Publications

  • The Effect of Oil Supply Shocks on Industry Returns [PDF], with Dayong Huang and Jay Li, forthcoming in Journal of Commodity Markets.

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

Book Chapters

  • 理财规划基础, 李青云主编, 中国金融出版社, 2020, 北京
  • ​金融科技学, 李建军主编, 高等教育出版社, 2020, 北京

Working Papers

  • Manager Sentiment, Deal Characteristics, and Takeover Performance [PDF] (Revised and resubmitted, Journal of Banking & Finance)  
​         with Suwei An and Xiaofen Tan

  • Are Mutual Fund Manager Skills Transferable to Private Funds? [PDF] (Revised and resubmitted, International Review of Economics and Finance)
            with Ying Sophie Huang and Bing Liang

  • Understanding the Information Content of Alternative Cost-of-Equity Proxies [PDF]  (Revised and resubmitted, Journal of Corporate Finance)
            with Soku Byoun

  • Do Political Connections Affect the Effectiveness of Corporate Poverty Alleviation? Evidence from China  (Revised and resubmitted, China Economics Review)
           with Huiming Zhang, Jingying Huang, Shouyang Wang, and Christian Nygaard

  • Does the Introduction of Index Options Affect Stock Market Volatility? A Panel Data Evaluation Approach [PDF] (under review)
     with Yi Liu and Weiyang Feng

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

  • Government Subsidy Dependence and Stock Price Crash Risk [PDF] (under review)
       with Xiaoxing Liu, Obaid Rehman, and Ziyan Zhu

  • Customer Concentration and Capital Structure Adjustment Speed [PDF] (under review)
      with Xiaoxing Liu and Obaid Rehman

  • Firm-Level Political Risk and Dynamics of Capital Structure [PDF] (under review)
      with Seiwai Lai

  • Do Natural Disasters Impede Corporate Earnings Management? [PDF]  (under review)
    ​  with Huiming Zhang, Shouyang Wang, and Yueming Qiu

  • ​Shale Oil Exploration and Regional Innovation [PDF] (under review)
      with Zixuan Jiang​​​​

  • Economic Policy Uncertainty and Global ETF Flows [PDF] 
       with Yuying Sun, Seiwai Lai and Yindi Shen

  • Illiquidity Premium and Stock Returns: New Evidence from China [PDF]
      with Jun Liu and Lang Zheng
    ​
  • Intellectual Property Protection and Firm Innovation: Evidence from a Natural Experiment in China [PDF] 
    ​ with Maobin Xu

  • Intangible Intensity and Corporate Tax Avoidance [PDF]
    ​ with Weimian Ai

  • ​COVID Exposure and Financial Flexibility [PDF]
     with Obaid Rehman, Jia Liu and Yuying Sun

  •  Acquisition Aggressiveness and Economic Consequences of Performance Commitment [PDF]
      with Maobin Xu and Zejun Jin​​

  • External Guarantees and Stock Price Crash Risk [PDF]
       with Zejun Jin and Maobin Xu

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

  • Anti-Corruption Campaign and Capital Structure Dynamics [PDF]
     with Jiming Liu

  • Bank Loan Sales​​ and Stock Price Crash Risk [PDF]
     with Yunpeng Hu and Pei Shao

  • Cost of Capital and Human Capital Investment [PDF]
     with Soku Byoun and Zhaoxia Xu

  • Mutual Fund Advisory Misconduct: Investor Flows and Company Reactions [PDF] 
       with Bing Liang and Yuying Sun

  • Relative Performance Evaluation and Corporate Tax Avoidance [PDF]
     with Ke Shi

  • Acquisition for Innovations? M&A Intensity and Intra-Firm R&D Allocations [PDF] 
           with Shuxun Wang and Seiwai Lai

  • It Pays to Have Guanxi: Social Networks and Household Income in China [PDF]
           with Seiwai Lai and He Sun​​​​

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

Works in Progress

  • Firm-Level Political Risk and Corporate Tax Avoidance [PDF]
     with Yuying Sun and Yao Yue​​​
    ​
  • Relative Performance Evaluation and Stock Price Crash Risk [PDF]
          with Suwei An and Xiaofen Tan

  • Debt Structure and Stock Price Crash Risk [PDF]
       with Yunpeng Hu and Pei Shao
 
  • 供应商集中度与资本结构动态调整 [PDF]
        与阮思睿、姜依依合作