Government Stock Purchase Undermines Price Informativeness: Evidence from China’s “National Team” (2024), with Tri vi Dang and Yongqin Wang, Journal of Financial and Quantitative Analysis, Volume 59, Issue 5, August 2024, pp. 2340 - 2374.
This paper was originally circulated as "Managing China's Stock Markets: The Economics of the National Team." Note that the published version has been substantially refined and incorporates a more comprehensive set of tests.
Global Monetary Policy Shocks and the Adaptation of Supply Chains (2025), with Chang Li and Yuhui Shao, China Economic Review, Forthcoming
Dealership and Stock Market Liquidity: Evidence from the Chinese STAR Market Reform (2025), with Fengyuan Xi, The Journal of World Economy (世界经济), Volume 48, May 2025, pp. 128-159.
Tax Incentives, Supply Chain Transmission, and Trade Credit: A Quasi-Natural Experiment Analysis Based on the Tax Credit Refund Policy (2023), with Lianxing Yang and Qiushuo Wang, Economic Research Journal (经济研究), Volume 12, December 2023, pp. 41- 58.
How Do Zombie Firms Affect Innovation? Evidence from China's Industrial Firms (2018), with Yongqin Wang and Yun Dai, Economic Research Journal (经济研究 ), Volume 11, pp. 99 - 114.
Collateral Constraints and Asset Prices: Evidence from the Chinese Structured Funds (Oct. 2024), with Gregory Phelan and Yongqin Wang
Conference and Seminar Presentations: 2025 ESWC, 2024 China Economist Society (CES) Annual Conference, 2023 Asian Meeting of Econometric Society (AMES Beijing), 2023 Asian Meeting of Econometric Society (AMES Singapore), 2023 China Financial Research Conference (CFRC), 54th Annual Conference of Money, Macro, and Finance, the Office of Financial Research (OFR), Zhejiang University, ShanghaiTech University, Peking University, and NYU Shanghai.
The Real Cost of Machine Readability (Aug. 2025), with Yun Shi
SIBR 2024 Osaka Conference on Interdisciplinary Business and Economics Research, the 5th Greater China Area Finance Conference, 2025 JCF Milan
When the Heat is Local: Inflation, Investor Demand, and Shadow Banking (Aug. 2025), with Mingmei Liu
Collateral and Credit Creation during the Crisis: Evidence from China (Apr. 2024), with Suhua Tian and Yongqin Wang
2022 Early Stage Chinese Economy Workshop, 2022 Spring China Bank and Corporate Finance Forum (CBCF), 2022 Asian Finance Association Annual (Asian FA), 2022 China Financial Research Conference (CFRC), 2022 China International Risk Forum (CIRF)
The Empirical Information Sensitivity of Treasury Bonds and Stocks (Jan. 2022), with Tri vi Dang and Yongqin Wang
The Role of Relationships in the Repo Market, the Good, the Bad, and the Ugly: Evidence from China (Oct. 2023), with Hanming Fang and Yongqin Wang
2020 CIRF & CFRI Joint Conference, the 20th Chinese Financial Annual Meeting (Best Paper Award), Tongji University
Firm Channel and Investor Channel of Monetary Policy (Jun. 2024), with Chao He
Interdealer Market Structure: Evidence from the Chinese Treasury Market (Jul. 2024), with Yongqin Wang and Shengxing Zhang
Monetary Policy Transmission in the Chinese Interbank Market
Exciting new projects coming soon!!!