吴锴｜中央财经大学｜学者主页

2027

Courts and chains: The real effects of judicial independence on supply chain stability

Bin-Yan Ling, Dong-Hui Li, Ting Yang, Kai Wu

Journal of Corporate Finance

DOI

2026

Onsite oversight: Institutional site visits and stock return volatility

Kai Wu, Yue Zhang, Donghui Li

Research In International Business And Finance，Vol. 81

DOI

2026

Riding the wave: How collateral shocks affect corporate financialization

Jiming Liu, Yi Liu, Yue Zhang, Kai Wu

Pacific-Basin Finance Journal，Vol. 95

DOI

2026

Investment Incentives and Corporate Sustainability: Evidence from China

Olga Kopyrina, Kai Wu, Zhanyu Ying

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438

DOI

2026

A Review of Recent Developments in ESG and Corporate Finance

Dongxing Jia, Ting-Ya Yang, Kai Wu

Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438

DOI

2026

Local optimistic expectations and corporate capital structure decisions

Xinyan Xie, Junfeng Li, Kai Wu

Research In International Business and Finance

DOI

2026

Business Strategy and Executive Compensation Incentives

Jiming Liu, Yi Liu, Kai Wu

Journal of International Financial Management & Accounting

DOI

2026

Deficits hamper bits: Local fiscal stress and corporate digitalization in China

Yi Liu, Yufei Lu, Kai Wu, Sheng Huang

Emerging Markets Review

DOI

2026

The commitment trap: How performance commitment clauses matter for bidders’ accounting fraud?

Zihan Zhou, Kai Wu

International Review of Financial Analysis

DOI

2026

Forecasting firm valuation through investor sentiments: A machine learning-based redefinition in China

Zain Ul Abideen, Kai Wu

The Quarterly Review of Economics and Finance

DOI

2026

The value of words: Data asset disclosure and firm reputation

Zain Ul Abideen, Kai Wu

Research in International Business and Finance

DOI

2025

How do institutional investors respond to climate change exposure? International evidence

Zhen Wang, Kai Wu

Global Finance Journal，Vol. 68

DOI

2025

Opening in the enclosing era: Trade decoupling and corporate digital open-source strategy in China

Chao Xing, Donghui Li, Yiyang Liu, Kai Wu

Economic Modelling，Vol. 153

DOI

2025

The power of title: Unintended consequences of a place-based innovation policy in China

Maobin Xu, Yi Liu, Kai Wu

Economic Modelling，Vol. 152

DOI

2025

The voice of the silence: does online voting affect corporate internal compensation gap?

Jiming Liu, Kai Wu

Accounting Forum

DOI

2025

How do common institutional investors adapt to early technology adoption?

Linghao Zhang, Xinwei Jin, Kai Wu

Journal Of Business Research，Vol. 199

DOI

2025

How Do Natural Disasters Affect Regional Innovation?

Ziyang Zhan, Dongxing Jia, Kai Wu, Huiming Zhang

Journal Of Regional Science

DOI

2025

Intellectual property protection: How bankruptcy courts shape corporate technological innovation and patent quality

Xiaoming Wu, Kai Wu

Finance Research Letters，Vol. 79

DOI

2025

Two-Pronged Approach: Capital Market Openness Promotes Corporate Green Total Factor Productivity

Ziyang Zhan, Junfeng Li, Dongxing Jia, Kai Wu

Sustainability，Vol. 170, No. 130

DOI

2025

Green Finance Policies and Corporate Biodiversity Disclosure: Evidence from China

Ting Yang, Kai Wu

Sustainability，Vol. 170, No. 90

DOI

2025

The digital dilemma: Corporate digital transformation and default risk

Kai Wu, Yufei Lu

Journal Of Financial Stability，Vol. 77

DOI

2025

Contingent cash crunch: How do performance commitments affect acquirer liquidity?

Kai Wu, Yufei Lu, Donghui Li

Research In International Business And Finance，Vol. 73

DOI

2025

Unveiling the hidden risks of government subsidy reliance: evidence from stock price crashes

O. Ur Rehman, Kai Wu, J. Xue

Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad

DOI

2025

Government–Business Relationships and Corporate Poverty Alleviation Decisions: Evidence from the People’s Republic of China

Zhen Wang, Kai Wu

Asian Development Review

DOI

2024

From red tape to innovation: How does municipal government financing reform affect corporate R&D activities?

Kai Wu, Dingyao Guo

Accounting And Finance，Vol. 640, No. 40

DOI

2024

Does low-carbon pilot policy promote corporate green total factor productivity?

Yi Liu, Kai Wu, Xiaoyun Liang

Economic Analysis And Policy，Vol. 84

DOI

2024

Does interest rate liberalization affect corporate debt structure?

