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  1. Global Zombie Companies: Measurements, Determinants, and Outcomes, 2024, joint with Edward Altman and Rui Dai, forthcoming, The Journal of International Business Studies (Published online version)

  2. Debt-Equity Simultaneous Holdings and Distress Resolution, 2024, joint with Yongqiang Chu, Ha Diep Nguyen, Jun Wang, and Wenyu Wang, forthcoming, Review of Corporate Finance Studies.

    • Featured by Law360 on “3 Aspects Of Value Preservation For Restructuring Cos,” January 29, 2019.

  3. Loans to Chapter 11 Firms: Contract Design and Pricing, 2023, with Espen Eckbo and Kai Li, The Journal of Law and Economics, Vol. 66, 465-509.

  4. The Changing Face of Chapter 11 Bankruptcy, 2023, with Edith Hotchkiss and Karin Thorburn, Annual Review of Financial Economics, Vol. 15, 351-367.

  5. Default and Bankruptcy Resolution in China, 2023, with Kose John, Edith Hotchkiss, Bo Li, and Jacopo Ponticelli, Annual Review of Financial Economics, Vol. 15, 368-385.

  6. The Disappeared Outperformance of Post-Reorg Equity, 2023, with Wei Jiang and Yan Yang, Journal of Alternative Investments, Vol. 25(3), 118-137.

    • Featured in the The FinReg Blog by the Global Financial Markets Center at Duke University (September 17, 2021),

  7. The Real Effects of Implicit Government Guarantee: Evidence from Chinese SOE Defaults, 2023, with Shuang Jin and Zilong Zhang, Management Science, Vol. 69(6), 3650-3674.

  8. Financial Costs of Judicial Inexperience: Evidence from Corporate Bankruptcies, 2023, with Ben Iverson, Joshua Madsen, and Qiping Xu, Journal of Financial and Quantitative Analysis, Vol. 58, No.3, 1111-1143.

  9. Bankrupt Innovative Firms, 2022, with Song Ma and Joy Tianjiao Tong, Management Science, Vol. 68(9), 6971-6992. Online Appendix HERE

  10. The Costs of Bankruptcy Restructuring, 2022, Oxford Research Encyclopedia of Economics and Finance, August 15, Oxford University Press.

  11. Patent Sales in Bankruptcy: What and Why? 2021, with Song Ma and Joy Tianjiao Tong, American Bankruptcy Institute Journal, Vol. 40(11), 26-53.

  12. Dissecting Bankruptcy Frictions, 2021, with Winston Dou, Luke Taylor, and Wenyu Wang, Journal of Financial Economics. Vol. 142, 975-1000. Online Appendix HERE
    • Editor's choice at the JFE, December 2021

    • Winner of 2020 Wharton School Jacobs Levy Outstanding Research Paper Prize

  13. SEC Scrutiny Shopping, 2021, with Paul Calluzzo and Serena Wu, Vol. 67, Journal of Corporate Finance.

  14. Senior Lender Control: Cross-Monitoring or Creditor Conflicts? 2018, with Bo Li and Lynnette Purda, Journal of Law, Finance, and Accounting, Vol. 3, No.2, 373-411.

  15. Provision of Management Incentives in Bankrupt Firms, 2017, with Vidhan K. Goyal, Journal of Law, Finance, and Accounting, Vol. 2, No.1, 87-123.

    • Best conference paper award at 2012 NTU International Conference on Finance.

    • Featured in the Wall Street Journal, Law 360, Towers Watson, and Jones Day

    • Podcast with American Bankruptcy Institute on this study can be accessed HERE.

  16. Executive Lawyers: Gatekeepers or Strategic Officers?, 2016, with Adair Morse and Serena Wu, Journal of Law and Economics, Vol. 59, 847-888.

  17. Debtor-in-Possession Financing, Loan-to-Loan and Loan-to-Own, 2016, with Kai Li, Journal of Corporate Finance, Vol. 39, 121-138.

