Research

Research Interests:

• Financial Intermediation, Banking and Financial Institutions, Corporate Credit Market, Securities Issuance, Corporate Finance

Selected Journal Publications:

• Lending Relationship and the Pricing of Syndicated Loans (with Donghang Zhang and Yafei Zhang), 2024, Management Science, 70, 1114-1136
  Presented at: IBEFA 2021 (Chicago), Chicago Financial Institution Conference 2020 (Chicago), CICF 2019 (Guangzhou), FMA 2019 (New Orleans, Top-10 Session), Univ. of South Carolina

• Sovereign Wealth Funds and Cost of Debt: Evidence from Syndicated Loans (with Ryan Chen and Feiyu Liu), 2023, Journal of Corporate Finance, 82, 102446
  Presented at: EFA (Eastern) 2022 (Washington DC)

• Social Capital and Individual Ethics: Evidence from Financial Advisers Misconduct (with John Bai, Chenguang Shang, and Chi Wan), 2022, Journal of Business Ethics 181, 495–518
  Presented at: FMA 2020 (Virtual), Northeastern Univ. 

• The Dark Side of Shareholder Litigation: Evidence from Corporate Takeovers (with Yongqiang Chu), 2021, Financial Management 50, 845-873
  Presented at: EFA (European) 2016 (Oslo), CICF 2015 (Shenzhen), 10th Annual Conference on Empirical Legal Studies (CELS) 2015

Top Cited Article 2021-2022 in Financial Management 

• Bank Capital and Lending: Evidence from Syndicated Loans (with Yongqiang Chu and Donghang Zhang), 2019, Journal of Financial and Quantitative Analysis 54, 667-694
  Presented at: CICF 2016 (Hangzhou), FMA 2014 (Nashville), UMass-Boston

Best Paper Award in Financial Institutions & Markets, FMA 2014 

• Relationship Banking and Loan Syndicate Structure: The Role of Private Equity Sponsors (with Rongbing Huang and Donghang Zhang), 2018, Financial Review 53, 461-498 (lead article)
  Presented at: MFA 2015 (Chicago), FMA 2015 (Orlando), 14th Annual All-Georgia Finance Conference 2015

Book Chapter:

• Syndicated Lending: Primary Market Information Production, Non-bank Investors, and Secondary Loan Market (with Donghang Zhang and Yafei Zhang), Chapter 21, The Oxford Handbook of Banking (eds. Allen Berger, Phil Mullineaux, and John Wilson), 4th Edition, Oxford University Press (2024)

Selected Working Papers:

• Firms' Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings (with Edith Hotchkiss, Liying Wang, and Hurong Sun), R&R at Management Science
  Presented at: WFA 2023 (San Francisco), NFA 2023 (Toronto), 6th Center for Corporate Finance Conference (NHH) 2023, CICF 2021 (Shanghai), Silicon Prairie Finance Conference 2021, FMA 2021 (Denver), International Risk Management Conference 2021 (Virtual), Boston College, Brandeis Univ. , ESSEC Business School, Univ. of Bath, Univ. of Cambridge, Univ. College London, Univ. of Connecticut, Univ. of Kentucky, UMass-Amherst, UMass-Boston, Univ. of Technology Sydney, Univ. of Toronto

• Expanding the Bank Liquidity Creation Concept: Bank Capital and Secondary Market Loan Liquidity (with Allen N. Berger and Donghang Zhang), R&R at Review of Finance
  Presented at: FIRS 2020 (Budapest), FMA 2020 (Virtual), IBEFA 2020 (San Diego), 19th FDIC/JFSR Annual Bank Research Conference 2019, Concordia Univ. (Montreal), UMass Lowell, Southwestern Univ. of Finance and Economics, Modern Risk Society 

• Underwriting and Primary Market Price Discovery of Syndicated Loans: Theory and Evidence (with Donghang Zhang and Yafei Zhang), R&R at Review of Corporate Finance Studies
  Presented at: FIRS 2018 (Barcelona), FMA 2018 (San Diego, Semifinalist of Best Paper Award in Corporate Finance), Univ. of South Carolina, UMass-Boston 

• Individual Bankers, Concurrent IPO Underwriting, and Information Spillover (with Donghang Zhang and Qiuyu Meng), 2024, draft coming soon
  Presented at: KU Finance Conference 2024 (Univ. of Kansas), MFA 2024 (Chicago), China Finance Review International & CIRF Joint Conference 2023, Entrepreneurial Finance (ENTFIN) Annual Meeting 2022 (Univ. of Bath), FMA 2022 (Atlanta, Semifinalist of Best Paper Award in Corporate Finance)

• Bank Specialness, Credit Lines, and Loan Structure (with Allen N. Berger and Donghang Zhang), 2020
  Presented at: FMA 2019 (New Orleans), CICF 2018 (Tianjin), Boston Area Finance Symposium 2018 (Northeastern Univ.), Univ. of South Carolina, Zhejiang Univ.