Shu, Tao（舒濤）

Biography

Prof. Tao Shu is the Fung King Hey Memorial Chair Professor of Finance and Chairman of the Department of Finance at The Chinese University of Hong Kong (CUHK) Business School.  Before he joined CUHK Business School in 2023, Prof. Shu was the Associate Vice President, Presidential Chair Professor of the Chinese University of Hong Kong, Shenzhen; Associate Director of Shenzhen Finance Institute, Director of MSc Programme in Finance, Co-Director of Hong Kong-Shenzhen Finance Research Centre, Director of Capital Markets and Asset Management Research Centre. Prof. Shu received his PhD in Finance from McCombs School of Business, the University of Texas at Austin in 2007. He worked for the Terry College of Business at the University of Georgia as an Assistant Professor, an Associate Professor with tenure, and Macfadden Endowed Professor of Personal Financial Management. He was also a Visiting Scholar at the Federal Reserve Bank of Atlanta. Prof. Shu Tao joined the Chinese University of Hong Kong, Shenzhen in 2019. His primary research interests include institutional and individual investors, mergers and acquisitions, empirical asset pricing, behavioural finance, and financial accounting. He has published many papers in top academic journals in finance, accounting and management, served on the committees of top international conferences in finance, and served as reviewers for the top academic journals.

Research Interests

Empirical Asset Pricing
Institutional and Individual Investors
Behavioral Finance
Mergers and Acquisitions
Labour and Finance
Financial Accounting

• Publications & Working Papers
  • Tao Shu, Tingting Liu, Erin Towery, and Jasmine Wang (Forthcoming), “The Role of External Regulators in Mergers and Acquisitions:  Evidence from SEC Comment Letters,” Review of Accounting Studies.
  • Tao Shu, Xiangqian (Sharon) Huang and Clark Liu (Forthcoming), “Factors and Anomalies in the Vietnamese Stock Market,” Pacific-Basin Finance Journal (Special Issue).
  • Tao Shu, Clark Liu, Johan Sulaeman and P. Eric Yeung (2023), “Life is Too Short? Bereaved Managers and Investment Decisions,” Review of Finance, 27, 1373-1421.
  • Tao Shu, John Griffin and Clark Liu (2022), “Is the Chinese Anti-Corruption Campaign Authentic? Evidence from Corporate Investigations,” Management Science, 68, 7248-7273.
  • Tao Shu, Tingting Liu, Zhongjin (Gene) Lu, and Fengrong Wei (2022), “Unique Bidder-Target Relatedness and Synergies Creation in Mergers and Acquisitions,” Journal of Corporate Finance, 73, 1-20.
  • Tao Shu, Xuan Tian and Xintong Zhan (2022), “Patent Quality, Firm Value, and Investor Underreaction: Evidence from Patent Examiner Busyness,” Journal of Financial Economics, 143, 1043-1069.
  • Tao Shu, Jie (Jack) He, Tingting Liu, and Jeffry Netter (2020), “Expectation Management in Mergers and Acquisitions,” Management Science, 66, 1205-1226.
  • Tao Shu, Robert Giannini and Paul Irvine (2019), “The Convergence and Divergence of Investors’ Opinions around Earnings News: Evidence from a Social Network,” Journal of Financial Markets, 42, 94-120.
  • Tao Shu, Robert Giannini and Paul Irvine (2018), “Nonlocal Disadvantage: A Direct Examination of Social Media Sentiment,” Review of Asset Pricing Studies, 8, 293-336.
  • Tao Shu, Xiaoxia Lou (2017), “Price Impact or Trading Volume: Why is the Amihud (2002) Measure Priced?” Review of Financial Studies, 30, 4481-4520.
  • Tao Shu, James Linck and Jeffry Netter (2013) “Can Managers Use Discretionary Accruals to Ease Financial Constraints? Evidence from Discretionary Accruals Prior to Investment,” Accounting Review, 88, 2117-2143.
  • Tao Shu (2013), “Institutional Investor Participation and Stock Market Anomalies,” Journal of Business Finance and Accounting, 40, 695-718.
  • Tao Shu, Johan Sulaeman and P. Eric Yeung (2012), “Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors,” Management Science, 58, 1779-1796, Lead Article.
  • Tao Shu, John Griffin and Selim Topaloglu (2012), “Examining the Dark Side of Financial Markets: Do Institutions Trade on Information from Investment Bank Connections?” Review of Financial Studies, 25, 2155-2188.
  • Tao Shu, John Griffin, Jeffery Harris, and Selim Topaloglu (2011), “Who Drove and Burst the Tech Bubble?” Journal of Finance, 66, 1251-1290.
  • Tao Shu, Lorenzo Garlappi, and Hong Yan (2008), “Default Risk, Shareholder Advantage, and Stock Returns,” Review of Financial Studies, 21, 2743-2778.

