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?” Management Science (with Daniel Bradley and Incheol Kim), forthcoming [Download]

Ø  On the 2014 AEA and 2013 NBER program

[14]  “Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis,” Journal of Financial and Quantitative Analysis (with Thomas Chemmanur), Forthcoming  [Download]

Ø  On the 2012 AFA program

[15]  “How do Foreign Institutional Investors Enhance Firm Innovation? ” Journal of Financial and Quantitative Analysis (with L. Luong, F. Moshirian, L. Nguyen, and B. Zhang), Conditional acceptance [Download]

[16]  “What Affects Innovation More: Policy or Policy Uncertainty?” with Utpal Bhattacharya, Po-Hsuan Hsu, and Yan Xu [Download]

Ø  Conditional acceptance , Journal of Financial and Quantitative Analysis

Ø  On the 2014 EFA program

Working Papers

[17]  “How Does Hedge Fund Activism Reshape Corporate Innovation?” with Alon Brav, Wei Jiang, and Song Ma [Download]

Ø  Revise and resubmit, Journal of Financial Economics

Ø  Best Paper Award, 2016 John L. Weinberg Center Corporate Governance Symposium

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/

[18]  “Bank Interventions and Firm Innovation: Evidence from Debt Covenant Violations,” with Yuqi Gu and Connie Mao [Download]

Ø  Revise and resubmit, Journal of Law and  Economics

[19]  “Learning from Customers: Corporate Innovation along the Supply Chain,” with Yongqiang Chu and Wenyu Wang [Download]

Ø  Revise and resubmit, Management Science

Ø  On the 2015 AFA program

[20]  “Peer Monitoring and Syndication,” with Thomas Chemmanur [Download]

Ø  Revise and resubmit, Journal of Financial and Quantitative Analysis

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

Ø  Revise and resubmit, Review of Corporate Finance Studies

Ø  On the 2012 AFA program

[22]  “Tell Me How I am Doing: The Effect of Timely Feedback on Patenting Activities,” with Ning Jia [Download]

Ø  Revise and resubmit, Journal of Corporate Finance

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

Ø  On the 2016 AFA program

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

Ø  On the 2016 FIRS program

Ø  On the 2015 AFA program

[25]  “Payout Policy under Enhanced Labor Power,” with Jie He and Huan Yang [Download]

Ø  On the 2016 AFA program

[26]  “Financial Liberalization and Innovation,” with Fariborz Moshirian, Wenrui Wang, and Bohui Zhang [Download]

Ø  On the 2014 WFA program

 [27]  “The Role of Human Capital:The Case of Patent Generation,” with Tong Liu and Yifei Mao [Download]

Ø  On the 2016 SFS Finance Cavalcade program

Ø  On the 2016 EFA program

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

Ø  On the 2016 EFA program

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

[30]  “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

[31]  [New!]  “Does Political Uncertainty Affect Venture Capital?” with Kailei Ye [Download]

Ø  On the 2017 CICF program

[32] [New!] “Rent Seeking, Brokerage Commissions, and Price and Share Allocation in Initial Public Offerings ” with Thomas Chemmanur and Bibo Liu

[33]  “Do Short Sellers Exacerbate or Mitigate Managerial Myopia? ” with Jie He [Download]

Ø  On the 2016 AFA program

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

[35] [New!] “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/

[36]  “The Real Effects of Tournament Incentives: The Case of Firm Innovation, ” with Ning Jia and Weining Zhang [ Download ]

Ø  On the 2016 MIT Asia Conference in Accounting

[37]   “Do Entrepreneurs Make Good VCs?” with Ye Cai and Merih Sevilir [ Download ]

Ø  On the 2013 AFA program

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