• Corporate Finance
• Market Microstructure
• Empirical Asset Pricing Models
• Investments
• Asian Financial Markets

"Foreign versus Domestic SPACs in the US Market" (Co-authored with Bokyung Park, Yao-Min Chiang, and Hui-Ju Tsai), European Financial Management 31 (1), 493-527, 2025.

“The Impact of Accounting Quality on Investment Efficiency: Evidence from the 2001 Bank Shareholding Limitation Act of Japan (co-authored with Boochun Jung, Masahiro Enomoto, and Akinobu Shuto), Japan and the World Economy, Volume 72,December 2024, 101280.

“Underwriting in the Australian IPO Markets: Determinants and Pricing” (co-authored with Alastair Marsden, Zoltan Mulgulove, and Madhu Veeraraghavan), Australian Journal of Management, 2024 Vol 49(3). 403-427.

“Does Market Sentiment Affect IPO Pricing?” (co-authored with Cynthia Campbell, Yan Du, and Ning Tang) International Journal of Behavioral Accounting and Finance Vol 7, No. 2, 2024, 214-232.

“Comparing Competing Factor and Characteristics Models: Evidence in Japan” (Co-authored with Pin-Huang Chou and Kuan-Cheng Ko), Pacific-Basin Finance Journal 82, 2023, 102179.

“National Cultures and the Asset Growth Effect” (co-authored with Robin K. Chow and Kuan-Cheng Ko), Journal of Derivatives and Quantitative Studies, December 2023, 279-308.

“Dealership versus Continuous Auction: Evidence from the JASDAQ Market” (co-authored with Kentaro Iwatsubo and Ye Zhou Zhang), Pacific-Basin Finance Journal 77, 2023, 101924.

“Do Investors Value Shareholder Perks? Evidence from Japan” (co-authored with Wei Huang. Katsushi Suzuki and Taeko Yasutake), Journal of Banking and Finance 143 (2022), 106575.

“Golden Handcuffs and Corporate Innovation: Evidence from Defined Benefit Pension Plans” (co-authored with Bin Qiu and Huu Nhan Duong), Review of Corporate Finance Studies 11.1, February 2022, 128-168.

“Price Momentum and Trading Volume, Revisited” (co-authored with Tsung-Yu Chen, Pin-Huang Chou, Chia-Hsuan Hsieh), Journal of Banking and Finance 127 (2021), 106119. [Link].

“Non-parametric Momentum based on Ranks and Signs” (co-authored with Tsung-Yu Chen, Pin-Huang Chou, Kuan-Cheng Ko), Journal of Empirical Finance 60, January 2021, 94-109

“Do Low Search Frictions Facilitate Like-buys-Like Mergers? Evidence From Common Bank Networks” (co-authored with Jiakai Chen and Joon-Ho Kim) Journal of Financial Economics 140 (2021), 484-513. [Link]

“Do Japanese Firms Systematically Inflate Expected Rate of Returns from Defined Benefit Pension Plans?” (co-authored with Yiyi Qin and Jun Cai) Pacific-Basin Finance Journal 68, September 2021, 103321. [Link]

“Why Corporate Innovation Declines after Stock Splits?” (co-authored with Di Kang and Mark Liu), 2020, China Accounting and Finance Review 22(1), 67-95. [Link]

“Conditional Extreme Risk, Black Swan Hedging, and Asset Prices” (co-authored with Feng Wu), Journal of Empirical Finance 58, September 2020, 412-435. [Link]

“Navigating through Economic Policy Uncertainty: The Role of Corporate Cash Holdings” (co-authored with Huu Nhan Duong, Justin Hung Nguyen, and My Nguyen) Journal of Corporate Finance 65, June 2020, 101607. [Link]

“Intraday Order Placement and Execution in a Limit Order Market: Evidence from the Indonesian Stock Market” (co-authored with Irwan Adi Ekaputra, Chunlin Liu, and Hong Chao Zen), International Review of Finance 21.2, July 2019, 404-429.

