Working Papers

Working Paper

2026

From Rhetoric to Regime: Policy Transitions in China

with Sheng Huang

• Studies policy paradigm transitions in China through distributional shifts in official policy language.
• Uses large-scale text analysis to identify how policy narratives emerge, fade, and reconfigure over time.
• Links changes in policy language to broader questions of governance, implementation, and state capacity.

Draft Available Upon Request

Working Paper

2026

Industrial Policy via the IPO Market

with Zhiguo He, Yiming Qian, and Wang Renxuan

• Examines how access to public equity markets can function as an instrument of industrial policy in China.
• Shows how policy priorities derived from textual analysis help explain IPO activity, timing, and valuation.
• Highlights how states can steer private capital through capital-market gatekeeping rather than only fiscal tools.

Draft Available Upon Request

Publications

Review of Finance

May 2023 · Vol. 27(3)

Information Acquisition, Uncertainty Reduction, and Pre-Announcement Premium in China

with Rui Guo and Dun Jia

• Studies how information acquisition shapes pre-announcement premiums in the Chinese market.
• Connects uncertainty reduction to cross-sectional differences in market pricing before announcements.
• Shows how investor attention and information environment interact around policy-relevant events.

Published Version · SSRN

Publications in Chinese

金融研究

2019 · Vol. 469(7)

货币政策公告、政策不确定性及股票市场的预公告溢价效应：来自中国市场的证据

贾盾，孙溪，郭瑞

• 从中国市场出发检验货币政策公告与股票市场预公告溢价之间的关系。
• 强调政策不确定性在资产价格反应中的解释作用。
• 为理解政策沟通、信息环境与市场定价提供经验证据。

Published Version