Publications

(1) Mutual Fund Preference for Pure-Play Firms (with Brad Jordan and Mark Liu), Journal of Financial Markets, 2022, 100719 

- Highlights: (1) Pure-play firms have higher mutual fund ownership than conglomerates. (2) The preference for pureplays is driven by mutual funds' industry expertise. (3) Mutual funds that invest more in pureplays have higher risk-adjusted returns. (4) Diversification discount affects the preference when diversification level is low.

(2) Predicting Stock Splits Using Ensemble Machine Learning and SMOTE Oversampling (with Mark Liu and Simon Sheather), Pacific-Basin Finance Journal, 2023, 101948 

- Highlights: (1) Gradient boosting machines (GBMs) and random forests (RFs) predict stock splits with high accuracy. (2) SMOTE oversampling improves prediction performance. (3) Forming implementable portfolios based on positive GBM and RF predictions generates monthly five-factor alphas of 0.26% and 0.95% among small stocks.

(3) Can M&As Internalize Positive Externalities in Funding Innovation? (with Thomas Chemmanur and Mark Liu), Pacific-Basin Finance Journal, 2024, 102224

- Highlights: (1) Merging firms from both the user industry and the producer industry of an innovation can internalize the positive externalities of innovation. (2) We define an innovation user and innovation producer relationship between pairs of industries. (3) After innovation-related M&As, firms reallocate recourses to the targeted technology classes, and innovation output increases.

(4) Stimulus Payments, Economic Outlook, and Retail Consumption Behavior (with Liping Liang, Suntong Qi, and Tian Xia), Applied Economics Letters, 2025, 1-4

Working Papers

• Data-Driven Business Innovation and the Value and Performance of Conglomerates, with Mark Liu and Thomas Chemmanur

- Under review at the Journal of Accounting and Economics

• Investigating Gender and Racial Biases in Investment Advice Generated by Large Language Models, with Xiaofeng Zhao

- Under review at the Journal of Financial and Quantitative Analysis

• Board Gender Diversity, Firm Culture, and Female Inventors

Work in Progress

• Public Firm Presence and Small Business Lending (with Jay Li)

Other Writings

• Hong Kong Electronic Consumer Vouchers: A Study on Consumers’ Intention to Receive and Use Consumer Vouchers  (with Sebastian Chung, Liping Liang), 2021

- Media coverage: HK01, Hong Kong Commercial Daily

• The Hong Kong Electronic Consumption Voucher Scheme: A Study on Its Effectiveness in Stimulating Public Spending (with Liping Liang, Suntong Qi, Tian Xia), 2023

- Media coverage: The Hong Kong Economic Times, Ming Pao, Sky Post, RTHK

• 香港餐飲企業的碳中和挑戰：低碳運營的現狀、挑戰與機遇調查報告 (with Liping Liang, Eric Lam, Tian Xia, Yu Cao), 2024

- Media coverage: Yahoo News, Sing Tao Daily, Oriental Daily