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Publications

by alumni of

Nanyang Technological University → Nanyang Business School

These are publications listed in RePEc written by alumni of the above institution who are registered with the RePEc Author Service and listed in the RePEc Genealogy. List of alumni. For a list of publications by current members of the department, see here. Register yourself.

This page is updated in the first days of each month.

| Journal articles | Books | Chapters |

Journal articles

2026

  1. Guanming He & April Zhichao Li & Tiantian Lin, 2026, "Does Digitalization Imply Uncertainty About the Future Prospects of a Firm? Evidence From Analyst Forecast Accuracy," The Financial Review, Eastern Finance Association, volume 61, issue 1, pages 59-91, February, DOI: 10.1111/fire.70009.

2025

  1. He, Guanming & Li, Zhichao & Yu, Ling & Zhou, Zhanqiang, 2025, "Does commercial reform embracing digital technologies mitigate stock price crash risk?," Journal of Corporate Finance, Elsevier, volume 91, issue C, DOI: 10.1016/j.jcorpfin.2025.102741.
  2. Shen, Dongxiao & He, Guanming, 2025, "Restricting insider trading through increasing managerial risk aversion – A behavioral mechanism," International Review of Financial Analysis, Elsevier, volume 106, issue C, DOI: 10.1016/j.irfa.2025.104555.
  3. Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti & Jennifer Zhu, 2025, "Broker and institutional investor short selling," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 65, issue 1, pages 621-645, March, DOI: 10.1111/acfi.13339.
  4. Hui Zeng & Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2025, "Improving momentum returns using generalized linear models," International Review of Finance, International Review of Finance Ltd., volume 25, issue 2, June, DOI: 10.1111/irfi.70014.
  5. Roy, Suvra & Marshall, Ben R. & Nguyen, Hung T. & Visaltanachoti, Nuttawat, 2025, "Stock price crashes and systematic risk," Journal of Contemporary Accounting and Economics, Elsevier, volume 21, issue 3, DOI: 10.1016/j.jcae.2025.100509.

2024

  1. He, Guanming & Li, April Zhichao, 2024, "Does media coverage of firms' environment, social, and governance (ESG) incidents affect analyst coverage and forecasts? A risk perspective," International Review of Financial Analysis, Elsevier, volume 94, issue C, DOI: 10.1016/j.irfa.2024.103289.
  2. Guanming He & Yun Sun & April Zhichao Li, 2024, "Does analysts’ industrial concentration affect the quality of their forecasts?," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, volume 38, issue 1, pages 37-91, March, DOI: 10.1007/s11408-023-00435-0.
  3. Long Chen & Guanming He & Gopal V. Krishnan, 2024, "Does CEO debt-like compensation mitigate corporate social irresponsibility?," Accounting Forum, Taylor & Francis Journals, volume 48, issue 4, pages 594-634, October, DOI: 10.1080/01559982.2023.2195983.
  4. Guanming He & Helen Mengbing Ren, 2024, "Derivative disclosures and managerial opportunism," Journal of Futures Markets, John Wiley & Sons, Ltd., volume 44, issue 3, pages 384-419, March, DOI: 10.1002/fut.22472.
  5. Guanming He & April Zhichao Li & Dongxiao Shen, 2024, "How to Make Long-Term Investments in a Stock Market? A Generic Strategy for Investors," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., volume 27, issue 01, pages 1-56, March, DOI: 10.1142/S0219091524500024.
  6. Chen, Tao & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2024, "What influences demand for Buy Now, Pay Later credit?," Economics Letters, Elsevier, volume 242, issue C, DOI: 10.1016/j.econlet.2024.111857.
  7. Ma, Rui & Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2024, "Insider trading and climate disasters," Global Finance Journal, Elsevier, volume 62, issue C, DOI: 10.1016/j.gfj.2024.101024.
  8. Ma, Rui & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2024, "New Zealand long-term equity returns and their determinants," Pacific-Basin Finance Journal, Elsevier, volume 85, issue C, DOI: 10.1016/j.pacfin.2024.102363.
  9. Son D Pham & Ben R Marshall & Nhut H Nguyen & Nuttawat Visaltanachoti, 2024, "Predicting ETF liquidity," Australian Journal of Management, Australian School of Business, volume 49, issue 3, pages 478-508, August, DOI: 10.1177/03128962221143494.
  10. Rui Ma & Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2024, "Estimating Long-Term Expected Returns," Financial Analysts Journal, Taylor & Francis Journals, volume 80, issue 4, pages 134-154, October, DOI: 10.1080/0015198X.2024.2358737.

