Kai Wu
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Publications

Research Articles
  • Wu, K., Liu Y., Feng W., 2022. The Effect of Index Option Trading on Stock Market Volatility in China: An Empirical Investigation, Journal of Risk and Financial Management, 15(4), 150. [PDF]

  • Rehman, O., Liu, X., Wu, K., Li, J., 2022. Customer Concentration, Leverage Adjustments, and Firm Value, Accounting and Finance, in press. [PDF]

  • Zhang, H., Huang Y., Wu, K., Wang S., Nygaard C., Qiu, Y., 2022. Do Political Connections Affect Corporate Poverty Alleviation Decisions? Evidence from China, China Economic Review, 73(6), 101785 [PDF]

  • Wu, K., Xu, M., Jin, Z., 2022. Thirst for Money: External Guarantees and Stock Price Crash Risk, Pacific-Basin Finance Journal, 72(4), 101724. [PDF]
    ​
  • Huang, Y. Liang, B., Wu, K. 2021. Are Mutual Fund Manager Skills Transferable to Private Funds?  International Review of Economics and Finance, 76(11), 614-638. [PDF]

  • Huang, D., Li, J. Wu, K. 2021. The Effect of Oil Supply Shocks on Industry Returns,  Journal of Commodity Markets, 24(12),100172  [PDF]

  • Wu, K., Lai, S. 2020. Intangible Intensity and Stock Price Crash Risk, Journal of Corporate Finance, 64(10), 101682 [PDF]

  • Zhang, H., Wu, K., Qiu, Y., Chan, G., Wang, S., Zhou, D., Ren, X. 2020. Solar Photovoltaic Interventions Have Reduced Rural Poverty in China, Nature Communications, 11:1169 [PDF]
 
  • Zhang, H., Xu, Z., Wu, K., Zhou, D., Wei, G. 2019. Multi-dimensional Poverty Measurement for Photovoltaic Poverty Alleviation Areas: Evidence from Pilot Counties in China. Journal of Cleaner Production, 241(12), 118382 [PDF]

  • 陈海强, 韩乾, 吴锴. 2015, 融资约束抑制技术效率提升吗?——基于制造业微观数据的实证研究. 金融研究, 10: 148-162. [PDF]​​
 
  • Chen, H., Han, Q., Li, Y., Wu, K. 2013. Does Index Futures Trading Reduce Volatility in the Chinese Stock Market? A Panel Data Evaluation Approach. Journal of Futures Markets, 33(12), 1167-1190. [PDF]
 
  • 陈海强, 韩乾, 吴锴. 现金流波动, 2012, 盈利稳定性与公司价值——基于沪深上市公司的实证研究. 金融研究, 9: 181-194 [PDF]

  • 吴锴, 喻登科, 肖振红. 2009, 股息公告与自由现金流假说: 理论与验证. 经济与管理研究, 2: 70-75 [PDF]
Educational Research
  • 吴锴. 2021. 金融学类学生第二课堂育人机制研究, 国际援助, 34: 130-132. [PDF]
  • 吴锴, 卢昱霏. 2022.《计量经济学》研究性学习教法探究, 新教育时代(教师版), 2. [PDF]

Book Chapters

  • 金融科技理论与实践, 建军主编, 中国财政经济出版社, 2021
  • ​金融科技学, 李建军主编, 高等教育出版社, 2021
  • 理财规划基础, 李青云主编, 中国金融出版社, 2020

Working Papers

  • Acquisition for Innovations? M&A Intensity and Intra-Firm R&D Allocations [PDF]  (Revised and resubmitted, Research in International Business and Finance)
       with Shuxun Wang and Seiwai Lai

  • How Is Illiquidity Priced in the Chinese Stock Market?  [PDF]  (Revised and resubmitted, Accounting and Finance)
      
    with Jun Liu, Fuwei Jiang, and Zhiqi Shen

  • It Pays to Have Guanxi: How Social Capital Affects Household Income [PDF] (Revised and resubmitted, Frontiers of Economics in China)
      with Yi Liu, He Sun​​​​​​, and Yifan Xu

  • 自贸区金融改革与资本结构动态调整 [PDF] (修改后投稿,中央财经大学学报)
        与刘继明、刘向丽合作

  • Purifying Political Ecology: How Anti-Corruption Campaign Affects Capital Structure Decisions? [PDF] (Revised and resubmitted, Pacific-Basin Finance Journal)
     with Jiming Liu​

