Research — Jianlei Han

Working Papers

Trust in DeFi: An Empirical Study of the Decentralized Exchange

with Shiyang Huang and Zhuo Zhong

We empirically study the role of the decentralized cryptocurrency exchange (DEX) in affecting cryptocurrency trading.

Digital Footprints as Collateral for Debt Collection

with Lili Dai, Jing Shi, and Bohui Zhang

We examine the role of borrowers’ digital footprints in debt collection.

Inherited Culture and Corporate Innovation

with Xiaona Ji and Zheyao Pan

We use a cultural measure derived from folklore to study its economic outcomes.

Publications

Regulatory Punishment in an Oligopolistic Market: Evidence from Credit Rating Agencies

with Ao Shu, Jing Shi, Clara Zhou, and Xiaolu Hu · Journal of Banking & Finance, 2026, 190, 1–24

Utilizing the Chinese bond market’s unique features, particularly a third-party rating agency, we investigate the regulatory suspension of Dagong Rating by Chinese regulators and its market impact.

A Good Sketch is Better than A Long Speech: Evaluate Delinquency Risk through Real-Time Video Analysis

with Xiangyu Chang, Lili Dai, Lingbing Feng, Jing Shi, and Bohui Zhang · Review of Finance, 2025, 29(2), 467–500

We propose an innovative method to assess borrowers’ creditworthiness in consumer credit markets by conducting machine-learning-based analyses on real-time video information that records borrowers’ behavior during the loan application process.

Journal SSRN Code

Local Religiosity and Financial Advisor Misconduct

with Arnold Cowan, Lei Gao, and Zheyao Pan · Journal of Corporate Finance, 2024, 86, 1–16

We find that local religious social norms mitigate professional misconduct by financial advisors.

Overlapping Institutional Ownership Along the Supply Chain and Earnings Management of Supplier Firms

with Lei Gao, J.B. Kim, and Zheyao Pan · Journal of Corporate Finance, 2024, 84, 1–20

We explore the impact of overlapping institutional ownership (OIO) within supply chains on the earnings management practices of supplier firms.

Individualistic CEO and Corporate Innovation: Evidence from U.S. Frontier Culture

with Lei Gao, Zheyao Pan, and Huixuan Zhang · Research Policy, 2023, 52(9), 1–19

We study the relationship between a CEO’s individualistic cultural background and corporate innovation.

Political Connections and the Transition to Low-Carbon Energy Sources in China: Evidence from a Quasi-Natural Experiment

with Jing Shi, Martina Linnenluecke, and Tom Smith · Abacus, 2024

We extend existing research on political connections to test their role in facilitating or hindering the transition to low-carbon energy in China.

Federal Judge Ideology, Securities Class Action Litigation, and Stock Price Crash Risk

with Xiaoyu Cui, J.B. Kim, and Baolei Qi · Accounting & Finance, 2024, 64(4), 4131–4155

We investigate whether and how federal judge ideology affects firm-specific stock price crash risk.

Arbitrage Across Different Bitcoin Exchange Venues: Perspectives from Investor Base and Market Related Events

with Ao Shu, Feiyang Cheng, Zini Liang, and Zheyao Pan · Accounting & Finance, 2023, 64(5), 5183–5210

We examine the impact of market related events and investor base on the spread of Bitcoin prices between two exchange platforms.

CEO Power and Labor-Friendly Policy

with Humyra Bristy and Gary Tian · Pacific-Basin Finance Journal, 2022, 71, 1–17

This paper explores the effect of the presence of powerful CEOs on the quality of their workplace.

Culturally Diverse Board and Corporate Innovation

with Xiangxi Tang, Jing Shi, Ao Shu, and Fulong Xiaolu · Accounting & Finance, 2021, 61(4), 5655–5679

We investigate the role of culturally diverse board of directors on firm outcomes in China.

Do Outliers Matter? The Predictive Ability of Average Skewness on Market Returns Using Robust Skewness Measures

with Xu Chong Bo, Yin Liao, Jing Shi, and Wu Yan · Accounting & Finance, 2021, 61(3), 3977–4006

We used robust skewness measures to revisit a recent theory that the average asymmetry can negatively predict future market returns.

Property Rights Protection and Mergers and Acquisitions

with Tian Jin Fang, Jing He, and Jing Shi · Pacific-Basin Finance Journal, 2021, 68, 1–16

We exploit a property law enactment to study the impact of property rights protection on M&As.

A General Equilibrium Approach to Pricing Volatility Risk

with Martina Linnenluecke, Zhangxin Liu, Zheyao Pan, and Tom Smith · PLoS ONE, 2019, 14(4), 1–18

This paper provides a general equilibrium approach to pricing volatility.

Divergence of Opinion and Long-Run Performance of Private Placements: Evidence from the Auction Market

with Zheyao Pan and Guangli Zhang · Journal of Financial Research, 2019, 42(2), 271–302

We propose and construct a direct measure of investors’ divergence of opinion based on auction bids data from private placements in China.

How Markets Will Drive the Transition to a Low Carbon Economy

with Martina Linnenluecke, Zheyao Pan, and Tom Smith · Economic Modelling, 2019, 77, 42–54

This paper investigates the driving factors behind the transition to a low carbon economy.

The Wealth Effects of the Announcement of the Australian Carbon Pricing Scheme

with Martina Linnenluecke, Zheyao Pan, and Tom Smith · Pacific-Basin Finance Journal, 2019, 53, 399–409

We examine the wealth effects associated with the announcement of the Australian Carbon Pricing Scheme.

Politically Connected Boards, Value or Cost: Evidence from a Natural Experiment in China

with Guangli Zhang · Accounting & Finance, 2018, 58(1), 149–169

This study investigates the net effect of a politically connected board for a firm.

Twenty Years of Accounting and Finance Research on the Chinese Capital Market

with Jing He, Zheyao Pan, and Jing Shi · Abacus, 2018, 54(5), 576–599

We review scholarly accounting and finance research pertaining to the Chinese capital market in Mainland China published in Tier 1 and Asia-Pacific regional journals during the 1999–2018 period.

On the Relation Between Liquidity and the Futures-Cash Basis: Evidence from a Natural Experiment

with Zheyao Pan · Journal of Financial Markets, 2017, 36, 115–131

As a response to the 2015 Chinese stock market crash, regulators prohibited arbitrage activities in the index futures and cash markets. We use this natural experiment to test the hypothesis that liquidity and pricing efficiency causally affect each other.

CEO Inside Debt and Investment-Cash Flow Sensitivity

with Zheyao Pan · Accounting & Finance, 2016, 56(2), 423–443

We examine the effect of CEO pensions and deferred compensation (inside debt) on investment-cash flow sensitivity.