Primary Academic Work Experience

• 2015.9---present, School of Economics and Management, Tongji University, Professor
• 2011.9---2015.8 , School of Business, Renmin University of China, Professor
• 2002.9---2011.8, School of Management, State University of New York at Buffalo, Associate Professor (2007.9-2011.8), Assistant Professor (2002.9-2007.8)
• 1997.9---2002.8, School of Business, University of Wisconsin-Milwaukee, Assistant Professor

MAJOR ADMINISTRATIVE APPOINTMENTS

Academic Director 11/2013 – 12/2014
International MBA Program
Renmin Business School, Renmin University of China

Academic Director 7/2010 – 7/2014
Singapore EMBA Program
School of Management, State University of New York (SUNY) at Buffalo

Chair 12/2009 – 2/2012
MBA and MS Programs
School of Management, State University of New York (SUNY) at Buffalo

Chair 8/2009 – 8/2010
PhD Programs
School of Management, State University of New York (SUNY) at Buffalo

Academic Director 9/2005 – 2/2008
New York City Program in International Finance & Banking
LEVIN Institute & State University of New York (SUNY) at Buffalo

Coordinator 1/2003 – 12/2008
PhD Program – Department of Finance
State University of New York (SUNY) at Buffalo

Academic Directorships

• 2020/7-present, Deputy Director,Environment, Social, and Governance (ESG) Research Center,National Academy of Development and Strategy,Renmin University of China, Beijing, China
• 2016--2018, Member of Dean’s Advisory Council, College of Business Administration,University of Rhode Island
• 2012---2015, Korean-American Finance Association (KAFA), Director
• 2009---2012, Eastern Finance Association (EFA), Director

Visiting Academic Appointments

• 2011.4, School of Law, Chinese University of Hong Kong, Corporate Law Scholars Interest Group (CoSIG) Visiting Scholar
• 2009.1---2009.5, School of Business, Wayne State University, Visiting Associate Professor
• 2007.1---2007.5, School of Business, University of Michigan, Ann Arbor, Visiting Assistant Professor
• 2002.7, Center for International Research on Japanese Economy (CIRJE), University of Tokyo, Visiting Scholar
• 2002.6, School of Accountancy, Hong Kong Polytechnic University, Visiting Scholar

Adjunct Teaching & Part-Time Faculty Appointments

• 2011 --2024, State University of New York (SUNY) at Buffalo, Buffalo, NY
• 2015.9---2022, Case Western Reserve University, Adjunct
• 2017 Spring, Mannheim University, Shanghai, China
• 2006---2013,2015  Singapore Institute of Management, Adjunct
• 2013, 2016 Shanghai Jiaotong University (SAIF), Adjunct
• 2010,2011,2022,2023,  Shanghai Jiaotong University (Antai), Adjunct
• 2009.5, Renmin University, Adjunct
• 2009.5, Nanjing University, Adjunct
• 2002.4, University of Santa Maria, Ecuador, Adjunct
• 2001.6, Asian University of Science & Technology, Thailand, Adjunct
• 2000.6, Yonsei University, Korea, Adjunct
• 1998.9---1998.12, Georgetown University, Adjunct
• 1994---1996, University of Rhode Island, Lecturer

Other Faculty Appointments

2023 – 2024, Member, Global Advisory Council,School of Management, State University of New York (SUNY) at Buffalo, NY, USA

2022 – 2024, Member, Asia Research Institute,State University of New York (SUNY) at Buffalo, NY, USA

2004 – 2024, Associated Faculty, Asian Studies Program,State University of New York (SUNY) at Buffalo, NY, USA

2004 – present, Research Associate, Pacific–Basin Capital Markets (PACAP) Research Center,Kingston, RI, USA

INDUSTRY WORK EXPERIENCE

PRIVATE SECTOR

12/2016 – 6/2021,Chief Economist

3/2014 – 6/2021,Chief Financial Strategist

2006 – 2014,Business & Investment Advisory Board Member

EQIS Capital

San Francisco, CA, USA

9/2015 – 12/2017,Columnist

Forbes.com

2006 – 2009,Special Consultant & Expert Witness,Securities Litigation & Consulting Group, Fairfax, VA, USA

2000 – 2002,Director, University of Wisconsin Credit Union, Madison, WI, USA

PUBLIC SECTOR 

2001-2004, Academic Consultant, Kuala Lumpur Stock Exchange (KLSE),Malaysia

May 2002, Consultant, Southeast Asian Central Bank, Malaysia

1998 – 1999,Senior Financial Economist,Office of Economic Analysis,U.S. Securities & Exchange Commission,Washington DC, USA

