Fenghua Song

Pennsylvania State University - Smeal College of Business

Associate Professor of Finance

University Park, PA 16802

United States

http://sites.google.com/site/fenghua8song/

  • Pennsylvania State University - Smeal College of Business

    • Email
    • Tel: 814.863.4905
SCHOLARLY PAPERS

18

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Scholarly Papers (18)

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1.

The Optimal Duration of Executive Compensation: Theory and Evidence

AFA 2012 Chicago Meetings Paper
Number of pages: 43 Posted: 10 Aug 2010 Last Revised: 09 Jan 2013
Radhakrishnan Gopalan, Todd T. Milbourn, Fenghua Song and Anjan V. Thakor
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 761 (31,873)
Citation 8

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Executive Compensation, Vesting, Duration, Managerial Myopia, Corporate Governance

2.

Financial System Architecture and the Co-Evolution of Banks and Capital Markets

Downloads 749 ( 32,574)
Citation 29

Financial System Architecture and the Co-Evolution of Banks and Capital Markets

Third Singapore International Conference on Finance 2009
Number of pages: 40 Posted: 30 Jan 2006 Last Revised: 22 Jul 2009
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 559 (47,532)
Citation 7

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Financial System Architecture, Bank Evolution, Capital Market Evolution

Financial System Architecture and the Co-Evolution of Banks and Capital Markets

The Economic Journal, Forthcoming
Number of pages: 41 Posted: 05 Sep 2009 Last Revised: 29 Jan 2010
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 190 (159,156)
Citation 15

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3.

Debt Maturity Structure and Credit Quality

Journal of Financial and Quantitative Analysis (JFQA), Forthcoming
Number of pages: 43 Posted: 29 Oct 2009 Last Revised: 28 Jan 2013
Radhakrishnan Gopalan, Fenghua Song and Vijay Yerramilli
Washington University in St. Louis - John M. Olin Business School, Pennsylvania State University - Smeal College of Business and University of Houston, C. T. Bauer College of Business
Downloads 647 (39,656)
Citation 13

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Rollover risk, Debt maturity, Credit rating

4.

Duration of Executive Compensation

Journal of Finance, Forthcoming
Number of pages: 50 Posted: 09 Jan 2013
Radhakrishnan Gopalan, Todd T. Milbourn, Fenghua Song and Anjan V. Thakor
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 515 (53,372)
Citation 2

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executive compensation, vesting, duration, managerial myopia, corporate governance

5.

Bank Culture

Downloads 336 ( 89,045)
Citation 5

Bank Culture

Number of pages: 40 Posted: 26 Feb 2016
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 227 (134,207)
Citation 2

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Bank culture, Multi-tasking problem, Competition, Bank capital, Safety nets

Bank Culture

Journal of Financial Intermediation, Forthcoming
Number of pages: 52 Posted: 14 Nov 2017
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 109 (251,202)
Citation 4

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Bank Culture, Growth, Safety, Competition, Bank Capital, Safety Nets

6.

Relationship Banking, Fragility and the Asset-Liability Matching Problem

Downloads 324 ( 92,642)
Citation 3

Relationship Banking, Fragility and the Asset-Liability Matching Problem

Review of Financial Studies, Forthcoming
Number of pages: 50 Posted: 08 Aug 2006
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 324 (92,053)
Citation 3

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7.

Correlated Leverage and Its Ramifications

Downloads 303 ( 99,719)
Citation 2

Correlated Leverage and Its Ramifications

Number of pages: 49 Posted: 18 Mar 2009 Last Revised: 18 Mar 2014
Anand M. Goel, Fenghua Song and Anjan V. Thakor
Stevens Institute of Technology, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 272 (111,395)

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Housing Market, Collateral, Bank Leverage, Borrower Leverage

Correlated Leverage and Its Ramifications

Journal of Financial Intermediation, Forthcoming
Number of pages: 51 Posted: 05 Aug 2014 Last Revised: 30 Oct 2014
Anand M. Goel, Fenghua Song and Anjan V. Thakor
Stevens Institute of Technology, Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 31 (474,791)
Citation 2

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leverage, high house prices, financial fragility, bank capital

8.

