Research

Working Papers

Carbon emission and asset prices: new evidence from machine learning (with Feng Li)

We predict the carbon emissions of US-listed firms with XGBoost and find a reversed carbon premium after 2016. (This is my second-year summer paper.)
--- Presentations at CICF2023, CFRI-CIRF 2023 joint conference, CMCSR2023, SBSICF2023

Clustered by images: Convolutional neural networks, investor heterogeneity, and Chinese stock market predictability (《图以类聚：卷积神经网络，投资者异质性与中国股市可预测性》 in Chinese, with Yuqiao Fang and Feng Li)

We propose a simple but effective method to improve the predictability power of CNN in the Chinese Stock market.
--- Presentations at CFAC2024. Conditionally accpected at Journal of Management Sciences in China （《管理科学学报》）

AI as Decision-Maker: Ethics and Risk Preferences of LLMs (with Shumiao Ouyang and Hayong Yun)

Large language models do exhibit consistent risk preferences and ethical fine-tuning has unintended consequences on their risk preferences.
--- Presentations at ABFER-JFDS 2024, OxNLP, GPI, Oxford Finance, SBS Board, SAIF, PKU NSD, ZJU Econ, SFS Cavalcade 2024, CREDIT 2024, Adam Smith Junior 2024, and CBF 2024, 4th Hongkong AI Conference 2025, NAWM Econometric Society 2026

Memory and Generative AI (solo)

Large language models rely on associative memory to make decisions, even if the memories are entirely unrelated to the decision domain.
--- Presentations at Harvard, SAIF, ABFER 2025 Poster session. Scheduled presentations at CICF2025, CFRC 2025

Work in Progress

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Improving Investor Trading Habit via Digital Companion (with Xiaomeng Lu, Jun Qian and Shang-Jin Wei)

We conducted experiments and found that digital nudging is effective at changing investors' behavior.
--- Partnered with the Ant Group.