Singapore’s Cooling Measures and Its Housing Market, joint with Yongheng Deng and Joseph Gyourko (Journal of Housing Economics, forthcoming).
Singaporean government's recent efforts to cool the housing market, presumably undertaken to address deteriorating affordability conditions for the typical household and to address potentially destabilizing speculation, appear to have achieved their primary goals without significant collateral damage to the broader economy.
Too Hot to Handle: The Effects of High Temperatures during Pregnancy on Adult Welfare Outcomes, joint with Zihan Hu (Journal of Environmental Economics and Management, 2019(94), 236-253) (Gregory Chow Best Paper Award).
High temperatures during the prenatal period have persistent and profound effects on adult outcomes, e.g., height, health status, schooling years, other cognitive abilities, and annual income.
AEA; CES Conference; Conference on Health and Development; SWUFE; Xiangzhang Economics Workshop; Sun Yat-sen University; NUS
Firms often use non-linear incentive systems to motivate workers to achieve specified goals, such as paying bonuses to reach targets in sales, production, or cost reduction. Using administrative data from a major Chinese insurance firm that raised its sales targets and rewards for insurance agents greatly in 2015, we find that increased incentives induced agents to increase sales of the increasingly incentivized life insurance products, bunched around the new targets, albeit in part with some low-quality sales that led to canceled contracts, while reducing sales of products outside the new incentive system. The greater non-linear incentives raised agent incomes and lowered turnover and substantially increased firm revenues net of the increase in payments to agents. The stock market reacted to the new system with a jump in the firms’ share price relative to its main competitor by 10-15% in the days surrounding the introduction of the new system.
CCER Summer Institute; GLO Conference
This paper studies the effects of a non-pecuniary symbolic award on winners, losers, and their peers, using a regression discontinuity design. Our main finding is that barely winners perform worse in life insurance commission than barely losers in the quarter following the award designation.
Warwick Ph.D. Conference; 2018 Southern Economic Association Conference; EMCON 2018 (UChicago); European Winter Meeting 2018; 10th Biennial Conference of HKEA; 2019 SOLE
The Effects of Environmental Regulations on Housing Markets: Evidence from the NOx Budget Trading Program, joint with Sumit Agarwal and Yongheng Deng (Journal of Environmental Economics and Management, 2019(96), 286-309).
Environmental regulations increased unemployment in manufacturing industries and further impacted housing demand.
AREUEA; Paris-Asia Conference in Quantitative Finance; Sun Yat-sen University; NUS
Employing a triple-difference estimator, I find robust evidence that the cap-and-trade market statistically significantly reduced violent crimes in participating states, whereas property crimes were less affected.
International Conference on Energy Finance; SWUFE; Sun Yat-sen University; NUS
Working in Progress
Stock Returns and Worker Productivity, joint with Wenlan Qian.
Multitasking, Time Allocation, and Managers’ Ability.
Publications in Chinese
Price Differences, Market Segmentation, and Border Effect: Evidence from 15 Cities in Yangtze River Delta Region, joint with Huang X. and Chen S., Economic Research Journal (经济研究), 2014 (12): 18-32.
Retail Price Behaviors: Evidence from 15 cities in Yangtze River Delta, joint with Huang X. and Chen S., Management World (管理世界), 2014 (1): 8-15. (Leading article)
The Paradox of Law of One Price in Chinese Urban Board Effects, joint with Huang X. and Chen S., World Economy (世界经济), 2014 (11): 100-118.