RESEARCH

WORKING PAPERS

1. Seeing is Believing: Annual Report Visuals and Stock Returns, (with Gao, Lei, Hu, Bo, & Zhou, Guofu). [SSRN]

• Firms adding visuals, particularly R&D-focused visuals into annual reports experience 3-5% positive abnormal returns, accompanied by increased institutional attention and holdings.

• On AI in Finance 2025 (scheduled), EFA 2024 (European), AFBC 2024, SFS Cavalcade Asia-Pacific, CICF 2022

2. When She Leads: Selection Effects or Leadership Styles, (with Gao, Lei, & Han, Jianlei).  

• Companies headed by women produce approximately 50% more patents and citations, relative to those led by men.

• On FMA Asia-Pacific 2022, AFBC 2022

3. When Milliseconds Matter: The Long-term Real Effects of High-frequency Trading, (with Kwan, Amy; Li, Yangen).

• High-frequency trading does affect real corporate decision making, by influencing firms' ability to finance projects. 

• On FMA 2025 New Idea Sessions (scheduled)

4. Firm Inflexibility and Corporate Tax avoidance, (with Huseynov, Fariz, Sardarli, Sabuhi, and Zhou, Chao). [SSRN]

• Inflexible firms are more likely to engage in tax avoidance, primarily through tax-saving avoidance.

• On FMA 2023, FIRN 2023, New Zealand Finance Meeting 2022

5. Beyond Glass-ceiling: Does Bamboo-ceiling Exist? (with Kwan, Amy).

• There is the representation gap in directorship positions for individuals of Asian descent.

• On Boca Finance Conference 2025 (scheduled), FIRN 2024

6. Geopolitical Risk and Technological Innovation, (with Astvansh, Vivek, & Habib, Adnan). [SSRN] 

• Firms' innovation output is worsened amid rising geopolitical risk, likely through losing critical talents and lowering R&D investment.

• On AFBC 2022, FIRN PhD Symposium