PUBLICATIONS

Public Finance and Household Finance

1. Taxing the rich to finance redistribution- evidence from permanent tax increase in Singapore, with Sumit Agarwal, Wenlan Qian, Bernard Yin Yeung. Accepted by Management Science.

2. Sovereign Debt Responses to the COVID-19 Pandemic. 2023. Journal of International Economics, 143, 103766.

3. The Effects of Policy Announcement, Prices, and Subsidies on Water Consumption. 2023. with Sumit Agarwal, Eduardo Araral, Mingxuan Fan, Yu Qin. Nature Water, 1, 176–186. 

4. Water Conservation Through Plumbing and Nudging. 2022. with Sumit Agarwal, Eduardo Araral, Mingxuan Fan, Yu Qin. Nature Human Behaviour, 6(6), 858–867. 

International Finance

1. Inflation Surge and Sovereign Borrowing: The Role of Policy Practices in Strengthening Sovereign Resilience, with Joshua Aizenman (NBER WP 31173), forthcoming in IMF Economic Review.

2. Original Sin Redux and Deviation from Covered Interest Rate Parity, 2023. Journal of International Money and Finance, 139, 102967.

3. Sovereign Debt Responses to the COVID-19 Pandemic. 2023. Journal of International Economics, 143, 103766.

4. Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises? 2021. with Joshua Aizenman, Yothin Jinjarak and Donghyun Park. Journal of International Money and Finance. 117, 102442  [NBER, pdf]

5. House Valuations and Economic Growth: Some International Evidence. with Joshua Aizenman and Yothin Jinjarak, 2016. Open Economic Review, 30(4), 655-674.

6. Equity Funds in Emerging Asia: Does Size Matter?, 2015. with Haoyuan Ding, Chenqi Zhu. International Review of Economics & Finance, 35, 149-165. [pdf]

7. Granular Institutional Investors and Global Market Interdependence, 2014. with Yothin Jinjarak. Journal of International Money and Finance 46(0): 61-81. [pdf].

8. Capital Controls in Brazil:Stemming a Tide with a Signal? 2013. with Yothin Jinjarak and Ilan Noy. Journal of Banking & Finance 37(8): 2938-2952.  [voxeu, NBER, pdf]

9. International Fund Investment and Local Market Returns, 2011. with Yothin Jinjarak and Jon Wongswan. Journal of Banking and Finance. 35 (3), 572-587. [pdf].

10. Financial Panics and Portfolio Investment of International Mutual Funds, 2010. with Yothin Jinjarak. Applied Financial Economics. 20 (23), 1793-1805. [pdf]

International Business

1. Cross-Border Technology Investments in Recession. 2023. with Yu Sun. Forthcoming in Canadian Journal of Economics.

2. Responses of FDI to Geopolitical Risks: The role of governance, information, and technology. 2023. with Adrien Bussy. International Business Review, 102136.

3. Adapting to climate risks through cross-border investments: industrial vulnerability and smart city resilience. 2022. with Yao An, Ning Liu, Lin Zhang. Climatic Change, 174(1), 1-29. 

4. Can Money Buy Friendship? Evidence from International Aid and Political Relations. 2022. with Chen Li. World Economy, 45(10), 3224-3245.

5. FDI on the Move: Cross-border M&A and Migrant Networks. 2022. with Jackie ML Chan. Review of World Economics, 158(3), 947-985. 

6. Chinese Outwards Mercantilism–the Art and Practice of Bundling, 2018. with Joshua Aizenman and Yothin Jinjarak, 2018. Journal of International Money and Finance. 86, 31-49. [voxeu, NBER, pdf].

Financial Crisis and Crisis Management

1. Boom and bust, Chinese style: Multi-task regulatory dilemma and China’s stock market crisis in 2015. 2023. with Chen Li, Competition & Change, 27(1), 94-114.

2. Hybrid Regulatory Regime in Turbulent Times: The Role of State in China's Stock Market Crisis in 2015-2016, 2022. with Chen Li and Yubo Liu,  Regulation & Governance, 16(2), 392-408.