2023

  1. He, Guanming & Li, Zhichao & Yu, Ling & Zhou, Zhanqiang, 2023, "Contribution to poverty alleviation: A waste or benefit for corporate financing?," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 89, issue C, DOI: 10.1016/j.intfin.2023.101875.
  2. Guanming He, 2023, "How do insider trading incentives shape nonfinancial disclosures? Evidence from product and business expansion disclosures," Review of Quantitative Finance and Accounting, Springer, volume 60, issue 1, pages 147-194, January, DOI: 10.1007/s11156-022-01093-5.
  3. Guanming He & Helen Mengbing Ren, 2023, "Are financially constrained firms susceptible to a stock price crash?," The European Journal of Finance, Taylor & Francis Journals, volume 29, issue 6, pages 612-637, April, DOI: 10.1080/1351847X.2022.2075280.
  4. Guanming He & Xiaorong Li & Jingbo Luo, 2023, "The impact of the Shanghai–Hong Kong stock market connection on corporate innovation: Evidence from mainland China," International Journal of Finance & Economics, John Wiley & Sons, Ltd., volume 28, issue 3, pages 3132-3161, July, DOI: 10.1002/ijfe.2587.
  5. Dai, Bochuan & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023, "Lottery stocks and stop-loss rules," Global Finance Journal, Elsevier, volume 56, issue C, DOI: 10.1016/j.gfj.2022.100748.
  6. Zeng, Hui & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023, "Technical indicators and cross-sectional expected returns," Global Finance Journal, Elsevier, volume 56, issue C, DOI: 10.1016/j.gfj.2022.100781.
  7. Roy, Suvra & Nguyen, Harvey & Visaltanachoti, Nuttawat, 2023, "Be nice to the air: Severe haze pollution and mutual fund risk," Global Finance Journal, Elsevier, volume 58, issue C, DOI: 10.1016/j.gfj.2023.100893.
  8. Thakerngkiat, Narongdech & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023, "Does fear spur default risk?," International Review of Economics & Finance, Elsevier, volume 83, issue C, pages 879-899, DOI: 10.1016/j.iref.2022.10.027.
  9. Son, D. Pham & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2023, "Liquidity spillover between ETFs and their constituents," International Review of Economics & Finance, Elsevier, volume 88, issue C, pages 723-747, DOI: 10.1016/j.iref.2023.07.009.
  10. Suvra Roy & Ben R. Marshall & Hung T. Nguyen & Nuttawat Visaltanachoti, 2023, "How does management respond to stock price crashes?," International Journal of Managerial Finance, Emerald Group Publishing Limited, volume 20, issue 2, pages 546-577, October, DOI: 10.1108/IJMF-05-2023-0250.

2022

  1. He, Guanming & Lin, Tiantian, 2022, "Does air pollution impair investment efficiency?," Economics Letters, Elsevier, volume 215, issue C, DOI: 10.1016/j.econlet.2022.110490.
  2. Guanming He & Helen Mengbing Ren & Richard Taffler, 2022, "Do enhanced derivative disclosures work? An informational perspective," Journal of Futures Markets, John Wiley & Sons, Ltd., volume 42, issue 1, pages 24-60, January, DOI: 10.1002/fut.22275.
  3. Ma, Rui & Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2022, "Climate events and return comovement," Journal of Financial Markets, Elsevier, volume 61, issue C, DOI: 10.1016/j.finmar.2022.100731.
  4. Hui Zeng & Ben R Marshall & Nhut H Nguyen & Nuttawat Visaltanachoti, 2022, "Are individual stock returns predictable?," Australian Journal of Management, Australian School of Business, volume 47, issue 1, pages 135-162, February, DOI: 10.1177/03128962211001509.
  5. Rui Ma & Ben R Marshall & Nhut H Nguyen & Nuttawat Visaltanachoti, 2022, "Does bitcoin liquidity resemble the liquidity of other financial assets?," Australian Journal of Management, Australian School of Business, volume 47, issue 4, pages 729-748, November, DOI: 10.1177/03128962211069615.
  6. Bochuan Dai & Ben R. Marshall & Nhut Hoang Nguyen & Nuttawat Visaltanachoti, 2022, "Do stop-loss rules add value in international equity market allocation?," Applied Economics, Taylor & Francis Journals, volume 54, issue 14, pages 1584-1597, March, DOI: 10.1080/00036846.2021.1980201.

