Academic Appointments
Professor of Finance, School of Management, Harbin Institute of Technology, since 2022
Assistant Professor of Finance, Lingnan College, Sun Yat-sen University, 2015-2022
Education
Ph.D., Finance, Singapore Management University, 2015
M.S., Operations Management, Singapore Management University, 2011
B.S., Computer Science, University of Science and Technology of China, 2009
Research Interests
Corporate Investment, Entrepreneurship, Politics and Finance
Major Publication
Boyabatli, O., Leng, T., and Toktay, L.B., 2016. "The Impact of Budget Constraints on Flexible versus Dedicated Technology Choice," Management Science 62(1): 225-244.
Boyabatli, O., and T. Leng, 2017. "The Interaction between Operational Flexibility and Financial Flexibility," Foundations and Trends in Technology, Information and Operations Management 11(1-2): 13-31.
杨子晖, 王姝黛, 李东承, 冷铁成. "债务风险传染的多重网络研究,"《金融研究》，2023年第3期。
Atanassov, J., Julio, B., and Leng, T., 2024. "The Bright Side of Political Uncertainty: The Case of R&D," Review of Financial Studies 37(10): 2937-2970.
Editor's Choice Paper/Lead Article
Featured in the Homeland Security News Wire, the Phys.org, and the Newswise
Other Publication
Liu, B., Cao, J., Johan, S., and Leng, T., 2019. "The Real Effect of Liquidity Provision on Entrepreneurial Financing: Evidence from a Natural Experiment in China," European Journal of Finance 25(6): 568-593.
Cao, J., Leng, T., Goh, J., and Malatesta, P., 2020. "The Innovation Effect of Dual-Class Shares: New Evidence from US Firms," Economic Modelling 91: 347-357.
Yang, Z., Leng, T., Pan, L., and Wang, X., 2022. "Paying for Pollution: Air Quality and Executive Compensation," Pacific-Basin Finance Journal 74: 101823.
Leng, T., and Pan, L., 2022. "CEOs' General Managerial Skills and Corporate Risk Taking Subject to The Moderator of CEO Tenure," European Financial Management 29(5): 1620-1656.
Leng, T., Liu, Y., Xiao, Y., and Hou, C., 2023. "Does Firm Financialization Affect Optimal Real Investment Decisions? Evidence from China," Pacific-Basin Finance Journal 79: 101970.
Mao, Y., Hu, N., Liu, Y., and Leng, T., 2024. "Digital Economy, Innovation, and Firm Value: Evidence from China," Pacific-Basin Finance Journal 85: 102355.
Li, M., Zhang, J., and Leng, T., 2025. "Extreme High Temperatures and Corporate Green Innovation: Evidence from China," Pacific-Basin Finance Journal, 93: 102824.
Selected Working Papers
Political Polarization and Corporate Investment, with Julian Atanassov (Nebraska), Brandon Julio (Oregon) and Qiaoqiao Zhu (ANU).
2018 USTC-UW Foster Workshop, 2021 FIRN, 2022 CICF, 2023 ANU Summer Research Camp, 2024 EFA (European), 2024 Queensland Corporate Finance Conference, 2024 Paris December Finance Meeting, 2024 Boca-ECGI Corporate Finance and Governance Conference
Increased political polarization in U.S. state legislatures reduces corporate investment and prompts firms to relocate to less polarized states due to legislative gridlock and policy instability.
Political Polarization and Corporate Investment: International Evidence, with Brandon Julio (Oregon) and Ying Liu (UNLV).
CSMAR Best Paper Award, 2024 International Capital Markets Forum on Responsible Science
Increased political polarization reduces firm investment, especially in nations with inefficient governments and low political trust. Strong checks and balances mitigate this effect, and the impact occurs only in nations that became more polarized, not in those that depolarized.
From Assembly Line to Delivery Man: The Impact of Gig Economy on Corporate Investment, with Yi Xiao (SISU), Yijing Peng (PKU) and Qiang Ye (USTC).
2023 FMA, 2024 USTC Alumni Finance Workshop, 2024 Shanghai-Edinburgh-London Fintech Conference, 2024 China International Forum on Finance and Policy, 2024 Emerging Markets Conference
Ele.me's expansion into Chinese cities led to labor shortages and higher wages, causing firms to reduce investment and invest more in automation technologies.
