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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. From CeFi to DeFi: What do Investors (Mis)trust? (with Shaokai Ding, Chen Lin)
   • Working Paper
   • Brief: Centralized financial institution (CeFi) users do not see decentralized finance (DeFi) as an alternative because they do not know the differences between CeFi and DeFi. The collapse of FTX, an iconic CeFi, only prompted existing DeFi users to increase their use of DeFi, rather than converting CeFi users to DeFi.


2. 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.


3. 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.


4. Steering Adaptation: Heat, Driver Performance, and Cost-Sharing in Heavy-Duty Transportation Industry (with Xincheng Wang, Yucheng 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. Directors’ Incentives from Potential Regulatory Penalties: Evidence from their Voting (with Chen Lin, Thomas Schmid, Michael S. Weisbach)
   • Management Science (forthcoming) | SSRN
   • Brief: Independent directors became more diligent and responsible after learning that their colleagues had been penalized by the regulatory for inadequate monitoring, thereby reducing the likelihood of the company being penalized.
   • Media Coverage: The Regulatory Review (UPenn)


2. 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.
   • Media Coverage: Sing Tao Daily


3. 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


4. 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