Research
Publications & working papers
24 published articles and 4 working papers on corporate bankruptcy, restructuring, credit markets, and corporate governance, in outlets including the Journal of Finance, Journal of Financial Economics, and Management Science.
Showing 28 of 28
Working Papers4
2026
The Value of Familiarity: Evidence from Lawyer-Judge Interactions in Corporate Bankruptcy (opens in new tab)
with Vidhan K. Goyal and Joshua Madsen
The Review of Financial Studies, Revise and resubmit
Notes & presentations
- Presented at CICF, Durham University, FIRS, FMA, HKUST, MFA, NFA, Purdue University, Queen's University, University of Liverpool, and University of New South Wales.
2026
Global Insolvency and Cross-border Capital Flows (opens in new tab)
with Yeejin Jang and Ji Hyun (Jenny) Tak
S&P Global Best Paper Award, Monash Winter Conference (2024)Harvard Law School Bankruptcy Roundtable · Nov 12, 2024Singapore Global Restructuring Initiatives · Jul 28, 2025Notes & presentations
- Presented at Chinese University of Hong Kong (Shenzhen), City University of Hong Kong, Hanyang University, Laval University, Nova School of Business and Economics, Rutgers University, Vienna University of Economics and Business, University of Bristol, University of Guelph, University of Manchester, University of New South Wales, UT San Antonio, Wilfrid Laurier University, the Annual Conference of the Asia-Pacific Association of Derivatives, Annual Conference on Asia-Pacific Financial Markets, Australasian Finance & Banking Conference, CICF, FIRN Corporate Finance Meeting, FIRS annual meetings, FMA annual meetings, MFA annual meetings, Monash Winter Finance, NFA annual meetings, Sydney Banking and Financial Stability Conference, and the Wharton-Chicago-Harvard Insolvency and Restructuring Conference.
2026
The Cost of Intermediary Market Power for Distressed Borrowers (opens in new tab)
with Winston Dou and Wenyu Wang
NBER Working Paper #35206
NBERNotes & presentations
- Funded by the Social Sciences and Humanities Research Council (SSHRC) of Canada.
- Presented at Boston University, Carnegie Mellon University (Tepper), Dauphine-PSL Paris, HKUST, Indiana University (Kelley), Sargent Alumni Reading Group, Temple, University of Georgia, Wharton, Wisconsin (Economics), AFA, BI Norwegian Business School, BPI and Nova SBE Conference in Corporate Bankruptcy and Restructuring, CityU International Finance Conference, Econometric Society Summer School in Dynamic Structural Econometrics, Macro Finance Society Workshop, MFA, NFA, PHBS Finance Symposium, Stanford SITE, Summer Institute of Finance (SIF), WFA, and the Wharton-Chicago-Harvard Insolvency and Restructuring Conference.
2025
Hedge Fund Shadow Trading: Evidence from Corporate Bankruptcies (opens in new tab)
with Yan Yang and Jingyu Zhang
Columbia Law School Blue Sky Blog · Dec 20, 2023Smith Business Insight · Feb 6, 2024Harvard Law School Bankruptcy Roundtable · May 28, 2024Oxford Business Law Blog · Jun 7, 2024Notes & presentations
- Funded by the Social Sciences and Humanities Research Council (SSHRC) of Canada.
- Presented at HEC Montreal, Queen's University, UT Dallas, University of Houston, Texas A&M University, Villanova University, Asian Bureau of Finance and Economics Research, CAAA annual meetings, Conference on Empirical Legal Studies, Financial Markets and Corporate Governance Conference, Fixed Income and Financial Institutions Conference, FMA annual meetings, MIT Asia Accounting Conference, NFA annual meetings, Lapland Investment Fund Summit, MFA annual meetings, and Australasian Finance and Banking Conference.
Publications24
2026
Polluted IPOs (opens in new tab)
with Meng Miao and Zhengyu Zuo
American Economic Journal: Economic Policy, Vol. 18(4), 1–28
2025
Debt-Equity Simultaneous Holdings and Distress Resolution (opens in new tab)
with Yongqiang Chu, Ha Diep Nguyen, Jun Wang, and Wenyu Wang
Review of Corporate Finance Studies, Vol. 14(3), 804–838
Law360 · Jan 29, 20192024
Global Zombie Companies: Measurements, Determinants, and Outcomes (opens in new tab)
with Edward Altman and Rui Dai
Journal of International Business Studies, Vol. 55, 723–744
Best Conference Paper Award, Southern Finance Association (2022)Bloomberg · Oct 7, 2022Turnaround Management Association podcastReorg Research podcast · Jul 31, 2023Reorg Radio podcast · Oct 9, 20232023
Loans to Chapter 11 Firms: Contract Design, Repayment Risk, and Pricing (opens in new tab)
with B. Espen Eckbo and Kai Li
Journal of Law and Economics, Vol. 66, 465–509
FMA Best Paper Award in Corporate Finance, Semi-finalistHarvard Law School Bankruptcy Roundtable · Oct 1, 2019Retail Dive · Mar 8, 2021Oxford Business Law Blog · Nov 23, 20212023
The Changing Face of Chapter 11 Bankruptcy (opens in new tab)
with Edith Hotchkiss and Karin Thorburn
Annual Review of Financial Economics, Vol. 15, 351–367
2023
Default and Bankruptcy Resolution in China (opens in new tab)
with Kose John, Edith Hotchkiss, Bo Li, and Jacopo Ponticelli
Annual Review of Financial Economics, Vol. 15, 368–385
2023
The Real Effects of Implicit Government Guarantee: Evidence from Chinese SOE Defaults (opens in new tab)
with Shuang Jin and Zilong Zhang
Management Science, Vol. 69(6), 3650–3674
2023
Financial Costs of Judicial Inexperience: Evidence from Corporate Bankruptcies (opens in new tab)
with Ben Iverson, Joshua Madsen, and Qiping Xu
Journal of Financial and Quantitative Analysis, Vol. 58, No. 3, 1111–1143
FMA Best Paper Award in Corporate Finance, Semi-finalistThe Wall Street Journal · Sep 20, 2019Harvard Law School Bankruptcy Roundtable · Apr 10, 2018Oxford Business Law Blog · Dec 22, 20172023
The Disappeared Outperformance of Post-Reorg Equity (opens in new tab)
with Wei Jiang and Yan Yang
Journal of Alternative Investments, Vol. 25(3), 118–137
2022
Bankrupt Innovative Firms (opens in new tab)
with Song Ma and Joy Tianjiao Tong
Management Science, Vol. 68(9), 6971–6992
Online appendixNotes & presentations
- Funded by an Insight Grant, Social Sciences and Humanities Research Council.
