KAI WU
Room 304, School of Finance, CUFE Shahe Campus, Beijing, China
Email: wukai8759@cufe.edu.cn
Website: www.kaiwufinance.com
POSITION
School of Finance, Central University of Finance and Economics, China
Master Student Supervisor, 2022-
Associate Professor of Finance, 2022-
Assistant Professor of Finance, 2018-2021
Executive Director of Private Investment Fund Research Center, 2019-
EDUCATION
Ph.D. Dyson School of Applied Economics and Management 2018
SC Johnson College of Business, Cornell University
M.S. Dyson School of Applied Economics and Management 2016
SC Johnson College of Business, Cornell University
MS-PhD Program Wang Yanan Institute for Studies in Economics 2013
Xiamen University
B.S. School of Economics and Management, graduated with distinction 2010
Harbin Engineering University
RESEARCH INTERESTS
Empirical Corporate Finance, M&A, Innovation, Risk Management
REFEREED ARTICLES
Wu, K., Wan S., 2023, Job Stability and Household Financial Vulnerability: Evidence from Field Surveys in China, Finance Research Letters, 58, 104554.
Yue Z., Wu, K., 2023, Bankruptcy Court Establishment and Corporate Risk-Taking, Finance Research Letters, 58, 104490.
Lu, Y., Wu, K., 2023. Corporate Digital Transformation and Financialization: Evidence from Chinese Listed Firms, Finance Research Letters, 57(11): 104229.
Jia X. Wu, K., 2023. Supplier Concentration and Analyst Forecast Bias, China Journal of Accounting Research, in press.
Rehman, O., Liu, X., Wu, K., Li, J., 2023. Customer Concentration, Leverage Adjustments, and Firm Value, Accounting and Finance, 63(2): 2035-2079.
Zhang, H., Wang D., Wu, K., Sun, C., Lin C., 2023. Does Political Inspection Promote Corporate Green Innovation?, Energy Economics, 123(7): 1-11.
Liu, J., Wu, K., Jiang, F., Shen, Z. 2023. How Is Illiquidity Priced in the Chinese Stock Market? Accounting and Finance, 75(S1): 1285-1320.
刘继明, 吴锴, 刘向丽. 2023. 自贸区金融改革与资本结构动态调整, 中央财经大学学报, 已接收.
Zhou Z., Wu K., 2023. Does Climate Risk Exposure Affect Corporate Leverage Adjustment Speed? International Evidence, Journal of Cleaner Production, 389(2): 136036.
Wu K., Liu Y., Sun H., Xu Y., 2023. It Pays to Have Guanxi: How Social Capital Affects Household Income? International Studies of Economics, 18(3): 370-392.
Kopyrina O., Wu K., Ying Z., 2023. Greening through Central Inspection: The Role of Legitimacy Pressure and Risk-Taking, Pacific-Basin Finance Journal, 77(2): 101894.
Liu J., Wu K., Zhou M., 2023. News Tone, Investor Sentiment, and Liquidity Premium, International Review of Economics & Finance, 84(3): 167-181.
Wu K., Liu J., 2022. Purifying Political Ecology: How Anti-Corruption Campaign Affects Capital Structure Decisions? Pacific-Basin Finance Journal, 75(10), 101845.
Zhang H., Liang S., Qiu Y., Cai Y., Chan G., Wang S., Zhou D., Zhou Y., and Li Z., 2022. Using Agrophotovoltaics to Reduce Carbon Emissions and Global Rural Poverty, The Innovation, 3(6), 100311.
Wang, S., Wu, K., Lai, S., 2022. Acquisition for Innovations? M\&A Intensity and Intra-Firm R\&D Reallocations, Research in International Business and Finance, 62(12), 101721.
Wu, K., Liu Y., Feng W., 2022. The Effect of Index Option Trading on Stock Market Volatility in China: An Empirical Investigation, Journal of Risk and Financial Management, 15(4), 150.
Zhang, H., Huang Y., Wu, K., Wang S., Nygaard C., Qiu, Y., 2022. Do Political Connections Affect Corporate Poverty Alleviation Decisions? Evidence from China, China Economic Review, 73(6), 101785.
Wu, K., Xu, M., Jin, Z., 2022. Thirst for Money: External Guarantees and Stock Price Crash Risk, Pacific-Basin Finance Journal, 72(4), 101724.
Huang Y. Liang, B. Wu, K. 2021. Are Mutual Fund Manager Skills Transferable to Private Funds? International Review of Economics & Finance, 76(11): 614-638.
Huang D., Li, J. Wu K. 2021. The Effect of Oil Supply Shocks on Industry Returns, Journal of Commodity Markets, 24(12), 100172.
