Kai Wu
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Publications

Research Articles
  • 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]
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  • 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]

  • 刘继明, 吴锴, 刘向丽. 2023. 自贸区金融改革与资本结构动态调整, 中央财经大学学报, 已接收.
    ​
  • 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]
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  • 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]
  • 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, 已接收.
  • 吴锴. 基于科教融汇的新文科创新人才培养模式研究, 教育研究,已接收.

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

  • Supplier Concentration and Speed of Capital Structure Adjustment [PDF] (Revised and resubmitted, Pacific-Basin Finance Journal)
      with Yi Liu and Sirui Ruan
    ​​​​​​​​
  • Manager Sentiment, Deal Characteristics, and Takeover Performance [PDF]  (Revised and resubmitted, British Accounting Review)
     ​ with Suwei An, Yi Liu, and Xiaofen Tan

  • 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

  • Do Investors Value Corporate Green Productivity? Evidence from China [PDF] (Revised and resubmitted, Finance Research Letters)
       with Yue Zhang and Tao Li

  •  数字生态下企业共同富裕表现:基于多重分配视角的分析 [PDF]  (修改后重投,《中国经济学》杂志)
        与余俊焱合作
    ​
  • The Cost of Capital and Corporate Employment Decisions [PDF]
     with Soku Byoun and Zhaoxia Xu

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

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  • Performance Commitment Clauses and Acquirer Cash Holdings [PDF]
      with Yufei Lu

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


  •  Uncovering Major Shareholder Tunneling Behind Performance Commitment Clauses [PDF] 
      with Maobin Xu and Yuzi Chen
    ​​​
  • Banking Liberalization and Analyst Forecast Accuracy [PDF]
        with Linghao Zhang


  • Do Performance Commitment Clauses Matter for Bidder Accounting Manipulation? [PDF]
         with Zihan Zhou


  • How Does Common Institutional Ownership Adapt to Technology Shock? [PDF]
         with Linghao Zhang and Xinwei Jin​​

Works in Progress

  • ​​Environmental Court and Green Finance
        with Ziyang Zhan
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