{"id":63,"date":"2014-10-09T05:10:28","date_gmt":"2014-10-09T05:10:28","guid":{"rendered":"http:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/?page_id=63"},"modified":"2026-03-16T17:41:14","modified_gmt":"2026-03-16T17:41:14","slug":"research-3","status":"publish","type":"page","link":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/research-3\/","title":{"rendered":"Research"},"content":{"rendered":"

Publications:<\/strong><\/p>\n

    \n
  1. “Does Executive Compensation Duration Generate Different Risk Incentives? Evidence on Corporate Hedging,” with Jun Chen and Taichun Piao, Review of Quantitative Finance and Accounting<\/em><\/strong>, 2026.<\/li>\n
  2. “LBO and ESG Commitment” with Fidele Shukuru Balume and Jean-Francois Gajewski, Managerial Finance<\/em><\/strong>, 2025.<\/li>\n
  3. “The Effects of Option Listing and Financing Decisions,” with Eunpyo Hong and Min Park, Journal of Business Finance and Accounting<\/strong><\/em>, 2023.<\/li>\n
  4. “The Impact of Organized Labor on CEO Debt-like Compensation,\u201d with Takeshi Nishikawa and Andrew Prevost, Journal of Accounting, Auditing and Finance<\/em><\/strong>, 2023.<\/li>\n
  5. “Accelerated Share Repurchases: Value Creation or Extraction,” with Charles Teague, Review of Quantitative Finance and Accounting<\/strong><\/em>, 2022.<\/li>\n
  6. \u201cPutable Bonds, Risk-Shifting Problems, and Information Asymmetry,\u201d with Taichun Park and Xinde Zhang, Journal of Fixed Income<\/em><\/strong>, 2022.<\/li>\n
  7. “Debt Maturity Dispersion and the Cost of Bank Loans,” with Wan-Chien Chiu and Chih-Wei Wang, Journal of Corporate Finance<\/strong><\/em>, 2021.<\/li>\n
  8. “Human Capital Cost and Investment Policy,” with Shuangshuang Ji and Xinxin Li, Review of Financial Economics, <\/strong><\/em>2021.<\/li>\n
  9. \u201cTop Management Incentives and Financial Flexibility: The Case of Make-Whole Call Provisions,\u201d with Andrew Prevost and Mel Jameson, Journal of Business Finance and Accounting<\/strong><\/em>, 2021.<\/li>\n
  10. “Non-executive Ownership and Private Loan Pricing,” with Jun Chen and Min-Ming Wen, Journal of Corporate Finance<\/strong><\/em>, 2020.<\/li>\n
  11. “Debt Maturity and the Cost of Bank Loans,” with Wan-Chien Chiu and Chih-Wei Wang,\u00a0Journal of Banking and Finance<\/em><\/strong>, 2020.<\/li>\n
  12. “The Importance of Blockholder Heterogeneity: Security Market Effects and Follow-on Activities,” with Jim Hsieh, Journal of Fi<\/em><\/strong>nancial and Quantitative Analysis<\/em><\/strong>, 2019.<\/li>\n
  13. “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<\/strong><\/em>, 2018.<\/li>\n
  14. \u201cStandalone Firms, Conglomerates, and Bond Returns\u201d with Sailu Li and George Xiang,\u00a0Journal of Fixed Income<\/em><\/strong>, 2018.<\/li>\n
  15. “Short Sale Transactions and Bond Returns,” with Stephen Christophe, Michael Ferri, and Jim Hsieh, Journal of Fixed Income<\/em><\/strong>, 2016.<\/li>\n
  16. “What Determines Outstanding Corporate Debt Mix? Evidence from Fractional Multinomial Logit Estimation,” with Kenneth Khang and Hung Nguyen,\u00a0Applied Economics<\/strong><\/em>, 2016.<\/li>\n
  17. \u201cDo Joint Ventures and Strategic Alliances Create Value for Bondholders,\u201d with Jun Chen and Min-Ming Wen,\u00a0Journal of Banking and Finance<\/strong><\/em>, 2015.<\/li>\n
  18. “Capital Market Access and Corporate Loan Structure,” with Kenneth Khang, Applied Economics<\/em><\/strong>, 2015.<\/li>\n
  19. \u201cCorporate Hedging and the Cost of Debt,\u201d with Jun Chen,\u00a0Journal of Corporate Finance<\/em><\/strong>, 2014.<\/li>\n
