RESEARCH PAPERS

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"A survey of evidence on domestic and international stock exchange listings with implications for markets and managers," with John J. McConnell, Heidi J. Dybevik and G. David Haushalter, Pacific-Basin Finance Journal 4, December 1996, pp. 347-376.

   
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"Earnings signals in fixed price and Dutch auction self-tender offers," with John J. McConnell, Journal of Financial Economics 49, August 1998, pp. 161-186.

   
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"The role of personal taxes in corporate decisions: An empirical analysis of share repurchases and dividends," with Heidi J. Lie, Journal of Financial and Quantitative Analysis 34, December 1999, pp. 533-552.

   
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"Excess funds and agency problems: An empirical study of incremental cash disbursements," Review of Financial Studies 13, Spring 2000, pp. 219-248.

   
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"Detecting abnormal operating performance: Revisited," Financial Management 30, June 2001, pp. 77-91.

   
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"Debt-reducing exchange offers," with Heidi J. Lie and John J. McConnell, Journal of Corporate Finance 7, June 2001, pp. 179-207.

   
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"Multiples used to estimate corporate value," with Heidi J. Lie, Financial Analysts Journal 58, March/April 2002, pp. 44-54.

   
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"Operating performance and the method of payment in takeovers," with Randall A. Heron, Journal of Financial and Quantitative Analysis 37, March 2002, pp. 137-155.

   
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"Price uncertainty and corporate value," with Randall A. Heron and G. David Haushalter, Journal of Corporate Finance 8, July 2002, pp. 271-286.

   
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"Do firms undertake self-tender offers to optimize capital structure?" Journal of Business 75, October 2002, pp. 609-639.

   
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"A comparison of the motivations for and the information content of different types of equity offerings," with Randall A. Heron, Journal of Business 77, July 2004, pp. 605-632.

   
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"On the timing of CEO stock option awards," Management Science 51, May 2005, pp. 802-812.

   
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"Operating performance following open market share repurchase announcements," Journal of Accounting and Economics 39, September 2005, pp. 411-436.

   
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"Financial flexibility, performance, and the corporate payout choice," Journal of Business 78, November 2005, pp. 2179-2201.

   
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"Operating performance following dividend decreases and omissions," Journal of Corporate Finance 12, December 2005, pp. 27-53.

   
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"Dividend changes and catering incentives," with Wei Li, Journal of Financial Economics 80, May 2006, pp. 293-308.

  
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"On the use of poison pills and defensive payouts by takeover targets," with Randall A. Heron, Journal of Business 79, July 2006, pp. 1783-1807.

   
bullet "Does backdating explain the stock price pattern around executive stock option grants?" with Randall A. Heron, Journal of Financial Economics 83, February 2007, pp. 271-295.
   
bullet "On the use (and abuse) of stock option grants," with Randall A. Heron and Tod Perry, Financial Analysts Journal 63, May/June 2007, pp. 17-27.
   
bullet "What fraction of stock option grants to top executives have been backdated or manipulated?" with Randall A. Heron, Management Science 55, April 2009, pp. 513-525.
   
bullet "Financial restructuring in fresh start Chapter 11 reorganizations," with Kimberly J. Rodgers and Randall A. Heron, Financial Management, Winter 2009, pp. 727-745.
   
bullet "Option grant backdating investigations and capital market discipline," with Kenneth Carow, Randall Heron, and Robert Neal, Journal of Corporate Finance 15, December 2009, pp. 562-572.
   
bullet "The effect of change-in-control covenants on takeovers: evidence from leveraged buyouts," with Matthew T. Billett and Zhan Jiang, Journal of Corporate Finance 16, February 2010, pp. 1-15.
   
bullet "Share repurchases, catering, and dividend substitution," with Zhan Jiang, Kenneth A. Kim, and Sean Yang, Journal of Corporate Finance 21, 2013, pp. 36-50.
   
bullet "The role of investment banker directors in M&A," with Qianqian Huang, Feng Jiang, and Ke Yang, Journal of Financial Economics 112, 2014, pp. 269-286.
   
bullet "Time trends and determinants of the method of payment in M&As," with Audra L. Boone and Yixin Liu, Journal of Corporate Finance 27, 2014, 296-304.
   
bullet "The effect of poison pill adoptions and court rulings on firm entrenchment," with Randall A. Heron, Journal of Corporate Finance 35, 2015, 286-296.
   
bullet "Cash holding adjustments and managerial entrenchment," with Zhan Jiang, Journal of Corporate Finance 36, 2016, 190-205.
   
bullet "The effect of labor unions on CEO compensation," with Qianqian Huang, Feng Jiang, and Tingting Que, Journal of Financial and Quantitative Analysis 52, April 2017, 553-582.
   
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"Do stock options overcome managerial risk aversion? Evidence from exercises of executive stock options (ESOs)," with Randall A. Heron, Management Science 63, September 2017, 3057-3071.

   
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"Dividend stickiness, debt covenants, and earnings management," with Jaewoo Kim and Kyeong Hun Lee, Contemporary Accounting Research 34, Winter 2017, pp. 2022-2050.

   
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"Corporate cash holdings and acquisitions," with Yixin Liu, Financial Management, Spring 2018, pp. 159-173.

   
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"Union concessions following asset sales and takeovers," with Tingting Que, Journal of Financial and Quantitative Analysis, forthcoming.

   
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"Investor inattention and stock prices: Evidence from acquisitions with a choice of payment type," Journal of Financial and Quantitative Analysis, forthcoming.

   
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"Board independence and corporate spending," with Keyang (Daniel) Yang, R&R, Journal of Financial Economics.

   
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"Import penetration and executive compensation," with Keyang (Daniel) Yang, R&R, Review of Financial Studies.

   
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"Enter the dragon: Import penetration and innovation," with Keyang (Daniel) Yang.