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Most of my papers can be downloaded from my SSRN page. 

Working Papers

"The Emerging Greenium" (with Boyuan Li and Jiawei Yu). April 2023. 

          Municipal Finance Conference (2023); Florida Finance Conference (2022); University of Florida (2022)

"Stakes and Investor Behaviors" (with Pengfei Sui). August 2023. 

          FRA 2022; Florida Finance Conference 2022; Helsinki Finance Summit 2023

"Social Transmission Bias: Evidence from an Online Investor Platform" (with Pengfei Sui). May 2024. 

          Warrington Newsroom

"The Gender Effects of COVID-19 on Equity Analysts" (with Frank Weikai Li). May 2024. 

          Warrington Newsroom

"What Gets Measured Gets Managed: Investment and the Cost of Capital" (with Zhiguo He and Guanmin Liao). August 2023. 

         The Macroeconomy and Finance in China Conference; NBER Chinese Economy (2021); WFA (2023); AFA (2024, scheduled)

"Cryptocurrency Pump-and-Dump Schemes" (with Tao Li and Donghwa Shin). June 2022. 

             AEA (2020); GSU/RFS FinTech conference; ABFER (2019); Cornell; USF; CKGSB; SAIF; Fudan (Fanhai);

             Chicago Financial Institutions conference; Toronto FinTech conference; Renmin

             ABFER, CEPR, and CUHK First Annual Symposium in Financial Economics (scheduled);

             Blue Sky BlogBitcoin Exchange Guide; BitcoinNews; BTCNN; CCN; Coinigy Insights;;

             TheCryptoUpdates;; Yahoo; 



            KenanInstitute; WIRED

"Probability Weighting and Asset Prices: Evidence from Mergers and Acquisitions". 2019. 

              Reject & Resubmit Journal of Finance

"Ranking and Salience". March 2019. 

"The Investment-Return Relation" (with Claire Hong). 2019


"The Nominal Price Premium" (with Justin Birru). March 2017. 



"The Portfolio-Driven Disposition Effect" (with Li An, Joseph Engelberg, Matthew Henriksson, and Jared Williams). 2023. 

             Journal of Finance forthcoming              


"A New Value Strategy". 2024

           Review of Asset Pricing Studies 14 (1): 40-83

           American Association of Individual Investors; CXO Advisory Group 

"The Ungeheuer and Weber (2021) Comove and Stock Returns Effect Disappears with Control for Idiosyncratic Volatility". (with Peixin Li). 2022. 

         Critical Finance Review forthcoming.       

"The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural Experiment" (with Mark Flannery and Claire Hong). 2023. 

            Management Science 69 (7): 4051-4077.

            VoxChina; SFS Cavalcade Asia-Pacific 2019; ABFER (2020, canceled due to COVID)

"Investor Attention and Asset Pricing Anomalies" (with Lei Jiang, Jinyu Liu, and Lin Peng). 2022

             Review of Finance 26 (3): 563-593.

"Demand Curves for Stocks Slope Down in the Long Run: Evidence from the Chinese Split-Share Structure Reform" (with Clark Liu). Feb 2024. Critical Finance Review 13 (1-2): 225-264.

"Prospect Theory and Stock Market Anomalies" (with Nicholas Barberis and Lawrence Jin). 2021. Journal of Finance 76 (5): 2639-2687.

       NBER Behavioral Finance; AFA (2020); Miami Behavioral Finance Conference (2019)

        Q Group Roger F Murray Prize (2023, 2nd place)

"The Impact of Salience on Investor Behavior: Evidence from a Natural Experiment" (with Cary Frydman). 2020. Journal of Finance 75 (1): 229-276. 

              2018 TD Ameritrade Best Paper Award in Behavioral Finance

"The Cash Conversion Cycle Spread". Journal of Financial Economics 133 (2): 472-497. Link to SAS code

"Prospect Theory and Stock Returns: An Empirical Test" (with Nicholas Barberis and Abhiroop Mukherjee). 2016. Review of Financial Studies 29 (11): 3108-3139.

"Nominal Price Illusion" (with Justin Birru). 2016. Journal of Financial Economics 119 (3): 578-598.

"The Liability of Opaqueness: State Ownership and the Likelihood of Deal Completion in International Acquisitions by Chinese Firms" (with Jiatao Li and Peixin Li). 2019. Strategic Management Journal 40 (2): 303-327. 

"Do Cross-Border Acquisitions Create Value? Evidence from Overseas Acquisitions by Chinese Firms" (with Jiatao Li and Peixin Li). 2016. International Business Review 25 (2): 471-483.

"Why Investors do not Buy Cheaper Securities? Evidence from a Natural Experiment" (with Kalok Chan and Zhishu Yang). 2019. Journal of Banking and Finance 101: 59-76. 

"Acquiring Organizational Capital" (with Peixin Li, Weikai Li, and Zilong Zhang). 2018. Finance Research Letters 25: 30-35. 

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