Working Papers (Finance/Political Economy and Development/Economic History/Strategy):

1. Animal Spirits: Stock Market Volatility and Risk Aversion (with T. Chang and W. Huang), 2023, Under Revision

2. Ability and selection into the Chinese bureaucracy (with R. Fisman, H. Lin and W. Wu), June 2021, Under Revision

3. The Chinese Collectibles Bubble (with T. Chang, J. Shi and W. Wu), 2026

4. Elite Capture, Meritocracy and Social Stability: Evidence from the Chinese Imperial Examinations (960-1127) (with J. Chen, J. Han and S. Wang), 2026

5. Personal Probity and Corporate Malfeasance: Evidence from China's “Doctor-Leaders” (with R. Fisman, Z. Li, V. Mollica, and N. Xu), 2026

6. Wealth Redistribution and Fertility Rate: Evidence from China's Land Reform (1946-1953) (with B. Li and X. Lan), 2026

7. Shadow Tunneling: Regulatory Evasion in Chinese Business Groups (with X. Cheng, S. Gao and M. Zhang), 2026

8. Strategic Capture of Pollution Monitoring: Evidence from China (with R. Fisman and N. Ye), R&R, 2026

9. The Distribution Side of Insurance Markets (with L. An, W. Huang, D. Lou, and J. Tian), 2025

10. Enforcing Government Obligations: Social Unrest Risk and Payment Delays to Private Suppliers (with B. Charoenwong, M. Miao and Z. Zuo), 2025

11. Pollution Regulation, Local Enforcement, and Resource Misallocation (with Z. Dai, Y. Fan, Z. Huang, and Q. Li), 2026

12. Authority, Internal Politics, and the Recognition of Nonperforming Loans (with Y. Bao and F. Zhu), 2026

13. Top-Down Reform, Bottom-Up Accountability: Judicial Independence and Environmental Accountability in China (with R. Fisman and N. Ye),  R&R, 2026

14. Who Gains from Regime Change? The Market Reaction to Maduro's Capture (with R. Fisman, Y. Li and W. Wu), 2026

15. Performance Targets and Workflow Distortion in Courts (with F. Cai, Y. Fang and M. Yu), 2026