Professor, Department of Finance, and Associate Director, Institute for Financial Research, HKUST
Fellow, Asian Bureau of Finance and Economic Research (ABFER)
[Curriculum Vitae] [Google Scholar]
I study how information frictions and institutional incentives shape financial decisions, market outcomes, and policy effectiveness.
Comments and questions welcome -- please email me.
Publications:
Superstar Firms and College Major Choice (with Darwin Choi and Dong Lou) (Internet Appendix)
Journal of Political Economy Microeconomics (forthcoming)
Media: Brookings
Roads and Loans (with Sumit Agarwal and S. Lakshmi Naaraayanan)
-- Review of Financial Studies, Volume 36, Issue 4, April 2023, Pages 1508–1547
Media: Forbes World Bank Financial Express VoxDev
Inside Brokers (with Frank Weikai Li and Rik Sen)
-- Journal of Financial Economics 141 (3), 1096-1118, September 2021 (Internet Appendix)
Eye in the Sky: Private Satellites and Government Macro Data (with George Panayotov and Janghoon Shon)
-- Journal of Financial Economics 141 (1), 234-254, July 2021 (Internet Appendix)
CFA Institute-ARX/ CFA Melbourne Best Paper Award (Finance Down Under, 2020)
Media: CFA Practitioner's Brief
-- Journal of Financial Economics 124 (1), 195–221, April 2017
Media: Bloomberg Tax Foundation Cato Institute National Affairs Carolina Journal Hong Kong Economic Journal IEMS
Tweet by then Chief Economic Adviser to the US Vice President
Central Bank of Lithuania Vladas Jurgutis Award 2022 for Research in Economics
New Product Introductions Data: Brief Description & Use protocol Excel data file
-- Journal of Finance 71 (6), 2809-2859, December 2016
Media: South China Morning Post
-- Review of Financial Studies 29 (11), 3068-3107, November 2016
The Chinese Finance Association Best Paper in Asset Pricing (2014)
Media: CFA Institute
Do Debt Contract Enforcement Costs Affect Financing and Asset Structure? (with Radhakrishnan Gopalan and Manpreet Singh)
-- Review of Financial Studies 29 (10), 2774-2813, October 2016
Working Papers:
Is a Lack of Information Limiting Sanctions Enforcement? (with Avi Dutt, George Panayotov, Debjit Roy and Xudong Wen) (Internet Appendix)
Stakes and Mistakes (with Steffen Andersen and Kasper Nielsen)
AFA 2023
Best Paper Award in Asset Pricing and Investments, FMA Global Conference
Rural Roads, Small Business Creation and the Gender-gap in Entrepreneurship (with Sumit Agarwal, Pulak Ghosh and S. Lakshmi Naaraayanan)
New Products (with Bruno Pellegrino, Alminas Zaldokas, Yiman Ren and Thomas Thornquist)
This version supersedes New Products (with Thomas Thornquist and Alminas Zaldokas)
Policy evaluation and other papers:
Measuring vaccine effectiveness from limited public health datasets: Framework and estimates from India’s second COVID-19 wave (with George Panayotov, Rik Sen, Harsha Dutta, and Pulak Ghosh)
-- Science Advances, Vol 8 Issue 18, May 2022
Media: Mirage News Business News Week Bio Spectrum Pharma Leaders Medgate Today BW Education Health News Express APN News ABFER Research Digest Hong Kong China News Agency
ESG News and Firm Value: Evidence from China’s Automation of Pollution Monitoring (with Darwin Choi, and Zexin Zheng)
Price Pressure and the Turn-of-the-month Effect: Evidence from Retirement Accounts (with Darwin Choi, Claire Yurong Hong and Dong Lou)