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My Research
· I have a very active research agenda which has so far resulted in more than 40 publications in international, refereed journals and more than 20 publications in mainland China journals over the past 12 years. · Given the rapid economic developments in China, I believe it is my responsibility to contribute to research in this area. My research focuses on issues in corporate finance, investments, and industrial organization. In particular I apply the latest econometric techniques and the cross-discipline approach to address questions and problems that are germane to China. I have published papers in the journals of economics, finance, accounting and management. · I am ranked No. 25 in Asia-Pacific universities measured by the weighted total JF-pages (1990–2004) in 21 leading finance journals based on “Ranking of Finance Program in the Asia-Pacific Region: An Update” by Chan, Chen and Lung published in Pacific-Basin Finance Journal, 2005. · You can download my papers at http://hq.ssrn.com/submissions/MyPapers.cfm?partid=211389. REFEREED PUBLICATIONS (ENGLISH) Finance journals 1.
Cooking the books: Recipes and costs of fraudulent financial
statements in China (with Michael Firth and 2.
Justifying top management pay in a
transitional economy, (with Michael Firth, T.Y. Leung), Journal of Empirical Finance,
forthcoming. 3.
Double signals or single signal? An
investigation of insider trading around share repurchases, (with Michael
Firth, T.Y. Leung), Journal of
International Financial Markets, Institutions and Money,
forthcoming. 4.
Ownership and the value of political
connections: evidence from China, (with Wenfeng Wu and Chongfeng Wu), European Financial Management,
forthcoming. 6.
Revisiting B-share Discounts in the Chinese Stock Market (with Bong-soo
Lee and 7.
Time-Series Behavior of Share Repurchases and Dividends, (with
Bong-soo Lee), Journal of
Financial and Quantitative Analysis, 42, 2007, 119-142. 8.
The effect of insider trading on liquidity,
(with Louis Cheng, Michael Firth and Yan Leung), Pacific Basin Finance Journal, 14, 2006, 467-483. 9.
Have China’s enterprise reforms led to
improved efficiency and profitability for privatized SOEs? (with Gong-meng
Chen and Michael Firth), Emerging
Market Review, 7, 2006, 82-109. 10. Do
ownership structure and governance mechanisms have an influence on deterring
corporate financial fraud in a transitional economy? Regulatory enforcement
actions in 11.
Corporate governance and CEO compensation in 12.
Information content of insider trading around seasoned equity
offering, (with 13. Price
limit performance: A note using the Chinese experience, (with Gong-meng Chen
and 14.
Information transmission between NASDAQ and
Asian second board markets, (with Bong-soo Lee and Steven Wang), Journal of Banking and Finance, 28, 2004,
1637-1670. 15.
Return and volatility behavior of dually-listed stocks: The case of
Hong Kong (with Michael Firth and Steven Wang) Journal of International
Money and Finance 21, 2002, 265-293. 16.
Stock market linkages: evidence from 17.
The dynamic relationship between stock returns and trading volume:
domestic and cross-country evidence (with Bong-soo Lee) Journal of Banking and Finance
26, 2002, 51-78. 18.
Stock returns and volatility: an empirical study of the Chinese stock
market (with Cheng-few Lee and Gong-meng Chen) Journal of Financial
Research 24(4), 2001, 523-543. 19.
The dynamic relationship between stock returns and trading volume
(with Gong-meng Chen and Michael Firth) Financial Review 38, 2001,
153-174. 20.
Foreign ownership restrictions and market segmentation in 21. The day-of-the-week regularity
in the stock markets of 22.
Short term and long term impact of option listing on underlying
securities: 23.
Self-tender offers: free cash flow or
signaling? (with Sangphill Kim) Research
in Finance 17, 1999, 153-171. 24.
An empirical analysis of IPO underpricing and performance of newly privatized
firms in China, (with Sangphill Kim, Peter Xu) Review of Pacific Basin
Financial Markets and Policies 4, 1998, 461-479. Accounting journals 1.
The effect of cross listing on the
sensitivity of managerial compensation to firm performance (with Bin Ke and
Wei Yu), Review of Accounting
Studies, forthcoming. 2.
Stock splits and insider trading. (with T.
Leung and S. Wang), China Accounting and Finance Review, 12(1), 2010,
64-108. 3.
The timeliness and consequences of disseminating public information by
regulators? (with Michael Firth and Xi
Wu), Journal of Accounting and
Public Policy 28, 2009, 118-132. 4.
How effective a two-tier
system is? (with Stella Cho), Asia-Pacific Journal of Accounting
Economics, 16, 2009, 95-117. 5.
Voluntary formation of
auditing committee and agency cost (with Michael Firth), International
Journal of Accounting and Performance Evaluation, 4, 2007,
142-160. 6.
Ownership, board structure, and the
informativeness of earnings – Evidence from an emerging market (with Michael Firth and Peter
Fung), Journal of Accounting and Public Policy, 26, 2007,
463-496. 7.
Earnings Management, Corporate Governance and the Market Performance
of Seasoned Equity Offerings, (with Ken Ching and Michael Firth), Journal
of Contemporary Accounting and Economics 2006, 73-98. 8.
Is China’s Securities Regulatory Agency a
Toothless Tiger? Evidence from Enforcement Actions, (with Gongmeng Chen,
Michael Firth, and Ning Gao), Journal
of Accounting and Public Policy, 24, 2005, 451-488. 9.
Effectiveness of price limits and stock characteristics: Evidence
from the Shanghai and the Shenzhen Stock Exchanges, (with Gong-meng Chen and
Shuye Wang), Review of Quantitative Finance
and Accounting, 25, 2005, 159-182. 10.
Risk shift following dividend change announcements: the role of
trading volume, (with Sangphill Kim and Peter Xu) Review of Quantitative Finance and Accounting 19, 2002, 45-63. 11.
