Research

Research Summary:

My research interests cover economic history, political economy, and corporate finance. Most of my current work focuses on understanding how frictions (in particular, politics, institutions, labour, social background, and market) shape the decisions and performances of firms and individuals in historical and contemporary settings.

I am also interested in economic history and political economy topics more generally.

Selected Working Papers:

The Impact of National Leaders' Firm Visits on Industry Peers

-with Muhan Hu (Strathclyde)

Summary: National leaders' firm visits boost industry peers' stock price in the short run, but harm their profitability in the long run.

Recognitions:

2022 New Zealand Finance Meeting Global Finance Journal Research Excellence Award
2023 FMCG Best PhD Paper in Emerging Markets

Politics and Finance, China, Strategy

Presentations: 2022 AFAANZ Doctoral Symposium, 2022 Australasian Banking and Finance Conference, 2023 British Academy of Management Conference, 2023 CICF, 2023 Conference on Asia and Pacific Economies, 2022 FIRN PhD Symposium, 2022 FMA Europe Doctoral Consortium, 2024 FMA Turin, 2023 FMCG, 2022 New Zealand Finance Meeting, Shanghai Advanced Institute of Finance, 2023 Western Economic Association International, University of Strathclyde, 2024 IFABS

Do Consumers Spend Their Money Where Their Votes Are? Ideology Distance and Local Sales

-with Lei Chen (Melbourne), Muhan Hu (Strathclyde), and Xiaoke Ye (Liverpool)

Summary: Firms generate lower revenue in counties they have a larger ideological distance with, driven by both weaker consumer demand and a reduced likelihood of entering that market.

Recognitions:

Semi-finalist for the Best Corporate Finance Paper Award at FMA Vancouver

Politics and Finance, Market and Organization, Strategy

Presentations: Australasian Banking and Finance Conference (2025), CEPR-Stigler Center Conference (2025), FMA Vancouver†, Lancaster, Liverpool†, Politics in Finance 2025, Sydney Banking and Financial Stability Conference (2025, scheduled)†, Melbourne†, Shanghai University of International Business and Economics, University of Strathclyde

† Presented by co-author

Phantom of the Supply Chain: Unintended Blocks on the Road to Green

-with Yuting Qian (Nanjing Agricultural), Xiaoke Ye (Liverpool), and Ziran Zuo (Nankai)

Summary: Customer firms selectively publicize ties with green suppliers while hiding less sustainable ones, undermining supply chain green transition by limiting their potential to improve suppliers’ environmental performance.

Strategy, Responsible Business

Presentations: 2025 Sydney Banking and Financial Stability Conference (scheduled)†, 2025 Australasian Banking and Finance Conference (scheduled)†, 2025 FMA Taipei (scheduled)†, 2025 ReBI-FRIL workshop

† Presented by co-author

Heterogeneous Institutional Demand for Environmental Regulatory Risk

-with Chunxiao Lu (Canterbury) and Yuyang Zhang (USYD)

Summary: Long-horizon investors seek exposure to environmental regulatory risk while short-horizon investors avoid it, and their opposing responses offset in their impact on stock prices.

Politics and Finance, Responsible Business, Institutional Investor

Presentations: University of Melbourne, Asia-Pacific Corporate Finance Online Workshop†, New Zealand Finance Meeting (2025, scheduled)†

† Presented by co-author

Main Publications:

[2] Ruling with Ideology: Politicians' Beliefs and Privatizations Politics and Finance, China, Market and Organization

Journal of Corporate Finance, Volume 97, February 2026, 102919

Summary: Provincial governors' ideologies profoundly influenced the intensity and outcomes of China's privatization wave around 2000.

[1] Competition and the Value of Innovation (with Muhan Hu) Innovation, Market and Organization

Journal of Corporate Finance, Volume 96, January 2026, 102909

Summary: An increase in industry competition lowers the economic value of firms' patents.

Selected Work in Progress:

British Political Directors over the Long Run: 1880-2024

-with Lyndon Moore (Monash)

Politics and Finance, Strategy

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