Email: Twitter: @RunjingLu


"Partisan Fertility and Presidential Elections" (w/ Gordon Dahl and William Mullins), American Economic Review: Insights, forthcoming. AER:ISSRN. NBER.

  • Covered in Bloomberg, Vox Talks

  • 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.

How Racial Animus Forms and Spreads: Evidence from the Coronavirus Pandemic (w/ Yanying Sheng)Journal of Economic Behavior & Organization, Vol. 200, pp. 82-98, August 2022. JEBO. SSRN. arXiv.

  • Covered in CEPR Covid Econ papers, Vox TalksSouth China Morning PostWeekendavisen

  • Summary: the arrival of COVID-19 case in an area leads to an immediate surge in local anti-Asian animus. Moreover, public figures' opinions on the issue matters -- online animosity and offline hate incidents against Asians both heighten when President Trump frequently links China and COVID-19 in his tweets.

Social Undermining as a Dark Side of Symbolic Awards: Evidence from a RD Design (w/ Teng Li)Organizational Behavior and Human Decision Processes, accepted. SSRN.

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

Working Papers

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

  • Best Paper Prize in Corporate Finance at the 2022 MFA Conference 

  • Best Paper Prize at the 2021 Colorado Finance Summit

  • Covered in WSJ Real Time Economics

  • Presented at NBER Entrepreneurship SI*, HEC Paris Entrepreneurship Workshop*, Colorado Finance Summit*, SoCal PE, MFA, LMU, EFA

  • 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).

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

  • Best Doctoral Paper Prize in Financial Markets at the 2018 SWFA

  • Presented at 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. 

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

Work in Progress

Partisanship and Worker Productivity: Evidence from Patenters (w/ Joey Engelberg, Will Mullins, and Rick Townsend)

Stock Market's Toll on Newborns' Health

* presented by coauthor; ^ scheduled presentation