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

23

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6,730

SSRN CITATIONS
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Top 3,355

in Total Papers Citations

241

CROSSREF CITATIONS

242

Scholarly Papers (23)

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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 849 (48,313)
Citation 12

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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 832 (49,689)
Citation 37

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 602 (74,916)
Citation 6

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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 230 (220,893)
Citation 20

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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 710 (61,422)
Citation 15

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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 638 (70,538)
Citation 55

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

5.

Bank Culture

Downloads 455 (106,882)
Citation 23

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 265 (191,979)
Citation 5

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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 190 (264,094)
Citation 19

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

6.

Relationship Banking, Fragility and the Asset-Liability Matching Problem

Downloads 353 (142,828)
Citation 12

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 353 (141,797)
Citation 12

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7.

Correlated Leverage and Its Ramifications

Downloads 349 (144,639)
Citation 4

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 299 (169,394)

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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 50 (652,986)
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 316 (160,818)
Citation 5

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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 302 (168,675)
Citation 5

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

10.

Information Control, Career Concerns and Corporate Governance

Downloads 226 (225,427)
Citation 24

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 226 (224,728)
Citation 24

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Information Control, Career Concerns and Corporate Governance

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.

Purpose, Profit and Social Pressure

Downloads 219 (232,220)
Citation 2

Purpose, Profit and Social Pressure

European Corporate Governance Institute – Finance Working Paper No. 881/2023
Number of pages: 25 Posted: 12 Feb 2023
Fenghua Song, Anjan V. Thakor and Robert E. Quinn
Pennsylvania State University - Smeal College of Business, Washington University, Saint Louis - John M. Olin School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 113 (403,624)

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Higher purpose, Incentives, Labor market matching, Organizational performance

Purpose, Profit and Social Pressure

Journal of Financial Intermediation, Forthcoming, Olin Business School Center for Finance & Accounting Research Paper No. Forthcoming
Number of pages: 41 Posted: 20 Apr 2023
Fenghua Song, Anjan V. Thakor and Robert E. Quinn
Pennsylvania State University - Smeal College of Business, Washington University, Saint Louis - John M. Olin School of Business and University of Michigan, Stephen M. Ross School of Business
Downloads 106 (422,932)

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Higher purpose, Incentives, Labor market matching, Organizational performance

12.

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 216 (235,173)
Citation 8

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13.

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 157 (311,679)
Citation 2

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

14.

Ethics, Capital and Talent Competition in Banking

Journal of Financial Intermediation, Forthcoming
Number of pages: 51 Posted: 28 Mar 2019 Last Revised: 22 Feb 2022
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 156 (313,328)
Citation 4

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Ethics, Bank capital, Talent, Financial innovation

15.

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 143 (336,414)

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financial system development, systemic risk, political intervention

16.

Market Freeze and Bank Capital Structure Heterogeneity

Management Science
Number of pages: 42 Posted: 17 Sep 2020 Last Revised: 22 Feb 2022
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 134 (353,963)

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Market freeze, Bank capital, Information reusability, Short-term funding reallocation

17.

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 131 (360,026)
Citation 3

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Blockholder exit, Blockholder voice, Career concerns, Investment myopia

18.

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 130 (362,195)

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19.

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 123 (377,515)

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

20.

Bank Capital, Loan Trading and Funding Liquidity Creation

Olin Business School Center for Finance & Accounting Research Paper No. 2022/03
Number of pages: 42 Posted: 20 Jul 2022 Last Revised: 11 Aug 2022
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 92 (462,597)

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Bank capital, Funding liquidity creation, Loan trading, Intervention, Central bank

21.

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 89 (472,215)

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

22.

Bailout Addiction: Does Bailout Anticipation Induce Adverse Selection?

Number of pages: 39 Posted: 06 Feb 2023 Last Revised: 29 Aug 2023
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 60 (587,996)

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Adverse Selection, Market Freeze, Government Bailout

23.

Banks, Markets, and the Color of Finance

European Corporate Governance Institute – Finance Working Paper No. 933/2023
Number of pages: 29 Posted: 25 Sep 2023 Last Revised: 03 Oct 2023
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 50 (645,427)

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Bank capital, Climate finance, Financial system, Financial stability

Other Papers (1)

Total Downloads: 38
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1.

Intrinsically-Motivated CEOs, Overbearing Boards, and Diversity in Corporate Governance

Number of pages: 40 Posted: 25 Mar 2008
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 38

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Corporate Governance, Oversight, Intrinsic Motivation