Obaid Ur Rehman, Linghao Zhang, Kai Wu

Journal Of Financial Research

DOI

2024

COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆

Obaid Ur Rehman, Kai Wu, Jia Liu

International Review Of Economics & Finance，Vol. 96

DOI

2024

Manager sentiment, deal characteristics, and takeover performance

Suwei An, Yi Liu, Xiaofen Tan, Kai Wu

British Accounting Review，Vol. 56, No. 6

DOI

2024

Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy

Yuying Sun, Kai Wu, Sihui Liu, Yongmiao Hong

Journal Of Environmental Management，Vol. 353

DOI

2024

自贸区制度与资本结构动态调整

刘继明，吴锴，刘向丽

《中央财经大学学报》，No. 9

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2024

人工智能重塑金融风险管理模式

李俊峰，吴锴，程峰

《中国金融》

2024

数字生态下企业助力共同富裕表现——基于多重分配视角的分析

余俊焱，吴锴

《中国经济学》

2023

Bankruptcy court establishment and corporate risk-taking

Yue Zhang, Kai Wu

Finance Research Letters，Vol. 58

DOI

2023

Corporate digital transformation and financialization: Evidence from Chinese listed firms

Kai Wu, Yufei Lu

Finance Research Letters，Vol. 57

DOI

2023

Does political inspection promote corporate green innovation?

Huiming Zhang, Dayu Wan, Chuanwang Sun, Kai Wu, Caixia Lin

Energy Economics，Vol. 123

DOI

2023

Customer concentration, leverage adjustments, and firm value

Obaid Ur Rehman, Xiaoxing Liu, Kai Wu, Junfeng Li

Accounting And Finance，Vol. 630, No. 20

DOI

2023

Can Green Credit Policy Promote the High-Quality Development of China's Heavily-Polluting Enterprises?

Kai Wu, E. Bai, Hejie Zhu, Zhijiang Lu, Hongxin Zhu

Sustainability，Vol. 15, No. 11

DOI

2023

How is illiquidity priced in the Chinese stock market?

Jun Liu, Kai Wu, Fuwei Jiang, Zhiqi Shen

Accounting And Finance，Vol. 630

DOI

2023

News tone, investor sentiment, and liquidity premium

Jun Liu, Kai Wu, Ming Zhou

International Review Of Economics & Finance，Vol. 84

DOI

2023

Greening through central inspection: The role of legitimacy pressure and risk-taking

Olga Kopyrina, Kai Wu, Zhanyu Ying

Pacific-Basin Finance Journal，Vol. 77

DOI

2023

深化金融监管改革推动经济高质量发展

李俊峰，吴锴

《中国金融》

2023

Hedging Through Tax Avoidance: How Firms Manage Exposure to Tax Policy Risk?

Yu-Ying Sun, Shouyang Wang, Kai Wu, Yao Yue

Social Science Research Network

DOI

2023

Does climate risk exposure affect corporate leverage adjustment speed? International evidence

Zihan Zhou, Kai Wu

Journal of Cleaner Production

DOI

2022

Acquisition for innovations? M&A intensity and intra-firm innovation reallocations

Shuxun Wang, Kai Wu, Seiwai Lai

Research In International Business And Finance，Vol. 62

DOI

2022

Purifying political ecology: How anti-corruption campaign affects capital structure decisions?

Kai Wu, Jiming Liu

Pacific-Basin Finance Journal，Vol. 75

DOI

2022

Thirst for money: External guarantees and stock price crash risk

Kai Wu, Zejun Jin, Maobin Xu

Pacific-Basin Finance Journal，Vol. 72

DOI

2022

Does risk disclosure influence mergers and acquisitions? A textual analysis

Jing-Jing Yang, Caifu Li, Kai Wu

Applied Economics Letters

DOI

2022

The Effect of Index Option Trading on Stock Market Volatility in China: An Empirical Investigation

Kai Wu, Yi Liu, Weiyang Feng

Journal of risk and financial management

DOI

2021

Are mutual fund manager skills transferable to private funds?

Ying Sophie Huang, Bing Liang, Kai Wu

International Review Of Economics & Finance，Vol. 76

DOI

2020

Intangible intensity and stock price crash risk

Kai Wu, Seiwai Lai

Journal Of Corporate Finance，Vol. 64

DOI

2020

Can crude oil drive the co-movement in the international stock market? Evidence from partial wavelet coherence analysis

Kai Wu, Jingran Zhu, Mingli Xu, Lu Yang

North American Journal Of Economics And Finance，Vol. 53

DOI

2018

Analysis of the Effect of Credit Fluctuation on Capital Structure of Listed Companies: A Research Direction Based on Industry Perspective

Kai Wu, Tiegang Zhang, Wen Yang

Canadian social science

DOI

2017

Analysis of the Effect of Credit Fluctuation on Capital Structure of Listed Companies

Kai Wu, Wen Yang

International Business Management

DOI

2015

融资约束抑制技术效率提升吗？——基于制造业微观数据的实证研究

陈海强，韩乾，吴锴

《金融研究》，No. 10

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2012

现金流波动、盈利稳定性与公司价值——基于沪深上市公司的实证研究

陈海强，韩乾，吴锴

《金融研究》，No. 9

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2009

股息公告与自由现金流假说：理论与验证

吴锴，喻登科，肖振红

《经济与管理研究》，No. 2

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精选作品

期刊论文

Courts and chains: The real effects of judicial independence on supply chain stability

Onsite oversight: Institutional site visits and stock return volatility

Riding the wave: How collateral shocks affect corporate financialization

Investment Incentives and Corporate Sustainability: Evidence from China

A Review of Recent Developments in ESG and Corporate Finance

Local optimistic expectations and corporate capital structure decisions

Business Strategy and Executive Compensation Incentives

Deficits hamper bits: Local fiscal stress and corporate digitalization in China

The commitment trap: How performance commitment clauses matter for bidders’ accounting fraud?