  20. Information Asymmetry and S&P 500 Index Changes,\u201d with Lindsay Baran,\u00a0Applied Financial Economics<\/em><\/strong>, 2014.<\/li>\n
  21. \u201cThe Determinants of Corporate Call Policy for Convertible Bonds,\u201d with David Mauer,\u00a0Journal of Corporate Finance<\/em><\/strong>, 2014.<\/li>\n
  22. “The Determinants of Corporate Debt Mix,” with Kenneth Khang and Hung Nguyen, Quarterly Journal of Finance and Accounting<\/strong><\/em>, 2014.<\/li>\n
  23. \u201cThe Financial Crisis and Temporary Liquidity Guarantee Program: Their Impact on Fixed-Income Markets,\u201d\u00a0with Brent Ambrose and Yiying Cheng,\u00a0Journal of Fixed Income<\/em><\/strong>, 2013.<\/li>\n
  24. \u201cCost of Capital and S&P 500 Index Revisions,\u201d with Lindsay Baran,\u00a0Financial Management<\/em><\/strong>, 2012.<\/li>\n
  25. \u201cShareholder Governance, Bondholder Governance, and Managerial Risk-Taking,\u201d with Min-Ming\u00a0Wen,\u00a0Journal of Banking and Finance<\/em><\/strong>, 2011.<\/li>\n
  26. \u201cGoing Private Transactions, Bondholder Returns, and Wealth Transfer Effects,\u201d with Lindsay\u00a0Baran,\u00a0Journal of Banking and Finance<\/em><\/strong>, 2010.<\/li>\n
  27. \u00a0\u201cThe Decision to List Abroad: The Case of ADRs and Foreign IPOs by Chinese Companies,\u201d with\u00a0Xinde\u00a0Zhang,\u00a0Journal of Multinational Financial Management<\/em><\/strong>, 2010.<\/li>\n
  28. \u00a0\u201cShort-term Liquidity and Trading of Treasury Securities: Inventory Holding Costs,\u201d with Kenneth\u00a0Khang,\u00a0Applied Financial Economics<\/em><\/strong>, 2010.<\/li>\n
  29. \u00a0\u201cCorporate Governance and Financial Contracting: Bondholder Takeover Defenses in Poison Puts\u201d, with Ai-Fen Cheng,\u00a0Corporate Ownership and Control<\/em><\/strong>, 2009.<\/li>\n
  30. \u201cGrowth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants,\u201d with Matt\u00a0Billett\u00a0and David\u00a0Mauer,\u00a0Journal of Finance<\/em><\/strong>, 2007.<\/li>\n
  31. “Are Embedded Calls Valuable: Evidence from Agency Bonds,” Journal<\/em><\/strong>\u00a0of\u00a0<\/em><\/strong>Banking and Finance<\/em><\/strong>, <\/strong>2007.<\/li>\n
  32. \u201cDoes Dividend Policy Relate to Cross-sectional Variation in Information Asymmetry? Evidence from Returns on Insider Trades,\u201d with Kenneth\u00a0Khang,\u00a0Financial Management<\/strong>, 2006.<\/li>\n
  33. “On the Importance of Systematic Risk Factors in Explaining the Cross-Section of Corporate Bond Yield Spreads,” with\u00a0Kenneth\u00a0Khang,\u00a0Journal<\/em><\/strong>\u00a0of\u00a0<\/em><\/strong>Banking and Finance<\/em><\/strong>, 2005.<\/em><\/li>\n
  34. “Bondholder Wealth Effects in Mergers and Acquisitions: New Evidence from the 1980s and 1990s,” with\u00a0Matt\u00a0Billett\u00a0and David\u00a0Mauer,\u00a0Journal of Finance<\/em><\/strong>, 2004.<\/li>\n
  35. “Return Reversals in the Bond Market: Evidence and Causes,” with\u00a0Kenneth\u00a0Khang,\u00a0Journal<\/em><\/strong>\u00a0of\u00a0<\/em><\/strong>Banking and Finance<\/em><\/strong>, 2004.<\/em><\/li>\n
  36. “GSE Debt and the Decline in the Treasury Debt Market,”\u00a0with Brent Ambrose,\u00a0Journal of\u00a0<\/em><\/strong>Money, Credit and Banking<\/em><\/strong>, 2002.<\/li>\n
  37. “An Empirical Examination of Call Option Values Implicit in U.S. Corporate Bonds,”\u00a0Journal of Fi<\/em><\/strong>nancial and Quantitative Analysis<\/em><\/strong>, 2002.<\/li>\n
  38. “Corporate Call Policy for Nonconvertible Bonds,” with David\u00a0Mauer,\u00a0Journal of\u00a0<\/em><\/strong>Business<\/em><\/strong>, 2000.\u00a0<\/strong><\/li>\n<\/ol>\n

