Working Papers (Finance/Political Economy/Development/Behavioral Economics/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 and J. Shi), 2025

4. Political Governance and Managerial Agency in State-Controlled Firms  (with N. Jia and C. Thomas), 2021

5. Spreading the Style: The Effect of Firm Leaders' Early Life Experiences on Employees' Behavior and Performance (with N. Jia, R. Xie and N. Xu), 2025, 2nd R&R at Management Science (Strategy)

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

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

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

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

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

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

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

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