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 62(2021), 12-27. (PDF)


22. "Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in the Stock Market," with Donghui Shi and Bin ZhaoJournal 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)‍


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)




Working Paper



1. “Pay Discrimination and Innovation Productivity: Evidence from the Passage of State-level Pay Secrecy Laws,” with Po-Hsuan Hsu and Jin Zhang

* Revise and Resubmit at Economic Journal


2. "Does Good Luck Make People Overconfident? Evidence from a Natural Experiment in China," with Donghui Shi and Bin Zhao (SSRN)

3. "Employee Firing Costs and Accounting Conservatism: Evidence from Wrongful Discharge Laws,” with   Jun Huang (SSRN)
         
4. "Effects of Auditing Fees on Auditing Quality:Evidence from a Natural Experiment, " with Yunfei Qi, Chenxi Xu, and Lei Zhu (
SSRN)
*Winner of the KPMG best paper award of the 2nd China Finance and Accounting conference     


5. " Effects of Chinese Imports on U.S. Firm Innovation: Evidence from the US-China Permanent Normal Trade Relation," with Tao Chen, and Yuxi Wang (SSRN)

6. "To Be a John or a Rapist? Evidence from a Natural Experiment," with P. Vanya