Wu, K., Lai, S. 2020. Intangible Intensity and Stock Price Crash Risk, Journal of Corporate Finance, 64(10), 101682.
Zhang, H., Wu, K., Qiu, Y., Chan, G., Wang, S., Zhou, D., Ren, X. 2020. Solar photovoltaic interventions have reduced rural poverty in China. Nature Communications, 11: 1969.
Zhang, H., Xu, Z., Wu, K., Zhou, D., Wei, G. 2019. Multi-dimensional poverty measurement for photovoltaic poverty alleviation areas: Evidence from pilot counties in China. Journal of Cleaner Production, 241(12), 118382.
陈海强, 韩乾, 吴锴. 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. 金融研究, 10: 148-162.
Chen, H., Han, Q., Li, Y., Wu, K. 2013. Does index futures trading reduce volatility in the Chinese stock market? A panel data evaluation approach. Journal of Futures Markets, 33(12), 1167-1190.
陈海强, 韩乾, 吴锴. 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. 金融研究, 9: 181-194.
吴锴, 喻登科, 肖振红. 2009, 股息公告与自由现金流假说: 理论与验证. 经济与管理研究, 2: 70-75.
EDUCATIONAL RESEARCH
1. 吴锴. 2021. 金融学类学生第二课堂育人机制研究, 国际援助, 34: 130-132.
2. 吴锴, 卢昱霏. 2022.《计量经济学》研究性学习教法探究, 新教育时代(教师版), 6: 118-120.
3. 吴锴, 卢昱霏, 史柯. 2024. 本科《计量经济学》案例教学与课程思政融合研究, 高教学刊, 已接收
BOOK CHAPTERS
1.《金融科技理论与实践》, 李建军主编, 中国财政经济出版社, 2021
2.《金融科技学》, 李建军主编, 高等教育出版社, 2020
3.《理财规划基础》, 李青云主编, 中国金融出版社, 2020
Political Uncertainty and Corporate Innovations: Does Firm-Level Risk Matter?, with Obaid Ur Rehman and Jia Liu (Revised and resubmitted, Journal of Empirical Finance)
Manager Sentiment, Deal Characteristics, and Takeover Performance, with Suwei An, Yi Liu, and Xiaofen Tan (Revised and resubmitted, British Accounting Review)
Supplier Concentration and Speed of Capital Structure Adjustment, with Yi Liu and Sirui Ruan (Revised and resubmitted, Pacific-Basin Finance Journal)
Do Investors Value Corporate Green Productivity? Evidence from China, (Revised and resubmitted, Finance Research Letters)
数字生态下企业共同富裕表现：基于多重分配视角的分析, 与余俊焱合作 (修改后重投, 《中国经济学》杂志)
The Unintended Consequences of Minimum Wage Policy on Executive External Compensation Gap, with Jiming Liu and Xiangli Liu
How Do Performance Commitment Clauses Affect Acquirer Cash Holdings?, with Yufei Lu
The Cost of Capital and Corporate Employment Decisions, with Soku Byoun and Zhaoxia Xu
How Does Common Institutional Ownership Adapt to Technology Shock?, with Linghao Zhang and Xinwei Jin
Trusting the Theft: Relative Performance Evaluation and Corporate Tax Avoidance, with Ke Shi
Does Political Turnover Matter in Executive Compensation?, with Jiming Liu and Xiangli Liu
Banking Liberalization and Analyst Forecast Accuracy, with Linghao Zhang
Uncovering Major Shareholder Tunneling Behind Performance Commitment Clauses, with Maobin Xu and Yuzi Chen
RESEARCH GRANTS
CUFE Mini Course Development Fund, principal investigator
Young Scholar Career Support Program, Central University of Finance and Economics (No. QYP2202), principal investigator
Education Reform Foundation Research Program, Central University of Finance and Economics (No. 2022XYJG07), principal investigator
National Natural Science Foundation of China (No. 72103217), principal investigator
CUFE Innovative Teaching Methodology Grant (JFY202106), principal investigator
National Natural Science Foundation (No. 72073126), major participant
Program for Innovation Research, Central University of Finance and Economics (No. 20190119, 20210024), participant
Beijing Federation of Social Sciences Fund (No. SM202110038003), participant
Research Start-up Fund, Central University of Finance and Economics
MEDIA COVERAGE
1. 深化金融监管改革推动经济高质量发展, 《中国金融》, 2023年第7期
2. 有序推进新能源汽车“车-电”分离的政策建议, 环球网, 2021年8月20日 （先后被网易新闻、今天头条转载，政策建议被民盟中央采纳）
3. 光伏扶贫战略显著提高了中国农村人均可支配收入, 中国能源网, 2020年4月27日 （先后被新浪财经、PV Magazine转载）
4. 现金流波动、盈利稳定性与公司价值, 人大复印资料《投资与证券》2013年第2期
5. 从面板数据的评估方法看期指对股市波动性影响, 期货日报，2012年11月12日 （先后被中国期货业协会、证券时报网转载）
Introductory Econometrics (2019, 2020, 2021, 2022, 2023)
Introduction to Financial Engineering (2019, 2022, 2023)
Behavior Finance (2021, 2022, 2023)
Advanced Econometrics (2018, 2020, 2021)
Financial Time-Series Analysis (2019)
Business Chinese in Cultural Context (2016, 2017)
Corporate Finance (2017)
Investments (2017)
Managerial Economics (2016)
Valuation of Capital Investment (2015)
Consumer Behavior (2014)
Risk Simulation and Optimization (2014, 2015, 2016)
PROFESSIONAL ACTIVITIES
