• Empirical Asset Pricing & Investment Management
• Chinese Financial Markets and Corporate Governance
• International Finance

[1] Peer-to-Peer Lending: Shift of Pricing Regime and Changes in Risk Sensitivity (with Jiakai Chen, and Xinruo Wang), forthcoming, Journal of Banking and Finance, [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

[2] “ESG Rating and Short Selling in the Corporate Bond Market” (with Li, Ying, Guo, Xu, and Ma, Xiaomeng) Finance Research Letters, 61 (March, 2024), article 104998. [ABDC Journal Quality List ‘A’]

[3] “Do Investors Value Shareholder Perks? Evidence from Japan” (with S. Ghon Rhee, Katsushi Suzuki, and Taeko Yasutake) Journal of Banking and Finance, 143 (October 2022) 1-19. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

[4] ““Passive” Insider Trading Before Pension Freezes” (with Bin Qiu) Journal of Financial Research, 45 (3) (June 2022), 607-631. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A’]

[5] “Controlled Currency Regime and Pricing of Exchange Rate Risk: Evidence from China” (with Xiuping Hua, and Ying Jiang) Journal of Accounting, Auditing and Finance, 37 (1) (January 2022), 39-76.  [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A’]

[6] “Linguistically Induced Time Perception and Asymmetric Cost Behavior” (with Jaehyeon Kim) Management International Review, 60 (5) (2020), 755-785. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A’]

[7] “Institutional Quality and Sovereign Credit Default Swap Spreads” (with Shu Lin, and Jian Yang) Journal of Futures Markets, 39 (6) (2019), 686-703. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A’]

[8] “Information Asymmetry, Legal Environment, and Family Firm Governance: Evidence from IPO Underpricing in China” (with Jinxian Li, and Qiang Zhang) Pacific Basin Finance Journal, 57 (October 2019), 101109, 1-25. [ABDC Journal Quality List ‘A’]

 [9] “Foreign Institutional Investors and Corporate Governance in Emerging Markets: Evidence from a Split-Share Structure Reform in China” (with Tao Zhu) Journal of Corporate Finance, 32 (2015), 312–326. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

[10] “Extreme Downside Risk and Expected Stock Returns” (with Qianqiu Liu, S. Ghon Rhee, and Feng Wu) Journal of Banking and Finance, 36 (2012),1492–1502. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

[11] “Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State-Controlled Banking System” (with Warren Bailey, and Zhishu Yang) Journal of Financial and Quantitative Analysis,46 (6) (2011), 1795 – 1830. [Tier A in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

This paper was awarded “Sun Yefang Financial Innovation Award” (May 2015, Beijing, China). This award, established by the Sun Yefang Economic Science Foundation of China, is a distinguished honor and represents the highest-level recognition for financial research within China. It is named in tribute to Sun Yefang (1908-1983), a pioneering Chinese economist who displayed great courage in advocating for market-oriented reforms post-1949.

This paper was also featured on Harvard Law School online Forum on Corporate Governance and Financial Regulation. This platform serves as a prominent hub for discussions on corporate governance and attracts extensive readership, with an estimated 250,000 readers accessing it each month.

[12] “Another Look at Idiosyncratic Risk and Expected Return” (with Qianqiu Liu, Ghon Rhee, and Liang Zhang) Journal of Investment Management, 9 (4) (2011), 1-26.

[13] “Agency Cost, Top Executives’ Overconfidence, and Investment-Cash Flow Sensitivity - Evidence from Listed Companies in China” (with Fu-xiu Jiang, Zhibiao Liu, and Min Zhang) Pacific Basin Finance Journal, 19 (3) (2011), 261-277 (lead article). [ABDC Journal Quality List ‘A’]

[14] “Preferenced Trading, Quote Competition, and Market Quality: Evidence from Decimalization on the NYSE” (with Ghon Rhee, and Ning Tang) Financial Review, 45 (2010), 523-540. [ABDC Journal Quality List ‘A’]

[15] “Return Reversals, Idiosyncratic Risk and Expected Return” (with Qianqiu Liu, Ghon Rhee, and Liang Zhang) Review of Financial Studies, 23 (1) (2010), 147-168. [Tier A in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

[16] “International Diversification with Large- and Small-cap Stocks” (with Cheol Eun, and Sandy Lai) Journal of Financial and Quantitative Analysis, 43 (2) (2008), 489–524. [Tier A in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

• This paper was described as a “landmark” study by Jack Hough in his April 2007 article titled “Under the Radar-Looking for diversification? Go abroad, and think small,” featured in Smart Money (the Wall Street Journal Magazine). 

[17] “Financial Integration and Pricing of the World Covariance risk: Large vs. Small-cap Stocks” Journal of International Money and Finance, 26 (8) (2008), 1311-1337. [Tier A-/B+ in Shidler College Target Journal List], [ABDC Journal Quality List ‘A’]

[18] “Asset Pricing in China’s Domestic Stock Markets – Is There a Logic?” (with Cheol Eun) Pacific Basin Finance Journal, 15 (5) (2007), 452-480. [ABDC Journal Quality List ‘A’]

This paper was ranked in 2012 as one of the most cited papers published by Pacific Basin Finance Journal.

[19] “Price and Volume Effects of Changes in MSCI Indices – Nature and Causes” (with Rajesh Chakarabarti, Narayanan Jayaraman, and Jinsoo Lee) Journal of Banking and Finance, 29 (5) (2005), 1237-1264. [Tier B in Shidler College Target Journal List], [ABDC Journal Quality List ‘A*’]

• Excellent Paper Award, 2023, the 5th China Academic and Policy Research Forum in Finance, hosted by the University of International Business and Economics and the Journal of Empirical Finance  

• Best Paper Award, 2018 Frontiers of Business Research-International Conference, Renmin  University, China, June 2018

• Sun Yefang Financial Innovation Award (May 2015, Beijing, China) 

• Shidler College of Business Summer Research Award (Multiple times) 

• Shidler College of Business, John and Sue Dean Professorship, August 2010 – present

• Shidler College of Business, Faculty Fellow, December 2007 - July 2010

• Shidler College of Business, Dennis Ching Teaching Award, May 2006

• Shidler College of Business, Faculty Research Award, May 2006, May 2009

• Beta Gamma Sigma, 2007

• BSI Gamma Foundation Research Award, 2003, “International Diversification with Large- and Small-cap Stocks”