 Volume of the JFQA (co-winner).
o Golden hellos: Signing bonuses for new top executives (with Jun Yang)
Journal of Financial Economics 122(1), October 2016, pages 175-195.
o Taxes and capital structure (with Mara Faccio)
Journal of Financial and Quantitative Analysis 50(3), June 2015, pages 277-300. Lead article.
William F. Sharpe Best Paper Award in the 2015 Volume of the JFQA.
o Insider trading restrictions and top executive compensation (with David J. Denis)
Journal of Accounting and Economics 56(1), July 2013, pages 91-112.
o How do ex-ante severance pay contracts fit into optimal executive incentive schemes? (with P. Raghavendra Rau)
Journal of Accounting Research 51(3), June 2013, pages 631-671.
o Profitability and capital structure: Evidence from import penetration
Journal of Financial Economics 106(2), November 2012, pages 427-446.
WORKING PAPERS
o Taxes and private firms’ capital structure choices (with Mara Faccio)
Frontiers in International Finance Research conference, University of South Carolina, October 2024.*
Chicago Entrepreneurship Workshop, Northwestern University, Chicago, IL, June 2024.*
o Connected CEO hiring: Meritocracy or cronyism (with Yutong Xie and Ruiyao Zhu)
Financial Management Association (FMA) annual conference, Denver, CO, October 2021.*
o Academic directors and corporate innovation (with Yutong Xie and Ruiyao Zhu)
Financial Management Association (FMA) annual conference, Chicago, IL, October 2023.*
FMA European conference, virtual, July 2022.*
Northern Finance Association (NFA) annual meeting, virtual, September 2021.
o The Ties that Thrive: Audit Committee Affiliated Donations and Financial Reporting Quality (with Alicia Li, Jeff Pittman, and Ruiyao Zhu)
American Accounting Association Auditing Section Midyear Meeting, Charlotte, NC, January 2025.*
o Shocks to debt concentration and reduced borrower control (with Elizabeth Bickmore and Andrew MacKinlay)
INVITED SEMINARS AND CONFERENCE PRESENTATIONS
2025
University of North Dakota (scheduled)
American Accounting Association Auditing Section Midyear Meeting, Charlotte, NC*
2024
Frontiers in International Finance Research conference, University of South Carolina*
Chicago Entrepreneurship Workshop, Northwestern University, Chicago, IL*
Financial Management Association (FMA) annual conference, Grapevine, TX*
2023
Financial Management Association (FMA) annual conference, Chicago, IL*
2022
University of Connecticut (scheduled)
FMA European conference, virtual*
2021
Peking University HSBC Business School, virtual
Financial Management Association (FMA) annual conference, Denver, CO*
18th Corporate Finance Day, Rotterdam School of Management, Netherlands*
Northern Finance Association (NFA) annual meeting, virtual
2020
University of Wisconsin-Milwaukee, virtual
Boca Corporate Finance and Governance Conference, virtual
2018
Baltimore Area Finance Conference, Baltimore, MD
Midwest Finance Association annual conference, San Antonio, TX*
American Accounting Association IAS Mid-Year Meeting, Long Beach, CA*
2017
American Finance Association (AFA) poster session, Chicago, IL*
John L. Weinberg Center for Corporate Governance Symposium, University of Delaware
Financial Management Association (FMA) annual conference, Boston, MA*
2016
NBER Spring Meetings, Law and Economics Program, Boston, MA
Northern Finance Association (NFA) annual conference, Mont Tremblant, Quebec, Canada
2015
American Finance Association (AFA) annual conference, Boston, MA
Midwest Finance Association (MFA) annual meetings, Chicago, IL
Drexel University Corporate Governance Conference, Early Ideas Session, Philadelphia, PA
2014
Virginia Tech
Financial Intermediation Research Society (FIRS) Conference, Quebec City, Quebec, Canada
NBER Summer Institute, Corporate Finance Workshop, Boston, MA
25th Conference on Financial Economics and Accounting (CFEA), Atlanta, GA
11th Annual Conference on Corporate Finance, Early Ideas Session, Washington University in St. Louis
2013
Georgia State University, North Carolina State University, Texas A&M University
Drexel University Corporate Governance Conference, Early Ideas Session, Philadelphia, PA
NBER Summer Institute, Law and Economics Workshop, Boston, MA
State of Indiana Finance Symposium, Kelley School of Business, Indiana University
24th Conference on Financial Economics and Accounting (CFEA), Chapel Hill, NC
