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

2024

Bai, J. and Ru, H., 2024. Carbon emissions trading and environmental protection: International evidence. Management Science. Forthcoming.

Chang, X., Gao, H., and Li, W., 2024. Discontinuous distribution of test statistics around significance thresholds in empirical accounting studies. Journal of Accounting Research. Forthcoming.

Chang, X., Kwok, W.C., and Wong, G., 2024. Demand uncertainty, inventory, and cost structure. Contemporary Accounting Research 41, 226-254.

Chang, X., Li, S., Liu, C., Sun, L., and Zhang, W., 2024. Local political corruption and financial reporting conservatism. The Accounting Review, forthcoming.

Chen, T., Xiong, X. and Zou, K., 2024. Minimum wages, state ownership, and corporate environmental policies. Journal of Financial and Quantitative Analysis, forthcoming. 

Chen, Z., Lu, Y., Zhang, J., and Zhu, W., 2024. Managing weather risk with a neural network-based index insurance. Management Science 70, 4306-4327. 

Chi, F., Hwang, B. H., and Zheng, Y., 2024. The use and usefulness of big data in finance: Evidence from financial analysts. Management Science, forthcoming

Liao, L., Wang, Z., Yan, H., Yang, J., and Zhou, C., 2024. Angry borrowers: Ex-post effects of social shaming on debt repayment. Management Science forthcoming.

Ru, H. and Yang, E., 2024. Government credit and international trade. Journal of Financial and Quantitative Analysis, forthcoming. 

Ru, H., Yang, E. and Zou, K., 2024. Early-life experience and CEOs’ reactions to COVID-19. Journal of Accounting and Economics, p.101734.

Sialm, C., and Zhu, Q., 2024. Currency management by international fixed income mutual funds. Journal of Finance 79, 4037-4081. 

2023

Cai, X., Jiang, F., and Kang, J.K., 2023. Remote board meetings and board monitoring effectiveness: Evidence from China. Review of Financial Studies 36, 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, 1701-1733.

Chen, T., Zhang, L., and Zhu, Q., 2023. Dual ownership and risk-taking incentives in managerial compensation. Review of Finance 27, 1823-1857.

2022
Chen, H., Hwang, B.-H., 2022. Listening in on investors’ thoughts and conversations. Journal of Financial Economics 145, 426-444

Kang, J.-K., Kim, S., Oh, S., 2022. Does Board Demographic Diversity Enhance Cognitive Diversity and Monitoring? The Accounting Review 97, 385–415

Chen, T., Lin, C., Shao, X., 2022. Globalization and US corporate tax policies: evidence from import competition. Management Science 68, 6145-6162

Kang, J.-K., Kim, H., Kim, J., Low, A., 2022. Activist-appointed directors. Journal of Financial and Quantitative Analysis 57, 1343-1376

Ru, H., Zou, K., 2022. How do individual politicians affect privatization? Evidence from China. Review of Finance 26, 637-672

2021
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, 719-749

Huang, S., Hwang, B.-H., Lou, D., 2021. The rate of communication. Journal of Financial Economics 141, 533-550

Gao, H., Ru, H., Tang, D.Y., 2021. Subnational debt of China: The politics-finance nexus. Journal of Financial Economics 141, 881-895

Aghamolla, C., An, B.-J., 2021. Voluntary disclosure with evolving news. Journal of Financial Economics 140, 21-53

Li, S., Wang, X., Ye, M., 2021. Who provides liquidity, and when? Journal of Financial economics 141, 968-980

Zhu, Q., 2021. Capital supply and corporate bond issuances: Evidence from mutual fund flows. Journal of Financial Economics 141, 551-572

Luo, J., Subrahmanyam, A., Titman, S., 2021. Momentum and reversals when overconfident investors underestimate their competition. The Review of Financial Studies 34, 351-393

Chen, T., Tan, Y., Wang, J., Zeng, C., 2021. The Unintended Consequence of Land Finance: Evidence from Corporate Tax Avoidance. Management Science

Ru, H., Yang, E., Zou, K., 2021. Combating the COVID-19 pandemic: The role of the SARS imprint. Management Science 67, 5606-5615

Gao, H., Ru, H., Yang, X., 2021. The informational role of ownership networks in bank lending. Journal of Financial and Quantitative Analysis, 1-42

2020

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, 483-503

Chen, T., Dong, H., Lin, C., 2020. Institutional shareholders and corporate social responsibility. Journal of Financial Economics 135, 483-504

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, 4489-4531 

Kang, J.-K., Kim, J., 2020. Do family firms invest more than nonfamily firms in employee-friendly policies? Management Science 66, 1300-1324

Karolyi, G.A., Kim, D., Liao, R., 2020. The theory and practice of investor relations: A global perspective. Management Science 66, 4746-4771

Zhu, Q., 2020. The missing new funds. Management Science 66, 1193-1204

Luo, J., Qiao, Z., 2020. Individual commitment and team performance: evidence from mutual fund managers. Journal of Financial and Quantitative analysis 55, 2073-2098

2019
Chang, X., Chen, Y., Wang, S.Q., Zhang, K., Zhang, W., 2019. Credit default swaps and corporate innovation. Journal of Financial Economics 134, 474-500

Kang, J.-K., Xu, L., 2019. Executive stock ownership guidelines and debtholder wealth. The Accounting Review 94, 267-295

Chen, T., Goh, J.R., Kamiya, S., Lou, P., 2019. Marginal cost of risk-based capital and risk-taking. Journal of Banking & Finance 103, 130-145

2022

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

2021
Kogure, A., Fushimi, T., Kamiya, S., 2021. Mortality forecasts for long-term care subpopulations with longevity risk: A Bayesian approach. North American Actuarial Journal 25, S534-S544

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

2020
Tan, K.S., Wei, P., Wei, W., Zhuang, S.C., 2020. Optimal dynamic reinsurance policies under a generalized Denneberg’s absolute deviation principle. European Journal of Operational Research 282, 345-362

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

2019
Zhang, J., Tan, K.S., Weng, C., 2019. Index insurance design. ASTIN Bulletin: The Journal of the IAA 49, 491-523

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