CONFERENCES
The Cross Country Perspectives in Finance (2022, 2023)
Conference on Asia-Pacific Financial Markets (2019, 2023)
Financial Markets and Corporate Governance Conference (2021, 2022, 2023)
China Bay-Area Finance Summit (2023)
Green Low-Carbon Industry Development Forum (2023)
Digital Economy and High-Quality Development (2023)
China Technical Economics Association Annual Meeting (2022)
China Economists International Frontier Forum (2022)
Camphor International Economics Circle Conference (2022)
Conference on FinTech, Innovation, and Financial Development (2021, 2022)
ISAFE International Conference in Financial Economics (2022)
International Symposium on China Capital Market and Reform of State-owned Enterprises (2022)
China Young Management Scholar Academic Forum (2022)
Conference of International Society for the Advancement of Financial Economics (2022)
China Annual Symposium in Finance and Accounting (2022)
International Conference on Derivatives and Capital Markets (2022)
China Econometrics Scholar Conference (2022)
New Zealand Finance Meeting (2021, 2022)
International Conference of the Japanese Accounting Review (2021, 2022)
China Finance Association Annual Meeting (2020, 2022)
China Finance Education Conference (2022)
Vietnam Symposium in Banking and Finance (2022)
Big Data Econometrics Theory and Application Conference (2022)
China Accounting and Finance Symposium (2022)
China International Risk Forum (2021, 2022)
China Financial Engineering Association Annual Meeting (2020, 2021, 2022)
China Financial Engineering and Quantitative Finance Conference (2022)
China Economist Society Annual Meeting (2012, 2019, 2021, 2022)
Research Symposium on Finance and Economics Symposium (2022)
Camphor Finance Circle Conference (2022)
Journal of International Accounting Research Annual Conference (2021, 2022)
Camphor Economist Circle Conference (2022)
China Fintech Research Conference (2022)
China Economics and Management Conference (2022)
China Empirical Accounting and Finance Conference (2022)
Finance and Accounting Annual Symposium (2022)
Annual Conference of the British Accounting and Finance Association (2022)
China Finance Review International Conference (2021)
Camphor Economist Circle (CEC) English Workshop (2021)
Financial Management Association Annual Meeting (2021)
CAFR Annual Conference (2021)
International Young Finance Scholars Conference (2021)
Southern Finance Association Annual Meeting (2021)
Conference on Chinese Innovation Economy (2021)
Annual Conference of the Asia-Pacific Association of Derivatives (2021)
China Regional Finance Conference (2021)
Shanghai Lixin Virtual Conference on New Frontiers in the Interdisciplinary Research of Finance (2021)
European Financial Management Association Annual Meeting (2021)
Eastern Finance Association Annual Meeting (2016, 2021)
Conference on Financial Supply-Side Reform under High-Quality Development (2019)
Conference on Financial Supply-Side Reform and Financial Risk (2019)
China Empirical Research Forum on Finance and Economics (2019)
International Conference on Asian Financial Markets and Economic Development (2019)
Greater Beijing Region Finance Research Alliance Annual Meeting (2019)
Conference on FinTech and Finance Development (2019)China Economic Association Annual Meeting (2011, 2019)
National Graduate Students Symposium in Finance (2012, 2019)
The Belt and Road Economic Effect of Financial Cooperation (2018, 2019)
China Financial Research Conference (2019)
FMA Asia/Pacific Conference (2019)
International Conference on Banking & Finance (2019)
Lixin 90th Anniversary Celebration Workshop Series (2018)
Greater China Area Finance Conference (2018)
Asian Finance Association Annual Meeting (2018)
SFS Cavalcade North America (2018)
Midwest Finance Association Annual Meeting (2016)
Conference of Economic Transformation and the Development of Financial Markets (2012)
First XMU-Feng Chia University Finance Conference (2012)
Macao International Accounting and Finance Symposium (2011)
China Management Association Annual Meeting (2011)
Central University of Finance and Economics (2021)
Chinese Academy of Sciences (2019, 2020, 2021)
Capital University of Economics and Business (2019)
University of International Business and Economics (2019)