2021

  1. Guanming He, 2021, "Credit rating, post‐earnings‐announcement drift, and arbitrage from transient institutions," Journal of Business Finance & Accounting, Wiley Blackwell, volume 48, issue 7-8, pages 1434-1467, July, DOI: 10.1111/jbfa.12520.
  2. Guanming He & Helen Mengbing Ren & Richard Taffler, 2021, "Do corporate insiders trade on future stock price crash risk?," Review of Quantitative Finance and Accounting, Springer, volume 56, issue 4, pages 1561-1591, May, DOI: 10.1007/s11156-020-00936-3.
  3. Narongdech Thakerngkiat & Hung T. Nguyen & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2021, "Do accounting information and market environment matter for cross‐asset predictability?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 61, issue 3, pages 4389-4434, September, DOI: 10.1111/acfi.12736.
  4. Bochuan Dai & Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2021, "Risk reduction using trailing stop‐loss rules," International Review of Finance, International Review of Finance Ltd., volume 21, issue 4, pages 1334-1352, December, DOI: 10.1111/irfi.12328.
  5. Marshall, Ben R. & Nguyen, Justin Hung & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021, "Does a change in the information environment affect labor adjustment costs?," International Review of Financial Analysis, Elsevier, volume 74, issue C, DOI: 10.1016/j.irfa.2021.101665.
  6. Fang, Jiali & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021, "Do stocks outperform treasury bills in international markets?," Finance Research Letters, Elsevier, volume 40, issue C, DOI: 10.1016/j.frl.2020.101710.
  7. Pham, Son D. & Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021, "The liquidity of active ETFs," Global Finance Journal, Elsevier, volume 49, issue C, DOI: 10.1016/j.gfj.2020.100572.
  8. Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat & Young, Martin, 2021, "Do climate risks matter for green investment?," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 75, issue C, DOI: 10.1016/j.intfin.2021.101438.
  9. Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021, "Country governance and international equity returns," Journal of Banking & Finance, Elsevier, volume 122, issue C, DOI: 10.1016/j.jbankfin.2020.105986.
  10. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2021, "Beta estimation in New Zealand," Pacific-Basin Finance Journal, Elsevier, volume 70, issue C, DOI: 10.1016/j.pacfin.2021.101671.

2020

  1. Guanming He & David Marginson, 2020, "The impact of insider trading on analyst coverage and forecasts," Accounting Research Journal, Emerald Group Publishing Limited, volume 33, issue 3, pages 499-521, June, DOI: 10.1108/ARJ-08-2019-0148.
  2. Guanming He & Helen Mengbing Ren & Richard Taffler, 2020, "The impact of corporate tax avoidance on analyst coverage and forecasts," Review of Quantitative Finance and Accounting, Springer, volume 54, issue 2, pages 447-477, February, DOI: 10.1007/s11156-019-00795-7.

2019

  1. Guanming He & Lu Bai & Helen Mengbing Ren, 2019, "Analyst coverage and future stock price crash risk," Journal of Applied Accounting Research, Emerald Group Publishing Limited, volume 20, issue 1, pages 63-77, April, DOI: 10.1108/JAAR-09-2017-0096.
  2. Guanming He & David Marginson & Xixi Dai, 2019, "Do voluntary disclosures of product and business expansion plans impact analyst coverage and forecasts?," Accounting and Business Research, Taylor & Francis Journals, volume 49, issue 7, pages 785-817, November, DOI: 10.1080/00014788.2018.1559717.
  3. Ben Jacobsen & Ben R. Marshall & Nuttawat Visaltanachoti, 2019, "Stock Market Predictability and Industrial Metal Returns," Management Science, INFORMS, volume 65, issue 7, pages 3026-3042, July, DOI: 10.1287/mnsc.2017.2933.
  4. Ben R. Marshall & Nick Nguyen & Nuttawat Visaltanachoti, 2019, "A Note on Intraday Event Studies," European Accounting Review, Taylor & Francis Journals, volume 28, issue 3, pages 605-619, May, DOI: 10.1080/09638180.2018.1530606.

