Publications

Articles

• Attention to Global Warming [abstract] (with Zhenyu Gao and Wenxi Jiang), 2020, Review of Financial Studies 33, 1112-1145.

  • Internet Appendix

  • Data: Monthly temperature, in Fahrenheit, of 78 cities worldwide with stock exchanges, 1983-2017 (For variable names and definitions, see Section 1 and Equation (1) of the article)

  • Featured in Principles for Responsible Investment (PRI) Academic Blog, CFA Control Room (in Chinese), Tsinghua Financial Review (in Chinese)

  • Media Coverage: 

    • Yahoo Finance Australia, Yahoo Finance Singapore, South China Morning Post (1), (2), SME & Entrepreneurship Magazine, AsiaOne, The President Post

    • (in Chinese) Tencent, Baidu, Sina, Sohu, 163, Hong Kong Economic Journal, Wen Wei Po, EDigest (1), (2), (3), (4), (5), ET Net, Metro Finance (Radio)

• Measuring the Carbon Exposure of Institutional Investors [abstract] (with Zhenyu Gao and Wenxi Jiang), 2020, Journal of Alternative Investments 23, 12-23.

  • Internet Appendix

  • Media Coverage: 

    • Yahoo Finance Australia, Yahoo Finance Singapore, South China Morning Post (1), (2), SME & Entrepreneurship Magazine

    • (in Chinese) Tencent, Baidu, Sina, Sohu, 163, Wen Wei Po, EDigest (1), (2), (3), (4), (5) ET Net, TVB (Television)

• Invited Editorial Comment: Climate Change Implications for the Asset Management Industry (with Zhenyu Gao and Wenxi Jiang), Journal of Alternative Investments 23, 8-11.

• Disposition Sales and Stock Market Liquidity [abstract], 2019, Journal of Financial Markets 45, 19-36.

• Learning about Mutual Fund Managers [abstract] (with Bige Kahraman and Abhiroop Mukherjee), 2016, Journal of Finance 71, 2809-2860. 

  • Internet Appendix

  • Media Coverage: South China Morning Post

• The Role of Surprise: Understanding Overreaction and Underreaction to Unanticipated Events using In-Play Soccer Betting Market [abstract] (with Sam K. Hui), 2014, Journal of Economic Behavior and Organization 107, 614-629.

  • Securities & Futures Institute Best Paper Award, Asian Finance Association Conference, 2012

  • Featured in CFA Control Room (in Chinese)

  • Media Coverage: CBS News, Hong Kong Economic Journal (in Chinese), Metro Finance (Radio, in Cantonese)

• Convertible Bond Arbitrageurs as Suppliers of Capital [abstract] (with Mila Getmansky, Brian Henderson, and Heather Tookes), 2010, Review of Financial Studies 23, 2492-2522.

  • Featured in Harvard Law School Forum on Corporate Governance and Financial Regulation 

• Convertible Bond Arbitrage, Liquidity Externalities, and Stock Prices [abstract] (with Mila Getmansky and Heather Tookes), 2009, Journal of Financial Economics 91, 227-251.

Book Chapters

• The Impact of the 2008 Short-Sale Ban on Liquidity and Efficiency [abstract], 2011, In: Progress in Economics Research, Volume 18, New York: Nova Science Publishers, 213-220.

Working Papers

• Superstar Firms and College Major Choice [abstract] (with Dong Lou and Abhiroop Mukherjee)

  • Internet Appendix

  • Revise and Resubmit, Journal of Political Economy Microeconomics

  • Featured in State Council of Higher Education for Virginia Research Data Blog

• Carbon Firm Devaluation and Green Actions [abstract] (with Zhenyu Gao, Wenxi Jiang, and Hulai Zhang)

  • Internet Appendix

  • CICF Best Paper Award, China International Conference in Finance, 2021

  • Featured in Investment Week

  • Media Coverage: 

    • Yahoo Finance Australia, Yahoo Finance Singapore, South China Morning Post (1), (2), SME & Entrepreneurship Magazine, RTHK Radio 3 (Radio)

    • (in Chinese) Tencent, Baidu, Sina, Sina Finance, Sohu, 163, Business Weekly, OwlNews, Wen Wei Po, EDigest (1), (2), (3), (4), (5), ET Net, TVB (Television), Now Finance (Television)

• Scared Away: Credit Demand Response to Expected Motherhood Penalty in the Labor Market [abstract] (with Zhenyu Gao, Singsen Lam, Tian Li, and Wenlan Qian)

  • Internet Appendix

• Alpha Go Everywhere: Machine Learning and International Stock Returns [abstract] (with Wenxi Jiang and Chao Zhang)

  • Internet Appendix

  • Featured in Portfolio for the Future

• Inventor Turnover and Firm Value [abstract] (with Sudipto Dasgupta and Feifei Lai)

• The Efficacy of Discretionary Short Sale Rules: The Case of Hong Kong [abstract] (with Zsuzsa R. Huszar)

• A Test of the Self-Serving Attribution Bias: Evidence from Mutual Funds [abstract] (with Dong Lou)

Other Publications

• Quadratic Assignment Problems (QAP) and Its Size Reduction Method [abstract], 2003, Rose-Hulman Undergraduate Mathematics Journal 4.