Publications
​Journal Articles
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Industrial Policy and Asset Prices: Evidence from the Made in China 2025 Policy, with William Megginson and Junjie Xia, ​​Journal of Banking & Finance, 2022, vol.142-106554. (Link)​
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The Effect of Policy Uncertainty on VC Investments Around the World, with Lubomir Litov and Romora Sitorus, Journal of Law, Finance, and Accounting, 2024, 8, 1-53. (SSRN link)
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Who Loses Most When Big Banks Suddenly Fail? – Evidence from Silicon Valley Bank Collapse, with William Megginson, Nancy Tran and Siqi Wei, Finance Research Letters, 2024, vol.59-104806. (Link)
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​Featured in the 2023 SEC Small Business Advocate’s Report to Congress (Page 36 of the Report)
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Venture Capitalist Directors and Managerial Incentives, with Lubomir Litov, William Megginson, and Romora Sitorus, Journal of Corporate Finance, 2024, vol.89-102651. (Link)
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​Featured in the Columbia Law School Blue Sky Blog and Oxford Business Law Blog​.
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​Book Chapter
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State Ownership and Corporate Governance, with William Megginson, Oxford Handbook on State Capitalism and the Firm, 2022, Oxford University Press. (Link)
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Working Papers
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When Automation Meets Accountability: International Evidence from Robotics Adoption and ESG Incidents, with Sadok El Ghoul, Omrane Guedhami, and Siqi Wei.
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Using global industrial robotics data as a proxy for automation, and ESG incident measures as a proxy for ESG risk, we find that robotics stock and flow are positively associated with higher firm-level ESG risk, including the frequency of ESG incidents, the overall ESG risk index, and the severity, reach, and novelty of these incidents.
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The impact is more pronounced for environmental- and social-related incidents.
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Using internet fixed broadband subscriptions and population aging measures as instruments, we show that these results are causal.
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Endogenous Preference and Green Bond Pricing, with Ming Li, Nancy Tran, and Matthew Wilson. (SSRN link).
Presentations: 2024 University of Richmond Research Symposium, 2024 FMA, 2024 Robins School Research Lunch, 2025 EFMA (Scheduled), 2025 CICF (Scheduled), 2025 CEMA (Scheduled).
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Using a macro model based on endogenous preference theory, our paper explores how climate change concern captured by news media influences green bond premiums.
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Empirical analysis of U.S. municipal bonds shows that green bonds are traded at 7 basis points lower than non-green bonds during the periods of increased climate change concerns.
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Investors' non-financial motives rather than their desire to hedge against climate risk are the primary mechanisms driving our results.
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Do Corporate Insiders Take Advantage of Their Political Connections? Evidence from Insider Trading, with Haoyang Xiong (SSRN link).
Presentations: University of Oklahoma, 2021 AFFI Conference PhD Workshop, 2021 EFMA, 2022 SWFA, 2022 EFA, 2022 FMCG, 2022 FMA, 2024 University of Richmond Research Symposium, City University of Macau.
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Purchases (sales) by politically connected corporate insiders are associated with lower (higher) abnormal returns compared with non-politically connected insiders, indicating that politically connected insiders in general are sophisticated and cautious about potential legal risk.
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Politically connected insiders are more likely to have longer trading horizons, and more likely to make routine trades.
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The STOCK Act passed in April 2012 effectively decreases (increases) the abnormal returns associated with insider purchases (sales) made by Congress members and staff in short horizons.
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[Pedagogy Paper] Converting NPV and IRR Cash Flows into a Financial Calculator Using an Excel Template, with Tom Arnold and Cassandra Marshall.