This section lists my published papers, working papers, and works in progress. Links to papers are to the publicly available version which may not be the finalized version. Where applicable, I also share the link to the official journal version. Some projects listed in this section are not yet publicly available, but if you would like more detail on a project, please feel free to send me an email.
Research Interests: Financial Regulation, Household Finance, Corporate Finance, Networks, Empirical Asset Pricing
Published & Forthcoming Papers
"Does Regulatory Jurisdiction Affect the Quality of Investment-Adviser Regulation?" with Alan Kwan and Tarik Umar. (2019). American Economic Review. 109(10):3681-3712. DOI: 10.1257/aer.20180412. (Referred to by a statement by SEC Commissioner Robert Jackson on June 5, 2019.)
Investment advisers switching from SEC to state regulator oversight due to the Dodd-Frank Act had around 30-40% more misconduct.
"Social connections with COVID-19-affected areas increase compliance with mobility restrictions" with Alan Kwan and Vesa Pursiainen. (2020). Science Advances. 6(47):1-10. DOI: 10.1126/sciadv.abc3054. (Data: Facebook Data For Good). NUS Links to the Research Summary: LinkedIn, Twitter, YouTube, Telegram.
A one-standard-deviation increase in social connections with China and Italy - the first countries with major outbreaks of the virus – increases the effectiveness of mobility restrictions by around 50%.
"Bank of Japan Equity Purchases: The (Non-)Effects of Extreme Quantitative Easing" with Randall Morck and Yupana Wiwattanakantang. (Forthcoming). Review of Finance. (Tweetstorm. Official Journal Link.) DOI: 10.1093/rof/rfaa029.
The BOJ ETF purchase policy seems to have price effects but firms appear to "cash out" rather than increase tangible capital investment or R&D spending.
"Not Coming Home: Trade and Economic Political Uncertainty in American Supply Chain Networks" with Jing Wu and Miaozhe Han. (Media: Sina, Reuters, China Review News Agency, Morningstar, CUHK Blog, The Economist)
Rather than move supply chain networks home, higher U.S. trade policy uncertainty instead predicts more supply chain movements abroad.
Debt overhang can have a positive information impact on debt value if secondary markets suffer from information asymmetry.
The effect of common ownership networks in public auctions on bid-rigging appear to increase prices that government agencies pay.
Incorporating the substitution effect from ride-hailing services in taxi demand booking increases taxi allocative efficiency.
Compared to internal forecasts, public forecast biases appear to trade-off between optimism in case of financial constraints versus pessimism to receive higher managerial payoffs.
Investors chase positive headline stock market index returns on the upside by increasing investment and decreasing consumption but do not respond on the downside.
Firms' investment plans appear important for actual investment and respond to intra-fiscal year firm-level economic conditions, implying existing macroeconomic models with imperfect information overstates the importance of informational frictions.
NPL transactions from banks to local asset management companies end up in the hands of bank borrowers, still exposing them to substantial financial distress risk.
Works in Progress
"Debt in Tiered-Production Networks"
I build a model of network formation to study the impact of network shapes on the distribution of credit risk.
I develop a model to price the value of voting claims embedded in common stock, separate from the cash flow component.
Published Practitioner/Regional Papers
“Do Higher-Frequency Data Always Help to Forecast Longer-Horizon Volatility?” with Guanhao Feng. (2017). Journal of Risk. 19(5):55-75.
Volatility models of different return horizons trade-off between the precision in model estimates and model misspecification.
Charoenwong, B. (2021). COVID-19 in the global production network. In S. Agarwal, Z. He, B. Yeung (Ed.), Impact of COVID-19 on Asian economies and policy responses. (1st ed., pp. 172). World Scientific. https://doi.org/10.1142/12072.