/Faculty and Staff

Faculty and Staff

Faculty and Staff 2018-01-23T16:36:39-05:00

View Directory  |  Update Your Profile


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
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, equal authors (2018) "Lending practices to same-sex borrowers,' has been circulated as ‘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 (2018) "The Impact of Exogenous Corporate Governance Changes on Innovation and Market Value", Quarterly Journal of Finance, 8 (1):1840001.
  • 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 Andrey Zagorchev (2015) "Corporate governance and performance offinancial institutions", Journal of Economics and Business, (82):17-41.
  • 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,",