RESEARCH INTEREST
Theoretical and empirical corporate finance, with emphasis on: IPOs, restructuring, merger and acquisitions, security design, corporate disclosure, and strategic behavior by financial analysts

Theoretical and empirical issues in market efficiency, and asset pricing under asymmetric information.

PUBLICATIONS

“Organizational Form and Corporate Payout Policy” conditionally accepted at Journal of Financial and Quantitative Analysis.

(with Brad Jordan, University of Kentucky, and Qun Wu, University of Nevada-Reno)

“Corporate Disclosure, Analyst Forecast Dispersion, and Stock Returns,” Journal of Accounting, Auditing, and Finance 2016 (lead article), p1-20.

(with Ashiq Ali, UT Dallas, Tong Yao, University of Iowa, and Danielle Xu, Gonzaga University)

“Growth Opportunities, Short-Term Market Pressure, and Dual-Class Share Structure” Journal of Corporate Finance Vol 41, 2016, p304-328.

(with Brad Jordan, University of Kentucky, and Soohyung Kim, University of Wisconsin-LaCrosse)

“A Theory of Capital Structure, Price Impact, and Long-Run Stock Returns under Heterogeneous Beliefs” 2015 Review of Corporate Finance Studies Vol 4, p258-320.

(with Onur Bayar, UT San Antonio, and Thomas Chemmanur, Boston College)

“Industry Information and the 52-Week High Effect” 2015 Pacific-Basin Finance Journal 32, 111-130.

(with Brad Jordan, University of Kentucky, and Xin Hong, Zhejiang University)

“Corporate Payout Policy in Dual-Class Firms” 2014 Journal of Corporate Finance 26, 1-19 (lead article).

(with Brad Jordan, University of Kentucky, and Qun Wu, SUNY Oneonta)

“Do Investment Banks Listen to Their Own Analysts?” 2012 Journal of Banking and Finance 36, 1452-1463.

(with Brad Jordan, University of Kentucky, and Qun Wu, SUNY Oneonta)

“A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs,” 2011 the Journal of Financial Economics 100, 616-638.

(with Onur Bayar, UT San Antonio, and Thomas Chemmanur, Boston College)

“Analysts’ Incentives to Produce Industry-Level versus Firm-Specific Information,” 2011 the Journal of Financial and Quantitative Analysis 46, 757-784.

(single-authored)

“Does More Information in Stock Price Lead to Greater or Smaller Idiosyncratic Return Volatility?’’ 2011 Journal of Banking and Finance 35, 1563-1580.

(with Dong Lee, Korea University)

“Institutional Trading, Information Production, and the Choice between Spin-Offs, Carve-Outs, and Tracking Stock Issues,” 2011 Journal of Corporate Finance 17, 62-82.

(with Thomas Chemmanur, Boston College)

“Anti-takeover Provisions in Corporate Spin-offs,” 2010 Journal of Banking and Finance 34, 813-824.

(with Thomas Chemmanur, Boston College, Brad Jordan, University of Kentucky, and Qun Wu, SUNY Oneonta)

“Stock Splits as a Manipulation Tool: Evidence from Mergers and Acquisitions” , 2008 Financial Management 37, 695-712.

(with Shourun Guo, Duke Energy, and Weihong Song, University of Cincinnati)

"Buy-side Analysts, Sell-side Analysts, and Investment Decisions of Money Managers," 2006, the Journal of Financial and Quantitative Analysis 41, 51-83.

(with Yingmei Cheng, Florida State University, and Jun Qian, Boston College)