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Associate Professor of Finance
Renmin University of China
Research on institutional investors, financial markets, and political economy and finance
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Employment
Associate Professor, Renmin University of China, School of Business, 2024 - present
Assistant Professor, Renmin University of China, School of Business, 2021 - 2024
Associate, Cornerstone Research, 2019 - 2020
Education
Ph.D. Finance, Georgia State University
M.S. Finance, Syracuse University
B.B.A. Finance, Fudan University, China
Working Papers
De Facto Voting Power and the Value of Voting Rights with Vikas Agarwal, Oğuzhan Karakaş, Peter Limbach
Environmentally-Inclined Politician and Local Environmental Performance: Evidence from Publicly Listed Firms in China with Hanming Fang, Danwen Song, and Nianhang Xu
Winner of the Best Corporate Finance Paper Award at 2023 China Financial Research Conference
Innovations and (Shocks to) Industry-Academia Collaboration with Anqi Jiao and Evgeny Lyandres
Political Partisanship and Firm Value with Anqi Jiao
Published Papers
Funds and Institutional Investors
Too Naïve to NAV? Performance Display and Capital Misallocation with Haibei Zhao, Financial Management, 2025, 54(3), 519-548.
Redemption in Kind and Mutual Fund Liquidity Management with Vikas Agarwal, Ke Shen and Haibei Zhao, Review of Financial Studies, 2023, 36(6), 2274-2318.
[Survey Article] Hedge funds: Performance, Risk Management, and Impact on Asset Markets with Vikas Agarwal, Oxford Research Encyclopedia of Economics and Finance, 2023.
Alpha or Beta in the Eye of the Beholder: What Drives Hedge Fund Flows with Vikas Agarwal and Clifton Green, Journal of Financial Economics, 2018, 127(3), 417-434.
Political Economy and Finance
Does Environmental Lobbying Create Value? with Anqi Jiao and Chunbo Liu, Journal of Corporate Finance, 2026, 98, 102972.
Partisanship, Optimism, and Firm Innovation with Anqi Jiao and Juntai Lu, Financial Management, 2024, 53(3), 543-577.
2024 FMA Semifinalist for Best Paper Awards in Corporate Finance
Blue versus red: partisan firm leaders and corporate culture with Anqi Jiao, Business & Politics, 2024, 26(4), 529-551.
Political Uncertainty and Household Stock Market Participation with Vikas Agarwal, Hadiye Aslan and Lixin Huang, Journal of Financial and Quantitative Analysis, 2022, 57(8), 2899-2928.
Winner of the Best Paper Award at 2019 Academic Research Colloquium for Financial Planning and Related Disciplines
Other Topics
Heterogeneous Attention and Twin Stock Anomaly: A Natural Experiment from the Daily Price Limit Rule with Zhen Gai, Chongjun Wang, and Nianhang Xu, Journal of Banking & Finance, 2026, 189, 107743.
Futures Turnover Waves with Ekaterina E. Emm, Gerald D. Gay and Han Ma, Journal of Futures Markets, 2025, 45(11), 1989-2012.
Effects of the COVID-19 Pandemic on Derivatives Markets: Evidence from Global Futures and Options Exchanges with Ekaterina E. Emm, Gerald D. Gay and Han Ma, Journal of Futures Markets, 2022, 42(5), 823-851.
Corporate Risk Exposures, Disclosure and Derivatives Use: A Longitudinal Study with Ekaterina E. Emm and Gerald D. Gay, Journal of Futures Markets, 2019, 39(7), 838-864.
Teaching
Renmin University of China, School of Business
Corporate finance (International MBA, taught in English), 2022 - present
Empirical corporate finance seminar (Graduate), 2024 - present
Corporate Finance (Undergraduate Core, taught in English), 2022 - present
Empirical asset pricing and investments seminar (Graduate), 2021 - 2024
Received Teaching Excellence Award for International Courses and Graduate-level Courses
Georgia State University:
Corporate Finance (Undergraduate Core), 2016 Fall - 2018 Fall
Received 2018 GTA Teaching Excellence Award
Grants
The National Natural Science Foundation of China (￥300,000 ~= $43,000), 2023 - 2025
The National Natural Science Foundation of China (￥400,000 ~= $59,000), 2027 - 2030
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