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

Working Papers

"Social Transmission Bias: Evidence from an Online Investor Platform", (with Pengfei Sui). April 2022. 

          Warrington Newsroom

"The Gender Effects of COVID-19 on Equity Analysts", (with Frank Weikai Li). June 2022. 

          Warrington Newsroom

"What Gets Measured Gets Managed: Investment and the Cost of Capital", (with Zhiguo He and Guanmin Liao). July 2022. 

         The Macroeconomy and Finance in China Conference; NBER Chinese Economy (2021)

"A New Value Strategy", 2021

           Revise & Resubmit Review of Asset Pricing Studies

           American Association of Individual Investors; CXO Advisory Group 


"Why Do the Frequencies of Comovement with the Market Predict the Cross-Section of Stock Returns?", (with Peixin Li). 2022

         Revise & Resubmit Critical Finance Review        

"The Portfolio-Driven Disposition Effect", (with Li An, Joseph Engelberg, Matthew Henriksson, and Jared Williams). 2022. 

             Revise & Resubmit Journal of Finance

              AFA (2019); CEPR Household Finance Conference (2018)

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

             Revise & Resubmit Review of Financial Studies

             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. 

              Revise & Resubmit Critical Finance Review


"The Effect of Government Reference Bonds on Corporate Borrowing Costs: Evidence from a Natural Experiment" (with Mark Flannery and Claire Hong). 2021. 

            Management Science forthcoming.

            VoxChina; SFS Cavalcade Asia-Pacific 2019; ABFER (2020, cancelled 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 2021. Critical Finance Review forthcoming.

"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)

"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). 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.