Research Interests

Theoretical and empirical corporate finance and entrepreneurial finance with primary focus on: Venture Capital, Corporate Innovation, Mergers and Acquisitions, Labor, and Payout Policy.

My Google Scholar Page is here

Publications

[1]  “The Causes and Consequences of Venture Capital Stage Financing,” 2011, Journal of Financial Economics, Vol. 101 (1), 132-159 [Download]

Ø  Winner of Jensen Prizes (2nd prize) of Journal of Financial Economics

[2]  “The Role of Venture Capital Syndication in Value Creation for Entrepreneurial Firms,” 2012, Review of Finance, Vol. 16 (1), 245- 283 [Download]

[3]  “‘Preparing’ the Equity Market for Adverse Corporate Events: A Theoretical Analysis of Firms Cutting Dividends,” 2012, Journal of Financial and Quantitative Analysis (with Thomas Chemmanur), Vol. 47 (5), 993-972 [Download]

Ø  On the 2007 WFA program

[4]  “The Dark Side of Analyst Coverage: The Case of Innovation,” 2013, Journal of Financial Economics  (with Jie He), Vol. 109 (3), 856-878 [Download]

Ø  Supplemental material: Internet Appendix for “He and Tian (2013)

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2013/06/28/the-dark-side-of-analyst-coverage/

Ø  On the 2013 WFA program

[5]  “Tolerance for Failure and Corporate Innovation,” 2014, Review of Financial Studies (with Tracy Wang), Vol. 27 (1), 211-255 [Download]

Ø  On the 2009 NBER program

[6]  “Financial Development and Innovation: Cross-country Evidence,” 2014, Journal of Financial Economics (with Po-Hsuan Hsu and Yan Xu), Vol. 112 (1), 116-135 [Download] 

Ø  Data file mapping the USPTO technology classes to SIC codes is available here

[7]  “Communicating Private Information to the Equity Market Before a Dividend Cut: An Empirical Analysis,” 2014, Journal of Financial and Quantitative Analysis (with Thomas Chemmanur), Vol. 49 (5-6), 1167-1199 [Download] 

Ø  Summarized in CFA Digest 2015 Vol. 45 (10) http://www.cfapubs.org/doi/full/10.2469/dig.v45.n10.6

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2013/07/13/communicating-private-information-to-the-equity-market-before-a-dividend-cut/

Ø  On the 2007 WFA program

 [8]  “Corporate Venture Capital, Value Creation, and Innovation,” 2014, Review of Financial Studies (with Thomas Chemmanur and Elena Loutskina), Vol. 27 (8), 2434-2473 [Download]

Ø  On the 2013 WFA program and 2011 NBER program

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2014/07/15/corporate-venture-capital-value-creation-and-innovation/

[9]  “Does Stock Liquidity Enhance or Impede Firm Innovation?” 2014, Journal of Finance (with Vivian Fang and Sheri Tice), Vol. 69 (5), 2085–2125 [Download]

Ø  Supplemental material: Internet Appendix for “Fang, Tian, and Tice (2014)

Ø  On the 2011 WFA program

[10]  “Does Banking Competition Affect Innovation?” 2015, Journal of Financial Economics (with Jess Cornaggia, Yifei Mao, and Brian Wolfe), Vol. 115 (1), 189-209 [Download]

Ø  Supplemental material: Internet Appendix for “Cornaggia, Mao, Tian, and Wolfe (2015)

Ø  On the 2013 WFA program

[11]  “Locations, Proximity, and M&A Transactions” 2016, Journal of Economics & Management Strategy (with Ye Cai and Han Xia), Vol. 25 (3), 688-719 [Download]

[12]  “Disciplining Delegated Monitors: When Venture Capitalists Fail to Prevent Fraud by Their IPO Firms,” 2016, Journal of Accounting and Economics (with Gregory Udell and Xiaoyun Yu), Vol. 61 (2-3), 526-544 [Download]

Ø  On the 2013 WFA program

[13]  “Do Unions Affect Innovation?” 2017, Management Science (with Daniel Bradley and Incheol Kim), Vol. 63 (7), 2251-2271 [Download]

Ø  On the 2014 AEA and 2013 NBER program

[14]  “How do Foreign Institutional Investors Enhance Firm Innovation? ” 2017, Journal of Financial and Quantitative Analysis (with L. Luong, F. Moshirian, L. Nguyen, and B. Zhang), Vol. 52 (4), 1449-1490 [Download]

