Publications and Accepted Papers

"The Effects of Corporate Spin-offs on Productivity: A Plant Level Analysis," (with K. Krishnan and D. Nandy), Journal of Corporate Finance Forthcoming, (accepted, February 2014).
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"A Theory of Mandatory Convertibles," (with D. Nandy, A. Yan and J. Jiao), Journal of Banking and Finance Forthcoming, (accepted, January 2014).
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"Entrepreneurial Finance and Innovation: An Introduction and Agenda for Future Research," (with P. Fulghieri), Review of Financial Studies, 2014 (Introduction to Special Issue of the Review of Financial Studies on Entrepreneurial Finance and Innovation).
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"Corporate Venture Capital, Value Creation, and Innovation," (with E. Loutskina and X. Tian), Review of Financial Studies Forthcoming, (accepted, November 5, 2013).
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"Human Capital, Capital Structure, and Employee Pay: An Empirical Analysis," (with Y. Cheng and T. Zhang), Journal of Financial Economics, 2013.
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"Communicating Private Information to the Equity Market before a Dividend Cut: An Empirical Analysis," (with X. Tian), Journal of Financial and Quantitative Analysis Forthcoming, (accepted, February 2013).
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"Institutional Investors and the Information Production Theory of Stock Splits," (with G. Hu and J. Huang),  Journal of Financial and Quantitative Analysis Forthcoming, (accepted, November 2012).
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"'Preparing' the Equity Market for Adverse Corporate Events:  A Theoretical Analysis of Firms Cutting Dividends," (with X. Tian),  Journal of Financial and Quantitative Analysis, October 2012.
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'Heterogeneous Beliefs, IPO Valuation, and the Economic Role of the Underwriter in IPOs," (with K. Krishnan), Financial Management, Winter 2012 (lead article).
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"What drives the valuation premium in IPOs versus acquisitions? An Empirical Analysis," (with O. Bayar),  Journal of Corporate Finance, June 2012.
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"Dual class IPOs: A theoretical analysis," (with Y. Jiao),  Journal of Banking and Finance, January 2012.
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"IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence," (with J. He), Journal of Financial Economics, August 2011.
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Appendix A: Three Tables Showing Robustness of Results (not in the published version):
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Appendix B: Propositions and Proofs (not in the published version):
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"Management Quality and Anti-Takeover Provisions," (with I. Paeglis and K. Simonyan), Journal of Law and Economics, August 2011.

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"IPOs versus Acquisitions and the Valuation Premium Puzzle: A Theory of Exit Choice by Entrepreneurs and Venture Capitalists," (with O. Bayar), Journal of Financial and Quantitative Analysis, December 2011.
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Working paper version containing propositions and proofs on two extensions to our basic model (not in the published version):
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"A Theory of Equity Carve-Outs and Negative Stub Values under Heterogeneous Beliefs," (with O. Bayar and M. H. Liu),  Journal of Financial Economics, June 2011.
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"How does Venture Capital Financing Improve Efficiency in Private Firms? A Look Beneath the Surface," (with K. Krishnan and D. Nandy), Review of Financial Studies Forthcoming, (accepted, May 2011).
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"Institutional Trading, Information Production, and the SEO Discount: A Model of Seasoned Equity Offerings," (with Y. Jiao), Journal of Economics and Management Strategy, Spring 2011.

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"The Role of Institutional Investors in IPOs," (with G. Hu and J. Huang), forthcoming in the Review of Financial Studies, December 2010.
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this paper in PDF format.

Editor’s Introduction to A Special Issue of the Journal of Economics and Business edited by me: “Venture Capital, Private Equity,  IPOs,  and Banking: An Introduction and Agenda for Future Research”, December 2010.
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"Institutional Trading, Information Production, and the Choice between Spin-Offs, Carve-Outs, and Tracking Stock Issues," (with M. H. Liu), Journal of Corporate Finance Forthcoming, (accepted, July 2010).

