Working Papers @ SSRN
Equity Market and Institutions
1. Betting Against the Crowd: Option Trading and Market Risk Premium (with Gang Li, Xintong Zhan, Guofu Zhou)
– CICF (2023), WFE Derivatives (2025), NFA (2025)
2. Short Sellers and Social Responsibility Ratings (with David McLean, Weiming Zhang, Xintong Zhan)
– Best Paper Prize, FMA Consortium on Asset Management (2023), CICF (2025)
3. Bitcoin Option and Stock Return Predictability (with Gang Li, Yajing Wang, Xintong Zhan)
4. Beyond Words: The Impact of Fed Chairs’ Facial Cues on Global Stock Performance (with Zhenyang Song, Xincheng Xiong, Xintong Zhan) – Inquire UK (2025)
Derivatives Market
5. Forecasting Option Returns with News (with Bing Han, Gang Li, Ruijing Yang, Xintong Zhan) AFA
– AFA (2025), CICF (2022), AsiaFA (2022), SFS Cavalcade Asia Pacific (2022)
6. Does the Introduction of One Derivative Affect Another Derivative? The Effect of Credit Default Swaps Trading on Equity Options (with Yong Jin, Dragon Tang, Neil Pearson) EFA SFS
– 11th Annual Conference of the Asia-Pacific Association of Derivatives (2015), 1st Annual China Derivatives Markets Conference (2016), CICF (2016), 10th NUS Annual Risk Management Conference (2016), EFA (2016), IFSID (2016), SFM (2016), FIRS (2017), SFS Cavalcade (2020)
7. Derivative Spreads: Evidence from SPX Options (with Kris Jacobs, Sai Ke) AFA
– AFA (2024), CICF (2024)
8. Unlocking ESG Premium from Options (with Amit Goyal, Xintong Zhan, Weiming Zhang) AFA SFS
– AFA (2022), SFS Cavalcade, (2023), ABFER (2023), FIRS (2022), Melbourne Asset Pricing Meeting (2021), SFS Cavalcade Asia Pacific (2018)
9. Opioid Crisis and Firm Downside Risks: Evidence from the Option Market (with Amit Goyal, Yajing Wang, Xintong Zhan, Weiming Zhang)
– AFA Poster (2025), Finance Down Under (2025)
Fixed Income Market and Institutions
10. Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market (with Gang Li, Russell Wermers, Xintong Zhan, Linyu Zhou) AFA
– AFA (2024), CICF (2024), NFA (2025), MIT Asia Conference in Accounting (2023)
11. Idiosyncratic Bond Volatility and Funding Liquidity (with Tarun Chordia, Linyu Zhou)
12. Do Bond Short Sellers React to Earnings Conference Calls? (with Shuting Li, Linyu Zhou, Xintong Zhan)
13. Forecasting Corporate Bond Index Returns with Firm Characteristics and Macro Variables (with Linjia Song, Ruijing Yang, Xintong Zhan)
Corporate Finance, Financial Accounting, and Management
14. The Impact of Labor Risk on Implied Cost of Equity Capital: Evidence from Opioid Epidemic (with Linda Myers, Xintong Zhan, Weiming Zhang, Yaojia Zhang) – HARC (2026)
15. Foreign Institutional Ownership and Corporate Carbon Emissions (with Xintong Zhan, Weiming Zhang, Yaojia Zhang)
– NFA (2023), UN PRI Academic Network Conference (2023), FMA Europe (2023)
16. Board Gender Diversity and Corporate Carbon Emissions: International Evidence (with Xintong Zhan, Weiming Zhang, Yaojia Zhang)
17. The Salience of Climate Change and Green Patents Review: Evidence from Climatic Disasters (with Tao Shu, Xuan Tian, Yajing Wang, Xintong Zhan)
– CFA Institute Prize, Best Paper in ESG and Sustainability, The 37th Australian Finance & Banking Conference, Sydney, 2024, AEA Poster (2025), SFS Cavalcade Asia Pacific (2025)
18. Demand Shocks and Product Quality: Evidence from Hospitals (with Lei Lei, Linjia Song, Xintong Zhan) – SFS Cavalcade Asia Pacific (2025)
19. Carbon Emissions Trading and Stock Price Informativeness: The International Evidence (with Yaojia Zhang) AEA
20. Who Knows More? Public Firm Information Spillovers into the Municipal Bond Market Around IPOs (with Stephanie Cheng, Lei Lei, Walid Saffar) – HARC (2026)
Real Estate and Supply Chain
21. A Conditional Factor Model for REIT Returns (with Linjia Song, Xintong Zhan)
22. Real Activities and Uncertainty: Evidence from Real Estate Market (with Linjia Song, Sheridan Titman, Xintong Zhan)
23. Opioid Crisis Along the Supply Chain (with Linjia Song, Xintong Zhan, Weiming Zhang) – ARCS (2025)
24. Information Processing Costs and Supply Chain Formation: Evidence from Local IPOs (with Michael Hertzel, Linjia Song, Xinqi Yu, Xintong Zhan)