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 place) for best paper published in 2011 in the areas of Corporate Finance and Organizations in 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?”Journal of Financial Economics (with Alon Brav, Wei Jiang, and Song Ma), Forthcoming [Download]

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”Management Science (with Yongqiang Chu and Wenyu Wang), Forthcoming [Download]

Ø  On the 2015 AFA program

Monographs and Surveys

[21]  “Finance and Corporate Innovation: A Survey”2018, Asia-Pacific Journal of Financial Studies (with Jack He), 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/

Working Papers

[22]  “Peer Monitoring and Syndication,” with Onur Bayar and Thomas Chemmanur [Download]

 [23]  “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

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

Ø  On the 2017 CICF program

[25]   “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

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

Ø  On the 2016 AFA program

[27]  “Acquiring Innovation,” with Tong Liu and Merih Sevilir [Download]

Ø  On the 2012 AFA program

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

Ø  On the 2018 CICF program

Ø  On the 2016 EFA program

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

[30]   “How does Human Capital Matter? Evidence from Venture Capital ” with Lifeng Gu, Ruidi Huang, and Yifei Mao [Download]

Ø  On the 2018 CICF program

[31]   “Do Venture Capital Investors Learn from Public Markets?” with Bibo Liu [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/

Ø  On the inaugural SFS Cavalcade Asia-Pacific program

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

Ø  On the 2016 AFA program

 [33]  “Hard Marriage with Heavy Burdens: Organized Labor as Takeover Deterrents,” with Wenyu Wang [Download]

Ø  On the 2016 FIRS program

Ø  On the 2015 AFA program

[34]  “Asymmetric Cost Behavior and Dividend Policy,” with Jie He, Huan Yang, and Luo Zuo [Download]

Ø  On the 2018 CICF program

Ø  On the 2018 MIT Asia Conference in Accounting program

Ø  On the 2016 AFA program

[35]  “Stock Market Liberalization and Innovation,” with Fariborz Moshirian, Wenrui Wang, and Bohui Zhang [Download]

Ø  On the 2018 CICF program

Ø  On the 2014 WFA program

[36]  “The Real Effect of Privatization: Evidence from China’s Split Share Structure Reform,” with Y. Tan, X. Zhang, and H. Zhao [Download]

Ø  On the 2014 EFA program

[37]  [New!]  “Information Spillovers and Cross Monitoring between the Stock Market and Loan Market,” with Matthew Billett and Fangzhou Liu [Download]

[38]  “The Holy Grail of Teamwork: Management Team Synergies and Firm Innovation, ” with Ning Jia and Weining Zhang [ Download ]

Ø  On the 2016 MIT Asia Conference in Accounting

[39]   “Financial Reporting Frequency and Corporate Innovation ” with Renhui Fu, Arthur Kraft, Huai Zhang, and Luo Zuo

[40]  [New!]  “Policy Uncertainty and Household Credit Access: Evidence from Peer-to-peer Crowdfunding” with Xiang Li and Bibo Liu [ Download ]

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

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

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

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