Academic Publications


Executive Associate Dean, Presidential Chair Professor

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



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

Academic Publications


1. "Stock Market Liberalization and Innovation" (with Fariborz Moshirian, Xuan Tian, and Wenrui Zhang), Journal of Financial Economics, Forthcoming

2. “Is Information Risk Priced? Evidence from Abnormal Idiosyncratic Volatility” (with Yung Chiang Yang and Chu Zhang), 2018, Journal of Financial Economics, 2020.

3. “Googling Investor Sentiment around the World” (with Zhenyu Gao and Haohan Ren), 2018, Journal of Financial Quantitative and Analysis, 2020.

4.  “Investor Protection and the Value Impact of Stock Liquidity” (with Tao Huang, Fei Wu, and Jing Yu), 2018, Journal of International Business Studies, 2020.

5. "Political Uncertainty and Finance: A Survey" (with Lili Dai), Asian-Pacific Journal of Financial Studies, Vol. 48, pp 307-333, 2019.

6. "News Media Coverage and Corporate Leverage Adjustments" (with Tung Lam Dang, Viet Anh Dang, Fariborz Moshirian, and Lily Nguyen), Journal of Banking and Finance, Vol. 109, 2019.

7. “Who Captures the Power of the Pen?” (with Jiaxing You and Le Zhang), 2018, Review of Financial Studies 31, 43-96.

8. “The Determinants and Pricing of Liquidity Commonality Around the World” (Fariborz Moshiriana, Xiaolin Qian, and Claudia Koon Ghee Wee), 2017, Journal of Financial Markets 33, 22-41.

9. “How Do Foreign Institutional Investors Enhance Firm Innovation?” (with Luong Hoang Luong, Fariborz Moshirian, Lily Nguyen, and Xuan Tian), 2017, Journal of Financial Quantitative and Analysis 52, 1449-1490.

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

11. “Dividend Policy and Earnings Management Across Countries” (with Wen He, Lilian Ng, and Nataliya Zaiats), 2017, Journal of Corporate Finance 42, 267-286.

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

13. “Foreign Investor Heterogeneity and Stock Liquidity Across the World” (with Lilian Ng, Fei Wu, and Jing Yu), 2016,Review of Finance 20, 1867-1910.

14. "Cross-listing and liquidity commonality around the world" (with Dang Tung Lam, Fariborz Moshirian, and Claudia Wee), Journal of Financial Markets, 2015

15. “Foreign Institutional Ownership and the Global Convergence of Financial Reporting Practices” (with Vivian Fang and Mark Maffett), 2015, Journal of Accounting Research 53, 593-631.

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

17. “Political Uncertainty and Dividend Policy: Evidence from International Political Crises” (with Tao Huang, Fei Wu, and Jin Yu), 2015, Journal of International Business Studies 46, 574-595.

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

19. “International Political Risk and Government Bond Pricing” (with Tao Huang, Fei Wu, and Jing Yu), 2015, Journal of Banking and Finance 55, 393-405.

20. “Commonality in News Around the World” (with Lam Tung Dang and Fariborz Moshirian), 2015, Journal of Financial Economics 116, 82-110.

21. “Cross Listing and Liquidity Commonality Around the World” (with Dang Tung Lam, Fariborz Moshirian, and Claudia Wee), 2015, Journal of Financial Markets 22, 1-26; Lead Article.

22. “Does PIN Affect Equity Prices Around the World?” (Previous title, “Informed Trading around the World”, with Sandy Lai and Lilian Ng), 2014, Journal of Financial Economics 114, 178-195.

23. “Does Auditor Choice Matter to Foreign Investors? Evidence from Foreign Mutual Funds Worldwide” (with Julia Chou and Nataliya Zaiats), 2014, Journal of Banking and Finance 46, 1-20; Lead Article.

24. “Systematic Liquidity and the Funding Liquidity Hypothesis” (with Xiaolin Qian and Lewis Tam), 2014, Journal of Banking and Finance 45, 304-320.

25. “Large Foreign Ownership and Stock Price Informativeness Around the World” (with Wen He, Donghui Li, and Jianfeng Shen), 2013, Journal of International Money and Finance 36, 211-230.

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

27. “The World Price of Home Bias” (with Sie Ting Lau and Lilian Ng), 2010, Journal of Financial Economics 97, 191-217; Lead Article.  



28. “Panda Games: Corporate Disclosure in the Eclipse of Search” (with Kemin Wang and Xiaoyun Yu)

29. “Does the Media Spotlight Burn or Spur Innovation?” (with Lili Dai and Rui Shen)

30. “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)

31. “The More We Know, the Less We Agree: A Test of the Trading Horizon Heterogeneity Theory” (with Lili Dai, Jerry T. Parwada, Donald W. Winchester, and Bohui Zhang)

32. “The Momentum of News” (with Ying Wang and Xiaoneng Zhu)

33. “Trust, Incomplete Contracting, and Corporate Innovation” (with Fei Xie and Wenrui Zhang)

34. “Financial Liberalization and Innovation” (with Fariborz Moshirian, Xuan Tian, and Wenrui Zhang)

35. “Do Patents Portend Productivity Growth? Global Evidence from Private and Public Firms” (with Xin Chang, David McLean, and Wenrui Zhang)

36. “Global Political Uncertainty and Asset Prices” (with Jonathan Brogaard, Lili Dai, and Phong Ngo)

37. “Political Connections and Peers” (with Jared R. Stanfield and Le Zhang)

38. “The Price of Integrity” (with Chen Chen and Ying Xia)

39. “The Effect of Stock Liquidity on Debt-Equity Choices” (with William Cheung and Hyun Joong Im)

40. “Characterizing Global Financial and Economic Integration Using Cash Flow Expectations” (with Lilian Ng, Bruno Solnik, and Eliza Wu