Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …

This paper explores the impact of capital market internationalization on firms' ESG
performance, utilizing the event that China A-shares were officially included in the MSCI …

A review of recent advances in open economy analysis under segmented international
financial markets. A set of modeling tools that have been used to understand financial crises …

In the wake of financial globalization, the volatility spillovers between financial markets have
become increasingly prominent. Thus, this study focuses on three typical multi-country …

Global risk and risk aversion shocks have distinct distributional impacts on capital flows with
salient consequences for tail risk in emerging markets. Open-end mutual fund trading …

First and foremost, I extend my deepest gratitude to my advisor, Prof. Dacheng Xiu, who has
guided me since my master's studies. Dacheng has not only been an exceptional academic …

Frequent, yet uninformed, market timing recommendations by a financial advisory firm
generate significant flows for Chilean pension funds. These flows give rise to substantial …

We study the effects of financial sector openness on domestic firms. To do so, we explore a
policy experiment following the announcement of a broad financial sector liberalization in …

We study the implications of benchmark indexing for emerging economies by focusing on
the inclusion of Chinese A-shares in the MSCI EM index. Making use of a rich dataset on …

We find that countries able to borrow at spreads that seem low given fundamentals (eg,
because investors are bullish regarding the country's future) are more likely to develop …