2018

  1. Guanming He, 2018, "Credit Ratings and Managerial Voluntary Disclosures," The Financial Review, Eastern Finance Association, volume 53, issue 2, pages 337-378, May, DOI: 10.1111/fire.12149.
  2. Marshall, Ben R. & Nguyen, Hung T. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2018, "Politics and liquidity," Journal of Financial Markets, Elsevier, volume 38, issue C, pages 1-13, DOI: 10.1016/j.finmar.2017.07.004.
  3. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2018, "Do liquidity proxies measure liquidity accurately in ETFs?," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 55, issue C, pages 94-111, DOI: 10.1016/j.intfin.2018.02.011.

2017

  1. Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2017, "Time series momentum and moving average trading rules," Quantitative Finance, Taylor & Francis Journals, volume 17, issue 3, pages 405-421, March, DOI: 10.1080/14697688.2016.1205209.

2016

  1. He, Guanming, 2016, "Fiscal Support and Earnings Management," The International Journal of Accounting, Elsevier, volume 51, issue 1, pages 57-84, DOI: 10.1016/j.intacc.2016.01.009.
  2. Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti & Tom Smith, 2016, "Transaction costs in an illiquid order-driven market," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 56, issue 4, pages 917-933, December.

2015

  1. Guanming He, 2015, "The effect of CEO inside debt holdings on financial reporting quality," Review of Accounting Studies, Springer, volume 20, issue 1, pages 501-536, March, DOI: 10.1007/s11142-014-9305-8.
  2. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2015, "Frontier market transaction costs and diversification," Journal of Financial Markets, Elsevier, volume 24, issue C, pages 1-24, DOI: 10.1016/j.finmar.2015.04.002.

2014

  1. Ben R. Marshall & Nuttawat Visaltanachoti & Genevieve Cooper, 2014, "Sell the rumour, buy the fact?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, volume 54, issue 1, pages 237-249, March.
  2. Raza, Ahmad & Marshall, Ben R. & Visaltanachoti, Nuttawat, 2014, "Is there momentum or reversal in weekly currency returns?," Journal of International Money and Finance, Elsevier, volume 45, issue C, pages 38-60, DOI: 10.1016/j.jimonfin.2014.02.009.

2013

  1. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2013, "Liquidity measurement in frontier markets," Journal of International Financial Markets, Institutions and Money, Elsevier, volume 27, issue C, pages 1-12, DOI: 10.1016/j.intfin.2013.07.011.
  2. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2013, "Liquidity commonality in commodities," Journal of Banking & Finance, Elsevier, volume 37, issue 1, pages 11-20, DOI: 10.1016/j.jbankfin.2012.08.013.
  3. Marshall, Ben R. & Nguyen, Nhut H. & Visaltanachoti, Nuttawat, 2013, "ETF arbitrage: Intraday evidence," Journal of Banking & Finance, Elsevier, volume 37, issue 9, pages 3486-3498, DOI: 10.1016/j.jbankfin.2013.05.014.
  4. Tirapat, Sunti & Visaltanachoti, Nuttawat, 2013, "Opportunistic insider trading," Pacific-Basin Finance Journal, Elsevier, volume 21, issue 1, pages 1046-1061, DOI: 10.1016/j.pacfin.2012.07.006.

2012

  1. Ben R. Marshall & Nhut H. Nguyen & Nuttawat Visaltanachoti, 2012, "Commodity Liquidity Measurement and Transaction Costs," The Review of Financial Studies, Society for Financial Studies, volume 25, issue 2, pages 599-638.

2011

  1. Visaltanachoti, Nuttawat & Charoenwong, Charlie & Ding, David K., 2011, "Information asymmetry in warrants and their underlying stocks on the stock exchange of Thailand," Journal of Empirical Finance, Elsevier, volume 18, issue 3, pages 474-487, June.

