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Selected Publications

​The following are some of the publications of our faculty members.

Click here for selected publications in Actuarial Science, Risk Management and Insurance

Finance Publications

2016 onwards​

Zhang Lei, and M. Massa, Does Corporate Hedging Attract Foreign Institutional Investors?  Evidence from International Firms, Journal of International Business Studies, Forthcoming, 2017.

Baugh, Brian, Itzhak Ben-David, and Hoonsuk Park, Can Taxes Shape an Industry?  Evidence from the Implementation of the "Amazon Tax", Journal of Finance, Forthcoming, 2017.

Jun-Koo Kang, Juan Luo and Hyun-Seung Na, Are Institutional Investors with Multiple Blockholdings Effective Monitors? Journal of Financial Economics, Forthcoming, 2017.

Tao Chen and Chen Lin, Does Information Asymmetry Affect Tax Aggressiveness? Journal of Financial and Quantitative Analysis, Forthcoming, 2017.

J. Kenny Phua, Mandy Tham and Chishen Wei, Are Overconfident CEOs Better Leaders?  Evidence from Stakeholder Commitments, Journal of Financial Economics, Forthcoming, 2017.

Thomas J. George, Chuan Yang Hwang and Yuan Li, The 52-week High, Q Theory and the Cross-Section of Stock Returns, Journal of Financial Economics, Forthcoming, 2017.

Hong Ru, Government Credit, a Double-Edged Sword:  Evidence from the China Development Bank, Journal of Finance, Forthcoming, 2017.

Chuan Yang Hwang and Yuan Li, Analysts' Reputational Concerns, Self-Censoring and the International Disperson Effect, Management Science, Forthcoming, 2017.

Fahlenbrach, Ruediger, Angie Low, and Rene M. Stulz, Do Independent Director Departures Predict Future Bad Events? Review of Financial Studies, Forthcoming, 2017.

Stephen Dimmock, William C. Gerken, Zoran Ivkovic, and Scott Weisbenner, Capital Gains Lock-In and Governance Choices, Journal of Financial Economics, Forthcoming, 2016.

Tao Chen, Douglas A. Schuler, Wei Shi, and Robert E. Hoskisson, Windfalls of "Emperors' Sojourns":  Stock Market Reactions to Chinese Firms Hosting High Ranking of Government Officials, Strategic Management Journal, Forthcoming, 2016.

Zhang Lei, A. Manconi and M. Massa, The Informational Role of Corporate Hedging,  Management Science, Forthcoming, 2016.

Xin Chang, Yangyang Chen, and Leon Zolotoy,  Stock Liquity and Stock Price Crash Risk,  Journalof Financial and Quantitative Analysis, Forthcoming, 2016.

o and Wei Zhang, Employment Non-Discrimination Acts and Corporate Innovation, Management Science, Forthcoming, 2016.

Huasheng Gao, Jarrad Harford, and Kai Li, CEO Turnover-Performance Sensitivities in Private Firms, Journal of Financial and Quantitative Analysis, Volume 52, Issue 2, April 2017.

Suk-Joon Byun and Da-Hea Kim, Gambling Preference and Individual Equity Option Returns, Journal of Financial Economics, Issue 1, October 2016, Pages 155-174.

Sie Ting Lau, Keshab Shrestha and Jing Yu, Corporate Governance and the Information Content of Earnings Announcement Cross-Country Analysis, Contemporary Accounting Research, Vol. 33, No. 3, pp 1239-1266, Fall 2016.

Mandy Tham and Clemens Sialm,  Spillover Effects in Mutual Fund Companies, Management Science, Vol. 62(5), pages 1472-1436, May 2016.

Jiang Luo, Antonio E. Bernardo and Hongbin Cai, Earnings vs. Stock-Priced Based Incentives to Managerial Compensation Contracts, Review of Accounting Studies, 21, 316-348, 2016.

Stephen Dimmock, Roy Kouwenberg, Olivia S. Mitchell, and Kim Peijnenburg, Ambiguity Aversion and Household Portfolio Choice Puzzles:  Empirical Evidence, Journal of Financial Economics, 119, pg. 559-577, 2016.