2012
Michigan State University, University of Toronto
American Finance Association (AFA) annual conference, Chicago, IL
SFS Finance Cavalcade, University of Virginia
2011
American Finance Association annual conference (AFA), Denver, CO
13th Annual Texas Finance Festival, Horseshoe Bay, TX
State of Indiana Finance Symposium, University of Notre Dame
2010
American Finance Association (AFA) annual conference, Atlanta, GA
Drexel University Corporate Governance Conference, Philadelphia, PA
Center for Research and Security Prices (CRSP) Forum, Chicago, IL
2009
Northern Finance Association annual conference, Ontario, Canada
Midwest Finance Association annual meetings, Chicago, IL
State of Indiana Finance Symposium, Purdue University
2008
Western Finance Association annual conference (WFA), Hawaii
State of Indiana Finance Symposium, University of Notre Dame
2007
UC Davis, UC Irvine, University of Chicago, Chinese University of Hong Kong, Columbia University, University of Iowa, National University of Singapore, University of Notre Dame, Purdue University, Rice University
The 9th Biennial Finance Symposium, Kelley School of Business, Indiana University
2006
NBER Fall Meetings, Corporate Finance Program, Boston, MA
*presented by coauthor
PROFESSIONAL ACTIVITIES
Referee:
Journal of Finance, Journal of Financial Economics, Review of Financial Studies,
Journal of Financial and Quantitative Analysis, Management Science, Review of Finance,
Journal of Law and Economics, Rand Journal of Economics, Journal of Corporate Finance,
Journal of Banking and Finance, Financial Management, Journal of Empirical Finance,
Financial Review, Journal of Financial Stability, Pacific-Basin Finance Journal,
Management Research Review, Annals of Finance, Australian Journal of Management,
Business Research Quarterly, International Tax and Public Finance
Conference program committee:
2013-2020 European Finance Association (EFA)
2018-2020 Northern Finance Association (NFA)
2014-2018 Financial Management Association (FMA)
2017 Conference on Financial Economics and Accounting (CFEA)
2012 SFS Finance Cavalcade Conference
Conference session organizer:
2014 Financial Management Association (FMA)
Conference discussions:
2020 Financial Management Association annual conference, virtual
2017 Conference on Financial Economics and Accounting (CFEA) Philadelphia, PA
2014 AFA Philadelphia, PA
2009 AFA San Francisco, CA
Midwest Finance Association annual meetings, Chicago, IL
2007 The 4th Annual Conference on Corporate Finance, Washington University in St. Louis
Grant reviewer:
Hong Kong Research Grants Council
Member:
American Finance Association (2003 – present), Western Finance Association (2007 – present),
European Finance Association (2009 – present).
TEACHING EXPERIENCE
Dissertation/Thesis committee:
Chair: Fan Li (PhD, Finance; Proposed: Summer 2019)
Co-Chair: Hongyan Li (PhD, Finance; Defended: Spring 2018)
Member: Jitendra Tayal (PhD, Finance; Defended: Spring 2016)
Anh Nguyen (PhD, Finance; Defended: Fall 2015)
Yanbing Wang (PhD, Agricultural Economics; Defended: Spring 2017)
Timothy Trombley (PhD, Finance; Defended: Spring 2014)
Adam Yin (PhD, Finance; Defended: Spring 2013)
Tony Liu (PhD, Finance; Defended: Spring 2012)
Cheryl Qi (PhD, Economics; Defended: Spring 2010)
Rachel Graefe-Anderson (PhD, Finance; Defended: Spring 2010)
Hongfei Tang (PhD, Finance: Defended: Spring 2008)
Course instructor:
Corporate Finance Research Seminar (FIN 6115), Ph.D. course, 2016-present
Corporate Finance (FIN 3154), undergraduate seniors, 2014-present
Finance major core course
Advanced Corporate Financial Management (MGMT 413), undergraduate seniors, 2007–2014
Senior elective, case-based
Venture Capital and Investment Banking (MGMT 644), full-time MBAs, fall 2012
Corporate Finance Ph.D. Research Seminar (MGMT 691), Ph.D. course, 2009–2014.
Teaching assistant:
Corporation Finance (Bus 35200), full-time, evening and weekend MBAs, spring 2005
(Grading and weekly review sessions)
Investments (Bus 35000), full-time, evening and weekend MBAs, summer 2003
(Grading and weekly review sessions)
RESEARCH GRANTS
Virginia Tech University Assistant Professor Mentoring Grant, 2015.
Purdue Research Foundation (PRF) Summer Faculty Research Grant, 2013.
Center for International Business Education and Research (CIBER) Award, Purdue University, 2009.