  • Blessing or Curse? Government Subsidy Dependence and Stock Price Crash Risk [PDF]
       with Xiaoxing Liu, and Obaid Rehman

  • Do Intangible Assets Really Foster Corporate Tax Avoidance? [PDF] 
    ​  with Weimian Ai

  • Firm-Level Political Risk and Capital Structure Dynamics [PDF]
      with Yi Liu and Seiwai Lai

  • The Dark Side of Political Uncertainty: The Case of Corporate Innovation [PDF] 
     with Xiaoxing Liu, Obaid Ur Rehman, and Jia Liu


  • Hedging-Motivated Tax Avoidance [PDF]
     with Yuying Sun,Yao Yue​​​, and Shouyang Wang

  • Greening through Central Inspection: Legitimacy Pressure or Risk-Taking? [PDF]
       with Olga Kopyrina and Zhanyu Ying


  • Natural Disasters Impede Corporate Earnings Management [PDF]
       ​with Huiming Zhang, Shouyang Wang, Yueming Qiu, and Mark Seasholes

  • The Cost of Capital, Adjustment Costs, and Corporate Employment [PDF]
     with Soku Byoun and Zhaoxia Xu

  • Understanding the Information Content of Alternative Cost-of-Equity Proxies [PDF]  
    ​  with Soku Byoun

  • Trusting the Theft: Relative Performance Evaluation and Corporate Tax Avoidance [PDF]
       with Ke Shi​


  • The Role of Solar Photovoltaic in Global Poverty Removal is Overestimated [PDF]
      with Huiming Zhang, Shan Liang, Yueming (Lucy) Qiu, Yinyin Cai, Gabriel Chan,  Shouyang Wang, 
       
    Dequn Zhou,  Yi Zhou, and Zonghao Li 

  • Informativeness of Incentive Contracts: Relative Performance Evaluation and Stock Price Crash Risk [PDF]          
      with Suwei An and Xiaofen Tan

  • Corporate Liquidity Effect of Performance Commitment in Acquisitions [PDF]
      with Yufei Lu


  • ​Does COVID Pandemic Exposure Affect Capital Strcuture Flexibility? [PDF]
       with Obaid Rehman, Jia Liu and Yuying Sun

  • Does Political Uncertainty Matter in Executive Compensation? [PDF]
       with Jiming Liu


  •  Do Performance Commitment Clauses Protect M&A Bidders? [PDF] 
      with Maobin Xu and Zejun Jin​​​

  • Manager Sentiment, Deal Characteristics, and Takeover Performance [PDF] 
     ​ with Suwei An and Xiaofen Tan

  • The Power of Title: Intellectual Property Support and Firm Innovation [PDF] 
    ​ with Maobin Xu

  • Racing to Accomplishment: Relative Performance Evaluation and Corporate Innovation [PDF]
      with Ke Shi


  • News Tone, Investor Sentiment, and Liquidity Premium [PDF]
     with Jun Liu, Ming Zhou, and Jingfu Jing


  • ​Does Shale Gas Development Promote Local Innovation? [PDF]
      with Zixuan Jiang​​​​​​

  • Market Liquidity and Price Disparity: Evidence from Chinese Cross-Listed Firms [PDF] 
     with Fuwei Jiang, Jun Liu and Botao Fan

  • Does Economic Policy Uncertainty Drive Global ETF Flows? [PDF] 
       with Yuying Sun, Qianrun Lin, and Ke Shi
    ​
  • Mutual Fund Advisory Misconduct: Investor Flows and Company Reactions [PDF] 
       with Bing Liang and Yuying Sun

  • ​Natural Disaster​s and Local Innovation [PDF]
    with Zilan Xu​ and Huiming Zhang

  • Innovation Overload? [PDF]
    with Byoung-Hyoun Hwang and Hugh Hoikwang Kim​​​

  • Suppplier Concentration and Analyst Forecasting Bias [PDF]
       with Xiaotong Jia
    ​
  • 低碳城市试点政策影响了分析师预测行为吗? [PDF]
        与孙玉莹、洪永淼、林潜润合作
 
  • 供应商集中度促进资本结构调整速度吗? [PDF]
        与阮思睿合作

  • 对赌协议的经济效益: 文献评述 [PDF]
       与刘阳合作

Works in Progress

  • Workplace Labor Protection and Organizational Capital
       with Kehan Zhang


  • Firm Digitization and Financial Distress
         with Yufei Lu


  • Minority Shareholder Proetecion and ESG Disclosure
         with Olga Kopyrina
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