1992 – 1995,Coordinator and Research Assistant,Pacific–Basin Capital Markets (PACAP) Research Center,Kingston, RI, USA

OTHER NOTABLE CONSULTING                                                                                                                        

April 2022 – December 2022 Elsevier Science, The Netherlands

May 2022 – December 2022 Shanghai Advanced Institute of Finance, China

March 2017Roland Berger Strategy Consultants, Shanghai, China

2005 – 2006 Nexus Advisors, Chicago, IL, USA

2003 – 2004  CFA Institute, Charlottesville, VA, USA

Research and Teaching Field

• Corporate Finance, Corporate Governance, Capital Markets, Behavioral Finance, International Finance, China

Research Papers

• “Foreign corporations as large shareholders,” 2025, with F. Jiang, J. Nofsinger, and B. Zhu, Journal of Financial Research 48, 877-904.
• “Are R&D-Intensive firms more resilient to trade shocks? Evidence from the U.S.-China trade war,” 2024, with H. Xie and X. Zheng, Journal of International Money and Finance 149, 103208.
• “Understanding corporate governance in China,” 2024, with F. Jiang, British Accounting Review 56, 101459.
• “Relationship-based debt financing of Chinese private sector firms: The role of social connections to banks versus political connections,” 2023, with H. Ding, Y. Hu, and M. Xie, Journal of Corporate Finance 78, 102335.
• “Corporate finance, financial institutions, and financial markets in China,” 2020, with F. Jiang and Z. Jiang, Journal of Corporate Finance 63, 101309.  **ESI Highly Cited Paper
• “Corporate governance in China: A survey,” 2020, with F. Jiang, Review of Finance 24, 733-772.  ** ESI Highly Cited Paper
• “Corporate culture and investment-cash flow sensitivity,” 2019, with F. Jiang, Y. Ma, J. Nofsinger, and B. Shi, Journal of Business Ethics 154, 425-439.
• “Corporate culture and investment-cash flow sensitivity,” 2019, with F. Jiang, Y. Ma, J. Nofsinger, and B. Shi, Journal of Business Ethics 154, 425-439.
• “Bank competition and leverage adjustments,” 2017, with F. Jiang, Z. Jiang, J. Huang, and J.R. Nofsinger, Financial Management 46, 995-1022.
• “A pecking order of shareholder structure,” 2017, with F. Jiang, J.R. Nofsinger, and B. Zhu, Journal of Corporate Finance 44, 1-14.
• “Product market competition and corporate investment,” 2015, with F. Jiang, J.R. Nofsinger, and B. Zhu, Journal of Corporate Finance 35, 196-210.
•  “Family-firms risk-taking: Does religion matter?” 2015, with F. Jiang, Z. Jiang, and M. Zhang, Journal of Corporate Finance 33, 260-278.
• “Corporate governance in China: A modern perspective,” 2015, with F. Jiang, Journal of Corporate Finance 32, 190-216.
• “The effects of corporate bailout on firm performance: International evidence,” 2014, with Z. Jiang and H. Zhang, Journal of Banking and Finance 43, 78-96.
• “Share repurchases, catering, and dividend substitution,” 2013, with Z. Jiang, E. Lie, and S. Yang, Journal of Corporate Finance 21, 36-50.
• “Reevaluating price limit effectiveness,” 2013, with H. Liu and J.J. Yang, Journal of Financial Research 36, 493-518.
• “Financial management in China,” 2013, with Z. Jiang, Journal of Multinational Financial Management 23, 125-133.
• “Appointments of outsiders as CEOs, state-owned enterprises, and firm performance: Evidence from China,” 2013, with F. Jiang and J. Huang, Pacific–Basin Finance Journal 23, 49-64.
• “The increase in CEO pay after large investments: Is it purely rent extraction?” 2013, with Z. Jiang and Y. Zhang, Advances in Financial Economics 16, 1-42.
• “The effects of R&D expenditures on bondholders,” 2012, with Z. Jiang and C. Shen, Advances in Financial Economics 15, 127-148.
• “The effects of bank relations on stock repurchase decisions: Evidence from Japan,” 2011, with J-K Kang, P. Kitsabunnarat, and T. Nishikawa, Journal of Financial Intermediation 20, 94-116.
•  “Reaching for the stars: The appointments of celebrities to corporate boards,” 2011, with S.P. Ferris, T. Nishikawa, and E. Unlu, International Review of Economics 58, 337-358.
•  “Why do price limits exist in stock markets? A manipulation–based explanation,” 2010, with J. Park, European Financial Management 16, 296-318.
• “On the predictability of Chinese stock returns,” 2010, with X. Chen, T. Yao, and T. Yu, Pacific–Basin Finance Journal 18, 403-425.