[15]  “What Affects Innovation More: Policy or Policy Uncertainty?” 2017, Journal of Financial and Quantitative Analysis (with Utpal Bhattacharya, Po-Hsuan Hsu, and Yan Xu), Vol. 52 (5), 1861-1901  [Download]

Ø  On the 2014 EFA program

[16]  “Bank Interventions and Firm Innovation: Evidence from Debt Covenant Violations” 2017, Journal of Law and Economics (with Yuqi Gu and Connie Mao), Vol. 60 (4). 637-671 [Download]

[17]  “Accessibility and Materialization of Firm Innovation” 2018, Journal of Corporate Finance (with Ning Jia), Vol. 48 (1), 515-541 [Download]

[18]  “Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis,” 2018, Journal of Financial and Quantitative Analysis (with Thomas Chemmanur), Vol. 53 (2), 1-32  [Download]

Ø  On the 2012 AFA program

[19]  “How Does Hedge Fund Activism Reshape Corporate Innovation?” 2018, Journal of Financial Economics (with Alon Brav, Wei Jiang, and Song Ma), Vol. 130 (2), 237-264 [Download]

Ø  Winner of Jensen Prizes (1st prize) of Journal of Financial Economics

Ø  On the 2015 AFA program

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2016/06/08/how-does-hedge-fund-activism-reshape-corporate-innovation/

[20]  “Corporate Innovation along the Supply Chain” 2019, Management Science (with Yongqiang Chu and Wenyu Wang), Vol. 65(6), 2445-2466 [Download]

Ø  On the 2015 AFA program

[21]  “The Real Effect of Privatization: Evidence from China's Split Share Structure Reform ”2020, Journal of Corporate Finance (with Yongxian Tan, Xinde Zhang, and Hailong Zhao), Vol. 64(3), 1-23 [Download]

[22]  “Asymmetric Cost Behavior and Dividend Policy ” 2020, Journal of Accounting Research (with Jie He, Huan Yang, and Luo Zuo), Vol. 58(4), 989-1021 [Download]

Ø  Supplemental material: Internet Appendix for “He, Tian, Yang, and Zuo (2020)

Ø  On the 2016 AFA program

[23]  “Peer Monitoring, Syndication, and the Dynamics of Venture Capital Interactions: Theory and Evidence” 2020, Journal of Financial and Quantitative Analysis (with Onur Bayar and Thomas Chemmanur), Vol. 55(6), 1875-1914 [Download]

[24]  “Financial Reporting Frequency and Corporate Innovation” 2020, Journal of Law and Economics (with Renhui Fu, Arthur Kraft, Huai Zhang, and Luo Zuo), Vol. 63 (3), 501-530 [Download]

[25]  “Stock Market Liberalization and Innovation” 2021, Journal of Financial Economics (with Fariborz Moshirian, Bohui Zhang, and Wenrui Zhang), Vol. 139 (3), 985-1014 [Download]

Ø  Supplemental material: Internet Appendix for “Moshirian, Tian, Zhang, and Zhang (2019)

Ø  On the 2014 WFA program

[26]  “Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents” Review of Corporate Finance Studies (with Wenyu Wang), Forthcoming [Download]

Ø  On the 2015 AFA program

[27]   “How Does Human Capital Matter? Evidence from Venture Capital ” Journal of Financial and Quantitative Analysis (with Lifeng Gu, Ruidi Huang, and Yifei Mao), Forthcoming [Download]

Ø  Supplemental material: Internet Appendix for “Gu, Huang, Mao, and Tian (2020)

Ø  On the 2018 CICF program

[28]   “Human-Robot Interaction: Investors' Performance and Usage or Robo-Advisors in Peer-to-Peer lending” Information Systems Research (with Ruyi Ge, Li Liao, and Eric Zheng), Forthcoming

[29]   “Does Customer-base Structure Influence Managerial Risk-taking Incentives?” Journal of Financial Economics (with Jie Chen, Xunhua Su, and Bin Xu), Forthcoming [Download]

Ø  Supplemental material: Internet Appendix for “Chen, Su, Tian, and Xu (2021)

[30]   “Do Venture Capital Investors Learn from Public Markets?” Management Science (with Bibo Liu), Forthcoming [Download]

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2016/06/16/is-the-stock-market-just-a-side-show-evidence-from-venture-capital/

Monographs and Book Chapters

[31]  “Finance and Corporate Innovation: A Survey” 2018, Asia-Pacific Journal of Financial Studies (with Jie He), Vol. 47 (2), 165-212 [Download]

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2017/11/27/finance-and-corporate-innovation-a-survey/

