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Associate Professor of Finance
Associate Professor of Finance
Nanyang Business School
Nanyang Technological University
91 Nanyang Ave, ABS-06-37, Singapore 639956
Academic Background
Academic Background
Ph.D. in Finance, Fisher College of Business, Ohio State University, 2003-2008
M.Sc. (Mgt), National University of Singapore, 2000-2002
B.B.A. (Finance, 1st Class Honors), National University of Singapore, 1996-2000
Appointments
Appointments
Nanyang Business School, Nanyang Technological University
Associate Professor, Division of Banking and Finance, Jul 2024-present
Lee Kong Chian School of Business, Singapore Management University
Associate Professor of Finance, Jul 2016-Jun 2025 (on leave since Jul 2024)
Assistant Professor of Finance, Jul 2008-Jun 2016
Lecturer of Finance, 2002-2003
Research Interests
Research Interests
Behavioral Finance, Empirical Asset Pricing, Security Analysts
Publications
Publications
Physical frictions and digital banking adoption, 2024, Management Science 70, 6597-6621 (with Hyun-Soo Choi). Presented in 2019 at Toronto FinTech conference, HKU FinTech conference, SYSBS Finance Conference, CICF, and CEBRA, CAFM 2020, and Global AI Finance Research Conference in Korea 2021 (Best Paper Award). See Feature Video, and Internet Appendix.
Do large gains make willing sellers? 2022, Journal of Financial and Quantitative Analysis 57, 1486-1528 (with Dong Hong and Mitch Warachka). Presented at ASSA-AREUEA 2015, CICF 2016, and California Corporate Finance Conference 2014 (Best Paper Award).
Is sell-side research more valuable in bad times? 2018, Journal of Finance 73, 959-1013 (with René Stulz). (Internet Appendix, Slides). Featured in Bloomberg news, and The Economist. Practitioner version in Journal of Investment Management 18 (2020).
Have we solved the idiosyncratic volatility puzzle? 2016, Journal of Financial Economics 121, 167-194 (with Kewei Hou). (Slides). Featured in Alpha Architect, Nov 2015. Top-25 most cited JFE articles published 2016-2019.
Streaks in earnings surprises and the cross-section of stock returns, 2012, Management Science 58, 1305-1321 (with Mitch Warachka). (Slides). Profiled in Citigroup Academic Digest, Apr 2009.
When are analyst recommendation changes influential? 2011, Review of Financial Studies 24, 593-627 (with René Stulz). (Internet Appendix, Slides). Featured in Wall Street Journal, 2009, “Markets often shrug at analysts’ calls”. Profiled in NBER Digest, Sep 2009, and Citigroup Academic Digest, Jun 2009.
Investor inattention and the underreaction to stock recommendations, 2010, Financial Management 39, 1223-1251. Profiled in Citigroup Academic Digest, 2009.
Do accurate earnings forecasts facilitate superior investment recommendations? 2006, Journal of Financial Economics 80, 455-483, (with Mujtaba Mian). Reprinted in CFA Digest 36, Nov 2006, 41-42.
The quality of analysts' earnings forecasts during the Asian crisis: Evidence from Singapore, 2003, Journal of Business Finance and Accounting 30, 749-769 (with Mujtaba Mian).
Selected Working Papers
Selected Working Papers
A tale of two anomalies: The implications of investor attention on price and earnings momentum, with Kewei Hou, Lin Peng, and Wei Xiong. 2025.
Advertising securities, with Alexander Ljungqvist and Chishen Wei, 2024. Presentations at Dartmouth, Tinbergen (see abstract), NTU, UVa, UTD, Asian FA, and CICF 2024.
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