  Working Papers

  • Tao Shu, Jie (Jack) He, Xiao (Shaun) Ren and Huan Yang, “The Employee Clientele of Corporate Leverage: Evidence from Family Labor Income Diversification”.
  • Tao Shu, Jie (Jack) He and Lei Li, “Workplace Inequality in Pay Growth: Evidence from US Individual-level Data”.
  • Tao Shu, Thomas Chemmanur, Jie (Jack) He, and Xiao (Shaun) Ren, “The Disappearing IPO Puzzle: New Insights from Proprietary U.S. Census Data on Private Firms”.
  • Tao Shu, Feng Guo, Tingting Liu, and Xinyan Yan, “Risks in Mergers and Acquisitions, Evidence from Acquirer’s Risk-Factor Disclosure”.
  • Tao Shu, Tingting Liu and Jasmine Wang, “Winner’s Curse in Takeovers? Evidence from Investment Bank Valuation Disagreement”.
  • Tao Shu, Sudipto Dasgupta, Ran Guo, and Xiao (Shaun) Ren, “Similarity Breeds Trust: Political Homophily and CEO-Board Communication”.
  • Tao Shu, Clark Liu, Yancheng Qiu, and Shujing Wang, “Alternative Data, Shareholder Monitoring, and Dividend Policy”.
  • Tao Shu, Yue Pan, Vincent Yao and Pengdong Zhang, “Market-Based Innovation Policy: Evidence from High-Tech Incubators in China”.
  • Tao Shu, Sean Cao and Zhonglin (Danny) Qin, “A Game of Disclosing “Other Events”: A Message to Retail Investors”.
  • Tao Shu, Sean Cao, Jasmine Wang, and Qinxi Wu, “Growing Pains or Confidence? CEO Relative Age, Stress, and Firm Performance”.
  • Tao Shu, Paul Irvine and Siyi Shen, “Aggregate Attention”.

• Awards & Honours
  • Mingkang Research Excellence Award, Chinese University of Hong Kong, Shenzhen, 2023
  • Emerald Best Paper Award, China Finance Review International Conference (CFRIC), 2019
  • McFadden Professorship of Personal Financial Management, University of Georgia, 2018
  • Semifinalist for the Best Paper in Corporate Finance, FMA International, 2017
  • The Talk of the Town Award, Finance Down Under Conference, 2014
  • Semifinalist for the Best Paper in Corporate Finance, FMA International, 2014
  • Hugh O. Nourse Outstanding MBA Teacher Award, University of Georgia, 2013
  • Terry Sanford Research Award, Terry College of Business, University of Georgia, 2013
  • 3rd TCFA Best Paper Award, 2012
  • Outstanding Undergraduate Teacher in Finance, Alpha Kappa Psi, 2012
  • Terry Sanford Research Award, Terry College of Business, University of Georgia, 2012
  • Outstanding Teaching Award, University of Georgia, 2012
  • Terry Sanford Research Award, Terry College of Business, University of Georgia, 2010, 2011
  • Outstanding Teaching Award, University of Georgia, 2009
  • Houston Endowment President’s Excellence Scholarship, University of Texas at Austin, 2006
  • Dean’s Fellowship, McCombs School of Business, University of Texas at Austin, 2004, 2005
  • Bonham Fund Fellowship, McCombs School of Business, University of Texas at Austin, 2005
  • University Pre-emptive Fellowship, University of Texas at Austin, 2003