Zhejiang University · School of Economics
ZJU 100 Young Professor
School of Economics & Academy of Financial Research
Zhejiang University
I study financial intermediation and corporate finance, focusing on the microfoundations of firms’ financing, investment, and risk-taking decisions. I am especially interested in how firms navigate a world in flux—where information, climate, technology, and even social norms are changing at an unprecedented pace.
Research interests
Bank lending, credit markets, and the financing of firms.
Corporate disclosure, transparency, and investment decisions.
Government guarantees, sovereign risk, and climate adaptation.
01 / Research
Selected publications · Financial intermediation
Management Science · 72(2): 1175–1197
An increase in bank credit leads borrowers to issue more capital expenditure forecasts. The findings highlight how firms use disclosure to seek market feedback on investment decisions.
HKUST; CUHK (Shenzhen); City University of Hong Kong; Shanghai Jiao Tong University; Sun Yat-Sen University; University of Vienna.
Journal of Accounting Research · 62: 737–781
More frequent mandatory reporting increases window dressing by mutual funds, particularly among low-skill managers. The costs of this behavior subsequently help investors distinguish manager quality.
Cornell University; City University of Hong Kong.
Journal of Financial and Quantitative Analysis · 59: 2099–2132
Restrictions on loan officers’ mobility are associated with better mortgage screening and monitoring, lower defaults, and more loan modifications, without a reduction in lending.
25th AsRES Annual Conference (GCREC Best Paper Award); AREUEA International Conference, Guangzhou; CFAM, Hangzhou.
Management Science · 69(6): 3650–3674
The first onshore bond default by a Chinese state-owned enterprise provides evidence on the consequences of weaker implicit guarantees: reduced overinvestment alongside tighter financing constraints.
SFS Cavalcade, Yale; South Carolina Fixed Income and Financial Institutions Conference; Summer Institute of Finance, SAIF; FMA Annual Meetings, Boston; FMA Asia/Pacific, Hong Kong; China Financial Research Conference, Beijing; Journal of Law, Finance, and Accounting Conference, Hong Kong.
Journal of Financial and Quantitative Analysis · 54: 2179–2207
Bank intervention following covenant violations reduces borrowers’ trade credit. The study reveals how conflicts among creditors affect firms’ financing and the design of loan contracts.
CICF, Chengdu; Summer Institute of Finance, Lijiang; Australasian Finance and Banking Conference, Sydney; FMA Asia/Pacific Doctoral Consortium, Tokyo.
Further publications · Risk, resilience & corporate finance
Journal of Business Ethics · 205: 673–701
U.S. firms respond to persistent warming by reducing employment and closing exposed establishments. Declining local consumer demand helps explain these adjustments to their operating networks.
Singapore Management University; ADBI-JBF-SMU Joint Conference on Green and Ethical Finance; Edinburgh-Shanghai Management Conference on Environment and Climate Change; Asia-Pacific Corporate Finance online workshop.
Journal of Accounting and Public Policy · 52: 107324
AsianFA, Tokyo; ABFER, Singapore; Fudan University; Seoul National University; Korea University.
Humanities and Social Sciences Communications · 9: 120
Review of Corporate Finance Studies · 8: 302–347
Asian Finance Association (Best Paper Award); EFA, Cambridge; FIRS, Quebec City; ABFER, Singapore; CICF, Shenzhen; CSEF Conference on Finance and Labor, Capri; Mitsui Finance Symposium on Labor and Finance, Ann Arbor; Auckland Finance Meeting; FIRN Corporate Finance Conference, Sydney.
Finance Research Letters · 25: 30–35
IFABS, Hangzhou; FMA Asia/Pacific, Sydney; Asian Finance Association, Changsha.
02 / Teaching
Finance, accounting, and public finance across doctoral, MBA, master’s, and undergraduate programs.
03 / Academic service
Editorial service and university appointments.
2026–present
Industrial Investment Research Center
Zhejiang University
2024–present
Institute of Public Economics and Finance
Zhejiang University
04 / Recognition
Recognition for research, teaching, and student mentorship.
Selected as a Young Scholar of the Ministry of Education’s Chang Jiang Scholars Program (长江学者)
Zhejiang University
Master of Taxation, Zhejiang University
Selected for the Young Talent Track
浙江省海外引才计划青年人才
7th China Academic Conference on Finance and Accounting, Renmin University
AsRES–GCREC–AREUEA Joint International Real Estate Conference
Hong Kong University of Science and Technology
Asian Finance Association Annual Meeting
05 / Funded projects
Research grants and projects to advance undergraduate education.
2027–2030 · Upcoming funding period
General Program · Principal Investigator
国家自然科学基金面上项目 · 主持人
2023–2027
Subproject Lead
国家社会科学基金重大项目 · 子课题负责人
2023
Ministry of Industry and Information Technology · Principal Investigator
2018–2021
Hong Kong Research Grants Council · Principal Investigator
2017–2020
Hong Kong Research Grants Council · Principal Investigator
2025
Empowering Undergraduate Teaching, Learning, Assessment, and Administration with AI Agents
浙江省本科课程省级教改项目《智能体赋能本科生教学评管》
School of Economics
Zhejiang University
Hangzhou, Zhejiang, China
Office: 820-3, School of Economics