1. " Stakes and Investor Behaviors", (with Baolian Wang). August 2023.

·       Journal of Financial Economics, Forthcoming.

·       Presented at : CICF 2024; Helsinki Finance Summit 2023; China Financial Research Conference  (CFRC) 2023; FRA 2022; CUHK(SZ) 2022; Florida Finance Conference 2022;

2. " Asset Pricing with Return Extrapolation", (with Lawrence J. Jin). 2022.

Journal of Financial Economics, 145(2), 273-295.

Working Papers

" Marketwide Memory", (with Constantin Charles). June 2024.

·       Presented at : NBER Behavioral Finance Working Group Meeting Fall 2024; London Behavioral Finance Group Meeting; London School of Economics; Stockholm School of Economics; Helsinki Finance Seminar; City University of Hong Kong; Shanghai Jiao Tong Univeristy; Chicago Booth Conference in Behavioral Finance and Decision Making; Fudan University; University of Zurich;

"Social Learning and Sentiment Contagion in the Bitcoin Market", (with Bing Han and Haoyang Liu). August 2023.

·       Presented at : AFA 2025; Annual Conference on Social and Behavioral Finance 2024; NFA 2024;  2024 Five-Star Asia Pacific Workshop in Finance at Singapore Management University; Cheung Kong Graduate School of Business; Fudan University; Hong Kong University of Science and Technology; Nanjing University; Nankai University; National University of Singapore, Peking University Guanghua School of Management; Peking University HSBC Business School; Renmin University of China; 2023 GSU-RFS FinTech Conference; CFRC 2022;

·       CFRC 2022 Behavioral Finance Best Paper Award

·       An earlier version of the paper was titled as "Conversations in the Market: Sentiment Contagion among Investors"

" Social Transmission Bias: Evidence from an Online Investor Platform", (with Baolian Wang). July 2023.

·       R&R, Review of Finance

·       Presented at : CFRC 2024; CICF 2022; CUHK(SZ) 2021;

·       CFRC 2024 Behavioral Finance Best Paper Award

" Prospect Theory in the Field: Revealed Preferences from Mutual Fund Flows", (with Bing Han and Wenhao Yang). November 2023.

·       R&R, Journal of Financial Economics

·       Presented at : CICF 2024; ABFER 2024; 2023 Guanghua International Symposium on Finance; Central University of Economics and Finance; UNC-Charlotte 2022; Renmin University of China 2021; PHBS-SME 2021; CIRF 2021; AsianFA 2021; CUHK(SZ) 2020;

" Time-varying Impact of Investor Sentiment", (Job Market Paper). July 2021.

·       Presented at : IYFS 2021; CUHK(SZ) 2017; University of Western Ontario (2017);

·       2021 IYFS Best Paper Award in Behavioral Finance