Research

Working Papers

Deleveraging Developers in China: Real Effects and Spillovers (2026)
Xiaozhe Guo, Yaling Jin, Hong Ru, Endong Yang, Kunru Zou
CIFFP 2025, SHKDI 20th Annual Conference, China Banking and Corporate Finance Conference 2026, Dishui Lake Finance Conference 2026, AMES-China 2026, Inaugural CEIBS-APS Centre for Financial Markets Academic Conference.
Examines the effects of China's Three-Red-Lines policy on developer financing, land acquisition, sales, local government land revenue, and LGFV participation in land markets.
PDF | SSRN

Household mobility and collateral constraint: Cash-based housing resettlement in China (2026)
Zhiguo He, Zehao Liu, Xinle Pang, Yang Su, Kunru Zou
8th Annual Macroprudential Conference at Deutsche Bundesbank, CICF 2025, the 13th Growth and Institution Meeting at Tsinghua University, the Inaugural PHBS-IER Conference at Peking University HSBC Business School.
Examines how cash-based housing resettlement relaxed borrowing constraints, affected migration, and influenced house prices in China.
PDF | SSRN

Publications

Early life experience and CEO's reactions to COVID-19 (2025)
Hong Ru, Endong Yang, Kunru Zou — Journal of Accounting and Economics
PDF | Publisher | SSRN

Minimum wages, state ownership, and corporate environmental policies (2025)
Tao Chen, Xi Xiong, Kunru Zou — Journal of Financial and Quantitative Analysis
PDF | Publisher | SSRN

Cultural antecedents of virus transmission (2023)
Zhiyu Feng, Kunru Zou, Krishna Savani — Journal of Personality and Social Psychology
PDF | Publisher | SSRN

How do individual politicians affect privatization? Evidence from China (2022)
Hong Ru, Kunru Zou — Review of Finance
PDF | Publisher | SSRN

Combating the COVID-19 pandemic: The role of the SARS imprint (2021)
Hong Ru, Endong Yang, Kunru Zou — Management Science
PDF | Publisher | SSRN