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About Me

Current Position

• Assistant Professor (Finance), The Hong Kong Polytechnic University

Education

• Ph.D. (Finance) and M.Fin. (FinTech), University of Hong Kong
• B.Mgmt. (Accounting), Sun Yat-Sen University

Working Papers

1. Disasters, Social Commitment, and Supply Chain Dynamics (with Xu Li, Qingyuan Lyu)
   • Working Paper | SSRN | PDF
   • Brief: Socially irresponsible customers abandon disrupted suppliers during disasters, leading to a faster recovery and stronger product market performance. Social commitment acts as a supply chain switching cost.


2. Proprietary Costs and Supply-Chain Collaboration (with Xiong Li, Guochang Zhang)
   • Working Paper | PDF
   • Brief: Fewer proprietary information leakage concern on supply chain, more supply chain collaboration.


3. Directors’ Incentives from Potential Regulatory Penalties: Evidence from their Voting (with Chen Lin, Thomas Schmid, Michael S. Weisbach)
   • Working Paper | SSRN
   • Brief: Directors monitor firm more diligently after knowing close contact being penalized by the regulator for negligence.
   • Media Coverage: The Regulatory Review (UPenn)


4. Steering Adaptation: Heat, Driver Performance, and Cost-Sharing in Heavy-Duty Transportation Industry (with Xincheng Wang, Yuchen Wang, Zhenxuan Wang)
   • Working Paper
   • Brief: Extreme heat increases dangerous driving and economic losses in transportation. Cost-sharing in labor contracts shapes adaptation, making independent contractors more vulnerable.

Publications

1. ESG Scores, Scandal Probability, and Event Returns (with Wenya Sun, Yichen Luo, S.M. Yiu, Luping Yu)
   • Financial Innovation (2024) | PDF
   • Brief: High ESG scores can lower the probability of an ESG scandal but can also incur higher losses if one occurs. Based on a theoretical model, the firm has two equilibria of the optimal ESG investment level - not doing at all or doing a lot.


2. Competition Laws, Ownership and Corporate Social Responsibility (with Ross Levine, Chen Lin, Wensi Xie)
   • Journal of International Business Studies (2022) | SSRN
   • Brief: Tighten competition incentive manufacturers to differentiate themselves by improving social responsibility.
   • Media Coverage: Harvard Law School Forum, UNPRI


3. Corporate Immunity to the COVID-19 Pandemic (with Ross Levine, Chen Lin, Wensi Xie)
   • Journal of Financial Economics (2021) | PDF
   • Brief: Firms with better financial resilience, less supply chain exposure, higher ESG performance, more long-term orientated investors perform better during COVID-19 market collapse.
   • Media Coverage: The Economist, Harvard Law School Forum, Institutional Investor