Deterrence Without Enforcement: Credit Suspension Policy and Household Debt Reduction. with Sumit Agarwal and Wenlan Qian (SSRN)
Using individual-level credit card data from Singapore, this study finds that a credit suspension policy reduced household indebtedness by nearly 20% within one year, driven by lower spending and higher repayments, while also reducing delinquency and fees .
AsiaFA; CFRI&CIRF; Peking University; Renmin University; Zhejiang University; Shanghai University of Finance and Economics; Southwestern University of Finance and Economics
CFRI&CIRF-Global Association of Risk Professionals Research Excellence Award (Financial Risk Management)
Consumer Responses to Environmental Regulation: Evidence from China's Plastic Bag Restriction . with Wenlan Qian, Ke Song, and Yaxin Yang (SSRN)
Using individual-level carbon footprint data from China, this study finds that a plastic bag restriction policy increased the likelihood of consumers forgoing plastic bags by more than 50% on average, with effects more than doubling within one year, potentially reducing national plastic bag consumption by approximately 204,000 tons annually..
2nd Joint Conference on Sustainable Finance and Development in the Digital Era; HKBU-SUSTech Joint Summer Workshop on Information Systems 2026
Terrorist Attacks and Strategic Household Consumption. with Pulak Ghosh and Weiqiang Tan (SSRN)
Linking individual-level financial activities data to local terrorist attack events, we document a shift of consumption from debit accounts to credit cards: the attack-hit consumers increase the weekly share of credit card spending by 28 basis points compared to the non-attack-hit consumers during the five weeks following the attacks.
AsiaFA; Sun Yat-sen University; Macau University
South China Morning Post