Research

1. Common Lender Monitoring and Supply Chain Contract Design, Job Market Paper, 

   • Revise and Resubmit, The Accounting Review

   • 2025 HKUST PhD conference; 2025 ABFER Poster Session; 2025 EAA ; 2025 RADS; 2025 AAA (scheduled); 2025 ABR-Fudan; 2025 FMA Annual Meeting

   • 2025 Rutgers Accounting Doctoral Symposium (RADS) Best Paper Award

   • 2025 ABR-Fudan Best Discussant 

2. Environmental Covenants and Lenders' Economic Incentives, with Daniele Macciocchi (University of Miami), Arthur Morris (HKUST) 

• Revise and Resubmit, Journal of Accounting Research

• 3rd HEC-HKUST sustainable finance workshop

• Abstract: We study how debt contracts are structured to mitigate the agency costs of borrowers’ pollution. First, we document that among the various contracting provisions available to lenders, the use of environmental covenants increases monotonically with borrower pollution. In contrast, reliance on other provisions like spread and collateral (whether individually or in combination) either plateaus or declines as pollution rises. Second, we show that environmental covenant use is not uniform across pollution types, but concentrated in pollution types that create significant liabilities for lenders in the event of borrower bankruptcy. Third, we unpack the types of environmental covenants and find that lenders employ both covenants requiring specific actions and covenants requiring disclosure of pollution-related information. The choice between those different covenants varies systematically with lender's uncertainty about borrower’s pollution risk. Our study documents how debt contracts manage agency problems arising from environmental uncertainty.. 

3. Political Homophily and Supply Chain Relationships, with Zhihong Chen (HKUST), Haibin Yang (CUHK), Yonghao Zhai (SMU) 

• Reject & Resubmit, Production and Operations Management

• 2025 CJAR Spring Workshop Best Paper Award

4. Monitoring the Green Line: Environmental Covenants in Supply Chain Contracts, with Ling Cen (CUHK), Michael Hertzel (ASU), Scott Liao (U of Toronto) 

• 2025 The Journal of Accounting, Auditing and Finance (JAAF) Symposium, 2026 SGFIN Annual Research Conference, 2026 JFQA-Baruch Climate Conference (Poster), 53rd EFA Annual Meeting (scheduled)

Publications