[4]. "ESG Reputational Risk and Corporate Debt Maturity" (with Anh-Tuan Le)
Using a large sample of U.S. firms, we document a positive association between reputational risk and firms’ reliance on short-term debt. Further analyses show that the effect is significantly stronger for firms with higher information asymmetry and greater default risk, consistent with creditors’ incentives to mitigate uncertainty and downside exposure.
[3]. "Religiosity and Peer-to-Peer Lending" (with Ly Ho and Yue Lu)
Using over one million personal loans originated through the P2P lending platform from 2010 to 2023, we find that borrowers from counties with higher levels of religiosity receive higher loan amounts and enjoy lower interest rates.
[2]. "Mitigating the Costs of High Financial Leverage: The Role of Asset Redeployability" (with Quang Minh Nhi Nguyen)
Asset redeployability significantly mitigates the negative impact of financial leverage on sales growth. The effect of asset redeployability is particularly pronounced for firms with a more concentrated customer base, operating in highly competitive industries, employing labor-intensive workforces, or operating in asset-heavy sectors such as manufacturing and retail.
[1]. "Do carbon emissions matter for corporate optimal leverage decisions?" (with Tung Lam Dang)
Firms’ carbon emissions have a negative and significant impact on their speed of adjustment (SOA) toward target leverage. Carbon emissions impede firms’ dynamic leverage rebalancing via the financial distress risk and investor preference channels.