Forecasting firm valuation through investor sentiments: A machine learning-based redefinition in China

The value of words: Data asset disclosure and firm reputation

How do institutional investors respond to climate change exposure? International evidence

Opening in the enclosing era: Trade decoupling and corporate digital open-source strategy in China

The power of title: Unintended consequences of a place-based innovation policy in China

The voice of the silence: does online voting affect corporate internal compensation gap?

How do common institutional investors adapt to early technology adoption?

How Do Natural Disasters Affect Regional Innovation?

Intellectual property protection: How bankruptcy courts shape corporate technological innovation and patent quality

Two-Pronged Approach: Capital Market Openness Promotes Corporate Green Total Factor Productivity

Green Finance Policies and Corporate Biodiversity Disclosure: Evidence from China

The digital dilemma: Corporate digital transformation and default risk

Contingent cash crunch: How do performance commitments affect acquirer liquidity?

Unveiling the hidden risks of government subsidy reliance: evidence from stock price crashes

Government–Business Relationships and Corporate Poverty Alleviation Decisions: Evidence from the People’s Republic of China

From red tape to innovation: How does municipal government financing reform affect corporate R&D activities?

Does low-carbon pilot policy promote corporate green total factor productivity?

Does interest rate liberalization affect corporate debt structure?

COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆

Manager sentiment, deal characteristics, and takeover performance

Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy

自贸区制度与资本结构动态调整

人工智能重塑金融风险管理模式

数字生态下企业助力共同富裕表现——基于多重分配视角的分析

Bankruptcy court establishment and corporate risk-taking

Corporate digital transformation and financialization: Evidence from Chinese listed firms

Does political inspection promote corporate green innovation?

Customer concentration, leverage adjustments, and firm value

Can Green Credit Policy Promote the High-Quality Development of China's Heavily-Polluting Enterprises?

How is illiquidity priced in the Chinese stock market?

News tone, investor sentiment, and liquidity premium

Greening through central inspection: The role of legitimacy pressure and risk-taking

深化金融监管改革推动经济高质量发展

Hedging Through Tax Avoidance: How Firms Manage Exposure to Tax Policy Risk?

Does climate risk exposure affect corporate leverage adjustment speed? International evidence

Acquisition for innovations? M&A intensity and intra-firm innovation reallocations

Purifying political ecology: How anti-corruption campaign affects capital structure decisions?

Thirst for money: External guarantees and stock price crash risk

Does risk disclosure influence mergers and acquisitions? A textual analysis

The Effect of Index Option Trading on Stock Market Volatility in China: An Empirical Investigation

Are mutual fund manager skills transferable to private funds?

Intangible intensity and stock price crash risk

Can crude oil drive the co-movement in the international stock market? Evidence from partial wavelet coherence analysis

Analysis of the Effect of Credit Fluctuation on Capital Structure of Listed Companies: A Research Direction Based on Industry Perspective

Analysis of the Effect of Credit Fluctuation on Capital Structure of Listed Companies

融资约束抑制技术效率提升吗？——基于制造业微观数据的实证研究

现金流波动、盈利稳定性与公司价值——基于沪深上市公司的实证研究

股息公告与自由现金流假说：理论与验证

预印本

Does Municipal Land Finance Affect Corporate Innovation? Evidence from China

Employee Ownership, Market Feedback, and Corporate Investment

Relative Performance Evaluation and Long-term Acquisition Performance

Racing to Accomplishment: Relative Performance Evaluation and Corporate Innovation

Navigating Uncertainty: Banking Liberalization and Analyst Forecast Accuracy

Does Social Trust Promote Corporate New Quality Productive Force?

Can Digital Finance Help Firms to Reduce Their Over-Indebtedness? Evidence from Chinese Listed Companies

Supplier Concentration and Speed of Capital Structure Adjustment

Corporate Liquidity Effect of Performance Commitment Clauses in Acquisitions

Is Political Inspection a Helping Hand for Corporate Green Innovation?

M&A Aggressiveness, Performance Commitment, and Stock Price Crash Risk

Natural Disaster Impedes the Corporate Earnings Management in the U.S.

Economic Policy Uncertainty and Dynamics of Capital Structure

Market Liquidity and Price Disparity: Evidence from Chinese Cross-listed Firms

Government Subsidy Dependence and Stock Price Crash Risk

Does Economic Policy Uncertainty Drive Global ETF Flows?

Understanding the Information Content of Alternative Cost-of-Equity Proxies

研究方向