Publications:
"Engagement of foreign direct investments and earnings forecasts" (with Nian Lim "Vic" Lee, Danya Mi, and Jingbo Zhang), Journal of Financial Reporting and Accounting (2025). (Link)
"Adoption of abatement technology in an uncertain world: An experiment." Journal of Economic Behavior & Organization 225 (2024): 51-87. (Link)
"Do Traffic Light Labels Influence Food Purchase Intentions? The Moderating Effect of Health Risk Perception" (with Jingbo Zhang), Journal of Food Products Marketing, (2023), pp.1-13. (Link)
"Do Franchise Ownerships Affect Franchise Systems Market Coverage?" (with Jingbo Zhang and Robert Stassen), Reconceptualizing Marketing In Today's Global Environment, (2022), Charlotte, NC. (Link)
"Will Traffic Light Influence Purchase Intention on Food? The Moderating Effect of Health Risk Perception" (with Jingbo Zhang), Ethical Decisions In Lifestyle Choices, (2017), Louisville, KY. (Link)
"Effect of Semantic Relation on Novel Noun-Noun Compounds Learning by Second Language Learners of Chinese" (with J. Xu and X. Jiang), Chinese Teaching in the World, 3 (2017), pp.008 (Link)
"Information Asymmetry of Online Shopping Based on Signaling Game Model" (with J. Zhang, X. Chen, and T. Lv), Journal of Beijing University of Posts and Telecommunications (Social Sciences Edition), 15 (2013), pp. 54-59 (Link)
Selected Working Paper:
"Constrained Female Labor Supply under Unemployment Risk" (with Dongya Koh and Logan Miller), Under Review, Journal of Economic Dynamics and Control (Link)
Abstract: Female labor supply is considered one of the most important household insurance mechanisms against unanticipated income shocks. However, we document empirically that both extensive and intensive margin adjustments remain severely limited in response to the husband's unemployment. This suggests that households cannot effectively utilize female labor supply as a consumption smoothing device. To explore the welfare cost of idiosyncratic unemployment risk when female labor supply is constrained, we develop a two-earner life-cycle model incorporating bounds on the intensive margin and search costs on the extensive margin of female labor. Our quantitative analysis reveals that models assuming flexible female labor adjustment systematically underestimate the welfare effects of public insurance provision. Specifically, when households cannot easily adjust female labor supply, the welfare gains from unemployment insurance benefits increase substantially, since households must rely more heavily on public insurance for consumption smoothing.
"Foreign Direct Investment and Audit Outcomes: Evidence from U.S. Firms" (with Nian Lim “Vic” Lee, Danya Mi, and Jingbo Zhang), Revise & Resubmit, Managerial Auditing Journal
Abstract: Foreign Direct Investments (FDI) are important ventures undertaken by firms in order to initiate or expand operations in foreign markets. Unlike ongoing foreign operations, FDI constitutes new undertakings that inherently introduce firms to heightened risks and unforeseeable outcomes. This paper investigates how FDI engagement (specifically, greenfield FDI) by publicly traded firms in the United States impacts the behavior of their auditors. We find that firms incur higher audit fees and are more likely to receive going-concern audit opinions in the years of FDI announcements, likely due to the elevated complexity and uncertainty associated with these engagements. We also find that firms are less likely to restate their financial statements in the periods after FDI announcements. Our findings suggest that while FDI engagement is crucial to facilitate strategic business objectives, it also significantly impacts a firm's financial reporting environment by influencing auditor behavior and audit outcomes.
"CEO Image Presentation and Features of Corporate Social Responsibility Reports: An Experimental Study of Investors’ Judgement" (with Danya Mi, Lei Wen, and Jingbo Zhang), Revise & Resubmit, Behavioral Research in Accounting
Abstract: The increasing demand for CSR information has made CSR reporting an important component of corporate disclosure. This study investigates two prevalent elements in CSR reports. Specifically, we examine how the interaction between CEO image presentation, in the form of a portrait photo, and CSR strategy frame (global vs. community) affects individual investors' willingness to invest in a company. We argue that investors' information weighting reflects their perceived leadership style, leading to different interpretations of a company's CSR strategy. Using an experiment, we predict and find that individual investors allocate more attention to a company's CSR (financial) information when its CEO wears casual (formal) attire in a photo. Furthermore, when the CEO is portrayed in casual (formal) clothing, investors are more willing to invest in the company after viewing a CEO message emphasizing global (community) efforts. We also identify and discuss potential mechanisms that explain the interactive effect.
"An Inverted-U Shaped Effect of Labor Share on Innovation: Evidence from China" (with Long Zhao), Under Review, Advances in Decision Sciences
Selected Work in Progress:
"Marketing Innovation Landscapes in China: An Examination of the Role of Wage Share" (with Danya Mi and Jingbo Zhang)
"Spousal Labor Supply as Consumption Insurance: Cross-Country Comparison" (with Dongya Koh)
"Workforce Expansion, Innovation, and the Impact of Risk-taking & Media Attention" (with Chenxi Tang, Long Zhao and Xun Xiong)
"Corruption Through Foreign Direct Investments" (with Danya Mi and Jingbo Zhang)