Strategic Flexibility and the Optimality of Pay for Luck

Number of pages: 45 Posted: 08 Sep 2007 Last Revised: 17 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 297 (101,955)
Citation 4

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CEO Compensation, Strategy, Pay for Luck, Corporate Governance

9.

Blockholder Short-Term Incentives, Structures, and Governance

European Corporate Governance Institute (ECGI) - Finance Working Paper No. 513/2017
Number of pages: 60 Posted: 30 Oct 2014 Last Revised: 28 Jun 2017
Fenghua Song
Pennsylvania State University - Smeal College of Business
Downloads 198 (153,255)
Citation 3

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blockholder, exit, voice, short-term incentives, career concerns, investment myopia

10.

Information Control, Career Concerns and Corporate Governance

Downloads 191 (158,465)
Citation 1

Information Control, Career Concerns and Corporate Governance

Journal of Finance, No. 4, August 2006
Number of pages: 56 Posted: 08 Aug 2006
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 191 (158,364)
Citation 1

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Information Control, Career Concerns and Corporate Governance

Journal of Finance, Forthcoming
Posted: 27 Apr 2005
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business

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11.

Strategic Flexibility and the Optimality of Pay for Sector Performance

Review of Financial Studies, Forthcoming
Number of pages: 47 Posted: 21 Sep 2009
Radhakrishnan Gopalan, Todd T. Milbourn and Fenghua Song
Washington University in St. Louis - John M. Olin Business School, Washington University in Saint Louis - Olin Business School and Pennsylvania State University - Smeal College of Business
Downloads 182 (165,569)

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12.

Notes on Financial System Development and Political Intervention

World Bank Economic Review, Forthcoming
Number of pages: 34 Posted: 24 Feb 2012 Last Revised: 30 Apr 2012
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 107 (253,137)

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financial system development, systemic risk, political intervention

13.

Notes on Financial System Development and Political Intervention

World Bank Policy Research Working Paper No. 6350
Number of pages: 36 Posted: 20 Apr 2016
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 96 (272,297)

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Access to Finance, Banks & Banking Reform, Debt Markets, Bankruptcy and Resolution of Financial Distress, Financial Intermediation

14.

Disagreement, the Value of Autonomy, and Incentive Contracting

Number of pages: 42 Posted: 06 Apr 2007
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 96 (272,297)

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15.

Redemption Fees and Information-Based Runs

Number of pages: 69 Posted: 19 Jun 2016 Last Revised: 20 Jun 2016
Stephen Lenkey and Fenghua Song
Pennsylvania State University and Pennsylvania State University - Smeal College of Business
Downloads 89 (285,896)
Citation 1

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Runs, Redemption fees, Learning, Payoff externality, Last-mover advantage

16.

Blockholder Trading and Monitoring, Career Concerns, and the Bright and Dark Sides of Investor 'Long-Termism'

Number of pages: 51 Posted: 05 Nov 2013
Fenghua Song
Pennsylvania State University - Smeal College of Business
Downloads 89 (285,896)
Citation 2

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Blockholder exit, Blockholder voice, Career concerns, Investment myopia

17.

Feedback, Investment, and Social Value of Financial Expertise

Number of pages: 58 Posted: 20 Dec 2017
Stephen Lenkey and Fenghua Song
Pennsylvania State University and Pennsylvania State University - Smeal College of Business
Downloads 49 (391,850)

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Informational Feedback, Financial Expertise, Information Acquisition, Endogenous Adverse Selection, Bilateral Trading, Asymmetric information

18.

Ethics and Talent in Banking

Number of pages: 41 Posted: 28 Mar 2019
Fenghua Song and Anjan V. Thakor
Pennsylvania State University - Smeal College of Business and Washington University, Saint Louis - John M. Olin School of Business
Downloads 32 (458,224)
Citation 1

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Ethics, Financial Innovation, Talent, Bank Capital