• Behavioral Finance, Investor Attention, Information Economics

  • Social Networks, FinTech, Crowd Funding

  • Liquidity, Institutional Investors, Market Efficiency

  • ESG, Executive Compensation


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

Resiliency and Stock Returns

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.


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

A Tale of Two Types of Anomalies: The Implication of Investor Attention for Price and Earnings Momentum

Coauthors: Kewei Hou and Wei Xiong

Winner of Q-Group Research Award

R2 and Price Inefficiency

Coauthors: Kewei Hou and Wei Xiong

Time to Digest and Volatility Dynamics

Coauthor: Wei Xiong