RESEARCH

Publication:

Wang, G., Ye, X., Li, Y., Postema, L., Skorytska, O., & Lam H., (2025). How Does Firm Exit During Geopolitical Conflicts Affect Idiosyncratic Risk? Evidence from the Russia-Ukraine War. Transportation Research Part E: Logistics and Transportation Review. Forthcoming. https://doi.org/10.1016/j.tre.2025.104410

Lasfer, M., & Ye, X. (2025). Executive Equity-Based Compensation and Tournament Incentives. European Financial Management, 31(3), 1015-1265, https://doi.org/10.1111/eufm.12533

Lasfer, M., & Ye, X. (2023). Corporate insiders’ exploitation of investors’ anchoring bias at the 52-week high and low. Financial Review, 59(2), 391-432. https://doi.org/10.1111/fire.12371

Education:

• Bayes Business School, City University of London, London Sep 2018 - Nov 2022

PhD in Finance

Employment:

• Management School, University of Liverpool Sep 2023 - Present

Lecturer in Finance (Research and Teaching)

• London School of Economics and Political Science (LSE)         July 2023 - Present

Class Teacher/Associated Staff

• City, University of London, London     Sep 2022 - Aug 2023

Bayes Fellow in Finance (Teaching): Fixed-Term

• Smart Insider, London     June 2019 - Oct 2021

Data Analyst: Fixed-Term

Working Papers:

Do Consumers Spend Their Money Where Their Votes Are? Ideology Distance And Local Sales

• Co-authored with Lei Chen, Muhan Hu, Linxiang Ma

Abstract: We investigate the impact of ideological distance between firms and consumers on firm sales. Using granular retail scanner data, we find that, compared to a county with a lower ideological distance, a firm’s annual sales can be up to 64,000 lower in a county where it has a one standard deviation higher ideological distance. This effect has intensified since the 2016 election, and is particularly pronounced in wealthier and more Republican-leaning counties. To understand the underlying mechanisms, we explore both demand- and supply-side factors. Leveraging the staggered entry of a conservative media and Donald Trump’s 2016 campaign rallies as exogenous shocks to county-level ideology, we provide evidence that consumers prefer purchasing products from firms that align with their political beliefs. On the supply side, firms are less likely to enter politically distant markets but, once present, do not reduce product variability. Our findings highlight the cash flow consequences of political ideology and illustrate how firms may adapt their market strategies in response to ideological polarization.

Phantom of the Supply Chain: Unintended Blocks on the Road to Green

• Co-authored with Linxiang Ma, Yuting Qian, Ziran Zuo

Abstract: Customer firms strategically disclose relationships with environmentally responsible (good) suppliers while concealing associations with less sustainable (bad) suppliers. We demonstrate that this green-induced nondisclosure for unsustainable suppliers hinders the green transition of supply chains by deterring the positive influence that customer firms can exert on their suppliers' environmental performance. Notably, customer firms achieve improved environmental performance at the expense of their suppliers’ environmental profiles. To establish causality, we adopt the enactment of greenhouse gas (GHG) emission targets across US states and the implementation of GHG emission trading systems across regions and countries as regulatory shocks. Our cross-sectional analyses show that our baseline results vary regarding three types of common stakeholders, suppliers’ environmental pressure, and financial constraints of customer firms. Moreover, we explore the real effects of such strategic disclosure, showing that customers outsource carbon emissions to hidden suppliers. Overall, these findings provide critical insights into the consequences of strategic disclosure and its implications for supply chain sustainability management.

Do Customers Play a Disciplinary Role on Suppliers’ Short-Term Incentives? Here

• Co-authored with Jiaying Li 

Abstract: This paper presents novel evidence suggesting that corporate customers play a disciplinary role in suppliers' short-term incentives. Using a comprehensive dataset of customer-supplier relationships, we show that major downstream firms respond to upstream firms' incentive of EPS management by severing business relationships. The effect stems from customers' concern over potential deterioration of suppliers' financial condition and is stronger for financially constrained suppliers. Ex ante, the threat of withdrawal by major customers deters suppliers from managing EPS. Suppliers with short-term incentives strategically reallocate trade credit to retain their largest customers, mitigating the ex-post impact of customer discipline.

