Research

Publications:

2026. Gu, Ariel, Matthew J. Walker, and Hong Il Yoo. Narrow Framing in Risk Aversion Experiments: Further Evidence from a Wide Replication, Journal of Applied Econometrics, 41: 127-133.

2025. Gu, Ariel, and Hong Il Yoo. Mutual Fund Performance and Flow-Performance Relationship under Ambiguity, Journal of Empirical Finance, 84: 101655.

2021. Gu, Ariel, and Hong Il Yoo. Prospect Theory and Mutual Fund Flows, Economic Letters, 201: 109776.

2019. Gu, Ariel, and Hong Il Yoo. vcemway: A One-Stop Solution for Robust Inference with Multi-Way Clustering. The Stata Journal, 19: 900-912.

Working Papers:

2026. Gu, Ariel, Matthew J. Walker, and Hong Il Yoo. Risk and Time Preferences of Couples in a General Population, Revise and Resubmit at International Economic Review

2026. Liu, Sha, Wenjie Ding, Ariel Gu, and Qingwei Wang. Seek the Seeking Alpha: Social Media Research and Mutual Fund Flows, Revise and Resubmit at European Financial Management

2026. Feng, Shuaizhang, Ariel Gu, Matthew J. Walker, and Hong Il Yoo. The Evolution of Risk and Ambiguity Preferences during Adolescence: Evidence from a Longitudinal Experiment, under review

2026. Georgalos, Konstantinos, Ariel Gu, and Hong Il Yoo. Bayesian and Classical Approaches to Structural Estimation of Risk Attitudes, under review

2023. Gu, Ariel, and Christodoulos Louca. New Mutual Fund Clustering, Revise and Resubmit at European Financial Management.

Work in Progress:

2026. Gu, Ariel, Nathan Kettlewell, and Hong Il Yoo. Behind the Box Influence of Ambiguity Attitude on Consumer Preferences for Loot Boxes (Grant: BA/Leverhulme Small Research Grants SRG2425\251746)

2026. Gu, Ariel. Sequential Attention in Hybrid Auction Markets.

2026. Gu, Ariel, and Paweł Niszczota. Gendered Expertise in Financial Advice (Grant: 2020/38/E/HS6/00282, National Science Centre, Poland)

2026. Gu, Ariel, and Xueqi Dong. Investor Risk Preferences and Stock Choices: Evidence from a Lab-in-the-Field Experiment

2024. Gu, Ariel, Paweł Niszczota, and Luca Zamboni. Investment Beyond Profit: The Impact of Social Considerations on Investment Decisions (Grant: 2018/31/D/HS4/01814, National Science Centre, Poland)

2024. Gu, Ariel. Fund Manager's Career Concern and Risk-Taking.