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"What Drives the Issuance of Putable Convertibles: Risk-Shifting, Asymmetric Information, or Taxes?" (with K. Simonyan), Financial Management Forthcoming, (accepted, March 2010).

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"Is Dividend Smoothing Universal? New Insights from a Comparative Study of Dividend Policies in Hong Kong and the U.S.," (with J. He, G. Hu and H. Liu), Journal of Corporate Finance Forthcoming, (accepted, March 2010).
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"Management Quality and Equity Issue Characteristics: A Comparison of SEOs and IPOs," (with I. Paeglis and K. Simonyan), Financial Management Forthcoming, (accepted, February 2010).

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"The Going-Public Decision and the Product Market," (with S. He and D. Nandy), Review of Financial Studies, May 2010.

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"A Theory of Contractual Provisions in Leasing," (with Y. Jiao and A. Yan), Journal of Financial Intermediation, January 2010.

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"The role of institutional investors in seasoned equity offerings," (with S. He and G. Hu), Journal of Financial Economics, 2009

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"Product market advertising and new equity issues," (with A. Yan),  Journal of Financial Economics, 2009

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"Management Quality, Financial and Investment Policies, and Asymmetric Information," (with I. Paelgis and K. Simonyan), Journal of Financial and Quantitative Analysis Forthcoming, 2009.

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"Antitakeover provisions in corporate spin-offs," (with B. D. Jordan, M. H. Liu, and Q. Wu), Journal of Banking and Finance Forthcoming, 2009

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"The medium of exchange in acquisitions: Does the private information of both acquirer and target matter?" (with I. Paeglis and K. Simonyan), Journal of Corporate Finance Forthcoming, 2009

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"Competition and Cooperation among Exchanges: Effects on Corporate Cross-Listing Decisions and Listing Standards," (with J. He and P. Fulghieri), Journal of Applied Corporate Finance, 2008.

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"Competition and Co-operation Among Exchanges: A Theory of Cross Listing and Endogenous Listing Standards," (with P. Fulghieri), Journal of Financial Economics, 2006.
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"Management Quality, Certification, and Initial Public Offerings," (with I. Paeglis), Journal of Financial Economics, 2005.
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"A Theory of Corporate Spin-offs," (with A. Yan), Journal of Financial Economics, 2004.
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"New Technologies, Financial Innovation, and Intermediation," (with W. Wilhelm), Journal of Financial Intermediation, 2002.
(Guest Editor’s Introduction to the JFI Special Issue on "New Technologies, Financial Innovation, and Intermediation").
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"Why Issue Tracking Stocks? Insights from a Comparison with Spin-offs and Carve-outs," (with I. Paeglis), Journal of Applied Corporate Finance, 2001.
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"Asymmetric Information, Corporate Myopia, and Capital Gains Tax Rates: An Analysis of Policy Prescriptions" (with A. Ravid), Journal of Financial Intermediation, 1999.
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"A Theory of the Going-Public Decision," (with P. Fulghieri), Review of Financial Studies, 1999.
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"Why Include Warrants in New Equity Issues? A Theory of Unit IPOs" (with P.Fulghieri), Journal of Financial and Quantitative Analysis, March 1997 (lead article).
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"Optimal Incorporation, Structure of Debt Contracts, and Limited-Recourse Project Financing" (with K. John), Journal of Financial Intermediation, October 1996.
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"Privatization under Incomplete Information: Analysis of Equity Sale Strategies" (with P. Fulghieri), Advances in International Banking and Finance, Vol 1., 1995.

"Investment Bank Reputation, Information Production, and Financial Intermediation," with (P. Fulghieri), Journal of Finance, March 1994.
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"Reputation, Renegotiation, and the Choice between Bank Loans and Publicly Traded Debt" (with P. Fulghieri), Review of Financial Studies, 1994.
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"The Pricing of Initial Public Offerings: A Dynamic Model with Information Production", Journal of Finance, March 1993.
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