Our Research
Our Division is committed
to research excellence. Our Division consistently ranks among the top
universities in Asia for finance research as per the Olin Business School’s
CAFR Ranking and the UTD Top 100 Business School Research Rankings. We also
rank among the top five business schools globally for research in Actuarial
Science, Risk Management & Insurance as per the University of
Nebraska–Lincoln Global Research Rankings.
Selected Publications
Chen, H., Hwang, B.H., and Peng, Z., 2025. Revisiting the cross-section of expected stock returns: Evidence from a textual analysis of buy recommendations. The Review of Financial Studies, forthcoming
Chi, F., Hwang, B. H., and Zheng, Y., 2025. The use and usefulness of big data in finance: Evidence from financial analysts. Management Science 71, p. 4599-4621
Liao, L., Wang, Z., Yan, H., Yang, J., and Zhou, C., 2025. Angry borrowers: Ex-post effects of social shaming on debt repayment. Management Science, forthcoming
Bai, J. and Ru, H., 2025. Carbon emissions trading and environmental protection: International evidence. Management Science, forthcoming
Chang, X., Gao, H., and Li, W., 2025. Discontinuous distribution of test statistics around significance thresholds in empirical accounting studies. Journal of Accounting Research, forthcoming
Chang, X., Li, S., Liu, C., Sun, L., and Zhang, W., 2025. Local political corruption and financial reporting conservatism. The Accounting Review, forthcoming
Chen, T., Xiong, X. and Zou, K., 2025. Minimum wages, state ownership, and corporate environmental policies. Journal of Financial and Quantitative Analysis, forthcoming
Ru, H. and Yang, E., 2025. Government credit and international trade. Journal of Financial and Quantitative Analysis, forthcoming
Sialm, C., and Zhu, Q., 2024. Currency management by international fixed income mutual funds. Journal of Finance 79, p. 4037-4081
Chen, Z., Lu, Y., Zhang, J., and Zhu, W., 2024. Managing weather risk with a neural network-based index insurance. Management Science 70, p. 4306-4327
Ru, H., Yang, E. and Zou, K., 2024. Early-life experience and CEOs’ reactions to COVID-19. Journal of Accounting and Economics 79, p. 101734Cai, X., Jiang, F., and Kang, J.K., 2023. Remote board meetings and board monitoring effectiveness: Evidence from China. The Review of Financial Studies 36, p. 4318-4372
Chang, X., Chen, Y. and Masulis, R.W., 2023. Bank lines of credit as a source of long-term finance. Journal of Financial and Quantitative Analysis 58, p. 1701-1733
Chen, T., Zhang, L., and Zhu, Q., 2023. Dual ownership and risk-taking incentives in managerial compensation. Review of Finance 27, p. 1823-1857Chen, H., Hwang, B.-H., 2022. Listening in on investors’ thoughts and conversations. Journal of Financial Economics 145, p. 426-444
Chen, T., Lin, C., Shao, X., 2022. Globalization and US corporate tax policies: evidence from import competition. Management Science 68, p. 6145-6162
Kang, J.-K., Kim, H., Kim, J., Low, A., 2022. Activist-appointed directors. Journal of Financial and Quantitative Analysis 57, p. 1343-1376
Ru, H., Zou, K., 2022. How do individual politicians affect privatization? Evidence from China. Review of Finance 26, p. 637-672
Kamiya, S., Kang, J.-K., Kim, J., Milidonis, A., Stulz, R.M., 2021. Risk management, firm reputation, and the impact of successful cyberattacks on target firms. Journal of Financial Economics 139, p. 719-749
Aghamolla, C., An, B.-J., 2021. Voluntary disclosure with evolving news. Journal of Financial Economics 140, p. 21-53
Huang, S., Hwang, B.-H., Lou, D., 2021. The rate of communication. Journal of Financial Economics 141, p. 533-550
