Details about Xiang Gao

Access statistics for papers by Xiang Gao.

Last updated 2026-07-17. Update your information in the RePEc Author Service.

Short-id: pga431

Working Papers

2026

1. The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States
   Papers, arXiv.org
   See also Journal Article The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States, Journal of International Financial Markets, Institutions and Money, Elsevier (2026) (2026)

2025

2. Does Biodiversity Risk Matter to Capital Markets? New Evidence from China
   CEPR Discussion Papers, Centre for Economic Policy Research View citations (1)

2023

3. The Prospect Capital Asset Pricing Model: Theory and Empirics
   CEPR Discussion Papers, Centre for Economic Policy Research

2022

4. Relative Investor Sentiment Measurement
   Working Papers, Utrecht School of Economics
   Also in CEPR Discussion Papers, Centre for Economic Policy Research (2022)

2009

5. Macroeconomic Analysis on the Basis of Trade Theory: A Review Essay
   MPRA Paper, University Library of Munich, Germany
6. Private Debt with Default Risk within and across Border
   MPRA Paper, University Library of Munich, Germany

Journal Articles

2026

1. Biodiversity Scores and Corporate Profitability
   International Journal of Finance & Economics, 2026, 31, (3), 3216-3232
2. Shadow banking engagement and trade-credit financing: Evidence from nonfinancial firms in China
   Economic Systems, 2026, 50, (1)
3. The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States
   Journal of International Financial Markets, Institutions and Money, 2026, 106, (C)
   See also Working Paper The effect of investor-driven information diffusion on excess comovement: Evidence from retail and institutional investors in China and the United States, Papers (2026) (2026)

2025

4. Can ESG performance shape dynamic risk spillovers? Evidence from Chinese carbon and equity markets
   Finance Research Letters, 2025, 72, (C) View citations (2)
5. Can cryptocurrencies improve portfolio diversification? Evidence from the prospect risk perspective
   Research in International Business and Finance, 2025, 76, (C)
6. Corporate Digital Transformation and Capacity Utilization Rate: The Functionary Path via Technological Innovation
   IJFS, 2025, 13, (3), 1-31
7. Global shocks and local connectedness: evidence from dynamic tail risk interdependences among Chinese regional carbon markets
   Applied Economics Letters, 2025, 32, (10), 1357-1362
8. How Retail vs. Institutional Investor Sentiment Differ in Affecting Chinese Stock Returns?
   JRFM, 2025, 18, (2), 1-18 View citations (1)
9. Relative investor sentiment
   International Review of Economics & Finance, 2025, 100, (C)
10. Text similarity in analyst reports and stock price synchronization
    Journal of Economics and Business, 2025, 136, (C)

2024

11. China’s GDP-at-Risk: Real-Time Monitoring, Risk Tracing, and Macroeconomic Policy Effects
    Journal of International Money and Finance, 2024, 147, (C) View citations (2)
12. Corporate SDG performance and investor trading behavior
    Finance Research Letters, 2024, 66, (C) View citations (4)
13. Environmental, Social, and Governance (ESG) for Online Marketplaces
    Electronic Markets, 2024, 34, (1), 1-5 View citations (4)
14. Extreme weather, climate risk, and the lead–lag role of carbon
    Global Finance Journal, 2024, 61, (C) View citations (3)
15. Lead-lag relations between the Chinese carbon and energy markets: Evidence from extreme climate shocks
    Finance Research Letters, 2024, 70, (C)
16. Macro-prudential policy, digital transformations and banks’ risk-taking
    The Quarterly Review of Economics and Finance, 2024, 98, (C) View citations (2)
17. The Crowding-Out Effect of ESG Practices on Social Welfare: Evidence from China
    Chinese Economy, 2024, 57, (2), 102-122
18. The Impact of Political Risks on Financial Markets: Evidence from a Stock Price Crash Perspective
    IJFS, 2024, 12, (2), 1-16 View citations (2)

