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. 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). [VoxEU Column]

January 2026. In preparation for a special issue at The World Economy  

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

with Cheng Chen (Clemson U), Tatsuro Senga (Keio U), and Chang Sun (HKU). [Nikkei (in Japanese)] [Nikkei (in English)] 

February 2022. Revise and Resubmit, Pacific Economic Review (Hong Kong Economic Association)

• 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...

• Organizing Product Cycles: Global Production and Innovation in Semiconductor Industry,

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

Trade and Trade Policy

• 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...

• 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). [VoxEU Column]

December 2025. New draft coming soon...

• Endogenous Trade Elasticities and Welfare under Vertical Oligopoly,

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

February 2026

Political Economy

• Measuring Chinese Geopolitical Risk, 

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