•  “On the relation between intellectual collaboration and intellectual output: Evidence from the finance academe,” 2009, with K.H. Chung and R.A.K. Cox, Quarterly Review of Economics and Finance 49, 893-916.
•  “The effect of cross-listing on corporate governance: A review of the international evidence,” 2009, with S.P. Ferris and G. Noronha, Corporate Governance: An International Review 17, 338-352.
• “A test of the representativeness bias effect on stock prices: A study of Super Bowl commercial likeability,” 2009, with C. Chang and J. Jiang, Economics Letters 103, 49-51.
• “Behavioral finance in Asia,” 2008, with J.R. Nofsinger, Pacific–Basin Finance Journal 16, 1-7.
• “Large shareholders, board independence, and minority shareholder rights: Evidence from Europe,” 2007, with P. Kitsabunnarat and J.R. Nofsinger, Journal of Corporate Finance 13, 859-880.
• “Behavior of Japanese individual investors during bull and bear markets,” 2007, with J.R. Nofsinger, Journal of Behavioral Finance 8, 138-153.
• “Large shareholder monitoring and regulation: The Japanese banking experience,” 2007, with S-H Lee and S.G. Rhee, Journal of Economics and Business 59, 466-486.
• “Trading performance, disposition effect, overconfidence, representativeness bias, and experience of emerging market investors,” 2007, with G-M Chen, J.R. Nofsinger, and O.M. Rui, Journal of Behavioral Decision Making 20, 425-451.
• “Managerial power in the design of executive compensation: Evidence from Japan,” 2007, with S.P. Ferris, P. Kitsabunnarat, and T. Nishikawa, Advances in Financial Economics 12, 3-26.
• “Liquidity and quote clustering in a market with multiple tick sizes,” 2005, K.H. Chung and P. Kitsabunnarat, Journal of Financial Research 28, 177–195.
• “Price limit performance: Evidence from transactions data and the limit order book,” 2005, with S-H Chan and S.G. Rhee, Journal of Empirical Finance 12, 269–290.
• “Institutional herding, business groups, and economic regimes: Evidence from Japan,” 2005, with J.R. Nofsinger, Journal of Business 78, 213–242.
• “A note on price limit performance: The case of illiquid stocks,” 2005, with G-M Chen and O.M. Rui, Pacific–Basin Finance Journal 13, 81–92.
• “Ownership and operating performance in an emerging market: Evidence from Thai IPO firms,” 2004, with P. Kitsabunnarat and J.R. Nofsinger, Journal of Corporate Finance 10, 355–381.
• “Japanese securities firms, business corporations, and financial institutions: A comparison of their investing behavior,” 2004, with J.R. Nofsinger, in: J.P.H. Fan, J. Teranishi, and M. Hanazaki (Eds.), Designing Financial Systems in East Asia and Japan, pp. 112–120, Routledge Publishers, U.K.
• “The puzzling increase in the underpricing of seasoned equity offerings,” 2004, with H-H Shin, Financial Review 39, 343–365.
• “Bank stock returns, interest rate changes, and the regulatory environment: New insights from Japan,” 2003, with J.P. Broussard and P. Limpaphayom, in: J.J. Choi and T. Hiraki (Eds.), The Japanese Finance: Corporate Finance and Capital Markets in Changing Japan, pp. 283–306, North–Holland, Amsterdam.
• “The costs (and benefits?) of diversified business groups: The case of Korean chaebols,” 2003, with S.P. Ferris and P. Kitsabunnarat, Journal of Banking and Finance 27, 275–297.
•   “Initial margin requirements, volatility, and the individual investor: Insights from Japan,” 2002, with H.R. Oppenheimer, Financial Review 37, 1–16.
•  “Is managerial equity ownership an alternative governance mechanism for Japanese firms?” 2001, with S.P. Ferris and P. Kitsabunnarat, Advances in Financial Economics 6, 39–63.
• “Price limits and stock market volatility,” 2001, Economics Letters 71, 131–136.
•  “Characteristics of stocks that frequently hit price limits: Empirical evidence from Taiwan and Thailand,” 2000, with P. Limpaphayom, Journal of Financial Markets 3, 315–332.
• “Taxes and firm size in Pacific–Basin emerging economies,” 1998, with P. Limpaphayom, Journal of International Accounting, Auditing & Taxation 7, 47–68.
• “A test of the two–tier corporate governance structure: The case of Japanese keiretsu,” 1998, with P. Limpaphayom, Journal of Financial Research 21, 37–51.
• “The effect of economic regimes on the relation between the term structure and real activity in Japan,” 1997, with P. Limpaphayom, Journal of Economics and Business 49, 379–392.  
• “Price limit performance: Evidence from the Tokyo Stock Exchange,” 1997, with S.G. Rhee, Journal of Finance 52, 885–901.

