Executive Associate Dean, Presidential Chair Professor; Director of the Center for FinTech and Social Finance, Co-director of MSc in Data Science Programme, Shenzhen Finance Institute; Associate Director of Shenzhen Institute of Data Economy

Education Background:
Ph.D. Finance, Nanyang Technological University, Singapore
M.Sc. Economics, Hong Kong University of Science and Technology
Teaching Area



Role of information intermediaries on capital markets, Chinese and foreign capital markets, Fintech, Sustainable finance


1. “Panda Games: Corporate Disclosure in the Eclipse of Search”,with Kemin Wang and Xiaoyun Yu,,Forthcoming,2022

2. “State Controlling Shareholders and Payout Policy”,with Chen Lin, Hang Liu, and Chenkai Ni,,Forthcoming,2022

3. “Higher Education and Corporate Innovation” ,with Dongmin Kong and Jian Zhang,,72, 102165,2022

4. “Insider Sales under the Threat of Short Sellers: New Hypothesis and New Tests” ,with Kemin Wang, Rencheng Wang, K. C. John Wei, and Yi Zhou,,forthcoming,2021

5. “Brain Drain: The Impact of Air Pollution on Firm Performance” ,with Shuyu Xue and Xiaofeng Zhao,,110, 102546,2021

6. “Foreign Investment under the Spotlight of Home Media” ,with Wai-Man Liu and Jing Yu,,Forthcoming,2022

7. “Trust, Incomplete Contracting, and Corporate Innovation”,with Fei Xie and Wenrui Zhang,,forthcoming,2021

8. “The More We Know, the Less We Agree: A Test of the Trading Horizon Heterogeneity Theory” ,with Lili Dai, Jerry T. Parwada, and Donald W. Winchester,,57, 45-67,2022

9. “Stock Market Liberalization and Innovation”,with Fariborz Moshirian, Xuan Tian, and Wenrui Zhang,,139, 985-1014,2021

10. “Does the Media Spotlight Burn or Spur Innovation?”,with Lili Dai and Rui Shen,,vol 26(1), 343-390,2021

11. “The Impact of XBRL Adoption on Local Bias: Evidence from Mandated U.S. Filers”,with Bing Li, Zhenbin Liu, and Wei Qiang,,39, 106767,2020

12. “Global Political Uncertainty and Asset Prices”,with Jonathan Brogaard, Lili Dai, and Phong Ngo,,33, 1737-1780,2020

13. “Is Information Risk Priced? Evidence from Abnormal Idiosyncratic Volatility”,with Yung Chiang Yang and Chu Zhang,,135, 528-554,2020

14. “Googling Investor Sentiment around the World”,with Zhenyu Gao and Haohan Ren,,55, 549-580,2020

15. “Investor Protection and the Value Impact of Stock Liquidity”,with Tao Huang, Fei Wu, and Jing Yu,,51, 72-94,2020

16. “Political Uncertainty and Finance: A Survey” ,with Lili Dai,,48, 307-333,2019

17. “News Media Coverage and Corporate Leverage Adjustments”,with Tung Lam Dang, Viet Anh Dang, Fariborz Moshirian, and Lily Nguyen,,109, 105666,2019

18. “Who Captures the Power of the Pen?”,with Jiaxing You and Le Zhang,,31, 43-96,2018

19. “The Determinants and Pricing of Liquidity Commonality Around the World”,Fariborz Moshirian, Xiaolin Qian, and Claudia Koon Ghee Wee,,33, 22-41,2017

20. “How Do Foreign Institutional Investors Enhance Firm Innovation?”,with Luong Hoang Luong, Fariborz Moshirian, Lily Nguyen, and Xuan Tian,,52, 1449-1490,2017

21. “The Governance Transfer of Blockholders: Evidence from Block Acquisitions and Earnings Management around the World”,with Lili Dai, Ravi Dharwadkar, and Linna Shi,,52, 586-607,2017

22. “Dividend Policy and Earnings Management Across Countries”,with Wen He, Lilian Ng, and Nataliya Zaiats,,42, 267-286,2017

23. “What Drives Investment-Cash Flow Sensitivity Around the World? An asset tangibility Perspective”,with Fariborz Moshirian, Vikram Nanda, and Alexander Vadilyev,,77,1-17;Lead Article,2017

24. “Foreign Investor Heterogeneity and Stock Liquidity Across the World”,with Lilian Ng, Fei Wu, and Jing Yu,,20, 1867-1910,2016

25. “Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices”,with Vivian Fang and Mark Maffett,,53, 593-631,2015

26. “The Governance Effect of the Media’s News Dissemination Role: Evidence from Insider Trading”,with Lili Dai and Jerry Parwada,,53, 331-366,2015

27. “Political Uncertainty and Dividend Policy: Evidence from International Political Crises”,with Tao Huang, Fei Wu, and Jin Yu,,46, 574-59,2015

28. “The Invisible Hand of Short Selling: Does Short Selling Discipline Earnings Management?”,with Massimo Massa and Hong Zhang,,28, 1701-1736,2015

29. “International Political Risk and Government Bond Pricing”,with Tao Huang, Fei Wu, and Jing Yu,,55, 393-405,2015

30. “Commonality in News Around the World”,with Lam Tung Dang and Fariborz Moshirian,,116, 82-110,2015

31. “Cross Listing and Liquidity Commonality Around the World” ,with Dang Tung Lam, Fariborz Moshirian, and Claudia Wee,,22, 1-26; Lead Article,2015

32. “Investor heterogeneity and commonality in stock return and liquidity” ,with Pan Deng, Jing Shi, and Fei Wu,,39, 458-473,2015

33. “Does PIN Affect Equity Prices Around the World?” Previous title, “Informed Trading around the World”,with Sandy Lai and Lilian Ng,,114, 178-195,2014

34. “Does Auditor Choice Matter to Foreign Investors? Evidence from Foreign Mutual Funds Worldwide”,with Julia Chou and Nataliya Zaiats,,46, 1-20; Lead Article,2014

35. “Systematic Liquidity and the Funding Liquidity Hypothesis”,with Xiaolin Qian and Lewis Tam,,45, 304-320,2014

36. “Large Foreign Ownership and Stock Price Informativeness Around the World”,with Wen He, Donghui Li, and Jianfeng Shen,,36, 211-230,2013

37. “Information Environment and Equity Risk Premium Volatility Around the World”,with Sie Ting Lau and Lilian Ng,,58, 1322-1340,2012

38. “The World Price of Home Bias”,with Sie Ting Lau and Lilian Ng,,97, 191-217; Lead Article,2010