Seminars/Conference Presentations
2025: Iowa State University*, Xiamen University, USTC Alumni Frontiers In Finance Conference, HIT International Summer School on Big Data and Business Analytics.
2024: European Finance Association (EFA) Annual Meeting*, 4th Boca-ECGI Corporate Finance and Governance Conference*, EUROFIDAI-ESSEC Paris December Finance Meeting, Queensland Corporate Finance Conference (QCFC)*, 6th China International Forum on Finance and Policy, 8th Shanghai-Edinburgh-London Fintech Conference (SUFE), 15th Emerging Markets Conference (XKDR & Vanderbilt/Withdrawn due to scheduling conflict), FMA European Conference*, International Capital Markets Forum on Responsible Science (UIBE), International Forum on Entrepreneurial Financing, Venture Capital and Private Equity (Hangzhou)*, USTC Alumni Symposium on Finance, Anhui University Business School, Anhui University of Finance and Economics (Hefei), Chongqing University, City University of Macau, Harbin Institute of Technology, Jinan University Institute for Economic and Social Research (IESR), Southwestern University of Finance and Economics SOF, Shanghai University of Finance and Economics (Dishui Lake), Sun Yat-sen University Lingnan College, Wuhan University SEM, Kent State University*.
2023: Conference on Market Developments and Policy Reforms (AUFE)*, ANU Summer Research Camp*, Dongbei University of Finance and Economics (IAER), FMA Annual Meeting (Chicago)*, Harbin Institute of Technology (×2), Shanghai International Studies University*.
2022: China International Conference in Finance (CICF), The 2nd Conference on FinTech, Innovation and Development (Shanghai), Harbin Institute of Technology, Shanghai Lixin University of Accounting and Finance*, Xi'an Jiaotong-Liverpool University, Zhongnan University of Economics and Law*.
2021: Global Chinese Accounting Association Summit*, Guangdong University of Finance and Economics, Sun Yat-sen University, Zhongnan University of Economics and Law.
2019: Lingnan Accounting and Finance Workshop, University of Denver Summer Finance Conference*, University of Science and Technology of China, Shanghai Green Finance Conference*.
2018: University of Texas at Dallas*, USTC-UW Workshop on Fintech and Management Innovation, Sun Yat-sen University.
2017: SFS Finance Cavalcade (Nashville)*, Finance Down Under Conference (Melbourne), Asian Bureau of Finance and Economic Research (ABFER) Conference, Chulalongkorn Accounting and Finance Symposium (Bangkok), Midwest Finance Association (MFA) Annual Meeting (Chicago)*, Chinese University of Hong Kong*, Fudan University*, Peking University (HSBC), University of Delaware*.
2016: AFA Annual Meeting (San Francisco), Edinburgh Corporate Finance Conference*, China International Conference in Finance (CICF)*, Emerging Markets Finance Conference (Bombay), Impact of Uncertainty Shocks on the Global Economy Conference (London)*, FMA Asia/Pacific Conference (Sydney), FMA Annual Meeting (Las Vegas)*, Supply Chain and Finance Annual Symposium (IE Business School)*, University of Illinois at Chicago*, University of Pittsburgh*, University of Zurich*, Koc University*, Peking University (HSBC)*.
2015: FSU SunTrust Beach Conference*, SMU Finance Summer Camp, SMU Finance Brownbag (×2), Asian Bureau of Finance and Economic Research (ABFER) Annual Conference*, China International Conference in Finance (CICF×2)*, FMA Annual Meeting (Orlando), CAFR/JAAF Conference*, University of Oklahoma*, University of New South Wales, Bristol University, Deakin University*, Monash University*, Central University of Finance and Economics, Cheung Kong Graduate School of Business*, Peking University (Guanghua)*, Remin University of China, Sun Yat-sen University.
2014: Boston University*, NBER Entrepreneurship Research Boot Camp (Boston), NBER Entrepreneurship Working Group Meeting (invited participant), SMU Finance Summer Camp, Australasian Finance and Banking Conference, University of Macau*, Zhejiang University*.
2013: SMU-SUFE Summer Institute of Finance Conference (Shanghai), Supply Chain and Finance Annual Symposium*, M&SOM Conference on Joint Operational and Financial Decisions of Firms*.
(*presented by co-author)