Multinational Firms and FDI

• 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) NBER Working Paper 30494.

February 2026. Submitted

• Product Cycles in Multinational Semiconductor Production,

with Jaedo Choi (UT Austin), Hyungjin Kim (KDI), and Ryo Makioka (Hokkaido U)

• 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. Under Review

• Global Reallocation during the US-China Trade War: Evidence from Japanese multinational firms,

with Haichao Fan (Fudan U), Dongmin Hu (ZUEL), and Shufei Wang (Fudan U)

• Economic Disintegration and Multinational Production: Evidence from Brexit, 

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

June 2023. New draft coming soon...

• The Impact of the US-China Trade War on Japanese Multinational Corporations, 

with Chang Sun (HKU), Zhigang Tao (CKGSB), and Hongjie Yuan (Wuhan U) [VoxEU]

July 2019. Dormant

Trade and Trade Policy

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

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

December 2025

• Optimal Input Tariffs in Oligopoly,

with Tomohiro Ara (Fukushima U), Arpita Chatterjee (FRB), and Arghya Ghosh (UNSW) 

December 2025 

• Trade Elasticities and Welfare Losses from Tariffs under Vertical Oligopoly,

with Tomohiro Ara (Fukushima U), Arpita Chatterjee (FRB), and Arghya Ghosh (UNSW) 

September 2025. New draft coming soon...

Production Network

• Production and Ownership Networks, 

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

November 2025 

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

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

September 2018. New draft coming soon...

Expectations and Uncertainty 

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

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU) [Nihon Keizai Shimbun (in Japanese)] [Nihon Keizai Shimbun] 

February 2022. Under Review

• Information Acquisition and Price Setting under Uncertainty,

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

December 2025

Political Economy

• Measuring Chinese Geopolitical Risk, 

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin)

• Economic Power of Political Leaders: Evidence from central leaders' local tours in China, 

with Asei Ito (UTokyo) and Jaehwan Lim (Aoyama Gakuin) [The Economist] 

September 2025. Revised and Resubmitted, The Developing Economies