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Faculty and Staff

Faculty and Staff 2018-01-23T16:36:39+00:00

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Lei Gao

Title: Assistant Professor of Finance
Department: Finance

Office: 3342 Gerdin Business Building
Phone number: (515) 294-7860

Academic History

  • PhD., University of Georgia
  • M.S., Michigan State University
  • B.S., Peking University


  • Culture and Finance
  • Financial Markets
  • Corporate Finance
  • Big data
  • FinTech


Outstanding Paper Award from Eastern Finance Association (EFA) Annual Meeting 2016
Best Paper Award Semi Finalist Financial Management Association 2017
Best Paper Award Finalist Financial Management Association Asia / Pacific 2018
PI: CPRDC Grant $10,000 2018
Bootstrap Research Grant 2018
Bootstrap Research Grant 2017
Bootstrap Research Grant 2016
Research Bootstrap Grant 2015
Principal Financial Faculty Professional Development Grant, 2014
Research Bootstrap Grant 2014
Woodruff Award 2009
Comer Award 2008

Selected Publications

  • with Yufeng Han, Sophia Li, and Guofu Zhou (2018) "Market Intraday Momentum", Journal of Financial Economics, forthcomingLink to Paper
  • with H. Sun "The Rainbow of Credit: Same-sex Mortgage Discrimination and Two-sided Spillover Effect ", Proceedings of the National Academy of Sciences of USA, (P.N.A.S.); FMA Best Paper Semifinal list; , forthcoming, AEA version:Link to Paper( Media Coverage )
  • with Y. Wang, and J. Zhao (2017) "Does Local Religiosity Affect Organizational Risk-Taking? Evidence from the Hedge Fund Industry", Journal of Corporate Finance, (Lead Article); Eastern Finance Association (EFA) Outstanding Paper Award, forthcomingLink to Paper(Media Coverage, Science X)
  • with Andrey Zagorchev (2017) "The Impact of Exogenous Corporate Governance Changes on Innovation and Market Value", Quarterly Journal of Finance, forthcoming
  • with A. Elnahas and G. Ismail (2018) "Return Predictability: The Dual Signaling Hypothesis of Stock Splits", The Financial Review, forthcoming
  • with Joseph Zhang (2015) "Firms` earnings smoothing, corporate social responsibility, and valuation", Journal of Corporate Finance, 32:108-127.
  • with Leo Yang, and Joseph Zhang (2015) "Corporate patents, R&D success, and tax avoidance", Review of Quantitative Finance and Accounting, 45 (2):1-34.
  • with Richard B. Mei (2013) "Investor attention and abnormal performance of timberland investments in the United States.", Forest Policy and Economics, 28:60-65.

Papers Under Review

  • Xiaohu Deng, Lei Gao, and David Kemme "The information content of short selling and put option trading: When are they substitutes? R&R",
  • Lei Gao and Hua Sun "The Rainbow of Credit: Same-sex Mortgage Discrimination and Two-sided Spillover Effect, ; FMA Best Paper Semifinal list; media coverage AEA version:", Link to Paper
  • Lei Gao, Jack He, and Julie Wu "Standing out from the Crowd via Corporate Goodness: Evidence from a Natural Experiment. (Media Coverage: Harvard Law School Forum)", Link to Paper
  • Xiaohu Deng, Lei Gao, and Jeong-Bon Kim "The Pathogen, Scapegoat, or a Miracle Drug? Short Selling and Stock Price Crash Risk. (Media Coverage: Oxford Business Law OBLB)", Link to Paper
  • Lei Gao "Corporate Regulation and Capital Structure: Evidence from the Sarbanes-Oxley Act of 2002", Link to Paper

Work in process

  • Lei Gao, Oliver Li, and Eric Yeung "Online Information Acquisition and Investor Trading.", Link to Paper
  • Xiaohu Deng, Lei Gao, and David Kemme "Multi-market information flows: market efficiency and return predictability,",