Zhu, Q., 2021. Capital supply and corporate bond issuances: Evidence from mutual fund flows. Journal of Financial Economics 141, p. 551-572
Gao, H., Ru, H., Tang, D.Y., 2021. Subnational debt of China: The politics-finance nexus. Journal of Financial Economics 141, p. 881-895
Li, S., Wang, X., Ye, M., 2021. Who provides liquidity, and when? Journal of Financial Economics 141, p. 968-980
Luo, J., Subrahmanyam, A., Titman, S., 2021. Momentum and reversals when overconfident investors underestimate their competition. The Review of Financial Studies 34, p. 351-393
Ru, H., Yang, E., Zou, K., 2021. Combating the COVID-19 pandemic: The role of the SARS imprint. Management Science 67, p. 5606-5615
Chen, T., Tan, Y., Wang, J., Zeng, C., 2021. The Unintended Consequence of Land Finance: Evidence from Corporate Tax Avoidance. Management Science 68, p. 7793-8514
Gao, H., Ru, H., Yang, X., 2021. The informational role of ownership networks in bank lending. Journal of Financial and Quantitative Analysis 57, p. 2993-3017
Chen, T., Dong, H., Lin, C., 2020. Institutional shareholders and corporate social responsibility. Journal of Financial Economics 135, p. 483-504
Chen, S.-S., Chen, Y.-S., Kang, J.-K., Peng, S.-C., 2020. Board structure, director expertise, and advisory role of outside directors. Journal of Financial Economics 138, p. 483-503
Liu, C., Low, A., Masulis, R.W., Zhang, L., 2020. Monitoring the monitor: Distracted institutional investors and board governance. The Review of Financial Studies 33, p. 4489-4531
Zhu, Q., 2020. The missing new funds. Management Science 66, p. 1193-1204
Kang, J.-K., Kim, J., 2020. Do family firms invest more than nonfamily firms in employee-friendly policies? Management Science 66, p. 1300-1324
Karolyi, G.A., Kim, D., Liao, R., 2020. The theory and practice of investor relations: A global perspective. Management Science 66, p. 4746-4771
Luo, J., Qiao, Z., 2020. Individual commitment and team performance: evidence from mutual fund managers. Journal of Financial and Quantitative Analysis 55, p. 2073-2098
Wei, P., Yang, C., Zhuang, Y., 2022. Robust consumption and portfolio choice with derivatives trading. European Journal of Operational Research, forthcoming
Fung, D.W.H., Wei, P., Yang, C.C., 2022. State subsidized reinsurance programs: Impacts on efficiency, premiums, and expenses of the US health insurance markets. European Journal of Operational Research, forthcoming
Boyle, P., Tan, K.S., Wei, P., Zhuang, S.C., 2022. Annuity and insurance choice under habit formation. Insurance: Mathematics and Economics 105, 211-237
Wang, C.-W., Liu, K., Li, B., Tan, K.S., 2022. Portfolio optimization under multivariate affine generalized hyperbolic distributions. International Review of Economics & Finance 80, 49-66
Asmuni, N.H., Tan, K.S., Purcal, S., 2022. The Impact of Health Impairment on Optimal Annuitization for Retirees. Risks 10, 75
Tan, K.S., Weng, C., Zhang, J., 2022. Optimal dynamic longevity hedge with basis risk. European Journal of Operational Research 297, 325-337
Cui, H., Tan, K.S., Yang, F., 2022. Portfolio credit risk with Archimedean copulas: asymptotic analysis and efficient simulation. Annals of Operations Research, 1-30
Chang, D., Chang, X., He, Y., Tan, K.J.K., 2022. The determinants of COVID-19 morbidity and mortality across countries. Scientific reports 12, 1-17
Boyle, P., Tan, K.S., Wei, P., Zhuang, S.C., 2022. Annuity and insurance choice under habit formation. Insurance: Mathematics and Economics 105, 211-237
