Google Scholar Profile

Published and Accepted Papers

41. Mutual Fund Holdings of Credit Default Swaps: Liquidity, Yield, and Risk Taking (with Jitao Ou and Zhongyan Zhu), Journal of Finance, forthcoming.  Winner of the Outstanding Paper Award in Financial Institutions, Midwest Finance Association, 2016.

40.  The Long Rise and Quick Fall of Appraisal Arbitrage (with Tao Li and Randall Thomas), Boston University Law Review, forthcoming.

39.   Coco Issuance and Bank Fragility (with Stefan Avdjiev, Bilyana Bogdanova, Patrick Bolton and Anastasia V. Kartasheva), Journal of Financial Economics, forthcoming.

38.    Dancing with the Activists (with Lucian Bebchuk, Alon Brav and Thomas Keusch), Journal of Financial EconomicsLead article, 2020, vol 137, 1-41.  Winner of one of the two Best Paper Prizes in the 2015 FMA Consortium on Activist Investors, Corporate Governance and Hedge Funds.

37.    Activist Arbitrage in M&A Acquirers (with Tao Li and Danqing Mei), Finance Research Letters, 2019, vol 29, 156-161.

36.    Trading Against the Random Expiration of Private Information: A Natural Experiment (with Mohammadreza Bolandnazar, Robert J. Jackson, Jr. and Joshua Mitts), Journal of Finance, 2020, Vol 75, 5-44 (lead article).

35.    Will Tenure Voting Give Corporate Managers Lifetime Tenure (with Paul H. Edelman and Randall Thomas), Taxes Law Review, 2019, vol. 97, 991-1029.

34.    Who Are the Short-Termists? Journal of Applied Corporate Finance, lead article, 2018, vol 30(4), 1-8.  Winner of The Best Paper Award of Review of Corporate Finance Studies, 2018.

33.    Influencing Control: Jawboning in Risk Arbitrage (with Tao Li and Danqing Mei), Journal of Finance2018, vol 73(6), 2635-2675.  Winner of one of the two Best Paper Prizes in the 2015 FMA Consortium on Activist Investors, Corporate Governance and Hedge Funds

32.    How Does Hedge Fund Activism Reshape Corporate Innovation? (with Alon Brav, Song Ma and Xuan Tian), Journal of Financial Economics2018, vol. 130, 237-264. Winner of the Jensen Prize for Corporate Finance and Organizations, Journal of Financial Economics best paper contest, First Prize, 2018.  Winner of The Best Paper Award from John L. Weinberg Center for Corporate Governance at the University of Delaware, 2016. The IRRC Institute Research Award, Honorable Mention, 2015.  

31.    Have Instrumental Variables Brought Us Closer to Truth?  Review of Corporate Finance Studies2017, vol. 6 (2), 127-140.

30.    Appraisal: Shareholder Remedy or Litigation Arbitrage? (with Tao Li, Danqing Mei and Randall Thomas), Journal of Law and Economics, 2016, vol. 59, 697-729.

29.    Reputation Concerns of Independent Directors:  Evidence from Individual Director Voting (with Hualin Wan and Shan Zhao), Review of Financial Studies, 2016, vol. 29(3), 655-696.  Winner of the Best Paper Prize in Corporate Finance, The Chinese Finance Association (TCFA), 2014

28.    Out-of-the-Money CEOs:  Private Control Premium and Option Exercise by CEOs (with Vyacheslav Fos), Review of Financial Studies, 2016, vol. 29(6), 1549-1585.  Winner of the 7th Annual Academic Conference on Corporate Governance (at Drexel University's LeBow College of Business) Best Paper Award, 2014. 

27.    Feedback Effects and the Limits of Arbitrage (with Alex Edmans and Itay Goldstein), American Economic Review, 2015, 105(12): 3766-3797.

26.    The Real Effects of Hedge Fund Activism (with Alon Brav and Hyunseob Kim), Review of Financial Studies, October 2015, 28: 2723-2769.  Lead article.  Winner of The Michael J. Brennan Best Paper Award, Review of Financial Studies, 2015

25.    Recent Advances in Research on Hedge Fund Activism:  Value Creation and Identification (with Alon Brav and Hyunseob Kim), Annual Review of Financial Economics, vol. 7, December 2015.

24.    The Long-Term Effects of Hedge Fund Activism (with Lucian Bebchuk and Alon Brav), Columbia Law Review, June 2015.  One of the “Top 10 Corporate and Securities Articles of 2015” (out of all articles indexed in legal journals during 2015) by Thomson Reuters Corporate Practice Commentator.

23.    Securitization and Loan Performance: A Contrast of Ex Ante and Ex Post Relations in the Mortgage Market (with Ashlyn Nelson and Edward Vytlacil), Review of Financial Studies, 2014, vol. 27(2), 454-483.

22.    Liar’s Loan? – Effects of Origination channel and Information Falsification on Mortgage Loan Delinquency (with Ashlyn Nelson and Edward Vytlacil), Review of Economics and Statistics, 2014. Vol 96(1), 1-18. Lead article.  Winner of the Western Finance Association Annual Meeting Analysis Group Award for the Best Paper on Financial Institutions and Markets, 2010.

