Jie Cai

Candid photo of Jie Cai

Areas of Expertise

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

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 Shi, Guifeng, Do religious norms influence corporate debt financing?. Journal of Business Ethics 157 (Year 2019): 159-182.

Cai, Jie, and Nguyen, Tu, Disciplinary directors: Evidence from the appointments of outside directors who have fired CEOs. Journal of Banking and Finance 96 (Year 2018): 221-235.

Cai, Jie, Walkling, Ralph A., and Yang, Ke, The Price of Street Friends: Social Networks, Informed Trading, and Shareholder Costs. Journal of Financial and Quantitative Analysis 51 (Jun 2016): 801-837.

Cai, Jie, Liu, Yixin, Qian, Yimin, and Yu, Miaomiao, Information Asymmetry and Corporate Governance. Quarterly Journal of Finance 5 (Year 2015): 1-32.

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, and Zhang, Zhe, Leverage change, debt overhang, and stock prices. Journal of Corporate Finance 17 (Year 2011): 391-402.

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 24 (Year 2011): 2242-2285.

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

Cai, Jie, and Houge, Todd, The Long-Term Impact of Rebalancing the Russell 2000 Index. Financial Analysts Journal 64 (May 2008): 76-91.

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):

Cai, Jie, and Vijh, Anand, Executive Stock and Option Valuation in a Two State-Variable Framework. Journal of Derivatives 12 (Mar 2005): 9.

Presented Research

Cai, Jie, and Walkling, Ralph A., Shareholders’ Say on Pay: Does It Create Value?, Financial Management Association Asian Meetings 2009: Xiamen, China,

Fich, Eliezer M., Cai, Jie, and Tran, Anh, Stock Option Grants to Target CEOs during Private Merger Negotiations, 2009 European Finance Association Meetings: Bergen, Norway,

Cai, Jie, Nguyen, Tu, and Walkling, Ralph A., Director Appointments; It is Who You Know, 2019 Financial Intermediation Research Society Conference: Savannah, GA, (May 2019):

Cai, Jie, Nguyen, Tu, and Walkling, Ralph A., Director Appointments; It is Who You Know, 2018 Easter Finance Association Meetings: Philadelphia, PA, (Apr 2018):

Cai, Jie, Nguyen, Tu, and Walkling, Ralph A., Director Appointments; It is Who You Know, 2017 Conference of Financial Economics and Accounting: Philadelphia, PA, (Nov 2017):

Cai, Jie, Nguyen, Tu, and Walkling, Ralph A., Director Appointments; It is Who You Know, 2017 Norther Finance Association Meetings: Halifax, NS, (Sep 2017):

Cai, Jie, Nguyen, Tu, and Brisley, Neil, CEO stock ownership requirements, risk-taking, and compensation, (Mar 2017):

Cai, Jie, Nguyen, Tu, and Brisley, Neil, CEO stock ownership requirements, risk-taking, and compensation, Hong Kong University of Science and Technology Seminar: Hong Kong, (Mar 2015):

Cai, Jie, and Nguyen, Tu, Intolerant Directors: Evidence from the appointments of outside directors who have fired CEOs, University of Sydney Technology Seminar: Sydney, Australia, (Feb 2015):

Cai, Jie, and Nguyen, Tu, Intolerant Directors: Evidence from the appointments of outside directors who have fired CEOs, University of New South Wales Seminar: Sydney, Australia, (Feb 2015):

Cai, Jie, and Nguyen, Tu, Director Tolerance: Evidence from the appointments of outside directors who have fired CEOs, Chinese University of Hong Kong: Hong Kong, (Oct 2014):

Cai, Jie, Cremers, Martijn, and Wei, Kelsey, CEO Compensation and Stock Mispricing: How do boards react to mutual fund flow-driven price pressure?, University of Zurich: Zurich, Switzerland, (Sep 2012):

Cai, Jie, Walkling, Ralph A., and Yang, Ke, The Price of Street Friends:, FMA Asia Meeting: Phuket, Thailand, (Jul 2012):

Cai, Jie, and Walkling, Ralph A., Shareholders’ Say on Pay: Does It Create Value?, FMA Europe Meetings: Istanbul, Turkey, (Jun 2012):

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, Garner, Jacqueline L., and Walkling, Ralph A., Democracy or Disruption: An Empirical Analysis of Majority Elections, 2010 FMA Asia Conference: Singapore, (Jul 2010):

Cai, Jie, Walkling, Ralph A., and Garner, Jacqueline L., Democracy or Disruption: An Empirical Analysis of Majority Elections, China International Conference in Finance: Beijing, China, (Jul 2010):

Cai, Jie, Becher, David A., and Ouyang, Wenjing, Do Shareholders Listen? M&A Advisor Opinions and Shareholder Voting, American Law and Economics Association Meeting: Princetonw, NJ, (May 2010):

Cai, Jie, Fich, Eliezer M., and Tran, Anh, Stock Option Grants to Target CEOs during Private Merger Negotiations, 6th Downunder Finance Conference: Melbourne, Australia, (Mar 2010):

Cai, Jie, Shareholders’ Say on Pay: Does It Create Value?, American Law and Economics Association Meetings: San Diego, CA, (May 2009):

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

Cai, Jie, Democracy or Disruption: An Empirical Analysis of Majority Elections, American Law and Economics Association Meetings: New York, NY, (May 2008):

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):

Education

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

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)

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

Truckbux, founded by Nick Nanakos and Cameron Hansen, placed third at 2017 Startup Week, receiving a $5,000 prize.

Drexel LeBow took first place in the ACG Cup case competition in 2011 and 2012, and we’d like to continue our winning streak and make it three-for-three.