Publications 

Refereed

1.  Outsourcing Mutual Fund Management: Firm Boundaries, Incentives, and Performance (with Joseph Chen, Harrison Hong, and Jeffrey Kubik), The Journal of Finance, 68.2 (2013): 523-558. Online Appendix  Data

2.  Trading for Status (with Harrison Hong, Na Wang, and Bin Zhao), Review of Financial Studies, 27.11 (2014): 3171-3212.

3.  Daily Price Limits and Destructive Market Behavior (with Ting Chen, Zhenyu Gao, Jibao He, and Wei Xiong), Journal of Econometrics,  208.1 (2019): 249-264.

4.  Attention to Global Warming (with Darwin Choi and Zhenyu Gao), Review of Financial Studies, 33.3 (2020): 1112–1145, Online Appendix, Data

5.  The Whack-A-Mole Game: Tobin Taxes and Trading Frenzy (with Jinghan Cai, Jibao He, and Wei Xiong), Review of Financial Studies, 34.12 (2021): 5723–5755, Online Appendix 

6.  Leveraged Speculators and Asset Prices, 2023, Review of Finance, forthcoming, Online Appendix, Data

Invited

6. Investment Funds in China, 2020, in Marlene Amstad, Guofeng Sun and Wei Xiong (Eds): The Handbook of China's Financial System (Chapter 14), Princeton University Press, ISBN 9780691205731

7. Measuring the Carbon Exposure of Institutional Investors (Darwin Choi and Zhenyu Gao), 2020,  Journal of Alternative Investment, DOI: 10.3905/jai.2020.1.095

8.  A Response to “Diseconomies of Scale in the Actively-Managed Mutual Fund Industry: What Do the Outliers in the Data Tell Us?” by Adams, Hayunga, and Mansi (with Harrison Hong), 2018, Critial Finance Review , Vol. 7: No. 2, pp 373-377.

Papers under revision

1.  Effects of Credit Expansions on Stock Market Booms and Busts (with Christopher Hansman, Harrison Hong, Jane Liu, Juanjuan Meng), 2022, Revise and Resubmit, Review of Financial Studies

2. Does Liquidity Management Induce Fragility in Treasury Prices? Evidence from Bond Mutual Funds (with Shiyang Huang, Xiaoxi Liu, and Xin Liu), 2024, Revise and Resubmit, Review of Financial Studies

3.  The Economics of Mutual Fund Marketing (with Jane Chen and Mindy Xiaolan), 2023, Revise and Resubmit, Journal of Financial Economics

Working papers 

1. Daily Momentum and New Investors in an Emerging Stock Market (with Zhenyu Gao, Wei A. Xiong, and Wei Xiong), 2023

2. Carbon Firm Devaluation and Green Actions (with Darwin Choi, Zhenyu Gao, and Hulai Zhang), 2024

3. How Index Funds Reshape Intraday Market Dynamics (with Siyuan Wu and Chen Yao), 2024

4. Alpha Go Everywhere: Machine Learning and International Stock Returns (with Darwin Choi and Chao Zhang), 2024

5.  A Four-Trillion-Dollar Question: Why Trade ETFs Instead of Their Underlying Stocks? (with Ruikun Wang and Hongjun Yan), 2024

6.  A Liquidity-Based Stock Network (with Zhenyu Gao and Da Tian), 2020 

Permanent working papers 

1.  Growing Beyond Performance (with Mindy Xiaolan), 2017
    - subsumed by the new paper "The Economics of Mutual Fund Marketing" (with Jane Chan and Mindy Xiaolan) 

2.  When Some Investors Head for the Exit (with Harrison Hong), 2012

Seminar, conference presentation, and discussion 

2024

• HKIMR, SGFIN (discussion), Fudan University (Fanhai Institute), Liaoning University, Monash University, ANU, UNSW, MFA Annual Meeting*, 2nd HKU Summer Finance Workshop, CICF, CFRC

