• Multinationals and Structural Transformation, 

with Vanessa Alviarez (IDB), Cheng Chen (Clemson U), Nitya Pandalai-Nayar (UT Austin), Liliana Varela (LSE), and Kei-Mu Yi (Houston U). 

February 2026. Under Review

NBER Working Paper 30494. 

• Endogenous Trade Elasticities and Welfare under Vertical Oligopoly, 

with Tomohiro Ara (Fukushima U),

April 2026. Under Review

• Geopolitical Risk and Supply Chain Diversification: Evidence from Japanese multinational firms,

with Ha Thi Thanh Doan (ERIA),  Asei Ito (UTokyo), and Changyuan Luo (Fudan U),

January 2026. Revise and Resubmit at The World Economy 

[VoxEU Column] 

• Industrial Subsidies along Domestic Value Chains and Their Impacts on China’s Exports,

with Wenyin Cheng (ADB), Tao Liang (IDE-JETRO), and Bo Meng (IDE-JETRO),

December 2025. 

[VoxEU Column][VoxChina]

• Production and Ownership Networks, 

with Cheng Chen (Clemson U), Chang Sun (HKU), and Jiaxu Zhang (HKU),

December 2025. 

• Economic Disintegration and Multinational Production: Evidence from Brexit, 

with Hanwei Huang (CityUHK), Tatsuro Senga (Keio U), and Catherine Thomas (LSE), 

June 2023. 

• Firm Expectations and Investment: Evidence from the China-Japan island dispute,

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU), 

February 2022. Revise and Resubmit at Pacific Economic Review

[日本経済新聞] [Nikkei] 

• Production Network, Exchange Rate Shocks, and Firm Performance, 

with Zhigang Li (ADB) and Shang-Jin Wei (Columbia U),

September 2018.