|2009 - Present||Associate Professor of Finance, University of Dayton ‐ Department of Economics and Finance|
- FIN 480 - Options and Futures Markets
- FIN 460 - Portfolio Management & Security Analysis
- FIN 360 - Investments
|2009||PhD, University of Rhode Island|
|2004||MSF, Clark University|
|2003||M.Acc., University of Northern Iowa|
|2002||MBA, University of Northern Iowa|
|1994||BA, Shanghai International Studies University|
Office Phone: 937-229-3428
The Integrity of Financial Analysts: Evidence from Asymmetric Responses to Earnings Surprises Journal of Business Ethics (2016)
This paper investigates the integrity of financial analysts by examining their recommendation responses to large quarterly earnings surprises. Although there is no significant difference in recommendation changes between affiliated and unaffiliated analysts in response to ...
Controlling Shareholders’ Incentives and Executive Pay-for-performance Sensitivity: Evidence from the Split Share Structure Reform in China Journal of International Financial Markets, Institutions and Money (2015)
Using the split share structure reform in China as a natural experiment, we study how changes in controlling shareholder incentive affect the pay-for-performance sensitivity. The reform converts the shares owned by controlling shareholders from non-tradable ...
The Effect of Unfunded Pension Liabilities on Corporate Bond Ratings, Default Risk, and Recovery Rate Review of Quantitative Finance and Accounting (2014)
Unfunded pension liabilities lower ratings of non-senior secured bonds but do not affect ratings of senior secured bonds due to their higher seniority. Pension funding improvement (deterioration) is associated with bond rating upgrade (downgrade). Moreover, ...
Financial Crisis and Credit Crunch in the Housing Market Journal of Real Estate Finance and Economics (2014)
We investigate the recent financial crisis with an emphasis on the interlock among housing, mortgage, and credit markets. Following Geanakoplos (Econometric Society Monographs 2:170–205, 2003, 2010), we develop a model in which both prices of ...
Do Corporations Manage Earnings to Meet/Exceed Analyst Forecasts? Evidence from Pension Plan Assumption Changes Review of Accounting Studies (2014)
A significantly larger number of firms increase the expected rate of return on pension plan assets (ERR) to make their reported earnings meet/exceed analyst forecasts than would be expected by chance. In the short run, ...
An Analysis of Risk-Taking Behavior for Public Defined Benefit Pension Plans Journal of Banking & Finance (2014)
This paper presents the first comprehensive study on the determinants of public pension fund investment risk and reports several new important findings. Unlike private pension plans, public funds undertake more risk if they are underfunded ...
What Drives Corporate Pension Plan Contributions: Moral Hazard or Tax Benefits? Financial Analysts Journal (2013)
In testing moral hazard and tax benefit hypotheses regarding defined benefit plan funding and contribution incentives by incorporating sponsors’ bankruptcy risk, the authors proposed that high-bankruptcy-risk sponsors have a strong moral hazard incentive because the ...
Stock Price Synchronicity, Crash Risk, and Institutional Investors Journal of Corporate Finance (2013)
Both stock price synchronicity and crash risk are negatively related to the firm's ownership by dedicated institutional investors, which have strong incentive to monitor due to their large stake holdings and long investment horizons. In ...
What Determines Corporate Pension Fund Risk-taking Strategy? Journal of Banking & Finance (2013)
Corporate sponsors of defined benefit pension plans generally assume low investment risk when they have low funding ratios and high default risk, consistent with the risk management hypothesis. However, for financially distressed sponsors and sponsors ...
Tax-Induced Earnings Management in Emerging Markets: Evidence from China Journal of the American Taxation Association (2012)
China issued the New Enterprise Income Tax Law in 2007, which changed the corporate income tax rate from 33 percent to 25 percent and came into effect in 2008. Using the simulated marginal tax rate ...
What Determines Public Pension Investment Risk-Taking Policy Employment Research (2012)
State public pension plans, mostly defined benefit plans, cover pension benefits for 12.8 million active public employees and 5.9 million retirees and other annuitants. However, by the end of 2009, public pension plans had accumulated ...
Difference of Opinion, Overconfidence, and the High-volume Return Premium Journal of Financial Research (2011)
We argue that both differences of opinion and overconfidence lead to high-volume shocks. However, a high-volume shock induced mainly by differences of opinion (overconfidence) will lead to superior (inferior) stock returns. Empirically, Asian financial markets, ...
Asset Growth and Stock Returns: Evidence from Asian Financial Markets Pacific-Basin Finance Journal (2011)
This study examines the effect of corporate asset growth on stock returns using data on nine equity markets in Asia. For the period from 1981 to 2007, we find a pervasive negative relation between asset ...
Responses or comments (1)
Upjohn Institute Policy Paper: Public Pension Crisis and Investment Risk Taking: Underfunding, Fiscal Constraints, Public Accounting, and Policy Implications Upjohn Institute Policy Papers (2012)
Public pension funds that cover retirement benefits for almost 20 million active or retired employees have been significantly underfunded. An important, though largely overlooked, issue related to pension underfunding is the excessive investment risk levels ...