Research

Publications

• “The Origin of Firm Boundaries: Ancestral Connection and Corporate Alliances” (with Xiaoxia Peng), Journal of Corporate Finance, 2023, Vol 82, 102450.

• “Do Equity Markets Care About Income Inequality? Evidence from Pay Ratio Disclosure” (with Elena Pikulina, Stephan Siegel, and Tracy Wang), 2022, Journal of Finance, Vol 77(2), pp.1371-1411.

     o Best Paper Award, Asian Finance Association, 2021

     o Featured in the Harvard Law School Forum on Corporate Governance and Financial Regulation (June 15, 2022)

• “Voice of the Customers: Local Trust Culture and Consumer Complaints to the CFPB” (with Rachel Hayes and Feng Jiang), Journal of Accounting Research, Vol. 59(3), (June 2021), pp. 1077-1121.
  o Featured in the FinReg Blog at the Global Financial Markets Center, Duke University School of Law (July 15, 2021)

• “The Cultural Origin of CEOs’ Attitudes Towards Uncertainty: Evidence from Corporate Acquisitions” (with Stephan Siegel and Tracy Wang), Review of Financial Studies, Vol. 33 (July 2020), pp. 2977 -3030.

• “How Management Risk Affects Corporate Debt” (with Tracy Wang and Michael Weisbach), Review of Financial Studies, Vol. 31 (September 2018), pp. 3491-3531.
  
  o Featured in the Harvard Law School Forum  on Corporate Governance and Financial Regulation (May 3, 2016)

• “Corporate Risk Culture” (with Stephan Siegel and Tracy Wang), Journal of Financial and Quantitative Analysis, Vol. 52(6) (December 2017), pp. 2327-2367, Lead Article.
  o Best Paper Award,China International Finance Conference (CICF), 2016

• “The Determinants and Impact of Executive-Firm Matches”, Management Science, Vol. 63(1) (January 2017), pp. 185-200.
  o Shmuel Kandel Award, Utah Winter Finance Conference, 2011

• “CEO Investment Cycles” (with Tracy Wang and Michael Weisbach), Review of Financial Studies, Vol. 29 (November 2016), pp. 2955-2999.
  
  o Featured in the NBER Digest (March 2014)

• “Learning about CEO Ability and Stock Return Volatility” (with Tracy Wang and Michael Weisbach), Review of Financial Studies, Vol. 28 (June 2015), pp. 1623-1666.
  
  

Completed working papers

• "COVID Racial Disparities in Financial Complaints and the Role of Corporate Social Attitudes" (with Rachel Hayes, Feng Jiang, and Huayi Tang), revise and resubmit

• "Political Divide and the Composition of Households’ Equity Portfolios" (with Elena Pikulina, Stephan Siegel, and Tracy Wang)

o  Wharton School - WRDS Award For the Best Empirical Finance Paper, WFA 2023

• “The Eco Gender Gap in Boardrooms” (with Po-Hsuan Hsu and Kai Li), revise and resubmit

o  Best Paper Award, CICF 2024

• "Political Attitudes and Equity Market Reactions to Vaccine Mandate Bans” (with Mike Cooper, Fan Li, and Tim Liu)

• “An Empirical Investigation of Internal Governance” (with Rajesh Aggarwal and Huijing Fu)