Working Papers

1. Measuring Firm-Level Currency Exposure

with Zhenkai Ran

SSRN

Presentation: AFA Poster Session 2027, Central Bank of Ireland-UCD-CEPR Conference on Macro-Finance and Financial Stability Policies 2026, 12th Monash-Paris-Warwick-Zurich-CEPR Text-as-Data Workshop, 3rd AI in Finance Conference, KAIST/Korea University K Virtual Finance Seminar*, 2026 New Zealand Finance Meeting#, 2nd International Workshop on Macroeconomics and Finance (University of Macau)#, University of Cambridge*, Boston University

Abstract: We develop DoEx, a firm-quarter measure of currency exposure, built from how intensively managers and analysts discuss the currency environment—exchange-rate levels, volatility, and the dollar's direction—on quarterly earnings conference calls for 8,294 U.S.-listed firms over 2007–2024. DoEx tracks every major dollar episode of the period and rises with firms' real international footprints, and carries information well beyond alternative currency-exposure proxies, including foreign-sales ratios and return-based FX betas. Firms with higher exposure experience equity-price declines when the dollar appreciates, and they act on this exposure by using more FX derivatives and tilting their borrowing toward non-USD-denominated debt.

Keywords: Currency Exposure, Exchange Rates, Conference Calls, Textual Analysis, Hedging

JEL Classifications: F31, G14, G15, G32.

2. Transmission of Tariff Shocks via Institutional Investors

Second-year Paper, Sole-authored

SSRN

Presentation: CES Annual Conference 2026; MRS 2026 International Risk Conference#; IBEFA-WEAI Summer Meeting 2026#; Boston University

Abstract: U.S. tariff increases spill over to listed firms that buy from directly exposed importers, and institutional investors help transmit the shock. Linking Panjiva shipments, Revere supply-chain data, and FactSet holdings, I find that these downstream firms lose 2.5% of market value within three days of a tariff increase. Institutions then sell about $170 million more of each firm's shares than of comparable firms over three quarters. At these firms, outflows are followed by slower sales growth and lower margins than at unlinked firms, and downstream firms shift toward bank borrowing. Upstream suppliers show no significant price or flow response.

Keywords: Tariff shocks; institutional investors; supply chains; spillovers; investor flows; real effects

JEL Classifications: F13, F14, G14, G23, G32.

(*: Presented by coauthor(s); #: Accepted but not presented)

More papers will come soon! 

Awards & Honors

• Doctoral Fellowships, Questrom School of Business, 2024–2029
• Henry Fok Foundation Fellowship, 2020, 2021
• Rector's Honor List of MUST, 2022
• Outstanding Prize in Macau Economic Paper Competition, 2021
• First Ranking Prize and Fellowship of MUST, Ranking 1/742, 2020, 2021
• Outstanding Graduate of MUST, 2022
• Dean's Honor List, 2019, 2020, 2021, 2022
• Bloomberg Market Concepts, 2020
• Certificate for First Aid, Faculty of Medicine, MUST, 2019