Email: Twitter: @RunjingLu

Working Papers

Partisan Entrepreneurship (w/ Joey Engelberg, Jorge Guzman, Will Mullins). SSRN

Presentations: NBER Entrepreneurship Summer Institute*.

Summary: we show that Republicans start more firms than Democrats, and that this difference is time-varying: Republicans increase their relative entrepreneurship during Republican administrations and decrease it during Democratic administrations (and vice versa).

Partisan Fertility and Presidential Elections (w/ Gordon Dahl, Will Mullins). SSRN. NBERUnder review. 

Presentations: AEA (scheduled), NBER Children Summer Institute*.

Media coverage: Bloomberg

Summary: we show large downstream fertility effects following Trump's 2016 election victory: Republican-leaning counties experienced a sharp increase in fertility relative to Democratic counties, while Hispanic fertility fell relative to non-Hispanics.


From Fear to Hate: How A Pandemic Sparks Racial Animus in the United States (w/ Yanying Sheng)SSRN. arXiv.

Review & Resubmit at JEBO. 

Presentations: AEA (scheduled), APPAM (scheduled).

Media coverage: CEPR Covid Econ papers, VoxTalk (podcast)South China Morning Post

Weekendavisen (Danish) 

Summary: We exploit exogenous variation in the timing of the first local COVID-19 case across US and find that anti-Asian racist Google searches and Twitter posts increase immediately following the first local case. Moreover, online animosity and offline hate incidents against Asians both heighten when President Trump more frequently links China and COVID-19 in his tweets while the increase in animus is not stronger in areas enduring more severe economic downturn.


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

SWFA Best Doctoral Paper in Financial Markets.

Presentations: SWFA, AFA poster, FMA PhD Session, ABFE, SFA, IBEFA

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.

Financial analyst car plot06122019.PNG

Social Undermining as a Dark Side of Symbolic Awards: Evidence from a RD Design (w/ Teng Li)SSRN.
Review & Resubmit at OBHDP. 

Presentations: 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 RD design. We find that barely winners perform worse than barely losers after the award designation, and peer sabotage is the main culprit.

When Weed is Legalized Next Door: How Colorado's Recreational Marijuana Legalization Affects Neighboring States [Appendix]

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

Stock Market's Toll on Newborns' Health

* Presented by coauthor.