• When Automation Meets Accountability: International Evidence from Robotics Adoption and ESG Incidents, with Sadok El Ghoul, Omrane Guedhami, and Siqi Wei. [Link] [Internet Appendix]

Presentations: FMA 2025, 19th International Behavioural Finance Conference, University of Richmond, SWFA 2026, FMA Europe 2026, CICF 2026, MRS International Risk Conference 2026 (scheduled), AAA 2026 (scheduled).​

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• Using global industrial robotics data as a proxy for automation, and ESG incident measures as a proxy for ESG risk, we find that robotics stock and flow are positively associated with higher firm-level ESG risk, including the frequency of ESG incidents, the overall ESG risk index, and the severity, reach, and novelty of these incidents.

• The impact is more pronounced for environmental- and social-related incidents.

• Using internet fixed broadband subscriptions and population aging measures as instruments, we show that these results are causal.

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• Do Corporate Insiders Take Advantage of Their Political Connections? Evidence from Insider Trading, with Brandon Cline, Junjie Xia, and Haoyang Xiong [SSRN link].

Presentations: University of Oklahoma, AFFI Conference PhD Workshop 2021, EFMA 2021, SWFA 2022, EFA 2022, FMCG 2022, FMA 2022, University of Richmond Research Symposium 2024, City University of Macau.​​

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• Trades by politically connected insiders are less informative than those by non-politically connected insiders, indicating that politically connected insiders are cautious about potential legal risk. This effect is stronger among purchases and for insiders with current political connections, consistent with heightened legal and reputational concerns.

• Politically connected insiders are more likely to have longer trading horizons, and more likely to make routine trades.

• The STOCK Act passed in April 2012 reduces trade informativeness among insiders who are subject to the Act.

 

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• Endogenous Preference and Green Bond Pricing, with Ming Li, William Megginson, Nancy Tran, and Matthew Wilson. [SSRN link].

Presentations: University of Richmond Research Symposium, Robins School Research Lunch, FMA 2024, CEMA 2025, EFMA 2025, CICF 2025, AAA 2025 Global Emerging Scholar Research Workshop.​

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• Using a macro model based on endogenous preference theory, our paper explores how climate change concern captured by news media influences green bond premiums.

• Empirical analysis of U.S. municipal bonds shows that green bonds are traded at 7 basis points lower than non-green bonds during the periods of increased climate change concerns.

• Investors' non-financial motives rather than their desire to hedge against climate risk are the primary mechanisms driving our results.

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• ​Political Enforcement and Managerial Risk-Taking: Evidence from China's SOE Inspections, with William Meggingson, Kedi Wang, and Junjie Xia.

• Using China’s discipline inspections of state-owned enterprises as a quasi-natural experiment, we find that inspections curb managerial opportunism, but also lead to significant reductions in capital investment, profitability, market valuation, and innovation.

• While enforcement can achieve political objectives, it may also distort managerial behavior through incentive misalignment.

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• ​Expropriation Through Regulatory Fiat: China’s Blockholder Share Sale Ban, with Yong Li and William Meggingson.

• Attempting to arrest a sharp drop in stock prices in July 2015, Chinese government adopted sale bans of shares held by any 5%+ blockholder in a listed company.

• We examine the short and long-term effects of these bans—focusing on the first shock in July 2015—and document significant destruction of corporate value and blockholder wealth.

• Over the short term, companies with higher treatment intensity, measured by blockholder concentration and ownership percentage, experience higher abnormal returns, lower volatility, lower trading volume, and lower downside risk than companies with lower treatment intensity. However, over the long term, firms with higher treatment intensity experience significant drops in firm values and shareholder wealth.

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• Unlocking Dormant Accounts: A Catalyst for Sustainable Development, with Romora Sitorus and Agustinus Prasetyantoko.

  • Policy Brief prepared for Think 20 (T20) South Africa.​

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• Monte Carlo Analysis for a Private Equity Transaction in Excel, with Tom Arnold and Cassandra Marshall.

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