Publications

Articles

• Superstar Firms and College Major Choice [Abstract] [Internet Appendix] (with Dong Lou and Abhiroop Mukherjee), 2025, Journal of Political Economy Microeconomics, accepted.

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

  • Media Coverage: Hong Kong Economic Journal (in Chinese)

• Alpha Go Everywhere: Machine Learning and International Stock Returns [Abstract] [Internet Appendix] (with Wenxi Jiang and Chao Zhang), 2025, Review of Asset Pricing Studies, forthcoming.

  • Featured in Portfolio for the Future

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

  • 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, The President Post; (in Chinese) Tencent, Baidu, Sina, Sohu, 163, Lianhe Zaobao, Hong Kong Economic Journal, Wen Wei Po, EDigest (1), (2), (3), (4), (5), ET Net; (in French) The Conversation

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

  • 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

• 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] [Internet Appendix] (with Bige Kahraman and Abhiroop Mukherjee), 2016, Journal of Finance 71, 2809-2860. 

  • 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

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

  • 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, Lianhe Zaobao, Business Weekly, OwlNews, Wen Wei Po, EDigest (1), (2), (3), (4), (5), ET Net, Metro Finance+

• Scared Away: Credit Demand Response to Expected Motherhood Penalty in the Labor Market [Abstract] [Internet Appendix] (with Zhenyu Gao, Sing-Sen Lam, Tian Li, and Wenlan Qian)

• E vs. G: Environmental Policy and Earnings Management in China [Abstract] (with Feifei Lai)

  • Featured in VoxChina

• ESG News and Firm Value: Evidence from China’s Automation of Pollution Monitoring [Abstract] (with Abhiroop Mukherjee and Zexin Zheng)

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

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

Other Publications

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