Research
Publications:
A threshold effect of Covid-19 risk on oil price returns (with Yiguo Sun, Chenyi Suo, and Yu Wang), Energy Economics, 2023, 120, p. 106618. Â [PDF]
The long-run impact of sovereign yields on corporate yields in emerging markets (with Nicolas E. Magud and Alejandro Werner), Journal of International Money and Finance, 2023, 130, p.102748 (an earlier version published as an IMF Working Paper, WP/21/155). [PDF]
The impact of uncertainty on investment: Empirical challenges and a new estimator (with Yiguo Sun), Journal of Financial and Quantitative Analysis, 2022, 1-32. [PDF]
Financial shocks and corporate investment in emerging markets (with Nicolas E. Magud and Fabian Valencia), Journal of Money, Credit and Banking, 2020, 52(2-3), pp.613-644. [PDF]
Predictability of the Buffett yardstick ratio (with Mate Bors and Yiguo Sun), Economics Bulletin, 2021, 41(3), pp.1444-1450. [PDF]
Financial development and income distribution in China (with Ming Gao and Yushui Shi), China Journal of Economics, September 2018, Vol.5, No.3:114-141. [PDF]
Working papers:
Biased beliefs, costly external finance, and firm behaviour (with Lei Lu, Congming Mu and Jinqiang Yang), Revise and Resubmit, Management Science, an earlier version published as Bank of Finland Research Discussion Papers 18/2019. [PDF]
Investment under capital inflexibility and collateral constraints, Revise and Resubmit, Financial Management. [PDF]
On bank consolidation in a currency union (with Fabio Di Vittorio and Hanlei Yun) IMF Working Paper, WP/18/92. [PDF]
Effects of unconventional monetary policy on corporate credit risk. [PDF upon request]
In progress:
Illiquidity premiums in international corporate bond markets (with Mitchell Riddell, Yiguo Sun, and David Adler), 2022. [SSRN]
International corporate bond market: Uncovering risks using machine learning (with Lei Lu, Zhen Qi, and Guofu Zhou), 2022. [SSRN]