  18. How Costly is Corporate Bankruptcy for the CEO? 2016, with B. Espen Eckbo and Karin Thorburn, Journal of Financial Economics,Vol. 121, 210-229.

    • Best conference paper award at EFMA 2012 meeting.

    • Featured in the Harvard Law School Forum on Corporate Governance (January 30, 2013)

    • A two-page executive summary of the paper can be downloaded HERE.

    • Funded by Insight Development Grant, Social Sciences and Humanities Research Council

  19. Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes, with Vidhan K. Goyal, 2013, Journal of Financial and Quantitative Analysis,Vol. 48, No.3, 789-817

  20. Explaining Debt Recovery Using an Endogeneous Bankruptcy Model, with Wulin Suo and Qi Zhang, 2013, Journal of Fixed Income, Vol. 23, No.2, 114-131.

  21. Hedge Funds and Chapter 11, with Wei Jiang and Kai Li, 2012, Journal of Finance, Vol. 67, 513-560. Click HERE for Internet Appendix.

    • Featured in Dow Jones Newswires, The Globe and Mail, Business Week, Le Temps,, Vancouver Sun,, National Post.

    • A short-version of the paper appears as Hedge Funds Activism in Chapter 11 Firms, 2014, Finance and Accounting Memos, Vol.1,30-37.

    • Reprinted in Institutional Investor Activism, edited by William W. Bratton and Joseph A. McCahery, 2015, Oxford Press

    • Funded by Insight Grant, Social Sciences and Humanities Research Council

  22. What’s in a “China” name? A Test of the Investor Attention Hypothesis? with Kee-Hong Bae, 2012, Financial Management, Vol. 42, No.2, 429-455.

    • Featured in The Wall Street Journal, National Post, and South China Morning Post.

  23. Recovery and Returns of Distressed Bonds in Bankruptcy, 2011, Journal of Fixed Income, Vol 21, No.1, 21-31.


  1. Knowing is Power: The Value of Lawyer-Judge Familiarity, 2022, with Vidhan K. Goyal and Joshua Madsen, revise and resubmit, The Review of Financial Studies.

  2. Polluted IPOs, 2023, joint with Meng Miao and Zhengyu Zuo.

    • Presented at HKUST, Peking University, Queen's University, and the Sustainable and Green Finance session at ABFER 9th annual conference, China Financial Research Conference, and UBC summer finance conference.

    • Featured in the The FinReg Blog by the Global Financial Markets Center at Duke University (October 13, 2022) and Smith Business Insight ("Smog Gives Traders and Regulators Foggy Heads") (May 6, 2022)

  3. The Cost of Intermediary Market Power for Distressed Borrowers, 2023, joint with Winston Dou and Wenyu Wang

    • Presented at Boston University, BPI and Nova SBE Conference in Corporate Bankruptcy and Restructuring, Carnegie Mellon University (Tepper), Conference on Financial Economics and Accounting, AFA, MFA, NFA, Indiana University (Kelley), Summer Institute of Finance (SIF), WFA, and Wharton.

    • Featured on Knowledge at Wharton ("How Loan Market Concentration Hurts Distressed Corporate Borrowers," August 16, 2022)

    • Funded by the Social Science and Humanities Research Council (SSHRC) of Canada

  4. Do Hedge Funds Exploit Material Nonpublic Information? Evidence from Corporate Bankruptcies, 2023, joint with Yan Yang and Jingyu Zhang

  5. Global Insolvency and Cross-border Capital Flows, 2023, joint with Yeejin Jang and Ji Hyun (Jenny) Tak.

    • Presented at 19th Annual Conference of the Asia-Pacific Association of Derivatives, FIRN Annual Corporate Finance Research Meeting, Sydney Banking and Financial Stability Conference, 18th Annual Conference on Asia-Pacific Financial Markets, 2024 Midwest Finance Association annual meetings, and the University of New South Wales.

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