Insiders’ Trading on Non-Private Information:  Evidence from Their Trading on Their Economically Linked Firms’ M&A Events. Here

• Co-authored with Lijuan Xie, Meziane Lasfer

• R&R

Abstract: We find that insiders trade profitably their own firm’s shares when their economically linked companies become takeover targets. Their trades predict their firm’s receiving takeover bid, and changes in its future operating and innovation efficiencies. The treatment effect is stronger when the target firm is producing homogeneous products and has a more complicated supply chain. We rule out the possibility that insiders are trading on their own firm’s private information. Our results imply that insiders have a better understanding of the impact of the deal on their firm than the aggregate stock market, which suffers from limited attention constraint bias.

Academic Conference (inc. scheduled)

2025: EurOMA^,  AOM^, Politics in Finance 2025^, FMA Annual 2025^(scheduled), Governance in a Polarized World^(scheduled), FMA Asia/Pacific 2025 (scheduled),  Australasian Finance and Banking Conference^ (scheduled)

2024: AEA Poster^, EFMA, CICF^, CFD*(Two papers), Owners as stakeholders by Bocconi and St.Gallen^, 5th Boca-ECGI*, International Finance and Banking Society (IFABS), Soochow University Research Seminar, Xi'an Jiaotong - Liverpool University Research Seminar (XJTLU, Taicang). 

2023: University of Birmingham Research Seminar; EFMA;  12th Portuguese Financial Network Conference (PFN)^; 23th Financial Markets and Corporate Governance Conference (FMCG)*; Royal Economic Society Annual Conference^; Behavioural Finance Working Group (BFWG, selected fee-waiver paper)^; AFS^; Corporate Finance Day (CFD); 4th Boca-ECGI Corporate Finance and Governance Conference (Boca-ECGI)*; Pint of Science (non-academic presentation).

2022: AfriMed Finance Society Conference (AFS)^; The China International Conference in Finance (CICF); FMA Europe*; Bayes Business School Finance Research Day; University of Sussex Research Seminar^; University of Bath Research Seminar^  

2021: Vlerick Business School Research Seminar;  University of Technology Sydney Research Seminar^; Bayes Business School Finance Research Day; International Young Finance Scholar (IYFS) Conference; Financial Management Association (FMA) Annual Conference*; European Financial Management Association Annual Conference (EFMA)*; European Financial Association (EFA) Doctoral Workshop  

2020: University of Swansea Research Seminar^; Bayes Business School Finance Research Day

* served as discussant

^ presented by co-authors

Academic Achievements, Grants, Rewards:

• University of Liverpool Pump Priming Grant (03/2024-07/2024) 

• FMCG 2023 Best Paper Award Runner-Up

• Awarded EFA 2022 (Barcelona) Grant 

• EFMA 2022 (Rome) Ph.D. Best Paper Award Runner-up

• Cass Business School PhD Studentship (2018/2022) 

• Beta Game Sigma Society Membership Re-nomination in 2018 (Top 10% student)

• Best Final Year Project with bursary (2016)

• Beta Game Sigma Society Membership Nomination in 2016 (Top 10% student)

• Cass International Student Scholarship for three years (2013/2016)

Professional Body Membership:

AFA, EFA, FMA, EFMA,SAS

Professional Service:

Referee:  Corporate Governance: An International Review,  Journal of Business Finance & Accounting (*3), International Journal of Finance & Economics, Spanish Journal of Finance and Accounting, The European Journal of Finance (*2), The British Accounting Review(*2). Journal of Behavioral and Experimental Finance. Journal of International Financial Management & Accounting 

External Reviewer: Bocconi University (PhD program in Economics and Finance, 2025)

Research Interest:

Empirical Corporate Finance: Corporate Governance, Insider Trading, Mergers and Acquisitions (M&A), Supply Chain