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Research Summary:
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:
Selected Working Papers:
Ruling with Ideology: Politicians' Beliefs and Privatizations (R&R)
Ruling with Ideology: Politicians' Beliefs and Privatizations (R&R)
Summary: Provincial governors' ideologies profoundly influenced the intensity and outcomes of China's privatization wave around 2000.
Presentations: 2021 AFA Poster, 2022 AFAANZ Doctoral Symposium, Australia National University, 2021 Asia Pacific Economic and Business History Conference, 2021 Australasian Banking and Finance Conference, Duke Kunshan University, 2022 Econometric Society Australasian Meeting, 2023 EEA-ESEM, 2022 FIRN Annual Conference, 2022 FMA Annual Meeting, 2022 FMA Europe Doctoral Consortium, 2021 International Young Finance Scholars Conference, Monash Political Economy Group, Nazarbayev University, University of Melbourne (Economics), University of Melbourne (Finance), University of New South Wales, Xi'an Jiaotong-Liverpool University
Coverage: PolEconFin Blog Post
Competition and the Value of Innovation (R&R)
Competition and the Value of Innovation (R&R)
-with Muhan Hu (Strathclyde)
Summary: An increase in industry competition lowers the economic value of firms' patents.
Presentations: University of Melbourne†, Xi'an Jiaotong Liverpool University†, Duke Fuqua†, University of Technology Sydney†, Shanghai Jiao Tong University (SAIF)†, Shanghai University of International Business and Economics†, the 7th International Young Finance Scholars Conference†, 2022 FMA European Conference PhD Consortium†, 2022 FMA Annual Meeting†, 2022 FIRN Annual Meeting†, 2022 Australasian Finance & Banking Conference†, 2023 AFA PhD Poster Session†, 2023 BAM Annual Conference†
† Presented by co-author; ^ Scheduled
The Impact of National Leaders' Firm Visits on Industry Peers
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
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
† Presented by co-author; ^ Scheduled
Do Consumers Spend Their Money Where Their Votes Are? Ideology Distance and Local Sales
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.
Presentations: 2025 Sydney Banking and Financial Stability Conference† ^, 2025 Australasian Banking and Finance Conference† ^, 2025 CEPR-Stigler Center Conference^, FMA Vancouver† ^, Politics in Finance 2025^, Shanghai University of International Business and Economics, University of Strathclyde
† Presented by co-author; ^ Scheduled
Phantom of the Supply Chain: Unintended Blocks on the Road to Green
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.
Presentations: 2025 Sydney Banking and Financial Stability Conference† ^, 2025 Australasian Banking and Finance Conference† ^, 2025 FMA Taipei† ^, 2025 ReBI-FRIL workshop
† Presented by co-author; ^ Scheduled
Heterogeneous Institutional Demand for Environmental Regulatory Risk
Heterogeneous Institutional Demand for Environmental Regulatory Risk
-with Chunxiao Lu (Melbourne) and Yuyang Zhang (Melbourne)
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.
Presentations: University of Melbourne†
† Presented by co-author; ^ Scheduled
Selected Work in Progress:
Selected Work in Progress:
British Political Directors over the Long Run: 1880-2024
British Political Directors over the Long Run: 1880-2024
-with Lyndon Moore (Monash)
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