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), 2025

4. When Handouts Earn Handshakes: Corporate Philanthropy and the Mitigation of Shareholder Litigation Risk (With N. Jia, C. Li, X. Mao and R. Xu), 2025

5. Corruption and Social Mobility: Evidence from the Imperial Examination Reforms in the Northern Song Dynasty (960-1127) (with J. Chen and J. Han), 2025

6. Personal Probity and Corporate Malfeasance: Evidence from China's “Doctor-Leaders” (with R. Fisman, Z. Li, V. Mollica, and N. Xu), 2025

7. Wealth Redistribution and Fertility Rate: Evidence from China's Land Reform (1946-1953) (with B. Li and X. Lan), 2025

8. Unregulated “profit-neutral” tunneling: The case of “dual-identity” subsidiaries in China (with X. Cheng, S. Gao and M. Zhang), 2025

9. Strategic Capture of Pollution Monitoring: Evidence from China (with R. Fisman and N. Ye), 2025

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

11. Ferreting Out Strategic Default on Government Contractors:  An application to Chinese Local Governments (with B. Charoenwong, M. Miao and Z. Zuo), 2025

12. Audit Centralization and Audit Quality: Evidence from Chinese Prefectures (with J. Chu, R. Fisman, and M. Ye), R&R, 2025

13. ESG Mandate, Discriminatory Enforcement, and the Local Economy (with Z. Dai, Y. Fan, Z. Huang, and Q. Li), 2025