Working Papers

• “Do words speak louder than actions? The effects of institutional investors and voluntary green disclosures,” 2025, with Y. Hu, under 1^st round review.
• “Valuing data protection: Evidence from the Cybersecurity Law of China,” 2025, with Z. Liu and X. Zheng.
• “Monetary policy in the time of the global financial crisis: Chinese style,” 2025, with Y. Shi, M. Xie, and N. Zhong.
• “Stock market liberalization, foreign investors and corporate labor investment: Evidence from China,” 2025, with B. Zhu, C. Hu, and X. Zheng, under 1^st round review.
• “Another dividend puzzle: Why do dividend-paying firms pay dividends quarterly?” 2017, with I. Suk and T. Nishikawa.

Scholarly Books

• Corporate Governance: Western Theory and China Practice, (In Chinese), 2016, with F. Jiang and Y. Wang, Peking University Press.

College Textbooks

Global Corporate Finance: A Focused Approach, 3^rd edition, 2019, with S.H. Kim, World Scientific Publishers (Singapore).

Global Corporate Finance: A Focused Approach, 2^nd edition, 2015, with S.H. Kim, World Scientific Publishers (Singapore).

Global Corporate Finance: A Focused Approach, 2011, World Scientific Publishers (Singapore).

Corporate Governance, 3^rd edition, 2010, with J.R. Nofsinger and D. Mohr, Pearson Prentice Hall (Upper Saddle River, NJ).  ***Available in Arabic, Korean, Vietnamese, and international versions.

Corporate Governance, 2^nd edition, 2007, with J.R. Nofsinger, Pearson Prentice Hall (Upper Saddle River, NJ).  ***Available in Chinese and Taiwanese versions.

Corporate Governance, 2004, with J.R. Nofsinger, Pearson Prentice Hall (Upper Saddle River, NJ).  ***Available in Japanese version.

Global Corporate Finance, 5^th edition, 2002, with S.H. Kim and S.H. Kim, Blackwell Publishers (Oxford, UK).  *** Available in Chinese version.

INDUSTRY PUBLICATIONS

Trade Books

Mutual Funds Exposed, 2^nd edition, 2016, with W.R. Nelson, EQIS Capital (San Francisco, CA).  ***Amazon #1 Bestseller in several categories.

Mutual Funds Exposed, 2014, with W.R. Nelson, EQIS Capital (San Francisco, CA).

 Infectious Greed: Restoring Confidence in America’s Companies, 2003, with J.R. Nofsinger, Financial Times Prentice Hall (Upper Saddle River, NJ).

Instructional (CFA Institute)

“Corporate Governance,” 2018, 3^rd edition, with R.T. McEnally, in: M.R. Clayman, M.S. Fridson, and G.H. Troughton (Eds.), Corporate Finance: A Practical Approach, John Wiley & Sons (Hoboken, NJ).  ***This textbook is part of the CFA Institute Investment Series.

“Corporate Governance,” 2012, 2^nd edition, with R.T. McEnally, in: M.R. Clayman, M.S. Fridson, and G.H. Troughton (Eds.), Corporate Finance: A Practical Approach, John Wiley & Sons (Hoboken, NJ).  ***This textbook is part of the CFA Institute Investment Series.

“Corporate Governance,” 2008, with R.T. McEnally, in: M.R. Clayman, M.S. Fridson, and G.H. Troughton (Eds.), Corporate Finance: A Practical Approach, John Wiley & Sons (Hoboken, NJ).  ***This textbook is part of the CFA Institute Investment Series.

Peer-Reviewed Industry Journal Publications

“Stock return predictability in the post-2008 era,” 2015, with J.R. Nofsinger and Z. Sun, Journal of Investment Consulting 16, 31-42.

