Research
RESEARCH AREAS
Behavioral Finance, Investor Attention, Information Economics
Social Networks, FinTech, Crowd Funding
Liquidity, Institutional Investors, Market Efficiency
ESG, Executive Compensation
PUBLICATIONS
Social Proximity to Capital: Implications for Investors and Firms
Review of Financial Studies, Forthcoming
Coauthors: Theresa Kuchler, Yan Li, Johannes Stroebel and Dexin Zhou
Social-Proximity-to-Capital (SPC) data: available for download
Face Value: Trait Inference, Performance Characteristics, and Market Outcomes for Financial Analysts
Journal of Accounting Research, Forthcoming
Coauthors: Siew Hong Teoh, Yakun Wang, and Jiawen Yan
Featured in Cambridge University News (5/2012): Face Value: the importance for financial analysts
Retail Attention, Institutional Attention
Journal of Financial and Quantitative Analysis, Forthcoming
Coauthors: Hongqi Liu and Yi Tang
Best Paper Awards finalist, 2018 FMA Asia Pacific Conference
Investor Attention and Asset Pricing Anomalies
Review of Finance, Forthcoming
Coauthors: Lei Jiang, Jinyu Liu, Baolian Wang
Social Networks, Trading, and Liquidity
Journal of Portfolio Management, Forthcoming
Coauthors: Qiguang Wang and Dexin Zhou
Book Chapters: Market Makers, Market Liquidity, The Structure of Security Markets
The Encyclopedia of Finance, C.F. Lee, Editor, Kluwer Academic Press, 2021
Coauthors: Robert A. Schwartz
Review of Financial Studies, 2020, 33(2), 747-782
Coauthors: Sila Allen, Jian Hua and Robert Schwartz
Nominated for Best Paper Award, Financial Management Association Meetings 2017.
Liquidity Shocks and Market Reactions
Review of Financial Studies, 2014, 27 (5), 1434-1485
Coauthors: Turan Bali, Yannan Shen and Yi Tang
Winner of the Chinese Finance Association (TCFA) Best Paper Award
Featured in Institutional Investor (3/21/2012): “Keep a Weather Eye on Stock Liquidity, Study Says”
Managerial Incentives and Stock Price Manipulation
Journal of Finance, 2014, 69, 487–526, Lead Article
Coauthor: Ailsa Roell
Market Structure and Price Formation at Market Openings and Closings: Evidence from Nasdaq’s Calls
Journal of Financial Markets, 2013, 16, 331-361
Coauthors: Michael Pagano and Robert Schwartz
The Impact of Joint Participation on Liquidity in Equity and Syndicated Bank Loan Markets
Journal of Financial Intermediation, 2012, 21(1), 50-78
Coauthors: Linda Allen and Aron Gottesman
Featured in Reuters (4/24/2012): “Banks' better information may hurt loan investors”
Manipulation and Equity-Based Compensation
American Economic Review P&P, 2008, 98(2): 285-90
Coauthor: Ailsa Roell
Executive Pay, Earnings Manipulation and Shareholder Lawsuits
Review of Finance, 2008, 12, 141-184
Coauthor: Ailsa Roell
Investor Attention and Time-Varying Comovements
European Financial Management, 2007, 13, 394-422
Coauthors: Tim Bollerslev and Wei Xiong
Investor Attention, Overconfidence and Category Learning
Journal of Financial Economics, 80, 2006, 563-602
Coauthor: Wei Xiong
Book Chapters: Market Makers, Market Liquidity, The Structure of Security Markets
The Encyclopedia of Finance, C.F. Lee, Editor, Kluwer Academic Press, 2006
Coauthors: Robert A. Schwartz
Learning with Information Capacity Constraints
Journal of Financial and Quantitative Analysis, 40, 2005, 307-329.
WORKING PAPERS
Attention, Social Interaction, and Demand for Lottery-Like Stocks
Coauthors: Turan Bali, David Hirshleifer and Yi Tang
Featured in Financial Times (9 December 2021), Meme mania is reshaping US markets
Trends, Determinants, and Effects of ESG-linked Pay around the World
Coauthors: Sonali Hazarika, Aditya Kashikar, Ailsa Röell and Shen Yao
Featured in UNPRI (17 June 2021), ESG-linked pay: What does the research say?
Social Ties and Peer Effects in Crowdfunding Markets
Coauthor: Linyi Zhang
Best Paper Award, 2021 International Conference on Smart Finance
Social Networks and Market Reaction to Earnings News
Coauthors: David Hirshleifer and Qiguang Wang
Social Networks and Supply and Demand on Online Lending Marketplaces
Coauthors: Linda Allen, and Yu Shan
FMA Europe Best Paper Award Seminalist 2019
Market Returns and a Tale of Two Types of Attention
Coauthors: Zhi Da, Jian Hua and Chih-Ching Hung
Liquidity Shocks and Institutional Trading
Coauthors: Xi Dong and Karolina Krystyniak
Joint News, Attention Spillover, and Market Returns
Coauthors: Jun Tu, Li Guo, Yubo Tao
Retail Investor Attention and Insider Trading
Coauthors: Sattar Mansi, Jianping Qi, and Han Shi
Social Ties and Predictable Returns
Coauthors: Sheriden Titman, Muhammed Yonac and Dexin Zhou
CEO Incentives: Measurement, Determinants, and Impact on Performance
Coauthors: Ailsa Roell and Hongfei Tang
Coauthors: Kewei Hou and Wei Xiong
Winner of Q-Group Research Award
Coauthors: Kewei Hou and Wei Xiong
Time to Digest and Volatility Dynamics
Coauthor: Wei Xiong