2022
The Costs of Bankruptcy Restructuring (opens in new tab)
Oxford Research Encyclopedia of Economics and Finance, Oxford University Press, August 15
2021
Patent Sales in Bankruptcy: What and Why?
with Song Ma and Joy Tianjiao Tong
American Bankruptcy Institute Journal, Vol. 40(11), 26–53
2021
Dissecting Bankruptcy Frictions (opens in new tab)
with Winston Dou, Luke Taylor, and Wenyu Wang
Journal of Financial Economics, Vol. 142, 975–1000
Wharton School Jacobs Levy Outstanding Research Paper Prize (2020)Editor's Choice, Journal of Financial Economics (December 2021)2021
SEC Scrutiny Shopping (opens in new tab)
with Paul Calluzzo and Serena Wu
Journal of Corporate Finance, Vol. 67, 101878
Dataset readmeData: primary sample (1996–2012)Data: extended sample (1996–2018)Notes & presentations
- The key location dataset is free to download. Please read the readme file before using it.
2018
Senior Lender Control: Cross-Monitoring or Creditor Conflicts? (opens in new tab)
with Bo Li and Lynnette Purda
Journal of Law, Finance, and Accounting, Vol. 3, No. 2, 373–411
2017
Provision of Management Incentives in Bankrupt Firms (opens in new tab)
with Vidhan K. Goyal
Journal of Law, Finance, and Accounting, Vol. 2, No. 1, 87–123
Best Conference Paper Award, NTU International Conference on Finance (2012)The Wall Street Journal · Aug 9, 2012Law360Towers WatsonJones Day2016
Executive Lawyers: Gatekeepers or Strategic Officers? (opens in new tab)
with Adair Morse and Serena Wu
Journal of Law and Economics, Vol. 59, 847–888
Best Conference Paper Award, China International Conference in Finance (2015)Harvard Law School Forum on Corporate Governance · Sep 30, 20142016
Debtor-in-Possession Financing, Loan-to-Loan and Loan-to-Own (opens in new tab)
with Kai Li
Journal of Corporate Finance, Vol. 39, 121–138
2016
How Costly is Corporate Bankruptcy for the CEO? (opens in new tab)
with B. Espen Eckbo and Karin Thorburn
Journal of Financial Economics, Vol. 121, 210–229
Best Conference Paper Award, European Financial Management Association (2012)Harvard Law School Forum on Corporate Governance · Jan 30, 2013Notes & presentations
- Funded by an Insight Development Grant, Social Sciences and Humanities Research Council.
2013
Debt Maturity and Asymmetric Information: Evidence from Default Risk Changes (opens in new tab)
with Vidhan K. Goyal
Journal of Financial and Quantitative Analysis, Vol. 48, No. 3, 789–817
2013
Explaining Debt Recovery Using an Endogenous Bankruptcy Model (opens in new tab)
with Wulin Suo and Qi Zhang
Journal of Fixed Income, Vol. 23, No. 2, 114–131
2012
Hedge Funds and Chapter 11 (opens in new tab)
with Wei Jiang and Kai Li
Journal of Finance, Vol. 67, 513–560
Dow Jones NewswiresThe Globe and MailBusiness WeekLe TempsNational PostVancouver SunNotes & presentations
- A short version 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 University Press.
- Funded by an Insight Grant, Social Sciences and Humanities Research Council.
2012
What’s in a “China” Name? A Test of the Investor Attention Hypothesis (opens in new tab)
with Kee-Hong Bae
Financial Management, Vol. 42, No. 2, 429–455
The Wall Street Journal · Mar 20, 2010National PostSouth China Morning Post2011
Recovery and Returns of Distressed Bonds in Bankruptcy (opens in new tab)
Journal of Fixed Income, Vol. 21, No. 1, 21–31
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