Dallas 24 and FT 50 Publications

Lending Relationships and the Pricing of Syndicated Loans, with Donghang Zhang (USC Darla Moore) and Yijia Zhao (UM Boston), Management Science, 70(2), 2024, pp.1113-1136


Real Disinvestments and the Distress Anomaly: Evidence from Stocks, Bonds, and Loans, with Kevin Aretz (AMBS) and Shuwen Yang (UST Beijing), Journal of Financial and Quantitative Analysis forthcoming


The Unintended Impact of the Volcker Rule on Primary Market Bond Pricing: Evidence from the Rule 144A Bond Market, with Eric Powers (USC Darla Moore) and Donghang Zhang, Review of Finance forthcoming


Under Revision

Underwriting and Primary Market Price Discovery of Syndicated Loans: Theory and Evidence, with Donghang Zhang and Yijia Zhao, revise and resubmit at Review of Corporate Finance Studies

Syndicated loan offerings exhibit U-shaped underpricing. Hot loan underpricing is to induce investors to reveal positive information. Cold loan underpricing is to compensate bank's retention cost.


Under Review

Dispersion across CLOs on Marking Corporate Loans and the Illiquidity on the Secondary Loan Market

CLOs in a same loan disagree on the loan value. They trade small amounts with high frequencies, which leads to adverse selection concerns of dealers and reduces loan liquidity.


Your Enemy's Friend Can Be Your Friend: Borrowing from A Competitor’s Bank, with Donghang Zhang

Fourty percent of firms share banks with their industry competitors. Borrowing from a competitor’s bank is an optimal financial arrangement that mitigates agency conflicts and deters product market predation.


Working Papers

Learning Through Your Lenders:  Common Lenders and Interfirm Knowledge Transmission, with Bingbing  Hu (HK Baptist) and Lan Jin (HK Baptist)

Common lenders, by lending to geographically and technologically distant  firms, mitigate the localization of knowledge transmission.


CLOs, Loan Spreads, and Corporate Investments, with Donghang Zhang

CLOs reduce market friction due to market segmentation and information asymmetry. CLO ownership in a loan captures these efficiency gains. A higher CLO ownership leads to a lower loan spread and more capital expenditures. 


Loan Market Informativeness and Financing Cost, with Yifan Ji (UNC Chapel Hill) and Donghang Zhang

Un-informed investors can learn about the value of a loan from secondary market trading of another loan issued by the same firm. This can reduce loan underpricing for the firm.


Book Chapter

Syndicated Lending, with Donghang Zhang and Yijia Zhao. The Oxford Handbook of Banking 4th Edition (Editors: Allen N. Berger and John O.S. Wilson)


Discussions

Opposites Attract and Likes Repel: Social Media Assimilation Effects in Analysts, Yifei Chen and Duo Pei, CAAA 2025

The Industry Expertise Channel of Mortgage Lending, Yongqiang Chu, Zhanbing Xiao, and Yuxiang Zheng, AFBC 2023

Inflexibility and Corporate Bond Yield Spreads, Zhe An, Abe de Jong, Ying Xia, and Zhaofeng Xu, AFBC 2023

Who uses Fintech products: Evidence from the pay-on-demand market, Andrew Grant and Borui Li, SBFC 2023

Overnight Returns: Investor Sentiment or Investor Attention? Ahmed Ameya Prapan and Evangelos Vagenas–Nanos, EFMA 2022

Hedge Funds and Financial Intermediaries, Magnus Dahlquist, Valeri Sokolovski, and Erik Sverdrup, MFA 2022

Passing the Parcel ? Relationship Banking at the Onset of Financial Distress, Federica Salvade, Nicolas Taillet, and Micheal Troege, FMA Europe 2022