• Nature transition risk

  With Fukang Chen, Haoyu Gao, Hao Liang.

  This paper analyzes how investors price biodiversity transition risks for listed firms during COP15. By examining cumulative abnormal returns of Chinese firms and using NLP to measure risk exposure, it investigates the financial impact and explores mechanisms and outcomes like information disclosure.

• Precipitation anomalies and credit risk: evidence from private lending disputes in China

  With Haoyu Gao.

  Using judgement documents of private lending disputes in China, this paper reveals that precipitation anomalies raises private lending defaults, primarily due to disrupted agriculture activities and reduced income. Water infrastructure and insurance can mitigate these adverse effects.