Published or Forthcoming Papers

1. Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions (with Yinglu Deng, Li Liao and Jiaheng Yu, Review of Financial Studies, Volume 35, Issue 6, June 2022, Pages 3060–3099) [SSRN] [PDF]

  • CFRC 2019, CICF 2019, AMES 2019, SJTU-UCL Macro Finance 2019, China Economics Summer Institute 2019, CCERSI 2019, NBER-SAIF Research Conference 2021, Jinan IESR, SHUFE, Wisconsin

2. Transmission of Income Variations to Consumption Variations: The Role of the Firm (with Miao Jin, Yu-Jane Liu and Juanjuan Meng, forthcoming, Review of Economics and Statistics) [SSRN][PDF]

  • SED Annual Meeting 2021, Nanchang Macroeconomics Workshop, Tsinghua Alumni Workshop, Renmin University, Zhejiang University

3. Social Embeddedness and Supply Chains: Doing Business with Friends vs. Making Friends in Business (with Haoyuan Ding, Yichuan Hu, Han Jiang and Jing Wu, forthcoming, Production and Operations Management) [SSRN]

4. Global Supply Chain and Cross-Border Financing (with Michael Hertzel, Jie Peng and Jing Wu, forthcoming, Production and Operations Management) [SSRN]

  • CICF 2021*, MSOM SIG 2019* , POMS 2019*, EMPOM 2019* , TWIF 2019, INFORMS 2018* , SHUFE, Tsinghua PBCSF, , Renmin University, CityUHK* , Georgetown* , GMU* , GWU* , HKU* , MIT IDSS*

5. Bubbly Bitcoin (with Feng Dong and Zhiwei Xu, Economic Theory, Volume 74, 2022. pg. 973–1015) [SSRN][PDF]

  • AMES 2019, PHBS Workshop in Macro and Finance 2018, Guanghua FinTech Symposium, CUFE*

6. How Household Consumption Responds to Credit Card Refunds (with Yonghao Xu, Juanjuan Meng and Jeffrey Koo, January 2021, 109683, Economics Letters) [SSRN][PDF]

Working Papers

Household finance and macro-finance

1. Hedging by Giving: Spiritual Insurance and Religious Donations (with Yu-Jane Liu, Juanjuan Meng and Dalin Sheng) [PDF]

  • Stanford SITE 2023, IIPF 2023, AMES 2023 Tsinghua*, AMES 2023 Singapore*, CFRC 2022, CICF 2022, UIBE, Peking University, NYU Shanghai

2. Expected Return Shocks and Portfolio Rebalancing (with Ming Gao and Bin Jia) [PDF]

  • AsRES 2023, University of Oregon, CUHK, ShanghaiTech, Tongji SEM, China Academy of Social Sciences

3. Wealth Dynamics and the Chinese Housing Boom [PDF][Slides]

  • NBER Chinese Economy 2017, SED 2017, CICE 2018, Princeton, CityUHK, PKU GSM, SAIF, SHUFE, SJTU Antai, Tsinghua SEM
  • Previously circulated as "Liquidity Constraint, Transition Dynamics, and the Chinese Housing Return Premium"

4. Peer Effects in the Hierarchy: Evidence from the Workplace (with Yu-Jane Liu, Miao Jin and Juanjuan Meng) [PDF]

  • China Meeting of the Econometrics Society 2021*

5. Present Bias, Mental Budget Constraint, and the Payday Overconsumption Puzzle (with Yonghao Xu, Juanjuan Meng, and Jeffrey Koo) [PDF]

6. Big Data Analyses with No Footprint Available – Evidence from Cyber-Telecom Fraud (with Laura X. Liu, Yufei Liu and Xinghua Ruan) [SSRN][PDF]

  • ACDE 2022, China Meeting of the Econometrics Society 2021*, CICF 2021, CFRC 2021, EasternFA, SWFA, Fudan

Supply chain and finance

7. Green Image Management in Supply Chains: Strategic Disclosure of Corporate Suppliers (with Yilin Shi, Jing Wu and Yuqing Zhou, Reject and Resubmit, Journal of Accounting and Economics) [SSRN] [PDF]

  • WFA 2022*, Australasian Finance and Banking Conference 2021*, CSAMSE 2021*, Michigan*, Cornell*, Nankai, CUFE, PKU*, CUHK*
  • 2021 CSAMSE Annual Conference Best Paper Finalist

*Asterisks indicate presentations by coauthor(s).

Permanent Working Papers

Heterogeneity in Consumption Responses to Long-lasting Income Shocks (updated March 2015) [PDF]