RESEARCH INTERESTS

Empirical Asset Pricing; Mutual Funds; Hedge Funds; Fixed Income Markets; Applications of Artificial Intelligence in Finance

REFEREED JOURNAL PUBLICATIONS

1. “Do Investors Reach for Yield? Evidence from Corporate Bond Mutual Fund Flows” (with Jing-Zhi Huang, Peipei Li, Yuan Wang, Xiangkun Yao, and Licheng Zhang), 2025,  Journal of Empirical Finance 83, 101625 | https://doi.org/10.1016/j.jempfin.2025.101625 | [PDF] at SSRN

2. “The Economic Impact of Discriminatory Policies: Insights from Same-sex Marriage Bans” (with Lei Gao and Steve Liu), 2025, AEA Papers and Proceedings 115, 509-514 |  https://doi.org/10.1257/pandp.20251052

3. “Breadth of Ownership and the Cross-Section of Corporate Bond Returns” (with Jing-Zhi Huang and Nan Qin), 2024, Management Science 70, 5627-6482 |  https://doi.org/10.1287/mnsc.2023.4950  | [PDF] at SSRN

4. “Does Ownership Concentration Affect Corporate Bond Volatility? Evidence from Bond Mutual Funds” (with Jing-Zhi Huang and Yan Wang), 2024, Journal of Banking and Finance 165, 107217 | https://doi.org/10.1016/j.jbankfin.2024.107217 | [PDF] at SSRN

5. “Mining the Short Side: Institutional Investors and Stock Market Anomalies” (with Xin Gao), 2023, Journal of Financial and Quantitative Analysis 58, 392-418 |  https://doi.org/10.1017/S0022109022000527 | [PDF] at SSRN

6. “(How) Does Mutual Fund Dual Ownership Affect Shareholder and Creditor Conflict of Interest? Evidence from Corporate Innovation” (with Lei Gao and Jing Zhao), 2023, Journal of Risk and Financial Management 16, 287 | https://doi.org/10.3390/jrfm16060287

7.  “The Effect of Shareholder-Debtholder Conflicts on Corporate Tax Aggressiveness: Evidence from Dual Holders” (with Bill B. Francis, Haimeng Teng, and Qiang Wu), 2022, Journal of Banking and Finance 138, 106411 | https://doi.org/10.1016/j.jbankfin.2022.106411| [PDF] at SSRN

8.  “Does Portfolio Concentration Affect Performance? Evidence from Corporate Bond Mutual Funds” (with Nan Qin), Journal of Banking and Finance 123, 106033 |  https://doi.org/10.1016/j.jbankfin.2020.106033 | [PDF] at SSRN

9. “Does Local Religiosity Affect Organizational Risk-taking? Evidence from the Hedge Fund Industry” (with Lei Gao and Jing Zhao), Journal of Corporate Finance 47, 1-22 |  https://doi.org/10.1016/j.jcorpfin.2017.08.006  | [PDF] at SSRN

10. “Can Liquidity Risk Explain Diseconomies of Scale in Hedge Funds?” (with Hany A. Shawky), 2017, Quarterly Journal of Finance 7 (2), 1750002 | https://doi.org/10.1142/S2010139217500021 | [PDF] at SSRN

11. “Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry” (with David M. Smith, Na Wang, and Edward J. Zychowicz), 2016, Journal of Financial and Quantitative Analysis 51 (6), 1991-2013 | https://doi.org/10.1017/S0022109016000843 | [PDF] at SSRN

12. “Hedge Funds and Corporate Innovation” (with Jing Zhao), 2015, Financial Management 44 (2), 353-385| http://dx.doi.org/10.1111/fima.12059 | [PDF] at SSRN

13. “Timing Ability of Government Bond Fund Managers: Evidence from Portfolio Holdings” (with Jing-Zhi Huang), 2014, Management Science 60 (8), 2091-2109| http://dx.doi.org/10.1287/mnsc.2013.1843 | [PDF] at SSRN

14. “Liquidity Risk and Economies of Scale in Funds of Hedge Funds” (with Hany A. Shawky), 2014, Journal of Alternative Investments 17 (2), 51-67 | http://dx.doi.org/10.3905/jai.2014.17.2.051

15. “Should Investors Invest in Hedge Fund-Like Mutual Funds? Evidence from the 2007 Financial Crisis" (with Jing-Zhi Huang), 2013, Journal of Financial Intermediation 22 (3), 482-512 | http://dx.doi.org/10.1016/j.jfi.2012.11.004 | [PDF] at SSRN

16. “Do Mutual Fund Managers Time Market Liquidity?” (with Charles Cao and Timothy T. Simin), 2013, Journal of Financial Markets 16 (2), 279-307 | http://dx.doi.org/10.1016/j.finmar.2012.10.004 | [PDF] at SSRN

17. “Head and Shoulders Above the Rest? The Performance of Institutional Portfolio Managers Who Use Technical Analysis” (with David M. Smith and Christophe Faugère), Research in Finance 29, 167-189, 2013 | [Online Summary] | [PDF] at SSRN | [CFA Institute Discussion]

18. “An Empirical Analysis of the Dynamic Relationship between Mutual Fund Flow and Market Return Volatility” (with Charles Cao and Eric C. Chang), 2008, Journal of Banking and Finance 32 (10), 2111-2123 | http://dx.doi.org/10.1016/j.jbankfin.2007.12.035 | [PDF] at SSRN

BOOK CHAPTERS & OTHER PUBLICATIONS

1. “Hedge Funds and Performance Persistence” (with Nan Qin), in Hedge Funds: Structure, Strategies, and Performance edited by H. Kent Baker and Greg Filbeck, Chapter 26, Oxford University Press, 2017

2. “Hedge Funds and the Financial Crisis” (with Jing-Zhi Huang), in Alternative Investments: Instruments, Performance, Benchmarks and Strategies edited by H. Kent Baker and Greg Filbeck, Chapter 26, pp. 521-540, The Kolb Series in Finance, John Wiley & Sons, Inc., 2013 | [Online Summary]

3. “International: Hedge Funds in 2012” (with Hany A. Shawky), Oxford Analytica, 2012

4. “Mutual Funds” (with Matthew P. Reiner and Gregory A. Roeder), in Institutional Money Management: An Insider Look at Strategies, Players, and Practices edited by David M. Smith and Hany A. Shawky, Chapter 15, pp. 239-262, The Kolb Series in Finance, John Wiley & Sons, Inc., 2011

MEDIA COVERAGE (TO BE UPDATED)

“Your Trading Charts Work Better in Study When Markets Get Frothy,” Bloomberg Business, May 4, 2015

“Investment Company Act Release No. 31300; 812-14116,”Securities and Exchange Commission, October 21, 2014

“Sentiment and the Effectiveness of Technical Analysis: Evidence from the Hedge Fund Industry,” Barclay's Insider Report, July 2014

“Hedge-fund firms woo the little guy, ” The Wall Street Journal, December 6, 2010

“The problem with absolute return funds,” Forbes Magazine, June 7, 2010

“Being short apparently has its benefits,” AllAboutAlpha.com, May 10, 2010

“Why hedge fund strategies don't work for most investors,” Forbes.com, May 5, 2010

“Une démocratisation sujette à caution,” Les Echos, February 15, 2010