“Nominal Stock Price Anchors: A Global Phenomenon?” (co-authored with Kee-Hong Bae, Utpal Bhattacharya, and Jisok Kang), 2019, Journal of Financial Markets 44, 31-41. [Link]

“Venture capital-backed Commitments Test Entity Initial Public Offerings on the ASX” (co-authored with Zoltan Murgulov, Alastair Marsden, and Madhu Veeraraghavan), 2019, Accounting & Finance 59(2), 1265-1297. [Link]

“Business Group Affiliation, Internal Labor Markets, External Capital Markets, and Labor Investment Efficiency” (co-authored with Boochun Jung, Dongyoung Lee, and Ilhang Shin), 2019, Asia Pacific Journal of Financial Studies 48(1), 65-97. [Link]

“Residual Momentum and Investor Underreaction in Japan” (co-authored with Rosita P. Chang, Shinji Nakano, and Kuan-Cheng Ko), 2018, Journal of Empirical Finance 45, 283-299. [Link]

“CEO Inside Debt and Convertible Bonds” (co-authored with Carl Shen and Wei-Hsien Li), 2018, Journal of Business Finance & Accounting 45, 232-249. [Link]

“Differences in herding: Individual vs. institutional Investors” (Co-authored with Wei Li and Steven Shuye Wang), 2017, Pacific-Basin Finance Journal 45, 174-185. [Link]

“Trade-Based Manipulation in IPOs: Beyond the Prosecuted Cases,” (co-authored with Suman Neupane and Madhu Veeraraghavan), 2017, Journal of Corporate Finance 42, 115-130. [Link]

“Do Progressive Social Norms Affect Economic Outcomes? Evidence from Corporate Takeovers” (co-authored with Yangyang Chen, Edward J. Podolski, and Madhu Veeraraghavan), 2017, Journal of Empirical Finance 41, 76-95. [Link]

“Religious Beliefs and Local Government Financing, Investment, and Cash Holding Decisions” (co-authored with Yangyang Chen, Zoltan Murgulov, and Madhu Veeraraghavan), 2016, Journal of Empirical Finance 38, 258-271. [Link]

"Stock Liquidity and Managerial Short-Termism" (co-authored with Yangyang Chen, Madhu Veeraraghavan, and Leon Zolotoy), 2015, Journal of Banking and Finance 60. 44-59. [Link]

“National Culture and Cash Holdings in International Markets” (co-authored with Yangyang Chen, Cameron Truong, andMadhu Veeraraghavan), 2015, Journal of Banking and Finance 50, 1-18. [Link]

“Local Gambling Preferences and Corporate Innovative Success” (co-authored with Yangyang Chen, Edward J. Podolski,and Madhu Veeraraghavan), 2014, Journal of Financial and Quantitative Analysis 49(1), 77-106. [Link]

“Can Quote Competition Reduce Preferenced Trading? A Reexamination of the SEC’s 1997 Order Handling Rules” (co-authored with Tony Ning Tang), Accounting and Finance 53 (2013), 243-264. [Link]

“The Impact of Interbank and Capital Market Competition on Relationship Banking: Evidence from the Japanese Experience” (co-authored with Donald R. Fraser and G. Hwan Shin), Journal of Empirical Finance 19 (2012), 411-426. [Link]

“Foreign Exchange Market Efficiency under Recent Crises: Asia-Pacific Focus” (co-authored with Rubi Ahmad and Yuen Meng Wong), Journal of International Money and Finance 31.6 (2012), 1574-1592. [Link]

“Extreme Downside Risk and Expected Stock Returns” (co-authored with Wei Huang, Qianqiu Liu, and Feng Wu), Journal of Banking and Finance 36 (2012), 1492-1502. [Link]

“Anything Wrong with Breaking a Buck? An Empirical Evaluation of NASDAQ $1 Minimum Price Maintenance Criterion” (Co-authored with Feng Wu), Journal of Financial Markets 15 (2012), 258-285. [Link]

“Another Look at Idiosyncratic Volatility and Expected Returns” (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang), Journal of Investment Management 9.4 (2011), 26-51. [Link]

“The Brokerage Firm Effect in Herding: Evidence from Indonesia” (co-authored with Sumit Agarwal, I-Ming Chiu, and Chunlin Liu),Journal of Financial Research 34 (2011), 461-479. [Link]

“Preferenced Trading, Quote Competition, and Market Quality: Evidence from Decimalization on the NYSE” (co-authored with Wei Victor Huang and Tony Ning Tang), 2010, Financial Review 45, 523-540. [Link]

“Short Sales on the Speed of Price Adjustment: Evidence from the Hong Kong Stock Exchange” (co-authored with Crystal Xiaopei Chen), 2010, Journal of Banking and Finance 34, 471-483. [Link]

