PhD, University of Illinois at Urbana-Champaign
MA, Western Illinois University
Graduate School of Business Administration, National Chengchi University
BC, National Chengchi University
Liquidity Risk and Expected Corporate Bond Returns, (with H. Lin and J. Wang), Journal of Financial Economics, forthcoming.
Reduced-Form Valuation of Callable Corporate Bonds: Theory and Evidence, (with R. Jarrow, H. Li, and S. Liu) , Journal of Financial Economics 95, 2010, 227-248.
Are Liquidity and Information Risks Priced in the Treasury Bond Market? (with H. Li, J. Wang and Y. He), Journal of Finance 64, 2009, 467-503.
The 2000 Presidential Election and the Information Cost of Sensitive vs. Non-sensitive S&P 500 Stocks, (with Y. He, H. Lin and U. B. Dufrene), Journal of Financial Markets 12, 2009, 54-86
How Much of the Corporate Bond Spread Is Due to Personal Taxes? (with S. Liu, J. Shi and J. Wang), Journal of Financial Economics 85, 2007, 599-636 (lead article).
Daily Return Volatility, Bid-Ask Spreads and Information Flow: Analyzing the Information Content of Volume, (with J. Li), Journal of Business 79, 2006, 2697-2739.
Personal Taxes, Endogenous Default and Corporate Bond Yield Spreads, (with S. Liu and H. Qi), Management Science 52, 2006, 939-954.
The Role of Earnings Information in Corporate Dividend Decisions, (with J. Hsu and X. Wang), Management Science 44, 1998, S173-191.
Rational Expectations, Information Signalling and Dividend Adjustment to Permanent Earnings, (with C. Kao) Review of Economics and Statistics 76, 1994, 490-502.
Tests of Dividend Signalling Using the Marsh-Merton Model: A Generalized Friction Approach, (with C. Kao) Journal of Business 67, 1994, 45-68.
Information Asymmetry and the Sinking Fund Provision, Journal of Financial and Quantitative Analysis 28, 1993, 399-416.
Expectation Formation and the Financial Ratio Adjustment Processes, (with Cheng F. Lee), Accounting Review 63, 1988, 292-306; A Reply, Accounting Review 68, 1993, 953-955.
M&T Professor of Banking and Finance
Finance and Managerial Economics
School of Management
University at Buffalo
335A Jacobs Management Center
Buffalo, NY 14260-4000