About Me
I am currently a Ph.D. candidate in Economics at the School of Social Sciences, Nanyang Technological University (NTU). Previously, I received my M.A. degree and B.A. degree in Economics from Renmin University of China.
My research interests lie in behavioral and experimental economics, experimental finance, and applied game theory. My current projects explore social trading, information sharing, sustainable finance, and social preferences, focusing on how information and preferences shape financial markets, individual behavior, and economic outcomes. I seek to bridge theoretical models and modern markets through controlled experiments, isolating mechanisms that are often confounded in the field.
Education
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Ph.D. in Economics, Nanyang Technological University, 2021-Present.
Main Supervisor: Prof. Yohanes Eko Riyanto (Chair, School of Social Sciences, NTU)
Co-Supervisor: Prof. Nilanjan Roy (City University of Hong Kong) -
M.A. in Economics, Renmin University of China, 2018-2021.
Supervisor: Prof. Xianghong Shirley Wang -
B.A. in Economics and B.S. in Mathematics, Renmin University of China, 2014-2018.
Research
Papers under Review
- “How Investor Information Linkages Affect Trading Aggressiveness, Price Informativeness, and Post-Earnings-Announcement Drift?”
(with Yohanes E. Riyanto and Nilanjan Roy)Journal of Financial and Quantitative Analysis, R&R (3rd Round)
[Abstract (click to expand)]
We design a dynamic asset market experiment with exogenous information linkages among investors within a public earnings announcement framework. Confirming recent theoretical predictions, we find that trading aggressiveness and volume in the pre-announcement period first increase and then decline while price informativeness continues to improve as information linkages get denser. Information sharing improves traders’ inference of the fundamental value and enhances the quality of pre-announcement information among individual investors. This results in a weaker response to the subsequent public earnings announcement, with the magnitude of the post-earnings-announcement drift declining in the density of the pre-announcement information linkages. We demonstrate that social connectedness is an important determinant of market efficiency.
Working Papers
- “The Strategic Benefit of Information Sharing in Financial Markets: Experimental Evidence”
(with Yohanes E. Riyanto and Nilanjan Roy)
[Abstract (click to expand)]
We design an experimental asset market to investigate investors' incentives to share information in the presence of information asymmetry. We find that less informed traders are willing to share their private information with their highly informed counterparts. In response, highly informed traders strategically trade against the shared information, thereby mitigating the price impact of less informed traders. As a consequence, less informed traders increase their trading aggressiveness and benefit from information sharing. Conversely, highly informed traders trade less aggressively and become worse off, despite receiving more information. Furthermore, market efficiency improves as information flows from less informed traders to highly informed traders. Our findings underscore the strategic advantages of information sharing and shed new light on trading strategies in markets where information is disseminated, such as through social media.
- “ESG Investing and Price Informativeness: An Experiment with Heterogeneous Preferences”
(with Yohanes E. Riyanto and Nilanjan Roy)
[Abstract (click to expand)]
We design an asset market experiment to examine how heterogeneous investor preferences influence information aggregation and asset pricing. In the market, traditional investors value the financial performance of the firm, while ESG investors value both financial and ESG performances. We find that these two types of investors respond differently to similar private information. Particularly, traditional investors trade against the ESG-related signals they do not value. As the proportion of ESG investors increases, asset price becomes more informative to them and less informative to traditional investors. Such shifts cause ESG investors to trade more aggressively and traditional investors to trade less aggressively. Furthermore, the improvement in the ESG information brings similar effects in ESG investor-dominated markets. Our findings provide insights into the implications of ESG investing for market outcomes.
Publications in Chinese
- “公共品和慈善捐献的相对收入激励：真实项目的实验研究 (The Effects of Relative Income on Donations to Public Goods and Charity: An Experimental Study with Real-World Projects)”
(与王湘红 with Xianghong Wang)《世界经济》The Journal of World Economy, 2023, 46(8): 211-240.
[Abstract (click to expand)]
The differences between the nature of public goods and that of charity are often overlooked. This study examines how the reference point effect induced by relative income gives rise to different behaviour in these two types of donation. In the experiment, we use environmental protection as a public goods setting and poverty alleviation as a charity setting in order to explore the donation decisions of low- and high-income individuals in groups with different relative income. For the robustness test, we conduct corresponding simulation experiments in the laboratory. Theoretical analysis indicates that relative income affects contribution to public goods through conditional cooperation, and affects donation to charity through inequality aversion. The experimental results show that, in the public goods setting, given the level of absolute income, the decrease in the relative income makes individuals increase their contribution through the reference effect of others. In the charity setting, the amount of individual donations is affected by absolute income mainly and is affected by relative income through the belief about other members’ donations. This study provides a better understanding of the behaviour of donations in public goods and charity under the environment of relative income, and this has notable implications for policies related to tertiary distribution, fund raising, and community planning.