Finance

Education

Ph.D. Finance - University of Iowa Iowa City, IA U.S. 2005

Selected Works

Articles

Cai, Jie, Garner, Jacqueline L., and Walkling, Ralph A., A paper tiger? An empirical analysis of majority voting. Journal of Corporate Finance 21 (Jun 2013): 119-135.

Cai, Jie, and Zhang, Zhe, Leverage change, debt overhang, and stock prices. Journal of Corporate Finance (Forthcoming)

Cai, Jie, Song, Moon H., and Walkling, Ralph A., Anticipation, Acquisitions and Bidder Returns: Industry shocks and the transfer of information across rivals. Review of Financial Studies (Forthcoming)

Fich, Eliezer M., Cai, Jie, and Tran, Anh, Stock Option Grants to Target CEOs during Private Merger Negotiations. Journal of Financial Economics 101 (Aug 2011): 413-430.

Walkling, Ralph A., and Cai, Jie, Shareholders’ Say on Pay: Does It Create Value?. Journal of Financial and Quantitative Analysis 46 (Apr 2011): 229-339.

Cai, Jie, Garner, Jacqueline L., and Walkling, Ralph A., Electing Directors. Journal of Finance (Oct 2009):

Cai, Jie, What’s in the News? Information Content of S&P 500 Additions. Financial Management (Fall 2007):

Cai, Jie, and Vijh, Anand, Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs. Journal of Finance 62 (Aug 2007):

Presented Research

Cai, Jie, Walkling, Ralph A., and Yang, Ke, The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs, China International Finance Conference: Wuhan, China, (Jul 2011):

Becher, David A., Cai, Jie, and Ouyang, Wenjing, Do You Listen to Your Advisor? M&A Advisor Opinions and Shareholder Voting, - Financial Intermediation Research Society Annual Meeting: Sydney, Australia, (Jun 2011):

Cai, Jie, Walkling, Ralph A., and Song, Moon H., Anticipation, Acquisitions and Bidder Returns: …, Utah Winter Finance Conference: Snowbird,, UT, (Feb 2011):

Cai, Jie, Shareholders’ Say on Pay: Does It Create Value?, American Finance Association Meetings: San Francisco, CA, (Jan 2009):

Cai, Jie, Walkling, Ralph A., and Garner, Jacqueline L., Electing Directors, Western Finance Association: Big Sky, MT, (Jun 2007):

Cai, Jie, Walkling, Ralph A., and Garner, Jacqueline L., Democracy or Disruption: An Empirical Analysis of Majority Elections, Financial Management Association Meeting: Salt Lake City, UT, (Oct 2006):

Cai, Jie, and Zhang, Zhe, Capital structure dynamics and stock returns, Financial Management Association Meetings: Chicago, Illinois, (Oct 2005):

Cai, Jie, Are the S&P 500 Index Additions Free of Information? Evidence from the Price Reaction of the Industry and Size Matching Firms, Financial Management Association Meetings: Chicago, Illinois, (Oct 2005):

Cai, Jie, and Vijh, Anand, Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs, Financial Management Association Meetings: Chicago, Illinois, (Oct 2005):

Cai, Jie, and Vijh, Anand, Executive Stock and Option Valuation in a Two State-Variable Framework, Financial Management Association Meetings: New Orleans, Louisiana, (Oct 2004):

Cai, Jie, and Vijh, Anand, Incentive Effects of Illiquid Stock and Option Holdings of Target and Acquirer CEOs, FDIC-JFSR: Arlington, Virginia, (Sep 2004):

Cai, Jie, and Houge, Todd, The Long-Term Momentum Effects of Index Rebalancing, Financial Management Association Meetings: San Antonio, Texas, (Oct 2002):

Professional Experience

Academic-Drexel University Assistant Professor Philadelphia PA Sep 2005 - Aug 2011
Academic-Drexel University Associate Professor Sep 2011 -

Awards

2012 Best Paper Award (Financial Management Association Asia Meetings )
2012 William F. Sharpe Award for Scholarship in Financial Research (Journal of Financial and Quantitative Analysis)
2011 Best Paper Award (Southern Finance Association meetings)

Areas of Expertise

  • Board of Directors
  • Corporate Control and Mergers and Acquisitions
  • Corporate Governance
  • Executive Compensation

Media Mentions

Mr. President, could I ask you something?

via The San Francisco Chronicle

A column in the San Francisco Chronicle refers to a research paper authored by LeBow College professors Eliezer Fich, Ph.D., associate professor of finance, and Jie Cai, Ph.D., assistant professor of finance, as well as Anh L. Tran, in listing questions that the reporter prepared for a potential interview with President Barack Obama.

The proposed question: “Might the promised financial reforms address issues like ‘springloading?’ That is, the granting of new stock options to CEOs and other corporate honchos ‘systematically timed’ with takeover talk concerning their companies, according to a research paper from Drexel University’s LeBow College of Business.”

College News

Mr. President, could I ask you something?

via The San Francisco Chronicle

A column in the San Francisco Chronicle refers to a research paper authored by LeBow College professors Eliezer Fich, Ph.D., associate professor of finance, and Jie Cai, Ph.D., assistant professor of finance, as well as Anh L. Tran, in listing questions that the reporter prepared for a potential interview with President Barack Obama.

The proposed question: “Might the promised financial reforms address issues like ‘springloading?’ That is, the granting of new stock options to CEOs and other corporate honchos ‘systematically timed’ with takeover talk concerning their companies, according to a research paper from Drexel University’s LeBow College of Business.”