Publications:

• "Drivers of the Global Financial Cycles" with John Rogers and Wenbin Wu, Journal of International Economics, Forthcoming. 

• "Lending Next to the Courthouse: Exposure to Adverse Events and Mortgage Lending Decision" with Da Huo, Mingzhu Tai, Yuhai Xuan, Journal of Financial and Quantitative Analysis, 5: 2375 - 2398, 2024.

• Investor Sentiment, Managerial Manipulation, and Stock Returns, with Jiajun Jiang and Qi Liu,  

Journal of Money, Credit, and Banking, 2024.

•  “Anomaly Discovery and Arbitrage Trading,” with Hongjun Yan, Qi Liu, Xi Dong, Lei Lu. 

Journal of Financial and Quantitative Analysis,  3: 933-955, 2024.

        Coverage: QuantPedia here   ValueWalk  here 

• “Relative Wealth Concerns, Executive Compensation, and Managerial Risk Taking,” with Qi Liu.  

American Economic Journal: Microeconomics, 15: 568-98. 2023.

       Press: Wall Street Journal  here   

• “What is Certain about Uncertainty" with Danilo Cascaldi-Garcia, Cisil Sarisoy, Juan M. Londono, John Rogers, Deepa Datta, Thiago Ferreira, Olesya Grishchenko, Mohammad R. Jahan-Parvar, Francesca Loria, Sai Ma, Marius Rodriguez and Ilknur Zer.  Journal of Economic Literature, 61: 624-654, 2023

              Mentioned in Fed Vice Chair Jefferson's keynote speech at the 2023 SNB-BIS-FRB conference: here

• “Monetary Policy Uncertainty" with Lucas Husted and John Rogers.  

  Journal of Monetary Economics. 115: 20-36, 2020.

         Included in most cited JME articles since 2018 (most recently published on the list): here.    

         A nontechnical summary of the index construction here.   A cross-country version here.        

     Selected press: Wall Street Journal here;  Brookings here;  Econbrowser here; Deutsche Bank Research here;   Chicago Booth Review here;  Two Sigma Investments here;  Cato Institute here. 

•  “Contractual Managerial Incentives with Stock Price Feedback,” with Qi Liu and TC Lin.  

  American Economic Review, 109: 2466-2468, 2019.

         A nontechnical summary here.   Press: AEIdeas coverage here.  

          Code here. Data reference list here. Compensation change data here.

•   “Managerial Manipulation, Corporate Governance, and Limited Market Participation,” with Qi Liu. 

   Journal of Economic Dynamics and Control, 90:98-117, 2018.

•  "Uncertainty, Carry Trade Excess Returns, and Risk Reversals,” with Lucas Husted and John Rogers. 

   Journal of International Money and Finance, 88:228-241, 2018.

    Included in most cited JIMF articles since 2018 (most recently published on the list): here.  

•   “Incentive Contracting Under Ambiguity Aversion,” with Qi Liu and Lei Lu. 

    Economic Theory, 66:929-950. 2016 

•  "Managerial Compensation under Privately-observed Hedging and Earnings Management," with Qi Liu. 

    Economics Letters, 137: 1-4,  2015 (Lead article).

•  “Government Connections and Financial Constraints: Evidence from a Large Sample of Chinese Firms,” with Bob Cull, Wei Li, Colin Xu,  

   Journal of Corporate Finance, 2015.

    Included in the most relevant papers published at the JCF (most cited in the past two years): here.

•  “Asset Returns Under Periodic Revelations of Earnings  Management,” 

   International  Economic Review, 55: 255-282, 2014.

•  “Executive Compensation and Earnings Management under Moral Hazard,” 

   Journal of Economic Dynamics and Control, 41:276-290, 2014.

Selected working papers:

• Prepayment Option and Firm Risk-Taking, with Qi Liu, Elena Loutskina, Camelia Minoiu, and Xunhua Su 

• "Managerial Career Concerns and Informational Stock Price Feedback" with Huining Dong, Qi Liu and Zheng Zhang. 

•  "Informational Political Connections" with Qi Liu and Kang Chen.

• "Racial Disparities, Competition, and Policy Uncertainty: Evidence from Small Business Lending" with Chen Lin and Tao Chen.

•  "The Real Effect of Financial Reporting: A Quantitative Assessment,” with Pierre Liang and Xuan Tam.