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.

Stale Information in the Spotlight: The Effects of Attention Shocks on Equity Markets (w/ Siyu Chen, under review)

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

FMA PhD Session, ABFE, SFA (scheduled), IBEFA(scheduled)

Summary: This paper studies how asset prices are affected when the media draws investor attention to stale information. We exploit a novel natural experiment based on the announcement of a high-profile financial analyst award. Shortly after the award announcement, stocks with preexisting recommendations from award winners, who receive heightened media exposure after winning, experience higher abnormal returns than stocks with recommendations from analysts who barely miss the award. 

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