包郑扬

助理教授

电话:

电子邮件:baozhengyang[at]163[dot]com

办公室:D215

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个人主页:https://zhengyang-bao.github.io/


个人简介 研究成果 研究项目

Welcome to my homepage!

 

Zhengyang is a micro-economist who uses behavioral game-theoretical, empirical, and experimental methods to understand people's decisions in economic and financial interactions. He is making the world a better place by studying ways to promote gender equality, improve market regulations, and deter crimes. He is always willing to learn new topics and expand the scope of his research. So far, he has published in leading social sciences, finance, and economics journals, including NHBJFQA and JEBO, and contributed to news media like CGTN and VoxChina. 

 

Education:

2010-09 to 2014-06, Shandong University, BA in Finance

2012-06 to 2014-07, The University of Queensland, BA in Economics

2015-02 to 2015-12, The University of Queensland, BA in Econometrics (First class honors) 

2017-02 to 2020-12, Monash University, PhD in Behavioral Economics

 

Zhengyang would be happy to talk to students if they have read his papers and relevant literature and plan to pursue an academic career.

1. Do regulations work? Experimental Evidence on Price Limits and Trading Restrictions in Asset Markets with Deterministic and Stochastic Fundamental Values (w/ Kenan Kalayci, Andreas Leibbrandt & Carlos Oyarzun)

Published in Journal of Economic Behavior & Organization

Abstract  We examine how traders react to two prominent stock market regulations. Under a constant fundamental value (FV) process, price limits and trading restrictions abate bubbles when traders are inexperienced, but inhibit price adjustments when traders gain experience. Under a Markov-process FV, these regulations always increase mispricing. Traders underreact to market news when the FV increases and do not react when the FV decreases. We find evidence of momentum trading and the delayed price discovery hypothesis of price limits. These findings emphasize stress-testing asset market interventions and suggest that price limits and trading restrictions do more harm than good.

2. Shadow Banking in a Crisis: Evidence from FinTech During COVID-19 ( w/ Difang Huang)

Published in Journal of Financial and Quantitative Analysis

Abstract We analyze lending by traditional as well as FinTech lenders during COVID-19. Comparing samples of FinTech and bank loan records across the outbreak, we find that FinTech companies are more likely to expand credit access to new and financially constrained borrowers after the start of the pandemic. However, this increased credit provision may not be sustainable; the delinquency rate of FinTech loans triples after the outbreak, but there is no significant change in the delinquency of bank loans. Borrowers holding both loan types prioritize the payment of bank loans. These results shed light on the benefits provided by shadow banking in a crisis and hint at the potential fragility of such institutions when delinquency rates spike.

Media coverage: VoxChina

3. Reform scientific elections to improve gender equality ( w/ Difang Huang)

Published in Nature Human Behaviour

Abstract Women are underrepresented in prestigious science roles in many countries. They shy away from recruitments for leading positions in scientific academies and are less likely to succeed conditional on entry due to reasons unrelated to scientific merit. Reform of election procedures is needed to provide a more gender-neutral environment in the science world.