    \u00a0<\/strong>Working Papers:<\/strong><\/p>\n

      \n
    1. “Option Listings, Voluntary Disclosure, and the Cost of Equity,” with Eunpyo Hong, Jin-Gil Jeong, and Jiyoon Lee. Revise and Resubmit at the Journal of Business Finance and Accounting<\/em><\/strong>.<\/li>\n
    2. “Innovation Efficiency and Stock Market Reaction to Corporate Innovation: The Role of Options Trading and Investor Attention,” with Zih-Ying Lin. Under review at the Journal\u00a0of<\/strong> Business Finance and Accounting<\/em><\/strong>.<\/li>\n
    3. “What Determines the Pricing of Yankee Bonds,” with Jun Chen, Jeff Lyon, and Thi Trung Nguyen.<\/li>\n
    4. “Performance-based Vesting Compensation and Debt Contracting,” with Chen Shen.<\/li>\n
    5. “Shareholder-Creditor Conflict and Hedging Policy: Evidence from Mergers between Lenders and Shareholders,” With Yongqiang Chiu, Taichun Piao, and Chen Shen.<\/li>\n
    6. “Cost of Debt and CEO Compensation Duration,” with Ahmet Nart.<\/li>\n<\/ol>\n

      Honors & Awards:<\/strong><\/p>\n

      Rush S. Dickson Professor of Finance, Belk College of Business, University of North Carolina at Charlotte, 2007 to present<\/p>\n

      Summer Research Grant Award, Belk College of Business, University of North Carolina at Charlotte, 2010, 2011, 2012, 2013, 2014, 2015, 2016, 2020, 2021, 2023, and 2025.<\/p>\n

      Distinguished Scholarship Award, Belk College of Business, University of North Carolina at Charlotte, 2023<\/p>\n

      Best Paper Award, Financial Management Association, 1999; semi-finalist 2013, 2017, 2018, and 2019<\/p>\n

      Best Paper Award, Financial Engineering Association of Taiwan Annual Meeting, 2018<\/p>\n

      Graduate Teaching Award, Belk College of Business, University of North Carolina at Charlotte, 2016.<\/p>\n

      Best Paper Award, International Conference on Finance, 2000 and 2012<\/p>\n

      Wachovia Fund Fellowship, Belk College of Business, University of North Carolina at Charlotte, 2008<\/p>\n

      Klein-Childress Research Award, Belk College of Business, University of North Carolina at Charlotte, 2007<\/p>\n

      Annual Research Award, University of Wisconsin \u2013 Milwaukee, 2002<\/p>\n

      Vilas Award, University of Wisconsin \u2013 Madison, 1991<\/p>\n","protected":false},"excerpt":{"rendered":"

      Publications: “Does Executive Compensation Duration Generate Different Risk Incentives? Evidence on Corporate Hedging,” with Jun Chen and Taichun Piao, Review of Quantitative Finance and Accounting, 2026. “LBO and ESG Commitment” with Fidele Shukuru Balume and Jean-Francois Gajewski, Managerial Finance, 2025. “The Effects of Option Listing and Financing Decisions,” with Eunpyo Hong and Min Park, Journal […]<\/p>\n","protected":false},"author":1474,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-63","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/pages\/63","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/users\/1474"}],"replies":[{"embeddable":true,"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/comments?post=63"}],"version-history":[{"count":99,"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/pages\/63\/revisions"}],"predecessor-version":[{"id":262,"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/pages\/63\/revisions\/262"}],"wp:attachment":[{"href":"https:\/\/belkcollegeofbusiness.charlotte.edu\/tking3\/wp-json\/wp\/v2\/media?parent=63"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}