21.    Pre-Disclosure Accumulations by Activist Investors: Evidence and Policy (with Lucian Bebchuk, Alon Brav and Robert Jackson), Journal of Corporate Law, 2013, vol. 39.

20.    Delinquency Model Predictive Power among Low-Documentation loans (with Ashlyn Nelson and Edward Vytlacil), Economic Letters, 2013, vol. 120, 171-173.

19.    Inferring Reporting Biases in Hedge Fund Databases from Hedge Fund Equity Holdings (with Vikas Agarwal and Vyacheslav Fos), Management Science, 2013, vol. 59(6), 1271-1289.

18.    Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide (with Vikas Agarwal, Yuehua Tang and Baozhong Yang), Journal of Finance, 2013, vol 68(2), 739-783.  Winner of Chicago Quantitative Alliance (CQA) Annual Academic Competition Best Paper Award, 3rd Place, 2010.

17.    The Real Effects of Financial Markets: The Impact of Prices on Takeovers (with Alex Edmans and Itay Goldstein), Journal of Finance, 2012, vol. 67(3), 933-972. Appendix.  Winner of the Terker Family Prize in Investment research, the Wharton School Rodney L. White Center for Financial Research, 2009.

16.    Hedge Funds and Chapter 11 (with Kai Li and Wei Wang), Journal of Finance, 2012, vol. 67(3), 513-560.

15.    When Creditors are Shareholders: Effects of Simultaneous Holding of Debt and Equity by Noncommercial-Banking Institutions (with Kai Li and Pei Shao), Review of Financial Studies, 2010, vol. 23(10), 3595-3637.

14.    Hedge Fund Activism: A Review (with Alon Brav and Hyunseob Kim), Foundations and Trends in Finance, 2010, vol. 4(3), 1-66.

13.    Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows (with Qi Chen and Itay Goldstein), Journal of Financial Economics, 2010, vol. 97, 239-262.

12.    Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds (with Michael Bradley, Alon Brav and Itay Goldstein), Journal of Financial Economics, 2010, vol. 95 (1), 1-19. Lead article.

11.    Returns to Hedge Fund Activism (with Alon Brav, Frank Partnoy and Randall Thomas), Financial Analyst Journal, 2008, vol 64, 45-61.

10.    Directors’ Ownership in the U.S. Mutual Fund Industry (with Qi Chen and Itay Goldstein), Journal of Finance, 2008, vol 63(5), 2629-2677.

9.    Hedge Fund Activism, Corporate Governance, and Firm Performance (with Alon Brav, Frank Partnoy and Randall Thomas), Journal of Finance, 2008, vol. 63 (4), 1729-1775, finalist for the Brattle Award, and ranked among the “Top 10 most-cited articles from Journal of Finance” by Scientific Direct in 2009.  Winner of The Roger F. Murray Best Paper Award by the Q Group, 2nd Place, 2007.  Winner of The Institute for Quantitative Investment Research (INQUIRE UK) Annual Best Paper Prize, 2007.  Winner of Chicago Quantitative Alliance (CQA) Annual Academic Competition Best Paper Award, 2nd Place, 2007.

8.    Defined Contribution Pension Plans: Determinants of Participation and Contribution Rates (with Gur Huberman and Sheena Iyengar), Journal of Financial Services Research, 2007, vol. 31(1), 1-32. Lead article.

7.    Price Informativeness and Investment Sensitivity to Stock Prices (with Qi Chen and Itay Goldstein), Review of Financial Studies, 2007, vol. 20 (3), 619-650.

6.    Offering vs. Choices in 401(k) Plans: Equity Exposure and Number of Funds (with Gur Huberman), Journal of Finance, 2006, vol. XLI(2), 763-801, winner of the Journal of Finance Smith-Breeden Distinguished Paper Prize, 2006.

5.    Analysts’ Weighting of Private and Public Information (with Qi Chen), Review of Financial Studies, 2006, vol. 19(1), 319-355.

4.    A Nonparametric Approach to Measuring and Testing Curvature (with Jason Abrevaya), Journal of Business and Economic Statistics, 2005, vol. 23(1), 1-19. Lead article.

3.    Investor Learning about Analyst Predictive Ability (with Qi Chen and Jennifer Francis), Journal of Accounting and Economics, 2005, vol. 39(1), 3-24. Lead article.

2.    Positive Hurdle Rates without Asymmetric Information (with Qi Chen), Financial Research Letters, March 2004, 1(2), 106-112.

1.    A Nonparametric Test of Market Timing,  Journal of Empirical Finance, 2003, vol. 10(4), pp 399 – 425. Lead article.

Working Papers:

1.    Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests (with Alon Brav, Tao Li and James Pennington), winner of the Aberdeen Standard Investments Best Paper Prize by European Corporate Governance Initiative (ECGI), 2020.

2.    How to Talk when a Machine is Listening:  Corporate Disclosure in the Age of AI (with Sean Cao, Baozhong Yang, and Alan L. Zhang)

3.   A Race to Lead:  How Chinese Government Interventions Shape the US-China Production Competition (with Xiao Cen and Vyecheslav Fos)