Working Papers 

  • "The Shine of Star: The Effect of Star Analyst Title on Market Reaction" (with Runjing Lu)

SWFA 2019 Best Paper Award; ESEWM 2018; HKEA 2018 Conference; 18th CEAAE; 2018 FMA Ph.D. Session; NUS Biz; APEF 2018; 2018 AFA Ph.D. Poster Session

Abstract: This paper studies the impact of analyst awards on market reactions and analysts’ information production using a regression discontinuity design. We find that investors do react to the star-analyst designation --- stocks with existing recommendations from analysts who barely won the star designation experience 0.66% higher abnormal return in the two days immediately following the award ceremony than those from analysts who barely missed it. This abnormal reaction is not driven by signaling but by attention-grabbing channel. Further analyses indicate that the list of award finalists is leaked before the award ceremony, and that informed investors trade in anticipation of the market reactions. In the year after the award ceremony, award finalists have significantly higher forecast accuracy than non-finalists, partially explained by finalists joining larger and better teams. We also find that finalists start covering less popular stocks than non-finalists. Overall, our findings highlight the destabilizing effects of analyst awards on prices in the short term and its positive effects on information production in the longer term.

  • "Air Pollution, Student Health, and School Absences: Evidence from China" (with Chongshan Guo and Xinfei Huang)Journal of Environmental Economics and Management, forthcoming

Musim Mas Dissertation Award for Research on Sustainability, NUS, 2017; Renming Univeristy/GLO Conference  2018;  Conference on Health and Development 2017

Abstract: Little is known about the impact of air pollution on school children in developing countries. This paper aims to fill this gap by quantifying the causal effect of air pollution on the health status and the school attendance of the Chinese students. We relate the arguably exogenous daily variation in air pollution-instrumented by the occurrence of temperature inversion-with student illnesses and absences from more than 3,000 schools in Guangzhou City. We find a sizable deleterious effect of air pollution on school attendance through the health channel. The impact persists for at least four days and displays a monotonically increasing pattern. Notably, this harmful effect is non-negligible even when pollution levels are below the official standard for air quality in China, suggesting that the current ambient air quality standards in China are not low enough to protect students.

Work in progress


  • "The Impact of Licensing on Employee Performance" (with Wei Huang)

  • "Negative Peer Effects Under Competition: Evidence from a University in China" (with Zihan Hu)


Publications in Chinese

  • "Retail Price Behaviors: Evidence from 15 cities in Yangtze River Delta" (with Xinfei Huang and Teng Li), Management World (管理世界), 2014 (1): 8-15. (Leading article)


  • "The Paradox of Law of One Price in Chinese Urban Board Effects" (with Xinfei Huang, and Teng Li), The Journal of World Economy (世界经济), 2014 (11): 100-118.