All Outputs (13)

The sword of damocles: Debt and depression (2024)
Journal Article
Zhou, J., Korkmaz, A. G., Li, Y., Yue, P., & Yan, Y. (2025). The sword of damocles: Debt and depression. International review of financial analysis, 98, Article 103877. https://doi.org/10.1016/j.irfa.2024.103877

This paper investigates the heterogeneous effects of formal and informal debt on mental health. We use unique data on Chinese households between 2014 and 2018 to examine the relationship between household debt obtained from different sources and the... Read More about The sword of damocles: Debt and depression.

The Magnet Effect of Price Limits: An Agent-Based Approach (2024)
Journal Article
Dong, X., Chen, T., Gao, T., Li, H., & Li, Y. (online). The Magnet Effect of Price Limits: An Agent-Based Approach. Emerging Markets Finance and Trade, https://doi.org/10.1080/1540496X.2024.2434042

In this paper, we study the magnet effect within the context of circuit breaker events that transpired in global stock markets during March 2020. Our analysis encompasses nine such events across six countries. Employing a time-distanced quadratic fun... Read More about The Magnet Effect of Price Limits: An Agent-Based Approach.

The nexus of overnight trend and asset prices in China (2024)
Journal Article
Guo, J., Han, X., Li, K., & Li, Y. (2025). The nexus of overnight trend and asset prices in China. Journal of Economic Dynamics and Control, 170, Article 104997. https://doi.org/10.1016/j.jedc.2024.104997

Leveraging the systematic variations in investor clientele within a day, we validate an adapted version of the Hong and Stein (1999) model that addresses the consequences of slow information diffusion in China. The model predicts that overnight retur... Read More about The nexus of overnight trend and asset prices in China.

Performance of energy ETFs and climate risks (2024)
Journal Article
Nguyen, M. N., Liu, R., & Li, Y. (2025). Performance of energy ETFs and climate risks. Energy Economics, 141, Article 108031. https://doi.org/10.1016/j.eneco.2024.108031

We investigate whether green (brown) portfolios constructed from clean energy ETFs (fossil fuel ETFs) yield positive (negative) returns conditional on climate-related risks. While the green portfolios do not unconditionally outperform the brown ones,... Read More about Performance of energy ETFs and climate risks.

Beyond threats: Extreme heatwaves and economic resilience in China (2024)
Journal Article
Wang, X., Guo, H., Li, Y., & Huang, S. (2025). Beyond threats: Extreme heatwaves and economic resilience in China. Finance research letters, 71, Article 106427. https://doi.org/10.1016/j.frl.2024.106427

This study demonstrates extreme heatwaves have a positive impact on economic resilience in China at the provincial level, utilizing high spatial resolution temperature data. This effect may be attributed to heightened climate policy uncertainty and s... Read More about Beyond threats: Extreme heatwaves and economic resilience in China.

Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach (2024)
Journal Article
Dong, X., Li, H., Zhou, J., & Li, Y. (in press). Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach. Journal of Systems Science and Systems Engineering, https://doi.org/10.1007/s11518-024-5621-0

In this paper, we combine an agent-based model of multi-asset stock market with circuit breaker mechanism and empirical analysis of S&P 500 Index to study market behaviors under the circuit breaker. The artificial stock market model can reproduce the... Read More about Market Behaviors under the Stock Index Circuit Breaker using an Agent-based Approach.

The impact of climate policy uncertainty on stock price synchronicity: Evidence from China (2024)
Journal Article
Li, M., Han, X., & Li, Y. (2024). The impact of climate policy uncertainty on stock price synchronicity: Evidence from China. Finance research letters, 69, Article 106166. https://doi.org/10.1016/j.frl.2024.106166

This paper examines the broad impact of climate policy uncertainty (CPU) on stock price synchronicity (SYN) using a newly developed news-based index. Our analysis covers listed firms in China from 2000 to 2022. We find that CPU significantly and nega... Read More about The impact of climate policy uncertainty on stock price synchronicity: Evidence from China.

Social responsibility and corporate borrowing (2024)
Journal Article
Liu, H., Li, Y., Xiao, Y., Xiong, X., & Zhang, W. (in press). Social responsibility and corporate borrowing. The European journal of finance, https://doi.org/10.1080/1351847X.2024.2377356

We study the impact of social capital, measured by corporate social responsibility (CSR) performance, on corporate borrowing. Using a sample of 120,204 bank loan applications of China's listed firms, we find that an increase in CSR performance increa... Read More about Social responsibility and corporate borrowing.

Analysts’ forecast anchoring and discontinuous market reaction: evidence from China (2024)
Journal Article
Fan, R., Xiong, X., Li, Y., & Gao, Y. (in press). Analysts’ forecast anchoring and discontinuous market reaction: evidence from China. The European journal of finance, https://doi.org/10.1080/1351847X.2024.2343113

Based on a comprehensive dataset of Chinese A-share stocks, we find significant evidence for analysts’ anchoring in China. This anchoring behavior exists only when forecasts are lower than the industry median and correlates to a series of analysts’ a... Read More about Analysts’ forecast anchoring and discontinuous market reaction: evidence from China.

Financial literacy and household financial resilience (2024)
Journal Article
Liu, T., Fan, M., Li, Y., & Yue, P. (2024). Financial literacy and household financial resilience. Finance research letters, 63, Article 105378. https://doi.org/10.1016/j.frl.2024.105378

Rising uncertainty has drawn researchers’ attention towards households’ anti-risk capacities. Using data from the China Household Finance Survey covering 2019 to 2021, this study investigates the impact of financial literacy on household financial re... Read More about Financial literacy and household financial resilience.

Recycling and/or reusing: when product innovation meets the recast of WEEE direct (2024)
Journal Article
He, J., Yan, W., Li, Y., & Lu, D. (in press). Recycling and/or reusing: when product innovation meets the recast of WEEE direct. International Journal of Production Research, https://doi.org/10.1080/00207543.2024.2317452

To deal with the growing amount of e-waste propelled by introduction of new products, increasing governments are considering amending take-back regulations to impose more stringent collection targets. Motivated by this trend, this study focuses on th... Read More about Recycling and/or reusing: when product innovation meets the recast of WEEE direct.

Climate Change Exposure and Bankruptcy Risk (2024)
Journal Article
Feng, F., Han, L., Jin, J., & Li, Y. (in press). Climate Change Exposure and Bankruptcy Risk. British Journal of Management, https://doi.org/10.1111/1467-8551.12792

This research documents that a firm's bankruptcy risk increases with its climate change exposure. This study further investigates the underlying mechanisms and finds that this effect is stronger for firms with lower operating cash flows or tighter fi... Read More about Climate Change Exposure and Bankruptcy Risk.

Human capital in the financial sector and corporate innovation: Evidence from China (2024)
Journal Article
Liu, G., He, F., Zhang, C., Akbar, S., & Li, Y. (2024). Human capital in the financial sector and corporate innovation: Evidence from China. The British accounting review, Article 101370. https://doi.org/10.1016/j.bar.2024.101370

This paper investigates how human capital in the financial sector affects corporate innovation. Based on China's National Economic Census in 2008, we construct a measure of the financial sector's human capital across prefecture-level cities and then... Read More about Human capital in the financial sector and corporate innovation: Evidence from China.