Meng, H., Wei, P., Zhang, W., Zhuang, S.C., 2022. Optimal Dynamic Reinsurance Under Heterogeneous Beliefs and CARA Utility. SIAM Journal on Financial Mathematics 13, 903-943
Brockett, P., Golden, L., Wei, P., Yang, C., 2022. Medicare Advantage, Medical Loss Ratio, Service Efficiency, and Efficiently Positive Health Outcomes. North American Actuarial Journal, 1-15
Tan, K.S., Weng, C., Zhang, J., 2022. Optimal dynamic longevity hedge with basis risk. European Journal of Operational Research 297, 325-337
Chi, Y., Tan, K.S., 2021. Optimal incentive-compatible insurance with background risk. ASTIN Bulletin: The Journal of the IAA 51, 661-688
Li, H., Tan, K.S., Tuljapurkar, S., Zhu, W., 2021. Gompertz law revisited: Forecasting mortality with a multi-factor exponential model. Insurance: Mathematics and Economics 99, 268-281
Ji, L., Tan, K.S., Yang, F., 2021. Tail dependence and heavy tailedness in extreme risks. Insurance: Mathematics and Economics 99, 282-293
Li, W., Tan, K.S., Wei, P., 2021. Demand for non-life insurance under habit formation. Insurance: Mathematics and Economics 101, 38-54
Chen, T., Kenneth Cheng, H., Jin, Y., Li, S., Qiu, L., 2021. Impact of competition on innovations of IT industry: An empirical investigation. Journal of Management Information Systems 38, 647-666
Sherris, M., Wei, P., 2021. A multi-state model of functional disability and health status in the presence of systematic trend and uncertainty. North American Actuarial Journal 25, 17-39
Wei, P., 2021. Risk management with expected shortfall. Mathematics and Financial Economics 15, 847-883
Li, W., Tan, K.S., Wei, P., 2021. Demand for non-life insurance under habit formation. Insurance: Mathematics and Economics 101, 38-54
Wang, C.-W., Zhang, J., Zhu, W., 2021. Neighbouring prediction for mortality. ASTIN Bulletin: The Journal of the IAA 51, 689-718
Li, H., Tan, K.S., Tuljapurkar, S., Zhu, W., 2021. Gompertz law revisited: Forecasting mortality with a multi-factor exponential model. Insurance: Mathematics and Economics 99, 268-281
Li, H., Porth, L., Tan, K.S., Zhu, W., 2021. Improved index insurance design and yield estimation using a dynamic factor forecasting approach. Insurance: Mathematics and Economics 96, 208-221
Li, H., Lu, Y., Zhu, W., 2021. Dynamic Bayesian ratemaking: a Markov chain approximation approach. North American Actuarial Journal 25, 186-205
Brock Porth, C., Porth, L., Zhu, W., Boyd, M., Tan, K.S., Liu, K., 2020. Remote sensing applications for insurance: A predictive model for pasture yield in the presence of systemic weather. North American Actuarial Journal 24, 333-354
Boyd, M., Porth, B., Porth, L., Seng Tan, K., Wang, S., Zhu, W., 2020. The design of weather index insurance using principal component regression and partial least squares regression: The case of forage crops. North American Actuarial Journal 24, 355-369
Kamiya, S., Yanase, N., 2019. Learning from extreme catastrophes. Journal of Risk and Uncertainty 59, 85-124
Xue, X., Wei, P., Weng, C., 2019. Derivatives trading for insurers. Insurance: Mathematics and Economics 84, 40-53
Zhang, J., Tan, K.S., Weng, C., 2019. Index insurance design. ASTIN Bulletin: The Journal of the IAA 49, 491-523
Xue, X., Zhang, J., Weng, C., 2019. Mean‐variance hedging with basis risk. Applied Stochastic Models in Business and Industry 35, 704-716
Zhu, W., Tan, K.S., Porth, L., 2019. Agricultural insurance ratemaking: Development of a new premium principle. North American Actuarial Journal 23, 512-534
Porth, L., Tan, K.S., Zhu, W., 2019. A relational data matching model for enhancing individual loss experience: An example from crop insurance. North American Actuarial Journal 23, 551-572