{"id":336,"date":"2019-07-31T10:57:32","date_gmt":"2019-07-31T10:57:32","guid":{"rendered":"http:\/\/sites.rutgers.edu\/rose-liao\/?page_id=336"},"modified":"2026-02-22T01:34:29","modified_gmt":"2026-02-22T01:34:29","slug":"research-2","status":"publish","type":"page","link":"https:\/\/sites.rutgers.edu\/rose-liao\/research-2\/","title":{"rendered":"Research"},"content":{"rendered":"

Publications<\/strong><\/h1>\n
    \n
  1. \u201cWhy Are Serial Acquirers Different in the US<\/a>?<\/strong>\u201d (with G. Andrew Karolyi and Gilberto Loureiro), 2025, Forthcoming at Critical Finance Review<\/em><\/li>\n
  2. \u201cAn intertemporal international asset pricing model: Theory and evidence<\/a>\u201d <\/strong>(with Gady Jacoby, Yan Wang, Zhenyu Wu), 2025, Journal of International Financial Markets, Institutions and Money <\/em>102,<\/em> 102162.<\/li>\n
  3. Gender Quotas and Bank Risk <\/strong><\/a>(with Gilberto Loureiro and Alvaro Tabaoda), 2022, Journal of Financial Intermediation <\/em>v52, 100998. [Outstanding paper award at the 2019 SFA meetings]<\/li>\n
  4. \u201cT<\/a>he Diverse Effects of Currency Crisis on Multinational Firms and Local Firms: The Use of Foreign Currency Debt<\/a>\u201d <\/strong>(with Jing Jin and Gilberto Loureiro), Journal of Multinational Financial Management, <\/em>v62, 100706.<\/i><\/li>\n
  5. \u201cThe Role of Media in Mergers and Acquisitions<\/a>\u201d <\/strong>(with Xinjie Wang and Ge Wu), 2021, Journal of International Financial Markets, Institutions and Money, <\/em>v74, 101299.<\/i><\/li>\n
  6. \u201cThe Impact of Investor Sentiment on Dividend Catering Incentives around the World<\/a>\u201d <\/strong>(with Jinho Byun, Kihun Kim and Carrie Pan), 2021, Journal of International Financial Markets, Institutions and Money, <\/em>v71, 101285.<\/li>\n
  7. \u201cThe Theory and Practice of Investor Relations: A Global Perspective<\/strong><\/a>\u201d (with G. Andrew Karolyi and Dawoon Kim), 2020, Management Science<\/em><\/em>, Volume 66 (10), 4359-4919.\u00a0<\/em>Featured in Faculti<\/a><\/li>\n
  8. \u201cCorporate Inversions: Going Beyond Tax Incentives<\/strong><\/a>\u201d (with Burcin Col and Stefan Zeume), Review of Corporate Finance Studies<\/em> March 2020, v9 (1), 165-206.\u00a0<\/i>Featured in Columbia Blue Skye Blog<\/a><\/li>\n
  9. \u201cFire Sale Discount: Evidence from the Sale of Minority Equity Stakes<\/strong><\/a>\u201d (with Serdar Dinc and Isil Erel), Journal of Financial Economics<\/em>, September 2017, Volume 125 (3), 475-490.<\/li>\n
  10. \u201cThe Joint Determinants of Debt Maturity and Cash Holdings<\/strong>\u201d (with Ivan Brick), Review of Quantitative Finance and Accounting, <\/em>April 2017, Volume 48 (3), 597-641.<\/li>\n
  11. \u00a0\u201cState Capitalism\u2019s Global Reach: Evidence from Foreign Acquisitions by State-owned Companies<\/strong>\u201d (with G. Andrew Karolyi), \u00a0Journal of Corporate Finance Special Issue on Contracting Issues at the Intersection of the Public and Private Sectors, <\/em>February 2017, v42, 367-391. Lead Article<\/em><\/li>\n
  12. \u201cActive Block Investors and Corporate Governance around the World\u201d<\/strong> (With Hugh Kim and Yan Wang), Journal of International Financial Markets, Institutions and Money, <\/em>November 2015, Volume 39, 181\u2013194.<\/li>\n
  13. \u201cYield Spreads and Real Interest Rates<\/strong>\u201d (with Gady Jacoby and Jonathan Batten), 2014, \u00a0International Review of Financial Analysis, <\/em>July 2014, v34, 89\u2013100<\/li>\n
  14. \u201cWhat Drives Corporate Minority Acquisitions? The Case for Financial Constraints<\/strong>\u201d, Journal of Corporate Finance, <\/em>June 2014, 26, 78 – 95.<\/li>\n
  15. \u00a0\u201cDeterminants of Cross-border Mergers and Acquisitions<\/strong>\u201d (with Isil Erel and Mike Weisbach), Journal of Finance, <\/em>June 2012, v67(3), 1045-1082.<\/li>\n
  16. \u201cPrice Discovery and Sentiment<\/strong>\u201d (with Gady Jacoby), International Review of Financial Analysis, <\/em>January 2012, v21, 108-118.<\/li>\n
  17. \u201cFirm Characteristics and Information Risk\u201d <\/strong>(with Chien-Ting Lin and Lei Xu), The Finsia Journal of Applied Finance<\/em>, 2010, v2, 41-47.<\/li>\n
  18. \u201cTesting for the Elasticity of Corporate Yield Spread\u201d <\/strong>(with Gady Jacoby and Jonathan Batten), Journal of Financial and Quantitative Analysis<\/em>, 2009, v44(3), 641-656.<\/li>\n
  19. \u201cA (Partial) Resolution of the Chinese Discount Puzzle: The 2001 Deregulation of the B-share Market<\/strong>\u201d (With G. Andrew Karolyi and Lianfa Li), Journal of Financial Economic Policy<\/em>, 2009, v1 (1), 80-106.<\/li>\n<\/ol>\n

     <\/p>\n

    Working Papers<\/strong><\/h1>\n

     <\/p>\n

    \u201cThe Propagation of ESG Practices through Multinational Corporations\u201d <\/strong>(with Xiaoxue Hu and Dongxu Li), working paper, Rutgers University, 2025 R&R at Energy Economics<\/em><\/p>\n