Publications and Working Papers

Journal articles:

  1. Endowment Effect and Housing Decisions” (with Helen X.H. Bao), 2016, International Journal of Strategic Property Management, 20(4), 341-353.
  2. Reference-dependent Analysis of Capital Structure and REIT Performance” (with Helen X.H. Bao), Submitted to the Journal of Behavioral and Experimental Economics. Accepted subject to revision.
  3. The Property Market in Beijing: Endowment Effect and Sales Strategy”, Journal of Real Estate Practice and Education, Forthcoming.
    (This is a case study based on my research and teaching experiences)
  4. Does Reference Point Matter in the Leverage-return Relationship? Evidence from the U.S. Stock Market” (with Ting Hu), Submitted to the Journal of Empirical Finance, under review.
  5. Can Information Disclosure Nudge People to Close Deals? Field Evidence from Housing Market” (with Colin Lizieri and Helen X.H. Bao), Submitted to the Journal of Economic Psychology.

Working papers:

  1. What Drives the WTA-WTP Disparity in Real Estate Market? Endowment Effect, Information Asymmetry and Housing Decisions”. Working paper, job market paper. (target journal: Journal of Economic Behavior & Organization)
  2. A Meta Analytic Review of Studies on the WTA-WTP Disparity”. Working paper. (target journal: European Economic Review)


  1. How to Eliminate the Endowment Effect? Emotion, Attitudes and Personality”. Work-in-progress.
  2. Capital Structure Decisions and Asymmetric Risk Preferences”. Work-in-progress.
  3. Variable Liquidity and Commercial Real Estate Price Indices”. Work-in-progress.