Stephen Dimmock, Roy Kouwenberg, and Peter Wakker, Ambiguity Attitudes in a Large Representative Sample, Management Science, 62(5), pg. 1363-1380, 2016.

Zhanhui Chen, Time-to-Produce, Inventory, and Asset Prices, Journal of Financial Economics, 120(2): 330-345, 2016.

2011-2015

Huasheng Gao, Luo Juan, and Tang Tilan, Effects of Managerial Labor Market on Executive Compensation:  Evidence from Job-hopping, Journal of Accounting and Economics, 59, 203-220, 2015.

Kee-Hong Bae, Jun-Koo Kang, and Jin Wang, Does Increased Competition Affect Credit Ratings?  A Reexamination of the Effect of Fitch's Market Share on Credit Ratings in the Corporate Bond Market, Journal of Financial and Quantitative Analysis, Vol. 50, Issue 5,  pp. 1011-1035, Oct 2015.

Xin Chang,and Hong Feng (John) Zhang, Managerial Entrenchment and Firm Value: A Dynamic Perspective, Journal of Financial and Quantitative Analysis, Vol 50, issue 5, pp. 1083-1103, 2015.

Clemens Sialm, Laura Starks and Hanjiang Zhang, Defined Contribution Pension Plans:  Mutual Fund Asset Allocation Changes, American Economic Review, P&P, 105(5), pp 432-436, 2015.

Milidonis Andreas, George Nishiotis and Panayiotis Papakyriakou, The Adverse Effects of Systematic Leakage Ahead of Official Sovereign Debt Rating Announcements, Journal of Financial Economics, 116 (3), pp. 536-547, 2015.

Tao Chen, Jarrad Harford and Chen Lin, Do Analysts Matter for Governance?  Evidence from Natural Experiments, Journal of Financial Economics, 115 (2), 383-410, 2015.

Xin Chang, Kangkang Fu, Angie Low and Wenrui Zhang, Non-Executive Employee Stock Options and Corporate Innovation, Journal of Financial Economics, 115, pp. 168-188, 2015.

Clemens Sialm, Laura Starks and Hanjiang Zhang, Defined Contribution Pension Plans:  Sticky or Discerning Money?, Journal of Finance, vol. 70(2), pp. 805-838, 2015.

Byeong-Je An, Andrew Ang, Turun G. Bali and Nusret Cakici, The Joint Cross Section of Stocks and Options, The Journal of Finance, 69(5), 2279-2337, 2014.

Jeffrey Brown, Stephen Dimmock, Jun-Koo Kang, and Scott Weisbenner, How University Endowments Respond to Financial Market Shocks:  Evidence and Implications, American Economic Review, 104, 931-962, 2014.

Xin Chang, Sudipto Dasgupta, George Wong and Jiayuan Yao, Cash Flow Sensitivities and the Allocation of Internal Cash Flow, Review of Financial Studies, Vol. 27, Issue 12, pp. 3628-3657, 2014.

Massimo Massa and Zhang Lei, Monetary Policy and Regional Availability of Debt Financing, Journal of Monetary Economics, 60, 439-458, 2013.

Bok Baik, Jun-Koo Kang, Jin-Mo Kim, and Joonho Lee, The Liability of Foreigness in Capital Markets:  Evidence from the U.S. Stock Market, Journal of International Business Studies, 44, 391-411, 2013.

Deng Xin, Jun-Koo Kang and Buen Sin Low, Corporate Social Responsibility and Stakeholder Value Maximization: Evidence from Mergers, Journal of Financial Economics, 110, 87-109, 2013.

Massa Massimo, Ayako Yasuda and Zhang Lei, Supply Uncertainty of the Bond Investor Base and the Leverage of the Firm, Journal of Financial Economics, 110, 185-214, 2013.