Empirical identification of non-informational trading using trading
volume data (with Bong-soo Lee) Review
of Quantitative Finance and Accounting 17, 2001, 327-350. 12.
Does trading volume contain information to
predict stock returns? Evidence from China's stock markets, (with Cheng-few
Lee) Review of Quantitative Finance and Accounting 14,
2000, 341-360. Abstracted
in the CFA Digest, 31(1), 2001, 41-42 by J. U. de Villiers. 13.
A Multivariate Co-integration Analysis of International Dually Listed
Stocks (with Chuck Kwok and Steven Wang)
China Accounting and Finance
Research 3(4), 2001, 1-17 (Chinese version), 18-34 (English
version). Economics journals 1.
The effects of political connections and state ownership on corporate
litigation in China (with Michael Firth and 2.
Does financial deepening promote risk
sharing in China? (with Julan Du and Qing He), Journal of the Asia Pacific
Economy, forthcoming. 3.
Rent Seeking and Corporate
Finance: Evidence from Corruption Cases (with Joseph Fan and Mengxin), Journal
of Comparative Economics, 36, 2008, 343-364. 4.
Trading Performance,
Disposition Effect, Overconfidence, Representativeness Bias, and Experience
of Emerging Market Investors, (with Gong-meng
Chen, Kenneth A. Kim, John R. Nofsinger), Journal of Behavioral
Decision Making, 20, 2007, 425-451. Management journals 1.
How Ownership and Corporate Governance Influence Chief Executive Pay
in China’s Listed Firms (with Michael Firth and Peter Fung), Journal
of Business Research, 60, 2007, 776-785. 2.
Firm Performance, Governance Structure, and
Top Management Turnover in a Transitional Economy (with Michael Firth and Peter Fung), Journal
of Management Studies, 43, 2006, 1289-1330. 3.
Price volume and volatility spillover among the New York, Tokyo, and
London stock markets, (with Sangphill Kim) International Journal of Business 4(2), 1999, 41-61. REFEREED PUBLICATIONS (CHINESE) 1.
吳文鋒、 朱雲、 吳沖鋒
及 芮萌。2002。B股向境內居民開放對A、B股市場分割的影響。 經濟研究, 第12期, 頁33-41。 2.
芮萌、
孫彥叢 及 王清河。2003。中國股票市場交易量是否包含預測股票收益的資訊研究
。統計研究，
總第137期. 第3期, 頁54-57。 3.
陳工孟 及 芮萌。2003。中國股票市場的股票收益與波動關係研究 。系統工程理論與踐，第10期, 12-22 頁. 4.
吳文鋒、芮萌
及 陳工孟。2003。中國股票收益的非流動性補償。世界經濟，第299期, 頁54-60。 5.
蔣正華、王建偉、芮萌及陳工孟.。2003。中國股票市場關於股票收益的兩個假設的檢驗. 財經理論與實踐， 第24卷 第126期, 49-53
頁。 6.
王建偉.芮萌及陳工孟。2004。中國股票市場日周效應的規律性研究. 系統工程學報 , 第19卷, 第3期, 312-316頁。 7.
楊海成及芮萌。2004。海外股市對中國大陸股市引導關係的研究. 統計與決策, 第5卷 第173期, 頁30-31。 8.
陳工孟 芮萌及高寧。2004。中國投資者（個人/機構）行為分析。上證研究，2004年第1輯。 9.
劉旻、芮萌及尹立東。2005。轉軌背景下中國上市公司高級管理者變更的影響因素研究。
中國軟科學, 第2期, 頁86-90。 10. 吳文鋒、
胡戈遊、 吳沖鋒及芮萌。2005。從長期業績看設置再發行“問檻”的合理性。管理世界, 第5期, 127-134。 11. 雷敏、吳文鋒、吳衝鋒及芮萌。2006。上市公司財務報告補充更正問題研究. 上海管理科學, 第4期, 38-43 頁。 12. 劉培堂、
吳文鋒、 吳衝鋒及芮萌。2006。多重上市股價異常效應的影響因素 - 來自中國A、B股証券市場的証據。
系統工程理論方法應用, 第15卷 第6期, 509-513 頁。 13. 朱雲、吳文鋒、
吳衝鋒及芮萌。2006。市場分割下的股價微觀行為及其行為金融學解釋。
系統工程理論與實踐, 第10卷, 24-29 頁。 14. 楊海成及芮萌。2007。中國證券市場投資者羊群行為研究。中國金融評論，第一期，89-103。 15. 吳文鋒、吳衝鋒及芮萌。2007。提高資訊披露質量真的能降低股權資本成本嗎？經濟學
(季刊)，第26期，1201-1216。 16. 吳文鋒、朱雲、吳衝鋒及芮萌。2007。B股向境內居民開放對市場訊息不對稱的影響－－買賣價差分解方法，管理科學學報，第10卷,第6期, 54-64。 17. 辛宇及芮萌。2008。基金績效差異與基金投資者行為分析。
證券市場導報, 九月，63-70。 18. 蔡志傑、杜巨瀾及芮萌。2008。公司控制權價值：來自中國企業控制權交易案例的證據，世界經濟文匯，第六期，1-15。 19. 陳信元、李莫愁、芮萌及夏立軍。2009。司法獨立性與投資者保護法律實施 – 最高人民法院“1/15通知”的市場反應，經濟學 (季刊)。 20. 吳文鋒、吳衝鋒及芮萌。2009。中國上市公司高管的政府背景與稅收優惠，管理世界。 21. 吳一平及芮萌。2010。制度差異、地區腐敗與收入不平等，金融研究。 22. 吳一平及芮萌。2010。收入分配不平等對刑事犯罪的影響，經濟學 (季刊)
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