“Return Reversals, Idiosyncratic Risk and Expected Returns” (co-authored with Wei Huang, Qianqiu Liu, and Liang Zhang), 2010, Review of Financial Studies 23, 147-168. [Link]

“Foreign Institutional Ownership and Stock Market Liquidity: Evidence from Indonesia” (co-authored with Jianxin Wang), 2009, Journal of Banking and Finance 33, 1312-1324. [Link]

“An Analysis of the Magnet Effect under Price Limits” (co-authored with Yan Du and Qianqiu Liu), 2009, International Review of Finance9, 83-110. [Link]

“Why Do Foreign Investors Underperform Domestic Investors in Trading Activities? Evidence from Indonesia” (co-authored with Sumit Agarwal, Sheri Faircloth, and Chunlin Liu), 2009, Journal of Financial Markets 12, 32-53. [Link]

“How Does the Call Market Method Affect Price Efficiency? Evidence from the Singapore Stock Market” (co-authored with Rosita P. Chang, Gregory R. Stone and Tony Ning Tang), 2008, Journal of Banking and Finance 32, 2205-2219. [Link]

”The Returns to Value and Momentum in Asian Markets" (co-authored with Stephen Brown, Daphne Du, and Liang Zhang), 2008, Emerging Markets Review 9, 79-88. [Link]

"The Return to Value in Asian Stock Markets" (co-authored with Stephen Brown and Liang Zhang), 2008, Emerging Markets Review 9, 194-205. [Link]

“Abnormal Returns with Momentum/Contrarian Strategies using Exchange Traded Funds” (co-authored with Jack C. DeJong, Jr.), 2008, Journal of Asset Management 9, 289-299. [Link]

“Investor Demand for IPOs and Aftermarket Performance: Evidence from the Hong Kong Stock Market” (co-authored with Sumit Agarwal and Chunlin Liu), 2008, Journal of International Financial Markets, Institutions & Money 18, 176-190. [Link]

“Large Shareholder Monitoring and Regulation: The Japanese Banking Experience” (co-authored with Kenneth Kim and Sang-Hyop Lee), 2007, Journal of Economics and Business 59, 466-486. [Link]

“Earnings Management Behaviors under Different Economic Environments: Evidence from Japanese Banks,” (co-authored with Sumit Agarwal, Souphala Chomsisengphet, and Chunlin Liu), 2007, International Review of Economics and Finance 16, 429-443. [Link]

"Relationship between Bank Monitoring and Firm Value Creation: A Survey" (co-authored with G. Hwan Shin) Institutional and Policy Reforms to Enhance Corporate Efficiency in Korea (Lee-Jay Cho, Somi Seong, and Sang-Hyop Lee, editors), (Seoul: Korea Development Institute, 2007), 91-106. [Link]

“Do Macroeconomic Factors Subsume Market Anomalies in Long Investment Horizon?” (co-authored with Pin-Huang Chou and Jane-Sue Wang), 2007, Managerial Finance 33, 534-552. [Link]

“Where Does Price Discovery Occur for Stocks Traded in Multiple Markets? Evidence from Hong Kong and London” (co-authored with Sumit Agarwal and Chunlin Liu), 2006, Journal of International Money and Finance 26, 46-63. [Link]

“Investor Demand for IPOs and Aftermarket Performance: Evidence from the Hong Kong Stock Market” (co-authored with Sumit Agarwal and Chunlin Liu), 2006, Journal of International Financial Markets, Institutions & Money 18, 176-190. [Link]

“Price Limit Performance: Evidence from Transaction Data and the Limit Order Book,” (co-authored with Soon-Huat Chan and Kenneth Kim), Journal of Empirical Finance 12 (2005), 269-290. [Link]

"Taxes, Keirestsu Affiliation, and Income-Shifting," (co-authored with Jeffrey Gramlich and Piman Limpaphayom), Journal of Accounting and Economics 37 (2004), 203-228. [Link]

“The Wealth Effect of Foreign Investor Presence: Evidence from the Indonesian Stock Market,” (co-authored with Mamduh Hanafi) Management International Review 44 (2004), 157-171. [Link]

"Index-Futures Arbitrages in Japan" (co-authored with Y. Peter Chung and Jun-Koo Kang), in The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, Volume 4 (Amsterdam: North-Holland, 2003), pp. 173-197. [Link]