Huasheng Gao, Jarrad Harford, and Kai Li, Determinants of Corporate Cash Policy:  Insights from Private Firms,  Journal of Financial Economics, 109, 623-639 , 2013.

Stephen Dimmock, Background Risk and University Endowment Funds, The Review of Economics and Statistics, 2012.

Sie Ting Lau, Lilian Ng and Bohui Zhang, Information Environment and Equity Risk Premium Volatility Around the World, Management Science, Vol. 58 no. 7, pages 1322-1340, July 2012.

Zhanhui Chen and Ralitsa Petkova, Does Idiosyncratic Volatility Proxy for Risk Exposure? Review of Financial Studies, 2012. 

David Hirshleifer, Angie Low and Siew Hong Teoh, Are Overconfident CEOs Better Innovators?  Journal of Finance, Vol. 67 No. 4, July 2012.

Stephen Dimmock and William C. Gerken, Predicting Fraud by Investment Managers. Journal of Financial Economics, 2012.

Kee-Hong Bae, Jae-Seung Baek, Jun-Koo Kang and Wei-Lin Liu, Do Controlling Shareholders' Expropriation Incentives Imply a Link between Corporate Governance and Firm Value? Theory and Evidence. Journal of Financial Economics, Vol. 105 No. 2, Aug 2012.

Kee-Hong Bae, Jun-Koo Kang and Jin Wang, Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure, Journal of Financial Economics, Vol. 100, pp. 130-153, 2011.

Huasheng Gao and Xin Deng, Nonmonetary Benefits, Quality of Life, and Executive Compensation, Journal of Finance and Quantitative Analysis, 2011.  

Jennifer Huang, Clemens Sialm and Hanjiang Zhang, Risk Shifting and Mutual Fund Performance, Review of Financial Studies, Vol 24 (8), Vol. 24, No. 8, 2011.


2006-2010

Sie Ting Lau, Lilian Ng and Bohui Zhang, The World Price of Home Bias. Journal of Financial Economics, Vol 97(2), pp. 191-217, August 2010.

Bok Baik, Jin-Mo Kim and Jun-Koo Kang, Local Institutional Investors, Information Asymmetries, and Equity Returns, Journal of Financial Economics 97, 2010, 81-106.

Chuan Yang Hwang and Thomas J. George, A Resolution of the Distress Risk and Leverage Puzzles in the Cross Section of Stock Returns, Journal of Financial Economics, pp. 56-79, 2010.

Huasheng Gao, Optimal Compensation Contracts When Managers Can Hedge, Journal of Financial Economics, Vol 97, pp. 218-238, 2010.

Rudiger Fahlenbrach, Angie Low and Rene Stulz, Why do firms appoint CEOs as Outside Directors? Journal of Financial Economics, Vol. 97, No. 1, 2010.

Jun-Koo Kang and Jin-Mo Kim, Do Foreign Investors Exhibit a Corporate Governance Disadvantage? An Information Asymmetry Perspective, Journal of International Business Studies 41, 2010, 1415-1438.

Xin Chang and Sudipto Dasgupta, Target Behavior and Financing: How Conclusive is the Evidence? Journal of Finance, Vol. 64, No. 4, 1767-1796, 2009.

Massimo Massa and Lei Zhang, Cosmetic Mergers: The Effect of Style Investing on the Market for Corporate Control, Journal of Financial Economics, Vol. 93 (3), pp. 400-427, September 2009.

Louis K. C. Chan, Stephen G. Dimmock, and Josef Lakonishok. (2009). Benchmarking Money Manager Performance: Issues and Evidence. Review of Financial Studies, 22(11), 4553-4599.

Xin Chang, Sudipto Dasgupta, and Giles Hilary, 2009, The Effect of Auditor Quality on Financing Decisions, The Accounting Review, Vol. 84, No. 4, 1095-1117.

Angie Low, Managerial Risk-Taking Behavior and Equity-Based Compensation, Journal of Financial Economics, Vol. 92, pp. 470-490, Vol. 92, No. 3, 2009.