Cornell University (2017)
Zhejiang University (2017)
DISCUSSIONS
Digital Economy and High-Quality Development (2023)
China Econometrics Scholar Conference (2022)
Vietnam Symposium in Banking and Finance (2022)
China Finance Association Annual Meeting (2020, 2022)
China Economist Society Annual Meeting (2012, 2021, 2022)
Camphor Finance Circle Conference (2022)
Camphor Economist Circle Conference (2022)
China Finance Review International Conference (2021)
China Banking and Corporate Finance Conference (2021)
Economic Fluctuation and Growth Research Workshop (2021)
European Financial Management Association Annual Meeting (2021)
Shanghai Lixin Virtual Conference on New Frontiers in the Interdisciplinary Research of Finance (2021)
Financial Markets and Corporate Governance Conference (2021, 2022)
Eastern Finance Association Annual Meeting (2016, 2021)
China Financial Engineering Association Annual Meeting (2020)
CUFE Winter Finance Conference (2020)
Conference on Financial Supply-Side Reform under High-Quality Development (2019)
China Economic Association Annual Meeting (2019)
China Annual Conference on FinTech (2019)
The Belt and Road Economic Effect of Financial Cooperation (2018, 2019)
FMA Asia/Pacific Conference (2019)
Lixin 90th Anniversary Celebration Workshop Series (2018)
Conference on Chinese Stock Market and Financial Crisis (2018)
Greater China Area Finance Conference (2018)
Midwest Finance Association Annual Meeting (2016)
Annual Conference on Financial Economics and Accounting (2015)
AD HOC REFEREE
Journal of Corporate Finance
China Economic Review
Review of Quantitative Finance and Accounting
International Review of Financial Analysis
International Review of Economics and Finance
Financial Research Letters
International Journal of Financial Studies
Journal of Risk and Financial Management
Journal of Cleaner Production
China Finance Review International
Journal of Applied Accounting Research
Financial Innovation
Applied Economic Letters
International Studies of Economics
North America Journal of Economics and Finance
International Journal of Environmental Research and Public Health
Sustainability
Emerging Market Finance and Trade
Cogent Economics and Finance
Environment, Development and Sustainability
Journal of Strategy and Management
Forecasting
Econometrics
International Journal of Managerial Finance
Risk Management and Healthcare Policy
Risks
管理科学学报
金融论坛
金融监管研究
AWARDS and PRIZES
RESEARCH
Second Prize, Social Science Research Excellence Award of Jiangsu Province (2023)
Best Paper Award, Graduate Student Academic Innovation Forum of Jiangsu Province (2022)
Best Paper Award, China Financial Engineering Association Annual Meeting (2020, 2022)
Nomination of Annual Best Paper Award, PwC 3535 Academic Forum (2022)
Second Prize, Higher Education Social Science Research Excellence Award of Jiangsu Province (2021)
Best Paper Award, Cross-strait Academic Forum on Accounting and Auditing (2021)
Best Paper Award, China Regional Finance Conference (2021)
Cheng Wang Outstanding Faculty Research Award (2020)
Best Paper Award, GTA Empirical Research Competition (2013, 2019)
Best Paper Award, National Graduate Students Symposium in Finance (2012, 2019)
Best Paper Award, Asian Finance Association (2018)
Aplin Endowment Summer Research Assistantship, Cornell University (2017)
Outstanding Paper Award in Corporate Finance, Eastern Finance Association (2016)
Ashley Endowment Summer Research Assistantship, Cornell University (2015)
TCI Endowment Summer Research Assistantship, Cornell University (2014)
Graduate Fellowship, Xiamen University (2012)
Best Student Paper Award, Macao International Accounting and Finance Symposium (2011)
TEACHING
Outstanding Undergraduate Thesis Advisor, Beijing Municipal Education Commission (2021)
Outstanding Academic Advisor, Central University of Finance and Economics (2021, 2022)
Summer Institute Award, Cornell International Teaching Assistant Program (2014)
Outstanding Graduate Teaching Assistant, Xiamen University (2011, 2012)
American Finance Association, Financial Management Association, European Financial Management Association, European Finance Association, Asian Finance Association, China Economist Society, American Accounting Association
