Working Papers

Endogenously Procyclical Liquidity, Capital Reallocation, and Tobin’s q , 2014, with Shouyong Shi, Penn State University.

Why Don’t Firms Reward their CEOs with Relative Compensation, 2014.

Selected Publications in Referred Academic Journals

Optimal CEO Compensation with Search: Theory and Empirical Evidence, 2013, Journal of Finance, Vol. 68, No. 5, 2001-2058., with Rong Wang, Singapore Management University.

Option Market Liquidity: Commonality and Other Characteristics, 2010, Journal of Financial Markets, Vol. 13, No.1, 20 - 48 with Jason Wei, University of Toronto.

Valuation of Housing Index Derivatives, 2010, Journal of Futures Markets, Vol. 30, No.7, 660 - 688 with Jason Wei, University of Toronto.

Incentive Stocks and Options with Trading Restrictions: Not as Restricted as We Thought, 2008, Research in Finance, Vol. 24, 213-248, with Jason Wei, University of Toronto.

Signaling in the Internet Craze of Initial Public Offerings, 2006, Journal of Corporate Finance, 12, 818-833, with Shouyong Shi, Penn State University.

Effects of Return Predictability on Option Prices with Stochastic Volatility for the Market Portfolio, 2005, Research in Financial Economics, Vol. 1, No. 1, 104-150.

Stock Market Returns: a Note on Temperature Anomaly, 2005, Journal of Banking and Finance, Vol. 29, 1559-1573, with Jason Wei, University of Toronto.

Weather Derivatives Valuation and Market Price of Weather Risk, Nov. 2004, Journal of Futures Markets, Vol. 24, Issue 11, 1065-1089, with Jason Wei, University of Toronto.

Systematic Jump Risks in a Small Open Economy: Simultaneous Equilibrium Valuation of Options on the Market Portfolio and the Exchange Rate, 2001, Journal of International Money and Finance, Vol. 20, No. 2, 191-218.

Risky Corporate Bond, Credit Spread and Vulnerable Options, 2001, Journal of Futures Markets, Vol. 21, No. 4, 301-327, with Jason Wei, University of Toronto.

Screening, Bidding and the Loan Market Tightness, 2001, European Finance Review (currently Review of Finance), Vol. 5, 21-61, with Shouyong Shi, Penn State University.

Coordination, Matching and Wages, 2000, Canadian Journal of Economics, 1009-1033, with Shouyong Shi, Penn State University.

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