Research

Publications:

  1. “The Effects of Option Listing and Financing Decisions,” with Eunpyo Hong and Min Park, forthcoming in Journal of Business Finance and Accounting, 2023.
  2. “The Impact of Organized Labor on CEO Debt-like Compensation,” with Takeshi Nishikawa and Andrew Prevost, Journal of Accounting, Auditing and Finance, 2023.
  3. “Accelerated Share Repurchases: Value Creation or Extraction,” with Charles Teague, Review of Quantitative Finance and Accounting, 2022.
  4. “Putable Bonds, Risk-Shifting Problems, and Information Asymmetry,” with Taichun Park and Xinde Zhang, Journal of Fixed Income, 2022.
  5. “Debt Maturity Dispersion and the Cost of Bank Loans,” with Wan-Chien Chiu and Chih-Wei Wang, Journal of Corporate Finance, 2021.
  6. “Human Capital Cost and Investment Policy,” with Shuangshuang Ji and Xinxin Li, Review of Financial Economics, 2021.
  7. “Top Management Incentives and Financial Flexibility: The Case of Make-Whole Call Provisions,” with Andrew Prevost and Mel Jameson, Journal of Business Finance and Accounting, 2021.
  8. “Non-executive Ownership and Private Loan Pricing,” with Jun Chen and Min-Ming Wen, Journal of Corporate Finance, 2020.
  9. “Debt Maturity and the Cost of Bank Loans,” with Wan-Chien Chiu and Chih-Wei Wang, Journal of Banking and Finance, 2020.
  10. “The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-on Activities,” with Jim Hsieh, Journal of Financial and Quantitative Analysis, 2019.
  11. “National Culture and Governance on Bondholder Wealth: Evidence from Joint Ventures and Strategic Alliances around the World,” with Jun Chen and Xinxin Li, Quarterly Journal of Finance, 2018.
  12. “Standalone Firms, Conglomerates, and Bond Returns” with Sailu Li and George Xiang, Journal of Fixed Income, 2018.
  13. “Short Sale Transactions and Bond Returns,” with Stephen Christophe, Michael Ferri, and Jim Hsieh, Journal of Fixed Income, 2016.
  14. “What Determines Outstanding Corporate Debt Mix? Evidence from Fractional Multinomial Logit Estimation,” with Kenneth Khang and Hung Nguyen, Applied Economics, 2016.
  15. “Do Joint Ventures and Strategic Alliances Create Value for Bondholders,” with Jun Chen and Min-Ming Wen, Journal of Banking and Finance, 2015.
  16. “Capital Market Access and Corporate Loan Structure,” with Kenneth Khang, Applied Economics, 2015.
  17. “Corporate Hedging and the Cost of Debt,” with Jun Chen, Journal of Corporate Finance, 2014.
  18. Information Asymmetry and S&P 500 Index Changes,” with Lindsay Baran, Applied Financial Economics, 2014.
  19. “The Determinants of Corporate Call Policy for Convertible Bonds,” with David Mauer, Journal of Corporate Finance, 2014.
  20. “The Determinants of Corporate Debt Mix,” with Kenneth Khang and Hung Nguyen, Quarterly Journal of Finance and Accounting, 2014.
  21. “The Financial Crisis and Temporary Liquidity Guarantee Program: Their Impact on Fixed-Income Markets,” with Brent Ambrose and Yiying Cheng, Journal of Fixed Income, 2013.
  22. “Cost of Capital and S&P 500 Index Revisions,” with Lindsay Baran, Financial Management, 2012.
  23. “Shareholder Governance, Bondholder Governance, and Managerial Risk-Taking,” with Min-Ming Wen, Journal of Banking and Finance, 2011.
  24. “Going Private Transactions, Bondholder Returns, and Wealth Transfer Effects,” with Lindsay Baran, Journal of Banking and Finance, 2010.
  25.  “The Decision to List Abroad: The Case of ADRs and Foreign IPOs by Chinese Companies,” with Xinde Zhang, Journal of Multinational Financial Management, 2010.
  26.  “Short-term Liquidity and Trading of Treasury Securities: Inventory Holding Costs,” with Kenneth Khang, Applied Financial Economics, 2010.
  27.  “Corporate Governance and Financial Contracting: Bondholder Takeover Defenses in Poison Puts”, with Ai-Fen Cheng, Corporate Ownership and Control, 2009.
  28. “Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants,” with Matt Billett and David Mauer, Journal of Finance, 2007.
  29. “Are embedded calls Valuable: Evidence from Agency Bonds,” Journal of Banking and Finance, 2007.
  30. “Does Dividend Policy Relate to Cross-sectional Variation in Information Asymmetry? Evidence from Returns on Insider Trades,” with Kenneth Khang, Financial Management, 2006.
  31. “On the Importance of Systematic Risk Factors in Explaining the Cross-Section of Corporate Bond Yield Spreads ,” with Kenneth Khang, Journal of Banking and Finance, 2005.
  32. “Bondholder Wealth Effects in Mergers and Acquisitions: New Evidence from the 1980s and 1990s,” with Matt Billett and David Mauer, Journal of Finance, 2004.
  33. “Return Reversals in the Bond Market: Evidence and Causes,” with Kenneth Khang, Journal of Banking and Finance, 2004.
  34. “GSE Debt and the Decline in the Treasury Debt Market,” with Brent Ambrose, Journal of Money, Credit and Banking, 2002.
  35. “An Empirical Examination of Call Option Values Implicit in U.S. Corporate Bonds,” Journal of Financial and Quantitative Analysis, 2002.
  36. “Corporate Call Policy for Nonconvertible Bonds,” with David Mauer, Journal of Business, 2000. 

 Working Papers:

  1. “Does Executive Compensation Duration Generate Different Risk Incentives? Evidence on Corporate Hedging,” with Jun Chen and Taichun Piao.
  2. “Institutional Investor Trading and Yankee Bond Pricing,” with Jun Chen, Jeff Lyon, and Thi Trung Nguyen.
  3. “Shareholder-Creditor Conflict and Hedging Policy: Evidence from Mergers between Lenders and Shareholders,” With Yongqiang Chiu, Taichun Piao, and Chen Shen.
  4. “Performance-based Vesting Compensation and Debt Contracting,” with Chen Shen.
  5. “Cost of Debt and CEO Compensation Duration,” with Ahmet Nart.

Honors & Awards:

Rush S. Dickson Professor of Finance, Belk College of Business, University of North Carolina at Charlotte, 2007 to present

Best Paper Award, Financial Management Association, 1999; semi-finalist 2013, 2017, 2018 and 2019

Best Paper Award, Financial Engineering Association of Taiwan Annual Meeting, 2018

Best Paper Award, International Conference on Finance, 2000 and 2012

Summer Research Grant Award, Belk College of Business, University of North Carolina at Charlotte, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2020, 2021.

Graduate Teaching Award, Belk College of Business, University of North Carolina at Charlotte, 2016

Wachovia Fund Fellowship, Belk College of Business, University of North Carolina at Charlotte, 2008

Klein-Childress Research Award, Belk College of Business, University of North Carolina at Charlotte, 2007

Annual Research Award, University of Wisconsin – Milwaukee, 2002

Vilas Award, University of Wisconsin – Madison, 1991