3. Coordinated Bubbles and Crashes, 2020. Journal of Economic Dynamic and Control, 120, 103974.

4. Bitcoin: Speculative Asset or Innovative Technology?, 2020. with Adrian Lee and Mengling Li, Journal of International Financial Markets, Institutions & Money, 67, 101209.

5. Margin Trade, Short Sales and Financial Stability. 2020. with Hui Ying Sng and Yang Zhang. Journal of Economic Interaction and Coordination, 15(3), 673-702. [pdf]

6. Price Informativeness and Adaptive Trading, 2019. with Haiqiang Chen, forthcoming. Journal of Evolutionary Economics, 29(4), 1315-1342.

7. Structural Estimation of Behavioral Heterogeneity, with Zhentao Shi, 2018. Journal of Applied Econometrics. 33(5), 690-707 (Online Supplement) [pdf]

8. Estimating Heterogeneous Agents Behavior in a Two-Market Financial System, with Zhenxi Chen, Weihong Huang, 2018. Journal of Economic Interaction and Coordination, 13(3), 491-510. [pdf]

9. Heterogeneous Trading and Complex Price Dynamics, with Mengling Li, 2017. Journal of Economic Interaction and Coordination, 437-442. [pdf]

10. Behavioral Heterogeneity in the Australian Housing Market, with Wai-Mun Chia and Mengling Li, 2017, Applied Economics. 49 (9), 872-885. [pdf]

11. The Stock-Bond Comovement and Cross-Market Trading Heterogeneity, with Mengling Li, Terence Chong and Yang Zhang, 2016. Journal of Economic Dynamic and Control. 73: 417-438. [pdf]

12. Trading Heterogeneity under Information Uncertainty, with Xue-Zhong He, 2016. Journal of Economic Behavior and Organization. 130, 64-80. [pdf]

13. Regime Switching Models in the Foreign Exchange Market, with Wai-Mun Chia and Mengling Li, 2014, Nonlinear Economic Dynamics and Financial Modelling, 201-223. [pdf]

14. Asymmetric Returns, Gradual Bubbles and Sudden Crashes, with Weihong Huang and Wai-Mun Chia. 2013. The European Journal of Finance 19(5), 420-37. [pdf]

15. Estimating Behavioral Heterogeneity under Regime Switching, with Carl Chiarella, Xue-Zhong He and Weihong Huang, 2012. Journal of Economic Behavior and Organization, 83(3), 446-460.  [pdf]

16. Financial Crises and Regime-Dependent Dynamics, with Weihong Huang. 2012. Journal of Economic Behavior and Organization, 82(2–3), 445-61. [pdf]

17. Financial Crises and Interacting Heterogeneous Agents, with Weihong Huang and Wai-Mun Chia. 2010, Journal of Economic Dynamics and Control 34, 1105-1122. [pdf]

Chinese Economy and Other Interdisciplinary Research 

1. CEOs' Marital Status and Corporate Innovation, with Yang Zhang, Lam, Desmond, Maggie Fu, Mengling Li. 2023. Journal of Product Innovation Management, 39(5), 686-716. [pdf]

2. The role of political connection on overinvestment of Chinese energy firms. 2020. with Xiaojun Yu,  Yao Yao,  and Lin Zhang. Energy Economics, 85, 104516.  [pdf]

3. Potentials and opportunities towards the low carbon technologies–From literature review to new classification. 2020. with J. Metta, Y. An, L. Zhang. Critical Reviews in Environmental Science and Technology, 50(10), 1013-1042.

4. Housing policies in Greater China and Singapore. 2020. with Zhang, Y., Zhang, Q.  Economic and Political Studies, 8(1), 41-64.

5. How Much Slack Was There in the Chinese Economy Prior to its Economic Reform of 1978? with Lawrence J Lau, 2017. China Economic Review. 45: 124-142. [pdf]

6. Property Tax in China – Is It Effective in Curbing Housing Price? with Qingyong Zhang. 2013. Economic Bulletin 33(3), 2465-2474. [pdf]

7. 中国住宅投资引领经济增长吗?, 与张清勇合著，2012。 经济研究, (2), pp. 67-79。[pdf]

8. 住宅存量与流量价格的领先——滞后关系——以北京, 上海, 广州和深圳为例, 与张清勇合著，2009。财贸经济, (5), pp.104-110。