Fac/Staff profile

Kelly Nianyun

Professor, Finance
Portrait of Kelly Cai
107 Fairlane Center South
19000 Hubbard Drive
Dearborn, MI 48126

Teaching Areas:

Biography and Education

Kelly Nianyun Cai, Ph.D., Professor of Finance at the University of Michigan-Dearborn College of Business. Dr. Cai joined the College of Business in 2002 after earning her Ph.D. in Finance from the University of Houston. She received her Bachelor degree in Finance from Nankai University. Dr. Cai teaches Corporate Finance, Derivatives, and Investments courses to undergraduate and graduate students.


Dr. Cai’s research covers a variety of topics, including initial public offerings (IPOs), bond pricing and capital market. Her research has been published in refereed journals such as Review of Financial Studies, Financial Management, The Financial Review, Journal of Fixed Income, Journal of Business Research and Journal of Financial Research. 


University of Houston

Teaching and Research

Selected Publications

  • Kelly Nianyun Cai and Julia Zhu, 2016, “The Market Reaction to Yankee and Rule 144ABond Offerings”, Journal of Multinational Financial Management 34, 1-17.  (Lead Article)
  • Kelly Nianyun Cai, Julia Zhu, 2015, “Cultural Distance and Foreign IPO Underpricing Variations”, Journal of Multinational Financial Management 29, 99-114.
  • Julia Zhu and Kelly Nianyun Cai, 2014, “Cultural Distance and Bond Pricing: Evidence in the Yankee and Rule 144a Bond Markets”, Journal of Financial Research  37, 357-384.
  • Kelly Nianyun Cai, Xiaoquan Jiang and Heiwai Lee, 2013, “Debt IPO Waves, Investor Sentiment, Market Conditions and Issue Quality”, Journal of Financial Research 36,435-452.                                                                            Outstanding Investment Paper – Midwest Financial Association 2013                                                                      Best Paper Published at Journal of Financial Research 2013
  • Kelly Nianyun Cai, 2013, “Effect of Being Fallen Angels on Bond Rating and Yields”, Journal of Trading 8, 7-13. (Lead Article)
  • Kelly Nianyun Cai and Heiwai Lee, 2012, “Event Study and Debt IPOs”, Journal of Applied Business Research 29, Issue 1, 69-78.
  • Brent Ambrose, Kelly Nianyun Cai and Jean Helwege, 2012, “Fallen Angels and Price Pressure”, Journal of Fixed Income 21, Issue 3, 74-86. Semifinalist for the Best Paper Award – Financial Management Association 2010
  • Kelly Nianyun Cai, Hei-Wai Lee and Vivek Sharma, 2011, “Underpricing of IPOs that follow private placement?”,  Journal of Financial Research 34, Issue 3, 441-459.
  • Hei-Wai Lee, Vivek Sharma and Kelly Nianyun Cai, 2011, “Are Stocks Dumped or Neglected by Analysts Inferior Investments to Covered Stocks?”, Journal of Business Research 64, 501-507. Outstanding Investment Paper – Southern Finance Association 2009
  • Kelly Nianyun Cai, Hei-Wai Lee and Magali Valero 2010, “Changing Underwriting Practices on Underpricing of U.S. Global Initial Public Offerings”, Journal of Business Research 63, 1317-1323.
  • Magali Valero, Hei-Wai Lee and Kelly Nianyun Cai, 2009, “Cross-Listing Pursuit of Unseasoned Foreign Firms after Going Public in the U.S.”, Journal of Business Research 62, 797–804. Outstanding International Finance Paper – Eastern Finance Association 2008
  • Kelly Nianyun Cai, Yong H. Kim and Xuejing Xing, 2008, “Do IPO Firms Have Lower Risk? Evidence from IPO Performance in Different States of the World”, Advances in Investment Analysis and Portfolio Management 3, article 9.
  • Brent Ambrose, Kelly Nianyun Cai and Jean Helwege, 2008, “Forced Selling of Fallen Angels”, Journal of Fixed Income 18, 72-86.
  • Kelly Nianyun Cai and Xiaoquan Jiang, 2008, “Corporate Bond Returns and Volatilities”, Financial Review 43, 1-26. (Lead Article) On SSRN’s Top Ten download list for FEN Blackwell publishers Journals.
  • Kelly Nianyun Cai, Jean Helwege and Arthur Warga, 2007, “Underpricing in Corporate Bond Market”, 2007, Review of Financial Studies 20,  2021-2046.
  • Kelly Nianyun Cai, Latha Ramchand and Arthur Warga, 2004, “The Pricing of Equity IPOs that Followed Debt Public Offerings”, Financial Management 33, 5-26.  (Lead Article)
  • Kelly Nianyun Cai 2017, “The Cost of Debts of Yankee and Domestic Bonds”, Journal of Multinational Financial Management 40, 1-13. (Lead Article)

Awards and Recognition

Outstanding International Finance Paper Award “Cross-Listing Pursuit of Unseasoned Foreign Firms after Going Public in the U.S.” (with Valero, M., and Lee, H.) – Eastern Finance Association 2008

Outstanding Investment Paper Award “Are Stocks Dumped or Neglected by Analysts Inferior Investments to Covered Stocks?” (with Lee, H. and Sharma, V) – Southern Finance Association 2009

Outstanding Paper in Corporate Finance, World Scientific Publishing Award “Debt IPO Waves” (with Jiang, J and Lee, H) – Midwest Finance Association 2013

Best Paper Published at Journal of Financial Research 2013, “Debt IPO Waves” (with Jiang, J and Lee, H)


Member for
3 years 2 weeks
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