Publications and Working Papers


  1. Reference-dependent Analysis of Capital Structure and REIT Performance” (with Helen X.H. Bao), 2017, Journal of Behavioral and Experimental Economics69, 38-49.
  2. Does Reference Point Matter in the Leverage-return Relationship? Evidence from the U.S. Stock Market” (with Ting Hu), 2017, Applied Economics, forthcoming.
  3. The Property Market in Beijing: Endowment Effect and Sales Strategy”, 2017, Journal of Real Estate Practice and Education, 20 (1), 79-88.
    (This is a case study based on my research and teaching experiences)
  4. Endowment Effect and Housing Decisions” (with Helen X.H. Bao), 2016, International Journal of Strategic Property Management, 20(4), 341-353.

Working papers:

  1. What Drives the WTA-WTP Disparity in Real Estate Market? Endowment Effect, Information Asymmetry and Housing Decisions”. Target Journal: Management Science.
  2. Can Information Disclosure Nudge People to Close Deals? Field Evidence from Housing Market” (with Colin Lizieri and Helen X.H. Bao), Target Journal: Housing Studies.
  3. A Meta Analytic Review of Studies on the WTA-WTP Disparity”. Target Journal: Journal of Business Research.


  1. Real Estate Booms and Real Economy“.
  2. Gambling and Herding: where is alpha?”.
  3. How to Eliminate the Endowment Effect? Emotion, Attitudes and Personality”.