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Publications   

17.  “Surviving the Fintech Disruption” (with Wei Jiang, Rachel Xiao, and Vincent Yao), 2024, Journal of Financial Economics, forthcoming. 

• AMTD FinTech Centre Prize, 2022 Asian Finance Association Conference 

16.  “Corporate Climate Risk: Measurements and Responses” (with Qing Li, Derek Shan, and Vincent Yao), 2024, Review of Financial Studies, forthcoming. [Appendix] 

• Climate Risk Data and Climate Risk Dictionary

15.  “Managerial Incentives in the Mutual Fund Industry” [Survey Paper] (with Linlin Ma and Yuan Wang), 2024, Oxford Research Encyclopedia of Economics and Finance, forthcoming.

14.  “Peer versus Pure Benchmarks in the Compensation of Mutual Fund Managers” (with Richard Evans, Juan-Pedro Gomez, and Linlin Ma), 2024, Journal of Financial and Quantitative Analysis, forthcoming.

13.  “Customers as Friendly Shareholders: Uncovering the Complex Mutual Fund-Broker Relationship” (with Nitish Kumar and Kelsey Wei), 2024, Management Science, forthcoming. 

12.  “Non-Standard Errors” (with many co-authors, a crowd-sourced project with #fincap), 2024. Journal of Finance, forthcoming. [Video] [Slides]

11.  “Artificial Market Timing in Mutual Funds” (with Jeffrey Busse, Jing Ding, and Lei Jiang), Journal of Financial and Quantitative Analysis, 2023, vol. 58, 3450-3481. [Appendix] 

10.  “Fund Manager Skill in an Era of Globalization: Offshore Concentration and Fund Performance” (with John Bai, Chi Wan, and Zafer Yuksel), Journal of Financial Economics, 2022,  vol. 145, 18-40. [Appendix] [Data]

9.  “Transaction Costs, Portfolio Characteristics, and Mutual Fund Performance” (with Jeffrey Busse, Tarun Chordia, and Lei Jiang), Management Science, 2021, vol. 67, 1227-1248. [Appendix] [Abel Noser Data Matching Appendix]

8.  “Double-Adjusted Mutual Fund Performance” (with  Jeffrey Busse and Lei Jiang), Review of Asset Pricing Studies, 2021, vol. 11, 169-208. 

7.  “Prime (Information) Brokerage” (with  Nitish Kumar, Kevin Mullally, and Sugata Ray), Journal of Financial Economics, 2020, vol. 137, 371-391. [Appendix] 

•  2017 CQA Academic Competition (First Prize) and Yihong Xia Best Paper Award (2018 CICF)

6.  “Portfolio Manager Compensation in the U.S. Mutual Fund Industry” (with Linlin Ma and Juan-Pedro Gomez), Journal of Finance, 2019, vol. 74, 587-638. [Appendix] 

•  Top Cited Paper in the Journal of Finance 2019-2020

• The New York Times (link), CNBC (link), and Harvard Law School Corporate Governance Forum (link)

5.  “Portfolio Manager Ownership and Mutual Fund Risk Taking” (with Linlin Ma), Management Science, 2019, vol. 65, 5518-5534. [Appendix]

4.  “When Does Competition Mitigate Agency Problems?”, Journal of Corporate Finance, 2018, vol. 51, 258-274.

3.  “Can Information Be Locked-up? Informed Trading Ahead of Macro-News Announcements” (with Gennaro Bernile and Jianfeng Hu), Journal of Financial Economics, 2016, vol. 121, 496-520. [Appendix] 

•  Bloomberg (link), CNBC (link), and The Wall Street Journal (link); 2014 CQAisa Academic Competition (First Prize)

2.  “Mandatory Portfolio Disclosure, Stock Liquidity, and Mutual Fund Performance” (with Vikas Agarwal, Kevin Mullally, and Baozhong Yang), Journal of Finance, 2015, vol. 70, 2733-2776. [Appendix]

1.  “Uncovering Hedge Fund Skill from the Portfolio Holdings They Hide” (with Vikas Agarwal, Wei Jiang, and Baozhong Yang), Journal of Finance, 2013, vol. 68, 739-783. [Appendix] 

•  2009 Q-Group Research Grant and 2010 CQA Academic Competition (Third Prize)

Working Papers

1. [New Paper] “The Memorization Problem: Can We Trust LLMs' Economic Forecasts?” (with Alejandro Lopez-Lira and Mingyin Zhu), 2025. 

2. [New Version] “Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models” (with Alejandro Lopez-Lira), 2024, Revise & Resubmit, Journal of Financial Economics. 

• One of the most downloaded papers on SSRN (Top 40 all-time, over 70,000 times since April 2023)

• BlackRock Best Paper Award, 2023 Australasian Finance and Banking Conference

•  Media Coverage: CNBC (link), Yahoo Finance (link), Business Insider (link), 《北大金融评论》(link),《财新周刊》(link) 

3.  “What Determines Mutual Fund Managers’ Compensation? Evidence from U.S. Administrative Earnings Data” (with John Bai, Linlin Ma, and Kevin Mullally), 2024, Reject & Resubmit, Journal of Financial Economics. 

• FSRDC Research Project No. 1987 (proposal submitted in May 2017 and approved in February 2019) 

• WFA 2024 and CICF 2024

4.  “Thematic Concentration and Mutual Fund Performance” (with John Bai, Chi Wan, and Zafer Yuksel), 2024, Revise & Resubmit, Review of Financial Studies.

5.  [New Version] “Security Comes at a Cost: The Economic Consequences of U.S. Government Interventions in Foreign Investments” (with Sichong Chen and Andy Naranjo), 2025.  

• CICF 2024

6.  [New Paper] “Informed Trading under the Microscope: Evidence from 30 Years of Daily Hedge Fund Trades” (with JinGi Ha and Jianfeng Hu), 2025. 

• 2025 EFA (Paris), 2025 World Symposium on Investment Research, and 2025 Lapland Investment Fund Summit 

7.  “Why Do We Have So Many Funds? The Organizational Structure of Mutual Fund Families” (with Jennifer Huang, Zhigang Qiu, and Xiaoyu Xu), 2019.

Fellowship, Grants, and Awards

1. BlackRock Best Paper Award, The 36th Australasian Finance and Banking Conference, 2023

2. AMTD FinTech Centre Prize, Asian Finance Association Conference, 2022

3. Yihong Xia Best Paper Award, China International Conference in Finance, 2018

4. First Prize, Chicago Quantitative Alliance (CQA) Academic Competition, 2017

5. Best Paper Award, Conference of the Paul Woolley Centre for the Study of Capital Market Dysfunctionality, 2015

6. Dean’s Teaching Honor List, LKC School of Business, Singapore Management University, 2015

7. First Prize, Chicago Quantitative Alliance CQAsia Academic Competition, 2014

8. D.S. Lee Foundation Fellowship, Singapore Management University, 2014-2016

9. Singapore Ministry of Education Tier 1 Research Grant, 2013-2014

10. Georgia State University Dissertation Grant, 2012

11. Stephen Smith Research Award, Georgia State University, 2012

12. Best Ph.D. Student Paper Award, Eastern Finance Association, 2011

13. Third Prize, Chicago Quantitative Alliance (CQA) Academic Competition, 2010

14. Q-Group Research Grant, 2009