[Innovation and Intellectual Property]

Revisiting the Missing R&D-Patent Relation: Challenges and Solutions for Firm Fixed Effects Models with Hui-Ching Chuang, Chung-Ming Kuan, and Jui-Chung Yang: We examined how fixed effects models may underestimate the explanatory power of persistent explanatory variables, and provide several feasible tools to fix the problem.

Directors’ Research Novelty and Public Firms’ Technology Development with Tong Zhou and Qifeng Zhao

Don't Dress Like Me: The Value Implications of Trade Dress Protection with Shihe Li: We constructed the Trademark-CRSP link for public firms, which allow all researchers to capture public firms' product innovation and development: https://github.com/Shiheli1992/Trademark_CRSP

Green Products with Wan-Chien Chiu, Kai Li, and Joy Tong: We use EUIP green taxonomy to  identify public firms' green products, and examine their incentives behind such initiatives as well as the consequences. 

Stigmatized Staff: The Impact of Firm Stigma on Inventor Productivity with Daniel Mack, Feng Tian, and Long Yi: we examine whether and how corporate stigma influences the productivity of inventors.

CEO Trustworthiness and Corporate Innovation: The Face Value of CEOs with Siew Hong Toeh and Jiawen Yan: we show that CEOs' perceived trustworthiness factors in corporate innovation performance by influencing employees, investors, and analysts.

Innovative Human Capital and Stock Returns: A Global Perspective with Min Fang, Hanni Jie, and Yan Xu: we model and empirically examine how firms' innovation-specific human capital explains expected stock returns in a global setting. 

The Value of Legal Protection for Novel Designs with Tian Heong Chan and Kevin Tseng: we examine how the market values of designs are changed by a Supreme Court decision on clarifying the legal protection scope of design patents.

Cross-state Job Stealing with Qin Li and Hong Wu: Using a comprehensive dataset of U.S. job postings, we study how state R&D tax credits influence firms' geographic allocation of talent recruitment. 

Knowledge Network and Asset Pricing with Erica X. N. Li, Huijun Wang, Gang Zhang: We model for both knowledge and physical networks in a cross-sector economy and derive asset pricing implications.   

Risk of Internal vs. External Learning: Evidence from Diffused Errors in the Medical Device Market with Kyungran Lee, S. Katie Moon and Seungjoon Oh: We study how internal versus external learning differentially shapes firms’ innovation risk and product-market outcomes using the FDA’s 510(k) program, which approves new medical devices based on their substantial equivalence to existing devices (predicates).  

Surname-based Connections, Informal Institutions, and Local Innovation with Jian Xie, Bernard Yeung, and Qinhong Yu: We use the surname homogeneity to measure a county's social connections in China and show that such ties promote local innovation and entrepreneurship by facilitating teamwork and resource coordination as informal institutions.    

[Entrepreneurship]

Green Entrepreneurship with Wan-Chien Chiu, Shenje Hshieh, and Geoffery Zhang: We link startups to USPTO patents and trademarks, and present the landscape of green startups across the US over the past 4 decades.

Tradeoff between Entrepreneurship and Fertility: Evidence from China’s Nationwide Two-Child Policy with Sung Kwan Lee and Seungjoon Oh: To highlight how fertility and startup policies intertwine, we model a tradeoff between households’ childbirth and entrepreneurship, which is driven by effective risk aversion. We then test our model implications using China's nationwide two-child policy.   

[ESG and Sustainability]

Financial Frictions and Pollution Abatement Over the Life Cycle of Firms with Hui-Chun Chen, Min Fang, and Chi-Yang Tsou: we model how firms' life cycles determine their choices between capital investment and pollution abatement, and the resultant aggregate equilibrium. 

Grow in the Sun: Valuation and Development of Green Innovation under Mandatory Carbon Disclosure with Jianqiang Chen and Pei-Fang Hsieh: This study examines how mandatory carbon disclosure in the U.S. shifted investors’ reactions to and corporate investment in green innovation. 

Freedom of Information and Corporate Pollution with Adriana S. Cordis, Hunghua Pan, and Jin Zhang: We document a significant negative relation between corporate pollution and the strength of Freedom of Information Act (FOIA) laws that grant the public access to government records, thereby lowering the cost of monitoring both regulators and the firms they regulate.

Corporate Carbon Emissions Under Foreign Exchange Risk with Yan Li, Mark P. Taylor, and Zigan Wang: Firms facing higher FX risk release more carbon emissions in their own and upstream operations. These firms reduce environmental investment and use new, short-term suppliers, both leading to more emissions, especially when firms are financially constrained.     

[Financial Econometrics]

Assessing Hedge Fund Performance with an Information-based Multiple Test with Tren Ma, Ioannis Psaradellis, Georgios Sermpinis: We develop a multiple-testing procedure (fwer) for selecting outperforming hedge funds that accounts for information updating and controls the family-wise error rate. 

A Multivariate Covariate-Enhanced False Discovery Rate Method: Evidence from Technical Trading in Currency Markets with Ilias Filippou, Tren Ma, Georgios Sermpinis, and Mark P. Taylor: We develop a multiple testing procedure (fFDR) that controls for false discover rates under data snooping correction to examine the profitability of technical analysis in foreign exchange rate markets.

[Others]

Pension Reform and Asset Allocation: Evidence from Annuity Cuts to Retired Civil Servants in Taiwan with C.Y. Cyrus Chu and Chin-Wei Yang: using a radical, retrospective cut to civil servants' annuity in Taiwan changed the risky asset allocation of retired civil servants.