2023

19. Dynamic information spillover between Chinese carbon and stock markets under extreme weather shocks
    Humanities and Social Sciences Communications, 2023, 10, (1), 1-12 View citations (7)
20. Forecasting Bitcoin Futures: A Lasso-BMA Two-Step Predictor Selection for Investment and Hedging Strategies
    SAGE Open, 2023, 13, (1), 21582440231151652 View citations (3)
21. Forecasting European stock volatility: The role of the UK
    International Review of Financial Analysis, 2023, 89, (C) View citations (1)
22. How Do State-Owned and Private-Owned CVC Differ in Nurturing Innovation in China?
    JRFM, 2023, 16, (1), 1-12
23. Intergenerational education mobility: A machine learning perspective
    World Journal of Vocational Education and Training, 2023, 5, (1), 1-10
24. The interactive CNY-CNH relationship: A wavelet analysis
    Journal of International Money and Finance, 2023, 133, (C) View citations (4)

2022

25. Brexit and global equity fund capital reallocation
    Journal of International Money and Finance, 2022, 125, (C) View citations (3)
26. CEO-director connectedness and firm’s operational risk
    Applied Economics Letters, 2022, 29, (12), 1102-1106
27. Effects of International Tourist Flow on Startup Financing: Investment Scope and Market Potential Perspectives
    SAGE Open, 2022, 12, (4), 21582440221126455 View citations (1)
28. LASSO-based high-frequency return predictors for profitable Bitcoin investment
    Applied Economics Letters, 2022, 29, (12), 1079-1083 View citations (1)
29. Market Reaction to Local Attention around Earnings Announcements in China: Evidence from Internet Search Activity
    IJFS, 2022, 10, (4), 1-26 View citations (2)
30. Retail store entry and online consumer search: the role of cognitive versus physical search costs
    Nankai Business Review International, 2022, 13, (4), 630-647
31. The emotional cost-of-carry: Chinese investor sentiment and equity index futures basis
    China Finance Review International, 2022, 12, (3), 451-476 View citations (5)

2021

32. A Choice Model of University Endowments Governance
    The B.E. Journal of Theoretical Economics, 2021, 21, (1), 269-285
33. Financial Twitter Sentiment on Bitcoin Return and High-Frequency Volatility
    Virtual Economics, 2021, 4, (1), 7-18 View citations (3)
34. How China's accession to the WTO affects global welfare?
    China Economic Review, 2021, 69, (C) View citations (13)
35. Limited Attention and Post-Earnings Announcement Drift: Evidence from China s Stock Market
    International Journal of Economics and Financial Issues, 2021, 11, (1), 1-17
36. Modeling retirees’ investment behaviors in the presence of health expenditure risk and financial crisis risk
    Economic Modelling, 2021, 94, (C), 442-454 View citations (1)
37. On the Predictability of China Macro Indicator with Carbon Emissions Trading
    Energies, 2021, 14, (5), 1-24
38. Option informativeness before earnings announcements and under real activity manipulation
    Pacific Accounting Review, 2021, 33, (3), 361-375

2020

39. How do job vacancy rates predict firm performance? A web crawling massive data perspective
    Pacific-Basin Finance Journal, 2020, 62, (C)
40. How does real earnings management respond to the 2007-2008 financial crisis?
    Pacific Accounting Review, 2020, 32, (4), 495-517
41. On the Role of Projected FDI Inflows in Shaping Institutions: The Longer-Term Plan for Post-Pandemic Investment Reboot
    East Asian Economic Review, 2020, 24, (4), 441-468

2018

42. Trade liberalization and markups: Micro evidence from China
    Journal of Comparative Economics, 2018, 46, (1), 103-130 View citations (52)

2017

43. Domestic Creditor Rights and External Private Debt
    Economic Journal, 2017, 127, (606), 2410-2440 View citations (4)

2016

44. News shock, firm dynamics and business cycles: Evidence and theory
    Journal of Economic Dynamics and Control, 2016, 73, (C), 159-180 View citations (6)

2012

45. The extensive margin of intrafirm trade
    International Journal of Economics and Business Research, 2012, 4, (1/2), 213-232

Undated

46. Detecting prudence and temperance in risk exposure: the hybrid variance framework
    Journal of Risk
47. On modeling contagion in the formation of operational risk loss
    Journal of Operational Risk
48. Risk capital reserve and measurement precision in modeling heavy-tailed single operational losses
    Journal of Operational Risk