2023

• AFA* (x2), ASSA-IBEFA*, HKU(IBDS), Cavalcade NA, ABEFR (x3), CICF (x2, discussion), CFRC (x2), Shanghai Financial Forefront Symposium (dicussion), PolyU PBFJ Specicail Issue Conference (discussion), Renmin University, SFAF, EFA* (poster), NBER Behavioral Finance, NBER Chinese Economy (discussion), Tsinghua PBC Green Finance Public Lecture

2022

• CICF (discussion), ABFER (discussion), EEA*, UF Research Conference on Machine Learning in Finance*, 2022 Hong Kong Conference for Fintech, AI, and Big Data in Business*, AsianFA Annual Conference 

2021

• ABFER (discussion), CICF, FIRS*, Midwest Finance Associatation Annual Meeting*, Renmin University of China, Bank of England*, Behavioral Finance Working Group conference at Queen Mary University of London*, China International Risk Forum*, China Meeting of the Econometric Society*, Eastern Finance Association Annual Meeting*, Financial Intermediation Research Society Conference*, FMA Annual Meeting*, Melbourne Asset Pricing Meeting*, Midwest Finance Association Annual Meeting*, the 7th International Young Finance Scholars' Conference*, the 7th IWH-FIN-FIRE Workshop*, the 9th China Investment Annual Conference*, the 14th Annual Risk Management Conference*, the 37th International Conference of the French Finance Association*, the 60th Annual Southwestern Finance Association Conference*, the Five-star Workshop in Finance*

2020

• ABFER (canceled), HKUST*, Korea University, Bank of International Settlements, Financial Stability and the Coronavirus Pandemic Workshop at Federal Reserve Bank of Atlanta and Georgia State University, Emory University*, CUHK Shenzhen*, 6th Annual Volatility Institute at NYU Shanghai Conference, Hanqing Academic Alumni Forum (discussion), 15th Annual Conference on Asia-Pacific Financial Markets, International Risk Management Conference* 

2019

• CICF Guangzhou (x2), Greater Bay Area Summer Finance Conference at HKUST, PKU HSBC Business School, National University of Singapore, The 2nd CUHK Derivatives and Quantitative Investing Conference, Cavalcade Asia-Pacific at HKU (discussion), University of Hong Kong, Tsinghua PBC School of Finance 

2018

• HKU Law School, ABFER, HK PolyU*, CKGSB*, AsianFA, 10th Annual Volatility Institute Conference at NYU, Helsinki Finance Summit*, CICF, Summer Institute of Finance*, Renmin Univ.*, NBER Chinese Economy*, RFS Climate Finance Workshop in London*, Bank of America Merrill Lynch Asia Quant Conference, Cavalcade Asia-Pacific (Singapore), University of Melbourne

2017 

• CUHK-CQAsia Quantitative Investment Strategies Conference, HKUST Macro Workshop*, WFA Whistler (discussion), CFRC Tsinghua PBC (discussion), CICF Hangzhou, 1st Annual Hong Kong- Shenzhen Summer Finance Conference, 6th Luxembourg Asset Management Summit, Workshop for the RFS Call for Proposals on Climate Finance*, SFS Cavalcade Asia-Pacific 2017 

2016

• AFA San Fransisco, 8th Annual Conference on Hedge Fund Research (Paris), CICF Xiamen (discussion*2), Shenzhen Stock Exchange, Summer Institute of Finance Shanghai (discussion), Macquarie Global Quant Conference, KAIST, HKU, HKUST Finance Symposia (discussion) 

2015 

• CICF Shenzhen (discussion), EFA Vienna, CKGSB, CUHK, Notre Dame, UC Irvine, Rochester, Yale, 4th Annual CQAsia Conference, Hong Kong Jointly Finance Research Workshop 

2010 - 2014

• FMA Doctoral Consortium, Yale, AFA San Diego, CICF*, LBS Trans-Atlantic Doctoral Conference, NBER Chinese Economy*, NYU*, CICF Beijing (discussion)