Working Papers
- Accepted, Journal of Financial Economics
- National Bureau of Economic Research (NBER) Working Paper
- The AMTD FinTech Centre Prize at the 2022 AsianFA Annual Conference
Abstract: Based on a new measure of fintech exposure at the occupation level, constructed by intersecting textual information in job task descriptions and patents, we study the creative destruction effect of fintech disruptions on firms' hiring strategy. Using a panel of job posting data, we document a significant decline of job postings as well as new job creation in the highest exposed occupations within the same firm. Firms resort to upskilling, requiring more ``finance + tech" skills and higher educational attainment when hiring in fintech-exposed occupations. Innovative firms are able to offset the disruptive effect from the fintech shock. However, only inventors (but not acquisition-driven innovators) enjoy growth in employment, sales, and productivity.
Presentations: 2024 Western Finance Association (WFA) Annual Meeting; 2022 The China International Conference in Finance (CICF); 2022 The Asian Finance Association (AsianFA) Annual Meeting; 2022 SFS Cavalcade Conference; 2021 Annual FDIC/JFSR Bank Research Conference; 2021 Webinar on Labor and Finance; 2021 Northern Finance Association (NFA) Annual Meeting; 2021 Annual PhD Student Symposium on Financial Market Research and Policy Development; 2021 Cambridge Centre for Alternative Finance Annual Conference (Planned); 2021 Workshop on Entrepreneurial Finance and Innovation; 2021 Atlanta Rising Scholar Symposium in Finance (ARSS)
[2] AI and the Extended Workday: Productivity, Contracting Efficiency, and Distribution of Rents [NBER] [SSRN] with Wei Jiang, Junyoung Park, and Shen Zhang
- National Bureau of Economic Research (NBER) Working Paper
Abstract: This study investigates how occupational AI exposure impacts employment at the intensive margin, i.e., the length of workdays and the allocation of time between work and leisure. Drawing on individual-level time diary data from 2004–2023, we find that higher AI exposure---whether stemming from the ChatGPT shock or broader AI evolution---is associated with longer work hours and reduced leisure time, primarily due to AI complementing human labor rather than replacing it. This effect is particularly pronounced in contexts where AI significantly enhances marginal productivity and monitoring efficiency. It is further amplified in competitive labor and product markets, where workers have limited bargaining power to retain the benefits of productivity gains, which are often captured by consumers or firms instead. The findings question the expectation that technological advancements alleviate human labor burdens, revealing instead a paradox where such progresses compromise work-life balance.
Presentations: 2025 Baruch College; 2024 Georgia State University
[3] Venture Capital Investment and Employee Effort (with Shen Zhang)
Abstract: We study the effect of venture capital investment in incentivizing effort at work. We
find that after peers receive venture capital investment, computer programmers reduce their
participation in open-source projects unrelated to their paid jobs, indicating that they put more effort
into work. We rule out alternative explanations and find that the effect is more pronounced when
the programmer is in closer proximity with her peers, and when her personal projects have low
synergy with those owned by her employers. The affected programmers are less likely to leave their
current employers, and the startups experience improved funding and exit opportunities.
find that after peers receive venture capital investment, computer programmers reduce their
participation in open-source projects unrelated to their paid jobs, indicating that they put more effort
into work. We rule out alternative explanations and find that the effect is more pronounced when
the programmer is in closer proximity with her peers, and when her personal projects have low
synergy with those owned by her employers. The affected programmers are less likely to leave their
current employers, and the startups experience improved funding and exit opportunities.
Presentations: 2024 Fordham University; 2023 Georgia State University
[4] Climate Risk in the Workplace: Labor Market Consequences and Firm Performance [SSRN]
Abstract: This paper studies how physical climate risk affects firms’ operations through the labor channel. Based on a time-varying measure of climate exposure at the occupation level, I document that climate-exposed jobs have shorter working hours and lower productivity, which is associated with additional employment, especially of part-time workers, as a workforce supplement. These effects are more pronounced when negative climate events occur. At the firm level, I find that firms whose workforce is more climate-exposed have employment buffers, higher employee health insurance and more workplace injury compensations. These findings are driven by firms with greater labor dependency and union coverage, consistent with the labor channel. Moreover, climate-exposed firms experience worse operating performance and stock market performance when hit by climate surprises. Finally, leveraging the California Heat Standard, I make causal inferences about the impact of workforce climate exposure.
Presentations: : The 2023 Fordham ESG Workshop; 2022 Georgia State University
[5] Climate-Induced Labor Risks and Firm Adaptation Investments [SSRN]
- Runner-up in the 3rd Annual FIASI-Gabelli School Student Research Competition on environmental, social and governance (ESG) focused investments and innovations
Abstract: This paper studies whether and how firms adapt to climate-induced labor risks through automation investments. Using textual analysis, I construct a measure of automation investment intensity at the firm level based on material news and events. I find that firms whose workforce is more climate-exposed invest more in automation when they face adverse long-term climate conditions and are not financially constrained. The automation news of these firms is also associated with positive stock market responses. In addition, I uncover that after automation adoption, climate-exposed firms carry a smaller employment buffer and have lower employee insurance costs; they also enjoy better operating performance under short-term climate shocks. Overall, these results imply that automation investments effectively help firms mitigate climate-induced labor risk and speak to the implications of climate adaptation strategies.
Presentations: 2023 American Finance Association (AFA) Ph.D. Student Poster Session
[6] Externalities of the Sharing Economy: Evidence from Ridesharing and the Local Housing Market [SSRN]
- 2021 Southern Finance Association (SFA) outstanding doctoral student paper
Abstract: Exploiting Uber X’s staggered entry, I assess how ridesharing influences households and the local housing market through its interaction with public transit. After ridesharing’s entry, housing prices and rents increase at the zip-code level. The effect is more pronounced in locations with greater access to public transit, lower driving probability, larger populations, lower median ages, and more minorities, consistent with the notion that ridesharing complements public transit and Uber users’ characteristics. Price appreciation is strongest for houses just beyond walking distance to public transit, suggesting ridesharing mitigates the “last mile” problem and redistributes the public transit premium.
Presentations: 2021 Southern Finance Association (SFA) Annual Meeting; 2021 Financial Management Association (FMA) Annual Meeting; 2021 American Finance Association (AFA) Ph.D. Student Poster Session; 2021 OSU PhD Conference on Real Estate and Housing; 2021 Eastern Finance Association (EFA) Annual Meeting; 2019 Georgia State University Second-Year Paper Presentation