1. The Technical Default Spread, with Emilio Bisetti and Jun Yu, Review of Financial Studies, Volume 37, Issue 11, November 2024, Pages 3386-3430.

2. How to Dominate the Historical Average?, with Yingying Li, Changlei Lyu and Jialin Yu, Review of Financial Studies, online published, 2025.

3. Intermediary-Based Equity Term Structure, with Chenjie Xu, Journal of Financial Economics, Volume 157, July 2024, 103856.

4. Financial Constraint, Cash Flow Timing Patterns and Asset Prices, with Weiping Hu and Xiao Zhang, Journal of Financial Economics, Volume 157, July 2024, 103855.

5. Learning about the Consumption Risk Exposure of Firms, with Yongjin Kim and Lars-Alexander Kuehn, Journal of Financial Economics, Volume 152, February 2024, 103759.

6. The Pollution Premium, with Po-Hsuan Hsu and Chi-Yang Tsou, Journal of Finance, Volume78, Issue3,June 2023, Pages 1343-1392.

* The Commodity & Energy Markets Association (CEMA) Amundi-ESSEC ESG Prize 2022

7. Learning and the Capital Age Premium, with Chi-Yang Tsou and Chenjie Xu, Journal of Monetary Economics, Volume 136, May 2023.

8. Leasing as a Mitigation of Financial Accelerator Effects, with Jun Yu, Review of Finance, Volume 27, Issue 6, November 2023, Pages 2015–2056.

9. The Collateralizability Premium, with Hengjie Ai, Jun Li and Christian Schlag, Review of Financial Studies, Volume 33, Issue 12, December 2020, Pages 5821-5855.  

10. Financial Intermediation and Capital Reallocation, with Hengjie Ai and Fang Yang, Journal of Financial Economics, Volume 138, Issue 3, December 2020, Pages 663-686.

11. News Shocks and Production-Based Term Structure of Equity Returns, with Hengjie Ai, Mariano M. Croce, and Anthony M. Diercks,  2018, Review of Financial Studies, Leading Article (Editor's Choice), Volume 31, Issue 7.

12. Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital, with Hengjie Ai and Mariano M. Croce, 2013, Review of Financial Studies, Volume 26, Issue 2.

13. Lease-Adjusted Productivity Measurement, with Weiwei Hu and Yiming Xu, Journal of Banking and Finance, Volume 164, July 2024, 107121.

14. Leased Capital and the Investment-q Relation, with Linqing You, Journal of Corporate Finance, Volume 80, June 2023.

15. Leasing and the Allocation Efficiency of Finance, with Weiwei Hu and Yiming Xu, Journal of Empirical Finance, Volume 74, December 2023, 101426.

16. Asset Pricing with a Financial Sector, with Chenjie Xu,  Financial Management, Volume52, Issue1, Spring 2023, Pages 67-95.

17. Regime Shifts in a Long-run Risks Model of Stock and Treasury Bond Markets, with Chenjie Xu, China Finance Review International, Leading Article (Editor's Choice), Volume 12, No. 4, October 2022.

18. Model Hazard and Investment-Cash-Flow Sensitivity, with Hengjie Ai and Rui Li, Annals of Economics and Finance,  25-1, 143–174 (2024).

19. Transitional Notional Defined Contribution Scheme: A New Option of China's Social Security Pension Reform, with Gang Yi, Comparative Studies (in Chinese), No. 29, March 2007.

Working Papers：

1. Leasing as a Risk-Sharing Mechanism, with Chi-Yang Tsou  (Previous version is titled ''The Leased Capital Premium'' ), R&R

2. Leasing as a Mitigation Channel of Capital Misallocation, with Weiwei Hu and Yiming Xu, R&R

3. Facilitating Entry through Leasing, with Weiwei Hu and Yiming Xu, R&R

4. Allocative Efficiency of Green Finance Instruments, with Yicheng Wang and Chenjie Xu

5. The Asset Durability Premium, with Dun Jia and Chi-Yang Tsou

* AFAANZ Conference Best Paper Award 2022

6. The Anatomy of Corporate Climate Exposure, with Weiwei Hu and Tingyu Yu

7. Climate Innovation and Carbon Emissions: Evidence from Supply Chain Networks, with Ulrich Hege and Yifei Zhang

8. Leasing, Pecuniary Externality, and Aggregate Efficiency, with Yicheng Wang and Yiming Xu

9. Flexibility, Option Value of Leasing, and Investment, with Linqing You

10. Growth Expectations around FOMC Announcements, with Mikhail Bhatia

11. Leasing and the Idiosyncratic Volatility Puzzle, with Kaihong Song

12. A High Frequency Measure of Chinese Monetary Policy Shocks, with Jianyao He, Dun Jia, and Wenbin Wu

13. Patent and Latent Innovation, with Jiening Pan and Jialin Yu

14. Finance Lease and the Capital Allocation Efficiency in China, with Yuan Wang (Draft available upon request)

15. The Technology Gap, with Weiwei Hu and Yifu Liu

16. The Belief on Implicit Government Guarantee as a Spillover Channel: Evidence from Chinese Local SOE Bond Markets, with Yiming Zhang (Draft available upon request)

17. Moral Hazard, Investment, and Financial Constraints, with Hengjie Ai, Rui Li and Neng Wang (Draft available upon request)