Kai Wu
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Publications

Research Articles
  • Yang T., Wu K. 2025. Green Finance Policies and Corporate Biodiversity Disclosure: Evidence from China,  Sustainability, in press. [PDF]

  • Ali Shah S., Wu K. 2025. How effective are green spending multipliers? Evidence from OECD economies, Energy Policy, 204(9): 114676. [PDF]

  • ​Liu J., Zhang K., Wu K. 2025. Workplace Anti-Discrimination and Corporate Organization Capital: Evidence From State LGBTQ Protection Laws, British Journal of Industrial Relations, in press. [PDF]

  • Wu Y., Wu K., 2025. Beyond Regular Hours: Government Overtime and New Quality Productivity of Chinese Listed Firms, Finance Research Letters, 79(6): 107301. [PDF]

  • Wu K., Lu Y. 2025. The Digital Dilemma: Corporate Digital Transformation and Default Risk, Journal of Financial Stability, 77(3): 101393. [PDF]

  • Zhen W., Wu K., 2025. Government-Business Relationship and Corporate Poverty Alleviation Decisions: Evidence from China, Asian Development Review, in press. [PDF]

  • Obaid R. Wu K., Xue J. 2025. Unveiling the Hidden Risks of Government Subsidy Reliance: Evidence from Stock Price Crashes, Spanish Journal of Finance and Accounting, in press. [PDF]

  • Zhang H., Wu K., Wang S. 2025. Freezing or Searing: Unraveling the Impact of Extreme Temperatures on Poverty in China, Environmental Impact Assessment Review, 112(3): 107841. [PDF]

  • Wang, S., Zhang, H., Wu, K., Nygaard, C. and Min, J., 2025. Deciphering the unequal impact of extreme temperatures on county sustainability in China. Environment, Development and Sustainability, in press. [PDF]

  • Obaid R., Zhang L., Wu K. 2025. Does Banking Liberalization Affect Corporate Debt Structure? Evidence from Natural Experiments in China, Journal of Financial Research, in press. [PDF]

  • Obaid R., Liu J., Wu K. 2024. COVID-19 Exposure, Financial Flexibility, and Corporate Leverage Adjustment, International Review of Economics and Finance, 96: 103651. [PDF]

  • Wu K., Lu Y., Li D., 2024. Contingent Cash Crunch: How Do Performance Commitments Affect Acquirer Liquidity? Research in International Business and Finance, 73: 102592. [PDF]

  • Yi L., Wu k., Liang X. 2024. Does low-carbon pilot policy promote corporate green total factor productivity? Economic Analysis and Policy, 84, 1-24. [PDF]

  • 刘继明, 吴锴, 刘向丽. 2024. 自贸区金融改革与资本结构动态调整, 《中央财经大学学报》, 9, 69-80. [PDF]

  • Guo D., Wu K., 2024. From Red Tape to Innovation: How Does Government Financing Reform Affect Corporate R&D Activities?, Accounting and Finance, 64(4): 3387-3417. [PDF]

  • 余俊焱,吴锴. 2024. 数字生态下企业共同富裕表现:基于多重分配视角的分析.《中国经济学》, 2, 119-157. [PDF]  
        
  • An S. Wu K., Liu Y., Tan X., 2024, Manager Sentiment, Deal Characteristics, and Takeover Performance, British Accounting Review, forthcoming [PDF]

  • ​Liu Y., Wu K., Ruan S., Kassar M., 2024, Supplier Concentration and Speed of Capital Structure Adjustment, Pacific-Basin Finance Journal, 85: 102328 [PDF]

  • Zhang H., Zhang Y., Wu, K., Shen D., 2024, Governance of Greenwashing Behaviors: A Perspective of Heterogeneous Firm Types, Energies, 17: 1340 [PDF]

  • Rehman O., Zhou Z., Wu K., Li W., 2024, From Courtrooms to Corporations: The Effect of Bankruptcy Court Establishment on Firm Acquisitions, Finance Research Letters, 61, 105037 [PDF]

  • Sun Y., Liu S., Wu, K, Hong Y. 2024, Does Environmental Regulation Affect Analyst Forecast Bias? Evidence from China's Low-Carbon Pilot Policy, Journal of Environmental Management, 353, 120134 [PDF]
    ​
  • Wu, K., Wan S., 2023, Job Stability and Household Financial Vulnerability: Evidence from Field Surveys in China, Finance Research Letters, 58, 104554 [PDF]

  • Yue Z., Wu, K., 2023, Bankruptcy Court Establishment and Corporate Risk-Taking, Finance Research Letters, 58, 104490 [PDF]
    ​
  • Lu, Y., Wu, K., 2023. Corporate Digital Transformation and Financialization: Evidence from Chinese Listed Firms, Finance Research Letters, 57(11):104229 [PDF] 
       
  • Jia X. Wu, K., 2023. Supplier Concentration and Analyst Forecast Bias, China Journal of Accounting Research, 16(4):100326 [PDF] 

  • Rehman, O., Liu, X., Wu, K., Li, J., 2023. Customer Concentration, Leverage Adjustments, and Firm Value, Accounting and Finance, 63(2): 2035-2079. [PDF]
 