Antonio E. Bernardo, Hongbin Cai and Jiang Luo, Motivating Entrepreneurial Activities in a Firm, Review of Financial Studies, Vol. No. 22, No. 3, 2009.

Jun-Koo Kang and Jin-Mo Kim, The Geography of Block Acquisitions, Journal of Finance 63, (December 2008), pp. 2817-2858.

Gil S. Bae, Youngsoon S. Cheon and Jun-Koo Kang, Intragroup Propping: Evidence from the Stock-Price Effects of Earnings Announcements by Korean Business Groups, Review of Financial Studies, 2008.

Chuan Yang Hwang and Thomas J. George, Long-Term Return Reversals: Overreaction or Taxes? Journal of Finance, December 2007.

Jun-Koo Kang and Wei-Lin Liu, Is Universal Banking Justified? Evidence from Bank Underwriting of Corporate Bonds in Japan, Journal of Financial Economics, 2007.

Xin Chang, Sudipto Dasgupta and Gilles Hilary, Analyst Coverage and Financing Decisions, Journal of Finance, Vol. 61, pp. 3009-3048, 2006.

Jae-Seung Baek, Jun-Koo Kang and Inmoo Lee, Tunneling and Business Groups: Evidence from Private Securities Offerings by Korean Chaebols, Journal of Finance, pp. 2415-2449, 2006.

Antonio E. Bernardo, Jiang Luo and James Wang, A Theory of Socialistic Internal Capital Markets, Journal of Financial Economics, Vol. 80, pp. 485-509, 2006.

Jun-Koo Kang, Jinmo Kim, Wei-Lin Liu and Sangho Yi, Post-Takeover Restructuring and the Sources of Gains in Foreign Takeovers: Evidence from the U.S. Targets, Journal of Business, Vol. 79, 2006.

Nilanjan Sen, Pei Yui Ho and Steve Ferris, God Save the Queen and Her Dividends: Corporate Payouts in the U.K., Journal of Business, Vol. 79, pp. 1149-1173, 2006.

Vicentiu M. Covrig, Sie Ting Lau, and Lilian Ng, Do Domestic and Foreign Managers have Similar Preferences for Stock Characteristics?  A Cross-Country Analysis, Journal of International Business Studies, Vol. 37, pp. 407-429, 2006. 

2001-2005

Kim Wai Ho, Sheng-Syan Chen and Kueh Hwa Ik, The Wealth Effect of New Product Introductions on Industry Rivals, Journal of Business, Vol. 78, pp. 969-996, 2005.

Buen Sin Low and Shaojun Zhang, The Volatility Risk Premium Embedded in Currency Options, Journal of Financial and Quantitative Analysis, Vol. 40, pp. 803-832, 2005.

Chuan Yang Hwang and Thomas J. George, 52 Week High and Momentum Investing, Journal of Finance, pp. 2145-2176, 2004.

Jae-Seung Baek, Jun-Koo Kang and Kyung Suh Park, Corporate Governance and Firm Value: Evidence from Korean Financial Crisis, Journal of Financial Economics, pp. 265-313, 2004.

Antonio E. Bernardo, Hongbin Cai and Jiang Luo, Capital Budgeting in Multi-Division Firms: Information, Agency, and Incentives, Review of Financial Studies, Vol. 17, No. 3, pp. 739-767, 2004.

Vicentiu Covrig, Buen Sin Low and Michael Melvin, A Yen is Not a Yen: TIBOR/LIBOR and the Determinants of the Japan Premium, Journal of Financial and Quantitative Analysis, Vol. 39, pp. 193-208, 2004.

Kalok Chan, Allaudeen Hameed and Sie Ting Lau, What if Trading Location is Different from Business Location? Evidence from the Jardine Group, Journal of Finance, pp. 1221-1246, 2003.

Kee-Hong Bae, Jun-Koo Kang and Jin-Mo Kim, Tunneling or Value Added? Evidence from Mergers by Korean Business Groups, Journal of Finance, pp. 2695-2740, 2002.

