1. "Differences of Opinion and Speculative Trading in Stocks and Options," H. H. Cao and Hui Ou-Yang, 2008, Review of Financial Studies.

2. “Inventory Information,” H. H. Cao, Martin Evans and Rich Lyons, Journal of Business, 2006, 79：325-364.

3. “Model Uncertainty, Limited Market Participation and Asset Prices,” H. H. Cao, Tan Wang and Harold H. Zhang, Review of Financial Studies, 2005，1219 - 1251.

4. “The Dynamics of International Equity Market Expectations,” Michael J. Brennan, H. H. Cao, Norman Strong and Xinzhong Xu, Journal of Financial Economics, 2005，257-288

5. “Product Strategy for Innovators in Markets with Network Effects,” Sun, B., Xie, J. and H. H. Cao, Marketing Science, 2004, 243-254.

6. “Sidelined Investors, Trading-Generated News, and Security Returns,” H. H. Cao, J. Coval and D. Hirshleifer, Review of Financial Studies, 2002, 15, 615-648.

7. “Imperfect Competition Among Informed Traders,” K. Back, H. H. Cao and G. Willard, Journal of Finance, 2000, 5, 2117-2155. Nominated for Smith-Breeden Prize.

8. “The Effect of Derivative Assets on Endogenous Information Acquisition and Price Behavior in a Rational Expectations Equilibrium,” H. H. Cao, Review of Financial Studies, 1999, 12, 131-163.

9. “International Portfolio Investment Flows,” Michael J. Brennan and H. H. Cao, Journal of Finance, 1997, 52, 1851-1880, Nominated for Smith-Breeden Prize. Best paper award in emerging market research at NFA. Reprinted in International Library of Critical Writings in Financial Economics, Edited by Richard Roll.

10. “Information, Trade, and Derivative Securities,” Michael J. Brennan and H. H. Cao, Review of Financial Studies, 1996, 9, 163-208.