  • Zhang, H., Wang D., Sun, C., Wu, K.,  Lin C., 2023. Does Political Inspection Promote Corporate Green Innovation?, Energy Economics,  123(7): 1-11. [PDF]
    ​
  • Liu, J., Wu, K., Jiang, F., and Shen Z. 2023. How Is Illiquidity Priced in the Chinese Stock Market? Accounting and Finance, 75(S1): 1285-1320. [PDF]

  • Zhou Z., Wu K., 2023. Does Climate Risk Exposure Affects Corporate Leverage Adjustment Speed? International Evidence, Journal of Cleaner Production, 389(2): 136036.  [PDF]

  • Wu K., Liu Y., Sun H., Xu Y., 2023. It Pays to Have Guanxi: How Social Capital Affects Household Income? International Studies of Economics, 18(3): 370-392. [PDF]

  • Kopyrina O., Wu K., Ying Z., 2023. Greening through Central Inspection: The Role of Legitimacy Pressure and Risk-Taking, Pacific-Basin Finance Journal, 77(2): 101894. [PDF]

  • Liu J., Wu K., Zhou M., 2023. News Tone, Investor Sentiment, and Liquidity Premium, International Review of Economics and Finance, 84(3): 167-181. [PDF]

  • Liu J., Wu K., 2022. Purifying Political Ecology: How Anti-Corruption Campaign Affects Capital Structure Decisions? Pacific-Basin Finance Journal, 75(10), 101845. [PDF]
 
  • Zhang H., Liang S., Qiu Y., Cai Y., Chan G., Wang S., Zhou D., Zhou Y., and Li Z., 2022. Using Agrophotovoltaics to Reduce Carbon Emissions and Global Rural Poverty, The Innovation, 3(6), 100311. [PDF]

  • Wang, S., Wu, K., Lai, S., 2022. Acquisition for Innovations? M&A Intensity and Intra-Firm R&D Reallocations, Research in International Business and Finance, 62(12), 101721. [PDF]

  • 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]

  • 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]
Education Research
  • 吴锴. 2024. 基于科教融汇的新文科创新人才培养模式研究, 《教育科学》, 3: 13-17. [PDF]
  • 吴锴, 卢昱霏, 史柯. 2024. 本科《计量经济学》案例教学与课程思政融合研究, 《高教学刊》, 17: 154-157. [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)》, 6: 118-120. [PDF]
  • 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]

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

  • Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter? [PDF]  (Revised and resubmitted, Journal of Empirical Finance)
       with Obaid Ur Rehman and Jia Liu​
    ​
  • The Voice of the Silence: Does Online Voting Affect Corporate Internal Compensation Gap? [PDF] (Revised and resubmitted, Accounting Forum)
      with Jiming Liu

  • How Do Natural Disasters Affect Regional Innovation? [PDF] (Revised and resubmitted, Journal of Regional Science)
      with Ziyang Zhan, Dongxing Jia and Huiming Zhang

  • The Dark Side of Digital Transformation: The Case of Accounting Fraud Risk (Revised and resubmitted, Accounting and Business Research)
      with Yufei Lu and Xiangli Liu

  • How Does Common Institutional Ownership Adapt to Technology Shocks?  (Revised and resubmitted, Journal of Business Research)
      with 
    Linghao Zhang and Xinwei Jin

  • Onsite Oversight: Institutional Site Visits and Stock Return Volatility (Revised and resubmitted, Research in International Business and Finance)
       
    with Yue Zhang and Donghui Li 
    ​
  • Employee Ownership, Market Feedback, and Corporate Investment (Revised and resubmitted, Financial Innovation)
       with Jingyuan Qiao and Yi Liu 


  • Judicial Fairness Perception and Corporate Innovation: Evidence from Entrepreneur Survey in China (Revised and resubmitted, China Economic Review)
      with Jingyuan Qiao and Donghui Li 


  • Private Subsidiaries Information Disclosure and Analysts Forecast Accuracy (revised and resubmitted, Journal of Accounting and Public Policy)
       
    with Weidong Xu, Yue Liu, and Donghui Li

  • How Do Institutional Investors Respond to Climate Change Exposure? International Evidence (revised and resubmitted, Global Finance Journal)
      with Zhen Wang


  • The Power of Title: Firm Innovation under Intergovernmental Competition (revised and resubmitted, Economic Modelling)
      with Yi Liu and Maobin Xu


  • Climate Risk Exposure and Corporate Accounting Fraud Around the World
       with Zihan Zhou, Weimian Ai, and Liandong Zhang

  • Unveiling the Hidden Workforce Costs of Market Dependencies: Customer Concentration and Employee Satisfaction
       with Weidong Xu, Zijun Luo, and Donghui Li


  • Do Expressions of National Sentiments Secure Firms' Government Procurement?
       with Gary Tian and Donghui Li


  • Strategic Silence: U.S. Sanctions and Corporate Disclosure in China
       with Chao Dou, Kai Yang, and Donghui Li
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