Research

Working Papers

1. “Who Value ESG More: Retail or Institutional Investors?” with Siwen Hao and Manuela Pedio 

Highlights: We are the first to show that institutional and retail investors value ESG differently, with 2.7 basis points and 1.3 basis points for every unit deduction on ESG risk per quarter, respectively. We prove that different investors have preferences and mechanisms for ESG investments through different perspectives on return, ESG risks, and components of ESG, reflected in their investment behaviours. Our results suggest that even though greenwashing exists, investors’ attentions and valuations of ESG lead to higher trading volumes in ESG investments and positively affect the development of sustainable and responsible investments. 

Note: This work has been, luckily and honourably, accepted by the 16th CEA (Europe) and 35th CEA (UK) Annual Conference at UCL, the third Economics of Financial Technology Conference at the University of Edinburgh, the 6th International Conference on European Economics and Politics, CINSC 2024 ICMA at Henley, 2024 EMCC-VIII Conference at the University of Cambridge, the 2024 Annual International Finance Conference at the Nanchang University, the 4th BILT student research festival (presented) at the University of Bristol, the 2024 International Association of Applied Econometrics Annual Conference at Xiamen University (presented), the 2024 Chinese Economists Society (CES) China Conference at Zhejiang University  (presented),  2025 Bocconi-Bristol Workshop on Green and Sustainable Finance (poster presentation, planned),  etc. This is an initial draft and is under major restructuring and revising. 

2. “Understanding Financial Markets by Ancient Chinese Wisdom” (Sole Author) 

Highlights: This paper shows that ancient Chinese wisdom can help investors, academics, professionals, and regulators better understand the financial markets and make more feasible decisions accordingly. This is a pioneering study that systematically understands how Chinese wisdom can be used to understand financial markets in different situations. As there are countless experiences and histories that may be used to learn and reflect on the financial market and investor behaviours, this paper provides an example of how to learn these lessons and shows some insights about the future of finance using ancient Chinese wisdom. 

Note: This work has been accepted to present at the 2024 ESRC SWDTP PhD Student Annual Conference. Major revisions are expected. 

3. “Spillover Effects between the Chinese and US Stock Markets by RMB-USD Exchange Rates” (Sole Author) 

Highlights: This paper provides evidence that 1) the exchange rate can affect the cross-border dynamics in stock markets, 2) changes in the exchange rate amplify the spillover effects across these stock markets, and 3) these spillover effects can be transformed through both mean return and volatility channels.

Note: This might be a permanent working paper unless major contribution points can be discovered. 

4. “The Art of Balance Amidst Economic Development and Environmental Problem - Evidence from China’s Animal Welfare” with Siwen Hao 

Highlights: Our results show that animal welfare (“Art”) contributes to the balance between economic development and environmental problems. These findings are important for future animal welfare protection and enhancement, particularly in developing countries. We can also take these advantages to better One-health city and Zero-Carbon city construction, where we need to think of community members, not just humans. 

Note: This work has been selected to present (poster) by Siwen at the IFLA 60th World Congress in Istanbul. This is an initial draft and is under major restructuring and revising. 

5. “Trading by Charts: A Multivariate CNN System to Predict Retail Investor Trading” (Sole Author)

Highlights: This study contributes to the economic and financial literature by filling the gap in the predictions of retail investor behaviour using cutting-edge machine learning techniques based on novel applications of data. In addition, this prediction system can improve social welfare by helping retail investors make less biased decisions, informing financial institutions to better engage with retail investors, and assisting financial authorities to better monitor and manage risks caused by retail investors in the market.

Note:  This work was my Master's dissertation under the supervision of Prof. Vincent Han, the work is now at a very early stage and it is my pleasure that this has been accepted by a series of distinguished economics and finance conferences, including the 2nd Modern Finance Conference, the 2025 CES NA Annual Conference, the 2025 Asian Finance Association Annual Conference, the 18th International Behavioural Finance Conference, 2025 RCEA International Conference in Economics, Econometrics, and Finance, the IFABS Oxford 2025,  International Conference on Economic Modeling and Data Science Science (EcoMod2025), the 45th International Symposium on Forecasting (planned), Doctoral Workshop at the 15th EDSI (European Division of Decision Sciences Institute) Annual Conference, the Ninth PKU-NUS Annual International Conference on Quantitative Finance and Economics (planned), the 2025 CES China Annual Conference, 4th Digital Economy Forum of the China Society of World Economics (planned), etc.

Selected Work in Progress

“Trading by Charts” 

“How Are Market Information Assessed by Retail Investors?” 

“ESG News and Investors Reactions” 

Here is Jay's story of his Academic Research Journey.

I am currently a PhD student at the University of Bristol. My research interests include FinTech, Retail Investments, Machine Learning, Artificial Intelligence, ESG, Social Welfare, Investor Behaviour, Applied Financial Econometrics, Chinese Financial Market, Financial Theory, etc.

On my academic path, I am grateful to receive funding support from the following supporters.

1. My family (love you Mom and Dad ❤️)

2. The University of Bristol

3. The University of Bristol Business School

4. The University of Bristol Faculty of Social Science and Law

5. The University of Bristol Doctoral College

6. The University of Bristol SEC Alumni Grants Group

7. Jean Golding Institute at the University of Bristol

8. The Alan Turing Institute

9. Bocconi University

10. International Associate of Applied Econometrics

None of my achievements or progress would have happened without these generous supporters. 

I am the first generation to go to university in my family. I am not talented, I am not smart, and I am not even working very hard. I am a normal person who is resilient and determined in his dream, which is the most important thing for the academic journey, and maybe for all journeys. Besides, it is important to put every effort into chasing dreams.

My academic journey begins with my bachelor's degree in Finance at the University of Bristol. When I chose the program, I knew nothing about finance and I thought, similar to many, finance is a major that allows us to make a lot of money in the industry (which is obviously not the case). Luckily, later on, I found my interest in finding the truth behind the cover (it is important to keep curiosity) and in contributing to the future of human well-being. If this is the case for you, research is a good option. I then tried both industrial research and academic research (my first research assistantship with Dr Manuela Pedio and Dr Silvina Rubio) and subjectively concluded that academic research is actually the thing I want. After careful consideration, I decided to start an academic career in finance and applied economics.

The journey is never smooth, due to non-outstanding academic performances in UG, I faced a bunch of difficulties in the application of MSc, Pre-Doc, and PhD programs: Applied, Rejected; Applied, Rejected; etc (Sometimes I can get interviewed or future tasks).  But I am grateful for these experiences, which made me different and, more importantly, resilient and determined. I am even thinking of making a CV of Failures on this webpage, I will do so if I find some time later.

TBC...

What It Takes to Be A Good Scholar?

In this part, I am going to share my naive thoughts about my understanding of 1. what is a good scholar; 2. how to move toward to that goal.

1.  What is a good scholar? 

Before answering this question, it is important to define what is a scholar? I prefer the word "Scholar" to "Researcher" because the previous word contains the meaning of a person who focus on research but goes beyond that. Scholar is a status of lifelong learning and contributing to the field. 

It is important to differentiate Good Scholar from Impactful Scholar.

TBC.

What It Takes to Be An Impactful Scholar?

An impactful scholar is someone who caused significant effects to participants in the field, sector, and the world. These effects can be academic outputs, personal characteristics, and brilliant thinking.

Influential academic outputs normally are

1. New theories and methodologies that can be widely applied in the field and in other related fields.

2. Important empirical findings in a hot but long-lasting topic. 

3. Widely used textbooks in the field around the world.

TBC.

If you have any questions or suggestions for me, please feel free to get in touch below.