[32]   “China's Venture Capital Market ” 2020, in The Handbook of China's Financial System, (with Zhaojun Huang), Edited by Marlene Amstad, Guofeng Sun, and Wei Xiong, Princeton Press. [Download]

[33]   “Institutions and Innovation: A Review of Recent Literature ” 2021, Annual Review of Financial Economics, (with Jie He), Vol. 12(2), 377-398 [Download]

Working Papers

[34]   “Patent Quality and Firm Value: Evidence from Patent Examiner Busyness ”with Tao Shu and Xintong Zhan [Download]

Ø  R&R, Journal of Financial Economics

Ø  On the 2020 SFS Finance Cavalcade program

[35]  “Acquiring Innovation, ” with Merih Sevilir and Che Zhang [Download]

Ø  R&R, Review of Corporate Finance Studies

Ø  On the 2012 AFA program

[36]  “Do Short Sellers Exacerbate or Mitigate Managerial Myopia? Evidence from Patenting Activities ” with Jie He [Download]

Ø  R&R, Review of Corporate Finance Studies

Ø  On the 2016 AFA program

[37]  “Does Political Uncertainty Affect Venture Capital?” with Kailei Ye [Download]

Ø  R&R, Review of Corporate Finance Studies

Ø  On the 2017 CICF program

[38]  “Do Place-Based Programs Affect Local Innovation and Entrepreneurship?” with Jiajie Xu [ Download ]

Ø  R&R, Review of Finance

Ø  On the 2019 WFA program

[39]  “A Dark Side of Corporate Venture Capital,” with Kailei Ye [ Download ]

Ø  On the 2021 AFA program

Ø  On the 2019 CICF program

[40]   “Rent Seeking, Brokerage Commissions, and the Pricing and Allocation in Initial Public Offerings ” with Thomas Chemmanur and Bibo Liu [Download]

Ø  On the 2018 NBER program

Ø  On the 2017 CICF program

[41]  “Buying on Certification: Government Procurement and Credit Ratings,” with Kevin Green and Han Xia [Download]

Ø  On the 2018 CICF program

[42]  “The Real Effects of Sharing Economy: Evidence from Airbnb” with Yifei Mao and Kailei Ye [ Download ]

 [43]  “The Role of Human Capital:The Case of Corporate Innovation,” with Tong Liu and Yifei Mao [Download]

Ø  On the 2018 AFA program

Ø  On the 2016 SFS Finance Cavalcade program

[44]  “Unleashing Innovation,” with Yifei Mao and Xiaoyun Yu [Download]

Ø  On the 2016 AFA program

[45]  “Trademarks in Entrepreneurial Finance,” with Thomas Chemmanur, Harshit Rajaiya, and Qianqian Yu [ Download ]

Ø  On the 2019 CICF program

Ø  Featured on Harvard Law School Forum on Corporate Governance and Financial Regulation: https://corpgov.law.harvard.edu/2018/10/24/trademarks-in-entrepreneurial-finance/

[46]  “What a Relief: How do Firms Respond to Competitors' Listing Delays?” with Jiaqi Qian and Ning Jia [ Download ]

[47]  “Does Trading Spur Specialization? Evidence from Patenting ” with Pengfei Han and Chunrui Liu [ Download ]

[48]  “Are Passive Institutional Investors Engaged Monitors or Impatient Owners? Both! ” with Yuanchen Yang [ Download ]

[49]  “ Do Strong Stakeholders Keep Firms Out of Wrongdoings? Evidence from Major Customer Relationships ” with Jie Chen, Xunhua Su, and Bin Xu [ Download ]

[50]  “ Environmental Risk and Green Innovation: Evidence from Evacuation Spills ” with Yongqiang Chu and Alice Liu [ Download ]

Books

  “Finance and Innovation: A New Framework” (in Chinese) 2018, Peking University Press (《创新的资本逻辑》)

  “Finance and Corporate Innovation: Advancing Innovation from Sustainable Growth: Implications for Asia” (co-edited with Bihong Huang and Bohui Zhang) 2020, Edward Elgar Press

  “The New Start of China’s Financial Innovation” (with Yiping Huang, Justin Lin, Kaisheng Yang, Gang Xiao, Zhuo Huang, Yan Shen, and Kai Guo, in Chinese) 2020, China Citic Press (《中国金融创新再出发》;合作者:黄益平、林毅夫、杨凯生、肖钢、沈艳、黄卓、郭凯)

  Book Translation to Chinese, “VC: An American History” by Tom Nicholas. 2020, China CITIC Press

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