“A Retrospective Evaluation of the Pacific-Basin Finance Journal: 1993-2002,” (co-authored with Kalok Chan and G. Andrew Karolyi), Pacific-Basin Finance Journal 10 (2002), 497-516. [Link]

“Risk Management System in Clearing and Settlements: Asian and Pacific Equity Markets,” Asian Development Review 18 (2001), 94-119. [Link]

"The Effect of Conversion from American- to European-Style Options on Price Discovery of Nikkei 225 Index," (co-authored with Rosita P. Chang and Masahiro Yoshikawa), in Research Symposium Proceedings (Spring 2000) (Chicago, Ill: Chicago Board of Trade), 63-97.[Link]

“Quoted and Effective Spreads on Taiwan Stocks,” (co-authored with Chi-Jeng Wang), Advances in Pacific Basin Financial Markets (edited by Theo Bose and Thomas Fetherstone) Volume 5, (Greenwich, CT: JAI Press, 1999), 145-158. [Link]

"The Effects of Trading Methods on Volatility and Liquidity: Evidence from the Taiwan Stock Exchange," (co-authored with Rosita P. Chang, N. K. Huang, and S. Z. Shu), Journal of Business Finance & Accounting 26 (January/March 1999), 137-170. [Link]

"An Analysis of Return Behavior of Indonesian Stocks,” (co-authored with Rosita P. Chang) Advances in Pacific Basin Financial Markets(edited by Theo Bose and Thomas Fetherston) Volume 4, (Greenwich, CT: JAI Press, 1998), 171-184. [Link]

“Thai Capital Markets: Challenges and Reforms,” in Competitiveness and Sustainable Economic Recovery in Thailand (Edited by Johanna Witte and Stefan Koeberle) Vol II (Bangkok, Thailand: Office of the National Economic and Social Development Board and the World Bank, 1998), 93-101. [Link]

"Stock Market Reaction to Ethical Initiatives of Defense Contractors: Theory and Evidence," (co-authored with Edmund J. Boyle and Mark M. Higgins) Critical Perspectives on Accounting 8 (1997), 541-561. [Link]

"Price Limit Performance: Evidence from the Tokyo Stock Exchange," (Co-authored with Kenneth Kim), Journal of Finance 52 (June 1997), 885-901. [Link]

"The Bid-Ask Bounce Effect and the Spread Size Effect: Evidence from the Taiwan Stock Market," Pacific-Basin Finance Journal 5 (1997), 231-258. [Link]

"Extended Trading Hours and Market Microstructure: Evidence from the Thai Stock Market," Advances in Pacific Basin Financial Markets(edited by Theo Bose and Thomas Fetherstone) Volume 3, (Greenwich, CT: JAI Press, 1997), 73-89. [Link]

"Price Volatility of the Nikkei Index Component Stocks," (co-authored with C. J. Wang and Yoshifumi Hashimoto) Advances in Pacific Basin Financial Markets (edited by Theo Bose and Thomas Fetherstone) Volume 3, (Greenwich, CT: JAI Press, 1997), 125-150. [Link]

"The Lead-Lag Relationship between the Stock Market and Stock Index-Futures Market in Japan," in Research in Finance (edited by Andrew H. Chen)(Greenwich, CT: JAI Press, 1997).

"Systemic Risks of Market Failure," Journal of Development Finance 29, 1995, 102-116.

"The Impact of Futures Trading on Cash Market Volatility: Evidence from the Tokyo Stock Exchange," Research in International Business and Finance 12 (edited by John Doukas and Larry Lang)(Greenwood, CT: JAI Press, 1995), 241-250. [Link]

"Price Volatility of Indonesian Stocks," (co-authored with Rosita P. Chang and Susatio Soedigno), Pacific-Basin Finance Journal 3, 1995, 337-355. [Link]

"Short-Run Abnormal Returns of Contrarian Strategy in the Japanese Stock Market," (co-authored with Rosita P. Chang and Dennis McLeavey), Journal of Business Finance & Accounting 22, 1995, 1035-1048. [Link]

"Interday and Intraday Behavior of the TOPIX," (co-authored with Rosita P. Chang and Toru Fukuda) Pacific-Basin Finance Journal 1, 1993, 67-96. [Link]

"The Microstructure of Asian Equity Markets," (co-authored with Rosita P. Chang) Journal of Financial Services Research 6 (January 1993), 437-454, also reprinted in Financing Urban Environmental Infrastructure (Washington, D.C.: The International Law Institute, 1995).

