Journal Article
25. “Stakeholder Orientation and the Cost of Debt : Evidence from State-Level Adoption of Constituency Statutes" with Kai Li and Yujing Ma, Journal of Financial and Quantitative
Analysis forthcoming (PDF)
24. “Human Capital Driven Acquisition: Evidence from the Inevitable Disclosure Doctrine" with Deqiu Chen and Yujing Ma, Management Science forthcoming (PDF)
23. “Tariff Uncertainty and Firm Innovation: Evidence from the U.S.-China Permanent Normal Trade Relation ” with Tao Chen and Yuxi Wang, Journal of Empirical Finance
forthcoming. (PDF)
22. “Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in the Stock Market," with Donghui Shi and Bin Zhao, Journal of Corporate Finance
68 (2021), 101933. (PDF)
21. “Can Online Annual General Meetings Increase Shareholders’ Participation in Corporate Governance? ” with Jun Huang and Tianshu Zhang, Financial Management 49 (2020), 1029-
1050. (PDF)
20. “The Effects of Rural-Urban Migration on Corporate Innovation: Evidence from a Natural Experiment in China,” with Deqiu Chen, Jiang Luo, and Yujing Ma, Financial Management
49 (2020), 521-545 (PDF)
19. “The Real Effect of Smoking Bans: Evidence from Corporate Innovation,” with Po-Hsuan Hsu, Kai Li, and Jin Zhang, Journal of Financial and Quantitative Analysis 55（2020), 387-
427 (PDF)
18. "Board Structure and Role of Outside Directors in Private Firms" with Zhongda He, European Financial Management 25 （2019)，861-907. (PDF)
17. "SOX Section 404 and Corporate Innovation" with Jin Zhang, Journal of Financial and Quantitative Analysis 54 (2019), 759-787. (PDF)
16. "Employee Turnover Likelihood and Earnings Management: Evidence from the Inevitable Disclosure Doctrine,” with Huai Zhang and Jin Zhang, Review of Accounting Studies 23
(2018), 1424-1470 (PDF)
15. “Innovation Strategy of Private Firms,” with Po-Hsuan Hsu and Kai Li, Journal of Financial and Quantitative Analysis 53 (2018), 1-32 (Lead Article). (PDF)
14. "The Even-Odd Nature of Audit Committees and Corporate Earnings Quality,” with Jun Huang, Journal of Accounting, Auditing and Finance 33 (2018), 98-122.(PDF)
13. “Employment Non-Discrimination Acts and Corporate Innovation,” with Wei Zhang, Management Science 63 (2017), 2982-2999. (PDF)
12. “CEO Turnover-Performance Sensitivities in Private Firms,” with Jarrad Harford and Kai Li, Journal of Financial and Quantitative Analysis 52(2017), 583-611. (PDF)
11. “Ownership Transition, Managerial Short-termism, and Exploratory vs Exploitative Innovation Strategy,” with Guoli Chen, Po-Hsuan Hsu, and Kai Li, Proceedings of the 2016
Academy of Management Meeting. (PDF)
10. “Sex Discrimination and Female Top Managers: Evidence from China,” with Yaheng Lin, and Yujing Ma, Journal of Business Ethics 138 (2016), 683-702. (PDF)
*Winner of Best Paper Award at the 2014 China Finance and Accounting Conference
9. “Non-Discrimination Laws Make U.S. States More Innovative,” with Wei Zhang, Harvard Business Review August 17, 2016. (PDF Weblink)
8. “A Comparison of CEO Pay-performance Sensitivity in Privately-Held and Public Firms,” with Kai Li, Journal of Corporate Finance 35 (2015), 370-388. (PDF)
*Winner of the Best Paper Award the 2011 China International Conference in Finance
7. “Effects of Managerial Labor Market on Executive Compensation: Evidence from Job-hopping,” with Juan Luo and Tilan Tang, Journal of Accounting and Economics 59 (2015), 203-
220. (PDF)
*Winner of the Best Paper Award at the 2013 Eastern Finance Association Annual Conference
6. “Determinants of Corporate Cash Policy: Insights from Private Firms,” with Jarrad Harford, and Kai Li, Journal of Financial Economics 109 (2013), 623-639. (PDF)
5. “Nonmonetary Benefits, Quality of Life, and Executive Compensation,” with Xin Deng, Journal of Financial and Quantitative Analysis 48 (2013) 197-218. (PDF)
*Winner of Paper Award at PhD Forum of the 23rd Australasian Finance and Banking Conference
4. “The Relative-Age Effect and Career Success: Evidence from Corporate CEOs,” with Qianqian Du and Maurice Levi Economics Letters 117 (2012),660-662.(PDF)
3. “CEO Pay Cuts and Forced Turnover: Their Causes and Consequences,” with Jarrad Harford and Kai Li, Journal of Corporate Finance 18 (2012), 291-310. (PDF)
2. “Optimal Compensation Contracts When Managers Can Hedge,” Journal of Financial Economics 97 (2010), 218-238. (sole author) (PDF)
* Winner of the 2008 WFA Student Travel Grant
1. “Market Misvaluation, Managerial Horizon, and Acquisitions,” Financial Management 39 (2010), 833-850. (sole author) (PDF)
Applied Research
13. “曹操“收购”东吴背后的逻辑 ——用企业兼并收购新理论解读《赤壁》”《复旦金融评论》第9期 2020年10月27日 (PDF)
12. “大历史下的金融创新：北宋交子沉浮”《复旦金融评论》第8期 2020年7月3日 (PDF)
11. "信托养老，陪你安度晚年“ 《复旦金融评论》第7期 2020年3月16日 （PDF）
10. "小股东也有大主意“ 《复旦金融评论》第六期 2019年12月18日 （PDF）
9. 2020 金融日历 （PDF）
8. "移民城的创新窘境” 《复旦金融评论》第五期 2019年9月17日 (PDF)
7. “新股中签，福兮祸所伏？ A股投资者行为研究” 《复旦金融评论》第四期 2019年6月18日 （PDF）
6. 《培育信息技术创新动力，全面提升上海金融信息服务业竞争力》 2019年6月11日 (PDF)
5. “谁不让“她”当高管？” 《 复旦金融评论》第三期 2019年3月 （PDF）
4. “起底阴阳合同” 《 复旦金融评论》第二期 2018年12月 （PDF)
3. 《中国股票市场个人投资者理性指数研究》2018版 (PDF)
*** 上海金融业改革发展优秀研究成果二等奖 （PDF)
2. 《上交所科创板试点注册制的五点建议》2018年12月14日（PDF)
1. 《中国房地产企业金融稳定指数报告》2018版 (PDF)