2010

  1. Luo, Robin & Visaltanachoti, Nuttawat, 2010, "Real exchange rates, asset prices and terms of trade: A theoretical analysis," Economic Modelling, Elsevier, volume 27, issue 1, pages 143-151, January.
  2. Marshall, Ben R. & Visaltanachoti, Nuttawat, 2010, "The Other January Effect: Evidence against market efficiency?," Journal of Banking & Finance, Elsevier, volume 34, issue 10, pages 2413-2424, October.
  3. Visaltanachoti, Nuttawat & Yang, Ting, 2010, "Speed of convergence to market efficiency for NYSE-listed foreign stocks," Journal of Banking & Finance, Elsevier, volume 34, issue 3, pages 594-605, March.

2009

  1. Ben Jacobsen & Nuttawat Visaltanachoti, 2009, "The Halloween Effect in U.S. Sectors," The Financial Review, Eastern Finance Association, volume 44, issue 3, pages 437-459, August, DOI: 10.1111/j.1540-6288.2009.00224.x.
  2. Pukthuanthong-Le, Kuntara & Visaltanachoti, Nuttawat, 2009, "Commonality in liquidity: Evidence from the Stock Exchange of Thailand," Pacific-Basin Finance Journal, Elsevier, volume 17, issue 1, pages 80-99, January.
  3. Kuntara Pukthuanthong-Le & Nuttawat Visaltanachoti, 2009, "Idiosyncratic volatility and stock returns: a cross country analysis," Applied Financial Economics, Taylor & Francis Journals, volume 19, issue 16, pages 1269-1281, DOI: 10.1080/09603100802534297.
  4. Nuttawat Visaltanachoti & Robin Luo, 2009, "Order imbalance, market returns and volatility: evidence from Thailand during the Asian crisis," Applied Financial Economics, Taylor & Francis Journals, volume 19, issue 17, pages 1391-1399, DOI: 10.1080/09603100802599522.

2008

  1. Visaltanachoti, Nuttawat & Charoenwong, Charlie & Ding, David K., 2008, "Liquidity distribution in the limit order book on the stock exchange of Thailand," International Review of Financial Analysis, Elsevier, volume 17, issue 2, pages 291-311.
  2. Nuttawat Visaltanachoti & Robin Luo & Yi Yi, 2008, "Economic Value Added (EVA®) and Sector Returns," Asian Academy of Management Journal of Accounting and Finance (AAMJAF), Penerbit Universiti Sains Malaysia, volume 4, issue 2, pages 21-41.

2007

  1. Nuttawat Visaltanachoti & Hang Luo & Dongqiang Wang, 2007, "Performance of market order execution strategy: the Australian evidence," Applied Economics Letters, Taylor & Francis Journals, volume 14, issue 13, pages 945-949, DOI: 10.1080/13504850600705927.
  2. Nuttawat Visaltanachoti & Hang Luo & Lin Lu, 2007, "Holding periods, illiquidity and disposition effect in the Chinese stock markets," Applied Financial Economics, Taylor & Francis Journals, volume 17, issue 15, pages 1265-1274, DOI: 10.1080/09603100600905053.

Books

2025

  1. Izaidin Bin Abdul Majid & Noor Ismawati Jaafar & Guanming He & Hsieng Yang Eric Koh (ed.), 2025, "Proceedings of the 5th International Conference on Internet Finance and Digital Economy (ICIFDE 2025)," Advances in Economics, Business and Management Research, Springer, number 978-94-6463-886-8, ISBN: ARRAY(0x6191c738), January, DOI: 10.2991/978-94-6463-886-8.

Chapters

2024

  1. Guanming He & April Zhichao Li, 2024, "The Roles of Financial Analysts in the Stock Market," World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd., chapter 73, in: Cheng Few Lee & Alice C Lee & John C Lee, "Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes".
  2. Guanming He & April Zhichao Li & Dongxiao Shen, 2024, "On a Long-Term Investment Strategy in a Stock Market," World Scientific Book Chapters, World Scientific Publishing Co. Pte. Ltd., chapter 76, in: Cheng Few Lee & Alice C Lee & John C Lee, "Handbook of Investment Analysis, Portfolio Management, and Financial Derivatives In 4 Volumes".

2022

  1. Guanming He & April Zhichao Li & Dongxiao Shen, 2022, "The Role of Earnings Management in Equity Valuation," Springer Books, Springer, chapter 88, in: Cheng-Few Lee & Alice C. Lee, "Encyclopedia of Finance", DOI: 10.1007/978-3-030-91231-4_90.

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