Kai Wu
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Publications

Research Articles
  • 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, in press. [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]

  • Liu, J., Wu, K., Jiang, F., and Shen Z. 2022. How Is Illiquidity Priced in the Chinese Stock Market?  Accounting and Finance, in press. [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]

  • 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), 6: 118-120. [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

  • 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​
    ​
  • ​Does Shale Gas Development Promote Local Innovation? [PDF] (Revised and resubmitted, Energy Economics)
      with Zixuan Jiang​​​​​​
    ​
  • Does Political Inspection Promote Corporate Green Innovation? [PDF]  (Revised and resubmitted, Energy Economics)
        with Huiming Zhang, Dayu Wan, Chuanwang Sun, and Caixia Lin

  • 中小股东的声音:网络投票政策与企业内部薪酬差距 [PDF]
        与刘继明、刘向丽合作


  •  数字生态下企业共同富裕研究:基于多重分配视角 [PDF]
        与余俊焱合作


  • 低碳试点城市政策、分析师预测行为与市场预期 [PDF]
        与孙玉莹、林潜润、洪永淼合作​

  • 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 and Yi Liu

  • Political Uncertainty, Monetary Policy Contraction and Capital Structure Dynamics [PDF]
      with Yi Liu and Seiwai Lai

  • Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter? [PDF] 
     with Obaid Ur Rehman and Jia Liu


  • Central Judicial Inspector: Establishment of Circuit Tribunals and Corporate Innovation in China [PDF]
         with Minli Sun

  • Cheap Money Talk: Banking Liberalization and Corporate Innovation in China [PDF]
        with Haoan Yan and Yi Liu
    ​
  • Hedging-Motivated Tax Avoidance [PDF]
     with Yuying Sun,Yao Yue​​​, and Shouyang Wang

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

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

  • ​Investment Incentives and Corporate Social Responsibilities: Does Managerial Long-Termism Matter? [PDF]
        with Olga Kopyrina and Zhanyu Ying


  • 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​

    ​
  • 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


  • ​How Does COVID-19 Pandemic Affect Corporate Financial Flexibility? [PDF]
       with Obaid Rehman and Jia Liu

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


  •  Why Do M&A Bidders Adopt Performance Commitment Clauses? A Tunneling Perspective [PDF] 
      with Maobin Xu and Yuzi Chen
    ​​​
  • 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​


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

  • Supplier Concentration and Speed of Capital Structure Adjustment [PDF]
        with Yi Liu and Sirui Ruan

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

  • ​Natural Disaster​s and Regional Innovation [PDF]
    with Ziyang Zhan

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

  • Supplier Concentration and Analyst Forecasting Bias [PDF]
       with Xiaotong Jia

  • Minority Shareholder Protection and ESG Disclosure [PDF]
         with Olga Kopyrina

Works in Progress

  • Workplace Labor Protection and Organizational Capital
       with Kehan Zhang


  • Firm Digitization and Financial Distress
         with Yufei Lu

    ​
  • 地方政府债券发还方式改革激活了企业创新吗?
        与郭丁垚合作​
    ​
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