Work-in-Progress:
1. Government Data and Financing: Insights from Internal Controls with Sean Cao (Maryland) and Anya Nakhmurina (Yale)
-- Draft Coming Soon!
Presentation: Australasian Finance and Banking Conference 2024, Inter-Finance PhD Seminar 2024, Sydney Banking and Financial Stability Conference 2024, Eastern FA 2025, Hanyang Accounting Research Symposium 2025*, SGF 2025, Transatlantic Doctoral Conference 2025 (scheduled), University of Macau^, University of Maryland
2. What Drives the Dynamics of CSR Returns? with Renxuan Wang (CEIBS), Russ Wermers (Maryland), and Ruoke Yang (SEC)
-- Draft Coming Soon!
Presentation: CICF 2025^ (scheduled), Junior Academics Research Seminars (JARS) in Finance 2025, NYU Stern Summer Climate Finance Conference (poster, scheduled)
3. Negative Sentiment and Aggregate Retail Trading: Evidence from Mass Shootings
-- PhD First-Year Summer Paper (Resting)
Abstract: I analyze the role of sentiment in aggregate retail investors’ trading activity. Using mass shootings in the U.S. as exogenous, non-economic, and negative shocks to investor sentiment, I find that retail investors on average net sell stocks of firms headquartered in the states where mass shootings took place in the previous week ("local'' stocks). During the week after mass shootings, local stocks experience around 8% of the sample mean decrease in daily retail share volume order imbalance. Consistent with lower sentiment-driven trading, the retail net divestment from local stocks increases in the number of victims from mass shootings, and is more pronounced following unsolved shootings and shootings with teenage victims. However, such trading behavior does not seem to be rational, as local mass shootings have little impact on local firms' financial and operating performances, as well as local economic conditions. Finally, institutional investors do not react to mass shootings, which suggests that retail investors are more prone to sentiment.
Presentation: Asian Meeting of the Econometric Society in China 2023, Asian FA 2023*, FMA 2023, Financial Market and Corporate Governance Conference 2023, International Conference of the French Finance Association PhD Workshop 2023, SGF PhD Poster Session 2023, World Finance Conference 2023, AFA Poster Session 2024, University of Maryland
*: cancelled due to visa reasons
^: presented by coauthors
1. Government Data and Financing: Insights from Internal Controls with Sean Cao (Maryland) and Anya Nakhmurina (Yale)
-- Draft Coming Soon!
Presentation: Australasian Finance and Banking Conference 2024, Inter-Finance PhD Seminar 2024, Sydney Banking and Financial Stability Conference 2024, Eastern FA 2025, Hanyang Accounting Research Symposium 2025*, SGF 2025, Transatlantic Doctoral Conference 2025 (scheduled), University of Macau^, University of Maryland
2. What Drives the Dynamics of CSR Returns? with Renxuan Wang (CEIBS), Russ Wermers (Maryland), and Ruoke Yang (SEC)
-- Draft Coming Soon!
Presentation: CICF 2025^ (scheduled), Junior Academics Research Seminars (JARS) in Finance 2025, NYU Stern Summer Climate Finance Conference (poster, scheduled)
3. Negative Sentiment and Aggregate Retail Trading: Evidence from Mass Shootings
-- PhD First-Year Summer Paper (Resting)
Abstract: I analyze the role of sentiment in aggregate retail investors’ trading activity. Using mass shootings in the U.S. as exogenous, non-economic, and negative shocks to investor sentiment, I find that retail investors on average net sell stocks of firms headquartered in the states where mass shootings took place in the previous week ("local'' stocks). During the week after mass shootings, local stocks experience around 8% of the sample mean decrease in daily retail share volume order imbalance. Consistent with lower sentiment-driven trading, the retail net divestment from local stocks increases in the number of victims from mass shootings, and is more pronounced following unsolved shootings and shootings with teenage victims. However, such trading behavior does not seem to be rational, as local mass shootings have little impact on local firms' financial and operating performances, as well as local economic conditions. Finally, institutional investors do not react to mass shootings, which suggests that retail investors are more prone to sentiment.
Presentation: Asian Meeting of the Econometric Society in China 2023, Asian FA 2023*, FMA 2023, Financial Market and Corporate Governance Conference 2023, International Conference of the French Finance Association PhD Workshop 2023, SGF PhD Poster Session 2023, World Finance Conference 2023, AFA Poster Session 2024, University of Maryland
*: cancelled due to visa reasons
^: presented by coauthors