Working papers

with Li-An Zhou · Working paper

When Formal Authority Moves Up: Rescaling in Third-Party Regulatory Markets

Using linked records on more than 960,000 environmental-review projects, intermediary agencies, professionals, and clients, this paper studies how shifting approval authority from counties to prefectures changes intermediary matching, screening, delay, and the value of local experience.

Selected presentation University of Tokyo–Harvard-Yenching Institute Joint Training Program, 2026

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Sole author · Reject and Resubmit at Management Science

Securing the Care Workforce: How Public Insurance Commitments Reshape Human Capital Pipelines

Using China’s Long-Term Care Insurance pilots and nationwide college-admissions data, this paper studies whether credible public commitment can reshape the selectivity and composition of the nursing workforce pipeline before posted wages adjust.

Selected presentations ASHEcon Annual Conference, 2026 · ARIA Annual Meeting, 2026

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with Lingyan Suo · Working paper

Reaching for Guaranteed Yield: Liability-Side Deregulation and Quasi-Sovereign Debt

This paper studies how universal-life insurance deregulation changes institutional demand for local-government financing vehicle bonds, linking insurer funding pressure to the pricing and market access of quasi-sovereign debt.

Selected presentations AFA Ph.D. Student Poster Session, 2027 · 23rd China Finance Annual Meeting, 2026 · ARIA Annual Meeting, 2026

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with T. Hao & C. Wu · Major Revision at Journal of Risk and Insurance

Accelerating Fragility: Climate Shocks, Information Contagion, and Systemic Risk in Opaque Insurance Markets

Studies how climate shocks and information contagion amplify systemic risk in opaque insurance markets.

Sole author · Under review at European Journal of Operational Research

Outcome-Preserving Stopping Rules in Sequential Contests: Evidence from Professional Table Tennis

Studies how stopping rules alter strategic incentives and the informational content of sequential competition while preserving the final outcome rule.

Sole author · Working paper

When Margins Count: Aggregation and the Payoff Relevance of Past Performance

Using the ITTF World Cup, this paper studies how aggregation rules determine which parts of past performance remain payoff-relevant for future rewards. It reconstructs rule-specific advancement stakes and shows that final-match pacing responds to the payoff map contestants actually face, with the clearest adjustment appearing in preparation time.