Selected Publications
Employee Output Response to Stock Market Wealth Shocks . with Teng Li, Wenlan Qian, and Wei A. Xiong (SSRN), 2022, Journal of Financial Economics, 146(2): 779-796
Exploiting individual-level data linking workers' performance and their stock investments, we document that a 10% increase in individual-level monthly income from stock market investments lowers the worker output in subsequent month by 3.8%.
Quamnet; Hong Kong Economic Times; HK01 ; Yahoo! News ; Business Times ; am730 ; World Today News ; News Directory 3 ; Archyde ; Now Finance ; AAStocks ; Yahoo Finance ; Human Resources Online ; Hong Kong Economic Times
AFA; CICF; Rotterdam/Erasmus University; SAIF; CUHK; Shanghai Jiaotong University; HKU; NUS
Thy Neighbor's Misfortune: Peer Effect on Consumption. with Sumit Agarwal and Wenlan Qian (SSRN), 2021, American Economic Journal: Economic Policy 13(2): 1-25
Neighbor's bankruptcy lowers the monthly consumption of same-building (but not adjacent buildings') peers, implying a significant social multiplier effect.
AFA; FIRS; FRA; CEPR European Conference on Household Finance; Johns Hopkins; Baruch; OCC; USC; Atlanta Fed; Georgia Institute of Technology; NUS; SMU; HKUST; CUHK; HKBU
Leading article
Disaggregated Sales and Stock Returns. with Sumit Agarwal and Wenlan Qian (SSRN), 2021, Management Science 67(11): 6629-7289
Customer demand extracted from micro-level consumer spending predicts firm's subsequent abnormal returns.
CICF; AsiaFA; EFA; ABFER; Wellington Finance Summit; CCGFP
In the Mood to Consume: Effect of Sunshine on Credit Card Spending. with Sumit Agarwal, Souphala Chomsisengphet, and Stephan Meier (SSRN), 2020, Journal of Banking & Finance 121: 105960
Higher abnormal sunshine leads to more contemporaneous credit card spending of local consumers.
NUS
Mobile Wallet and Entrepreneurial Growth. with Sumit Agarwal, Wenlan Qian, and Bernard Yeung (SSRN), 2019, AEA Papers and Proceedings, 109:48-53
The introduction of a mobile wallet payment technology promoted sales growth for small, new business by facilitating customer acquisition.