Email: Twitter: @RunjingLu

Working Papers

Summary: We exploit exogenous variation in the timing of the first local COVID-19 confirmed case across U.S. and find that anti-Asian racist Google searches and Twitter posts increase immediately following the first local confirmed case. Moreover, online anti-Asian animosity and offline hate incidents both heighten when President Trump more frequently links China and COVID-19 in his tweets. In contrast, the negative economic impact of the pandemic plays little role in driving racial animus.

The Impact of Star Analyst Awards on Equity Markets: A Regression Discontinuity Design (w/ Siyu Chen)

SWFA Best Doctoral Paper in Financial Markets. Presented at SWFA, AFA poster,


Summary: Using a RD design, we study the causal impact of an influential star analyst award on market reaction and analysts’ post-award performance. Award announcement leads to higher market reaction to stocks with preexisting recommendations from barely winners than those from barely nonwinners. Evidence strongly suggests that attention trading and speculative trading are the main driving force. We also find that awardees receive more resources from brokerages and perform better in earnings forecast than others after the award. Our findings highlight that investors may incorporate award information into their trading suboptimally and that award recognitions have long-lasting effects on sell-side research through resource reallocation.

Symbolic Awards at Work: A Regression Discontinuity Design (w/ Teng Li)

Presented at SOLE, COPE, ACLEC poster, EMCON, Warwick PhD conference

Summary: This paper studies the effects of a non-pecuniary symbolic award on winners, losers, and their peers, using a regression discontinuity design. We find that barely winners perform worse than barely losers after the award designation, and peer sabotage is a main culprit.

Summary: This paper studies the effect of the Recreational Marijuana Legalization (RML) in Colorado on the illegal marijuana possession in its neighboring states. After Colorado's RML, counties closer to the Colorado border experience higher increase in illegal marijuana possession offenses and arrests among adult males than counties farther away. 

Work in Progress

Do Changes in Political Power Affect Fertility Choices? (joint w/ Gordon Dahl and Will Mullins)

Stock Market's Toll on Newborns' Health