Working Papers

• No Need for Help: The Effect of CEO Incentives on Blockholder Ownership, with Garry Twite

Description: Using a novel instrument for CEO incentives, we find a substitution effect of incentive contracts on blockholder monitoring of a firm's management.

Presentation (selected): 2022 FMCG PhD Symposium; 2022 FMA European; 2022 EFA Doctoral Tutorial; 2022 FMA Special PhD Paper Presentation; Asia-Pacific Corporate Finance Online Workshop; 2022 FIRN PhD Symposium; 2022 Paris December Finance Meeting; 2022 AFBC.

Media Coverage:  The FinReg Blog, by the Duke Financial Economics Center at Duke University.

• Helpful Creditors, Opportunistic Blockholders, with Garry Twite

Description: Consistent with blockholder opportunism, we find that blockholders are more likely to enter a firm when creditors help improve its performance.

Presentation (selected): 2022 FMCG Conference; 2022 FMA Asia Pacific; 2023 AFBC.

• Ownership Concentration and Crisis Recovery, with Yifan Zhou

Description: We find that blockholders help firms survive financial crises via a governance channel.

Presentation (selected): 2023 AFBC.

Work in Progress

• Politics and ESG Decisions, with Yuyang Zhang

• Information Transmission and Short-Selling, with Bochen Wu

• Ownership and Innovation