Purdue Research Foundation (PRF) Summer Faculty Research Grant, 2009.
HONORS AND AWARDS
William F. Sharpe Award for being the best paper published in the 2018 Volume of the Journal of Financial and Quantitative Analysis, July 2019.
Best corporate finance paper in the Baltimore Area Finance Conference, May 2018.
Pamplin Annual Faculty Award for Excellence in Research, honorable mention, Virginia Tech, April 2017.
William F. Sharpe Award for being the best paper published in the 2015 Volume of the Journal of Financial and Quantitative Analysis, July 2016.
Undergraduate Distinguished Teacher, Purdue University, 2014.
Fischer Black Doctoral Fellowship, University of Chicago, 2006.
Annual graduate fellowships, University of Chicago, 2002-2006.
Center for Research in Security Prices (CRSP) Research Award, 2003.
Best Graduate of Peking University, 2002.
Tokyo Mitsubishi Scholarship, Peking University, 2001.
Best Graduate of Renmin University, 1999.
The First Class University Scholarship, Renmin University of China, 1998.
Shen Quan Scholarship, Renmin University of China, 1997.
Wu Dakun Scholarship, Renmin University of China, 1997.
INSTITUTIONAL SERVICES
Pamplin Dean’s search committee member: 2022
Department Ph.D. program: committee member: 2007-2020; director 2021-present
University Commission on Undergraduate Studies and Policies member: 2021
Department P&T committee member: 2017-present
Department faculty search committee: member 2007-2017, 2021, 2023-2024; chair 2018-2020
Pamplin College of Business Multicultural Diversity Committee member: 2014-2018
Department seminar committee co-chair: 2017
Department undergraduate curriculum committee member: 2017
External member of the marketing department faculty search committee: 2017, 2021
Krannert School of Management Undergraduate Finance Major review committee: 2013
Department seminar coordinator: 2008, 2012
PUBLICITY
Columbia Law School’s Blog on Corporations and the Capital Markets, January 10, 2025: “Value-Based CEO Equity Grants”. https://clsbluesky.law.columbia.edu/2025/01/10/value-based-ceo-equity-grants/
Financial Times, March 8, 2023: “‘Golden hellos’ under scrutiny as employment market cools: Sign-on bonuses are losing their shine in the downturn but can still lure in-demand skills”. https://www-ft-com.ezp.lib.cam.ac.uk/content/e4037776-2950-487d-a376-b855e7a6d20f
The Principles for Responsible Investment (PRI) Academic Blog, August 21, 2020: “Paying by donating: Corporate donations affiliated with independent directors”. https://www.unpri.org/pri-blogs/charitable-donations-and-corporate-directors-a-hidden-conflict/6298.article
The Harvard Law School Forum on Corporate Governance and Financial Regulation, June 30, 2020: “Paying by donating: Corporate donations affiliated with independent directors”. https://corpgov.law.harvard.edu/2020/06/18/paying-by-donating-corporate-donations-affiliated-with-independent-directors/
The Wall Street Journal, Business | Journal Reports: Leadership, February 21, 2017: “When Signing Bonuses for Top Executives Pay Off for the Company”. https://www.wsj.com/articles/when-signing-bonuses-for-top-executives-pay-off-for-the-company-1487646002
The Harvard Law School Forum on Corporate Governance and Financial Regulation, November 7, 2016: “Golden Hellos: Signing Bonuses for New Top Executives”. https://corpgov.law.harvard.edu/2016/11/07/golden-hellos-signing-bonuses-for-new-top-executives/
CFA Digest, February 2016, Volume 46 Issue 2: “Taxes and Capital Structure (Digest Summary)”. https://www.cfainstitute.org/en/research/cfa-digest/2016/02/taxes-and-capital-structure-digest-summary
Pittsburgh Post-Gazette, October 13, 2013: “Heard Off the Street: Insider trading, CEO pay linked”.
The Harvard Law School Forum on Corporate Governance and Financial Regulation, February 11, 2013: “Ex-Ante Severance Pay Contracts and Optimal Executive Incentive Schemes”. https://corpgov.law.harvard.edu/2013/02/11/ex-ante-severance-pay-contracts-and-optimal-executive-incentive-schemes/
NerdWallet Investing, November 19, 2012: “Expert FAQ: Why Insider Trading Hurts Us, and How We Can Fix It”. https://www.nerdwallet.com/blog/investing/expert-faq-insider-trading-hurts-fix/
Listed on the Ohio State University’s Worldwide Directory of Finance Faculty and Professionals.
Listed on the Brigham Young University’s Accounting Research Rankings.