Wentao Yao

Welcome!

I'm Wentao Yao (姚文韬), an Associate Professor in the Department of Finance at the School of Management, Xiamen University. I received my Ph.D. in Finance from the University of Hong Kong in 2021. My research focuses on empirical corporate finance and accounting, with particular emphasis on the environmental externalities of corporate behavior, supply chain relationships, and corporate governance.

Contact: yaowentao[at]xmu.edu.cn

SSRN | Google Scholar | University Official Site

Employment:

2025 - present, Associate Professor, School of Management, Xiamen University
2025 - present, Director, ESG center, School of Green Management, Xiamen University
2021 - 2024, Assistant Professor, School of Management, Xiamen University

Publications

Do Major Customers Help or Hurt Innovation? The Effects of Customer-Base Concentration on Innovation Volume and Radicalness, with Clara Chen and Wei Jiang Production and Operations Management, forthcoming
The Real Effects of Tick-Size Adjustments: Evidence from the 2016 Tick-Size Pilot, with Chen Lin and Hong Zou

Journal of Corporate Finance, forthcoming

Does Common Institutional Ownership Mitigate Hold-up Problems along the Supply Chain?, with Yongning Deng, Jing Li, and Qilin Peng

Financial Management, 2025, 54(1): 3-31.

Meet, Beat, and Pollute, with Jacob Thomas, Frank Zhang, and Wei Zhu

Review of Accounting Studies, 2022, 27(3): 1038-1078.

Stock Liquidity and Corporate Diversification: Evidence from China's Split Share Structure Reform, with Lifeng Gu, Yilin Zhang, and Yixin Wang

Journal of Empirical Finance, 2018, 49: 57-80.

Customer Concentration and Firm Cost Stickiness: Empirical Evidence from Chinese Listed Companies in Manufacturing Industry (in Chinese), with LuLu Di and Wei Jiang

Journal of Financial Research (金融研究), 2017, 9:192-206.

The Enforcement of the Minimum Wage Policy and Firm Cost Stickiness (in Chinese), with Yuming Hu and Wei Jiang

Accounting Research (会计研究), 2016, 10: 56-62

The Enforcement of the Property Law and Supply Chain Finance—Empirical Evidence from Bank Loans Pledged by Accounts Receivable (in Chinese), with Wei Jiang

Economic Research Journal (经济研究), 2016, 1: 141-154.

Firm Innovation and Executive Pay-performance Sensitivity—Empirical Evidence from SOEs in China (in Chinese), with Wei Jiang

Economic Management Journal (经济管理), 2015, 5: 63-73.

Ownership, Managerial Turnover and Cost Stickiness (in Chinese), with Wei Jiang

Journal of Shanxi University of Finance and Economics (山西财经大学学报), 2015, 4: 44-56.

Selected Working Papers

Quantifying the Ecological Costs of Corporate Toxic Emissions: Evidence from Meeting Earnings Benchmarks , with Jacob Thomas, Frank Zhang, and Wei Zhu
- Featured in Accountability in a Sustainable World Quarterly, Vol. 4, No. 2, March 2026
Sustainability Targets, Assurance, and the Cost of Debt: Evidence from Green Bonds, with Clara Chen, Yanan Tian, and Yuhui Wu
Observational Learning, Social Interactions, and Cybersecurity Risk Management, with Chen Lin, and Hong Zou

Teaching

Financial Market and Institutions (XMU UG core, English) 2022-2025
Corporate Governance (XMU UG selective, English) 2022-2025
Advanced Corporate Finance (XMU Ph.D. core, Chinese) 2022-2025

Referee services

British Accounting Review, Journal of Accounting Auditing and Finance, Journal of Accounting and Public Policy, Journal of Banking and Finance, Pacific-Basin Finance Journal, Production and Operations Management, Review of Quantitative Finance and Accounting, The Accounting Review, The International Journal of Accounting

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