Kee-Hong Bae, Jun-Koo Kang and Chan-Woo Lim, The Value of Durable Bank Relationships: Evidence from Korean Banking Shocks, Journal of Financial Economics, pp. 181-214, 2002.

Antonio E. Bernardo, Hongbin Cai and Jiang Luo, Capital Budgeting and Compensation with Asymmetric Information and Moral Hazard, Journal of Financial Economics, Vol. 61, pp. 311-344, 2001.

Chuan Yang Hwang and Thomas J. George, Information Flow and Pricing Errors: A Unified Approach to Estimation and Testing, Review of Financial Studies, pp. 979-1020, 2001.

2000 and earlier

Jun-Koo Kang, Anil Shivdasani and Takeshi Yamada, The Effect of Bank Relations on Investment Decisions: An Investigation of Japanese Takeover Bids, Journal of Finance, pp. 2197-2218, 2000.

Jun-Koo Kang and Rene Stulz, Do Banking Shocks Affect Borrowing Firm Performance? An Analysis of the Japanese Experience, Journal of Business, pp. 1-23 (lead article), 2000.

Jun-Koo Kang, Yong C. Kim and Rene Stulz, The Underreaction Hypothesis and the New Issue Puzzle: Evidence from Japan, Review of Financial Studies, pp. 519-534, 1999.

Warren Bailey, Peter Y. Chung and Jun-Koo Kang, Foreign Ownership Restrictions and Equity Price Premiums: What Drives the Demand for Cross-Border Investments? Journal of Financial and Quantitative Analysis, pp. 489-511, 1999.

Jun-Koo Kang and Anil Shivdasani, Corporate Restructuring During Performance Declines in Japan, Journal of Financial Economics, pp. 29-65, 1997.

Jun-Koo Kang and Rene Stulz, Why Is There a Home Bias? An Analysis of Foreign Portfolio Equity Ownership in Japan, Journal of Financial Economics, pp. 3-28 (lead article), 1997.

Victoria B. McWilliams and Nilanjan Sen, Board Monitoring and Antitakeover Amendments, Journal of Financial and Quantitative Analysis, Vol. 32, pp. 491-506, 1997.

Jun-Koo Kang and Yul W. Lee, The Pricing of Convertible Debt Offerings, Journal of Financial Economics, pp. 231-248, 1996.

Jun-Koo Kang and Anil Shivdasani, Does the Japanese Governance System Enhance Shareholder Wealth? Evidence from the Stock-Price Effects of Top Management Turnover, Review of Financial Studies, pp.1061-1095, 1996.

Jun-Koo Kang and Rene Stulz, How Different is Japanese Corporate Finance? An Investigation of the Information Content of New Security Issues, Review of Financial Studies, pp. 109-139, 1996

Jun-Koo Kang and Anil Shivdasani, Firm Performance, Corporate Governance, and Top Executive Turnover in Japan, Journal of Financial Economics, pp. 29-58, 1995.

Chuan Yang Hwang and Thomas J. George, Transitory Price Changes and Price-Limit Rules: Evidence from Tokyo Stock Exchange, Journal of Financial and Quantitative Analysis, vol. 30, pp. 313-327, 1995.

Jun-Koo Kang, Yong C. Kim, Kyung J. Park, and Rene M. Stulz, An Analysis of the Wealth Effects of Japanese Offshore Dollar-Denominated Convertible and Warrant Bond Issues, Journal of Financial and Quantitative Analysis, pp. 257-270, 1995.

Jun-Koo Kang, The International Market for Corporate Control: Mergers and Acquisitions of U.S Firms by Japanese Firms, Journal of Financial Economics, pp. 345-371, 1993.

Chuan Yang Hwang and Siew Hong Teoh, Nondisclosure and the Disclosure of the Adverse Information as the Signals of the Firm Value, Review of Financial Studies, Vol. 4, pp. 283-313, 1991.

Chuan Yang Hwang and Mark Grinblatt, Signaling and the Pricing of New Issues, Journal of Finance, Vol. 44, pp. 393–420, 1989.

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