Industry Blogs

Author of numerous blog posts on FA Magazine

Editorial Appointments

Associate Editor

 2025 – present, British Accounting Review                                                                                                             

 2015 – present,Journal of Financial Research

 2015 – present,Finance Research Letters

2015 – present, Humanities & Social Sciences Communications

2015 – 2020, Journal of Corporate Finance

 Editorial Board Member

2024 – present, Financial Analysts Journal                                                                                                              

2013 – 2023, Journal of Behavioral and Experimental Finance                                                                          

2013 – 2021, Frontiers of Business Research in China                                                                                           

2003 – 2016, Sasin Journal of Management

2010 – 2014, North Korean Review                                                                                                                              

2000 – 2009, Multinational Business Review

2004 – 2007, Journal of International Business Studies                                                                                               

Special Issue Guest Editor

The British Accounting Review

• Topic: “Corporate Governance and Social Responsibility in China” 2022 – 2024

Journal of Corporate Finance, Volume 63

• Topic: “Capital Markets, Financial Institutions, and Corporate Finance in China” 2016 – 2017

Journal of Corporate Finance, Volume 32

• Topic: “Corporate Governance in China” 2013 – 2014

Journal of Multinational Financial Management, Volume 23

• Topic: “Financial Management in China” 2012 – 2013

Pacific–Basin Finance Journal, Volume 16

• Topic: “Behavioral Finance in Asia” 2005 – 2007

Scientific Managing Editor

2022, Journal of International Money and Finance                                                                                                

2022, Journal of Financial Stability                                                                                                                               

2022, North American Journal of Economics and Finance                                                                                  

2022, Finance Research Letters                                                                                                                                      

2022, Journal of Experimental and Behavioral Finance                                                                                         

Service Awards

Outstanding Guest Editor of the Year                                                                                                            2023

The British Accounting Review

 Research Awards/Distinctions

 Editor’s Choice Paper                                                                                                                                            2020

Review of Finance, Volume 24, Issue 4

 Top 20 Most Prolific Authors

 Journal of Corporate Finance                                                                                                               1994 – 2017

 Source: www.sciencedirect.com/science/article/pii/S0929119918300518

 Top Paper Award

 Financial Management, Winter Issue                                                                                                            2017

 ESI Highly Cited Papers (three papers, denoted by ** above)

China’s Top 15 Most Highly Cited Scholars in Economics and Finance               Annually since 2014

Elsevier Science

4th Financial News & KAFA Asian Financial Market Paper Award                                                     2010

Korea America Finance Association (KAFA)

Top 1000 Most Prolific Authors in Finance Academia                                                              1959 – 2008

 Source: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1355675

 Summer Research Grants                                                                                                  Annually 2005 – 2011

        School of Management

State University of New York (SUNY) at Buffalo

 Top 10/Top 25 Most Downloaded or Cited Paper for a Journal

Paper on understanding corporate governance in China, SSRN                                                            2024

Paper surveying corporate governance literature on China, SSRN                                                       2020

Paper on bank competition in China, Financial Management                                                               2018

Paper on corporate governance in China, Journal of Corporate Finance (#1, Fall 2018)       2015–19

Paper on repurchase catering, Journal of Corporate Finance                                                                 2013

Paper on China financial management, Journal of Multinational Financial Management          2013

Paper on Chinese stock returns, Pacific-Basin Finance Journal                                                      2011–15

Paper on coauthorship and citations, Social Science Research Network                                           2008

Paper on European boards, Journal of Corporate Finance                                                                      2007

Paper on Asian behavioral finance, Pacific-Basin Finance Journal (#1, Fall 2007)                   2007–13

Paper on Japanese banks, Journal of Economics and Business                                                              2007

Paper on Chinese price limits, Pacific–Basin Finance Journal                                                                 2005

Paper on Thai IPOs, Journal of Corporate Finance                                                                                      2004

Best Paper Award

Northeast Academy of International Business (AIB) Meetings

Trenton, NJ                                                                                                                                                              1995

Abstracted or Reprinted Papers

Paper on Chinese CEO appointments published in Pacific-Basin Finance Journal

• Summarized in CFA Digest, 2013, Volume 43, Issue 3.

Paper on Thai IPOs published in Journal of Corporate Finance

• Reprinted in Corporate Governance in the New Global Economy, K. Keasey, S. Thompson, and M. Wright (eds), Edward Elgar Publishing.
• Reprinted in Governance and Expropriation, L.H.P. Lang (ed), Edward Elgar Publishing.

Paper on Japanese price limits published in Journal of Finance

• Summarized in Contemporary Finance Digest.

Lead Paper in an Academic Journal

Paper appearing in Review of Finance, Volume 24, Issue 4                                                                     2020

Paper appearing in Journal of Corporate Finance, Volume 44                                                               2017

Paper appearing in Advances in Financial Economics, Volume 16                                                        2013

Paper appearing in International Review of Economics, Volume 58, Issue 4                                    2011

Paper appearing in Advances in Financial Economics, Volume 12                                                        2007

Paper appearing in The Financial Review, Volume 39, Issue 3                                                               2004

Paper appearing in The Financial Review, Volume 37, Issue 1                                                             2002