Working paper

1. “Trade Credit and Sectoral Comovement during the US Recessions”, with Jorge Miranda-Pinto (Queensland), R&R at the Economic Journal)

We document sectors significantly and unprecedentedly comoved during the Great Recession. Reduction in trade credit accounts for about 40% of the rise.

2. "Entrepreneurship and Financial Deregulation", with Toshihiko Mukoyama (Georgetown), R&R at the International Economic Review)

We quantify the 1980s U.S. inter-state banking deregulation's effect on entrepreneurship and welfare. 

3. "Banking on Technology: Bank Technology Adoption and Its Effects", with Sheila Jiang (Florida) and Alessandro Rebucci (JHU), submitted 

We develop a model of endogenous growth in both productivity and bank efficiency.  Empirical evidence supports the two-way interacted mechanisms of our model.

4. “Bank Expertise and Structural Transformation”, with Yu Yi (Nankai) and Shengxing Zhang (CMU)

We study how bankers' expertise in identifying productive projects impacts the economic structure. 

5. "Foreign Investment and Corporate Social Responsibility in an Emerging Market: Impacts and Mechanisms", with V. Brian Viard (CKGSB), submitted

We examine the causal effect and underlying mechanisms of foreign investment on social norms,  using the Shanghai and Shenzhen Stock Connect programs. 

6. “Knowledge Network and Asset Pricing”, with Po-Hsuan Hsu (NTU), Erica Xuenan Li (CKGSB), and Huijun Liz Wang (Auburn), submitted

This paper highlights the role of knowledge network in asset pricing from both theoretical and empirical perspectives.