"Investment in Salvage Equipment," (co-authored with Paul Mangiameli and George Tannous) Managerial and Decision Economics 13 (September-October 1992), 421-28. [Link]

"Ownership Structure and Performance: The Demutualization of Life Insurance Companies," (co-authored with Michael J. McNamara) Journal of Risk and Insurance 59 (June 1992), 221-238. [Link]

"Intra-Day Arbitrage Opportunities in Foreign Exchange and Eurocurrency Markets," (co-authored with Rosita P. Chang) Journal of Finance47 (March 1992), 363-379. [Link]

"The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions," Financial Management 19 (Summer, 1990), 21-31. [Link]

"An Overview of Asian Securities Markets," Pacific-Basin Capital Markets Research Volume I (edited by S. Ghon Rhee and Rosita P. Chang), (Amsterdam, The Netherlands: North-Holland, 1990), 81-100. [Link]

"Financial Planning for International Debt Financing," in Advances in Financial Planning and Forecasting Vol. 4 (edited by C. F. Lee and R. Aggarwal)(Greenwood, CT: JAI Press, 1990), 33-58. [Link]

"Stochastic Demand and a Decomposition of Systematic Risk," in Research in Finance Vol. 6 (edited by Andrew H. Chen)(Greenwood, CT: JAI Press, 1986), 197-216. [Link]

"Does the Stock Market React to Announcements of the Producer Price Index?" (co-authored with Rosita P. Chang), Financial Review 21 (February 1986), 125-134. [Link]

"The Currency-of-Denomination Decision for Debt Financing," (Co-authored with Rosita P. Chang and Peter E. Koveos), Journal of International Business Studies 40 (Fall 1985), 143-150. [Link]

"Inflation-Caused Wealth Transfer: A Case of the Insurance Industry," (co-authored with Rosita P. Chang and Blair M. Lord), Journal of Risk and Insurance 52 (December 1985), 627-643. [Link]

"The Impact of the Degrees of Financial and Operating Leverage on Systematic Risk of Common Stock" (co-authored with Gershon N. Mandelker), Journal of Financial and Quantitative Analysis 19 (March 1984), 45-57. [Link]

"Shareholder Limited Liability and Mean-Variance Models of Capital Structure," Decision Sciences 15 (Winter 1984), 1-13. [Link]

"Corporate Debt Capacity and Capital Budgeting Analysis," (co-authored with Franklin McCarthy) Financial Management 11 (Summer 1982), 42-50. [Link]

2020 Taiwan Finance Association Best Paper Award on “National Cultures and the Asset Growth Effect” (co-authored with Robin K. Chou and Kuan-Cheng Ko).

2020 China International Risk Forum (CIRF) Lifetime Achievement Award, August 22, 2020.

2019 Robert Hansen Corporate Finance Paper Award at the Dilip K. Shome Conference, Pamplin College of Business, Virginia Polytechnic University for “Does Better Corporate Governance Encourage Payout? Idiosyncratic Risk, Agency Problem, and Dividend Policy” (co-authored with Debarati Bhattacharya and Wei-Hsien Li).

2017 Asian Finance Association Best Paper Award on “Economic Policy Uncertainty and Corporate Cash Holdings” (co-authored with Huu Duong, Justin Nguyen, and My Nguyen”, Seoul, Korea, July 6-8, 2017.

2013 Financial News-Korean American Finance Association Eminent Scholar Award, Chicago, October 18, 2013.

The Mega Financial Holdings Best Paper Award on “Institutional Investors and Short-Term Return Reversals” (co-authored with Qianqiu Liu and Hong Vo) at the 2012 Asian Finance Association Annual Meeting, Taipei, Taiwan, July 6-9, 2012.

2012 Shirley M. Lee Research Award of the Shidler College of Business on May 4, 2012.

A best paper award on “The Impact of Short Sales on the Speed of Price Adjustment: Evidence from the Hong Kong Stock Exchange” (co-authored with Crystal Xiaopei Chen), at the 19th Annual Meeting of the Asian Finance Association in Hong Kong on July 4-6, 2007.

The University of Catania (Sicily) and Erasmus University (Netherlands)’s Archimedes Award, March 2001