Guiying Laura Wu Îâ¹ðÓ¢ Associate
Professor in Economics Associate Chair
in Academic School of Social
Sciences Nanyang
Technological University Address:
HSS-04-77
48
Nanyang Ave
Singapore 639818 Office Phone:
+65 6592 1553 Email: guiying.wu@ntu.edu.sg |
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Research Interests |
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Primary
field: Development
Economics regarding Firm Investment, Corporate Finance and
Productivity; Chinese Economy Secondary
field: Structural Estimation,
Applied Econometrics
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Research Summary My current research centers on the effects of
various distortions and frictions on firms' investment and financing behavior
and their implications to economic development and resource allocation. Although such research questions have been intriguing
economists for a long time, the key challenge is to distinguish the
distortions/frictions of our interest from the fundamentals that determine
firms¡¯ productivity or demand. The emphasis of my research is to design
identification strategies in a structural econometric approach, which aims to
estimate distortions/frictions and fundamentals simultaneously. It thus
addresses the most challenging issues in using observational data¡ªendogeneity
and selection bias, and offers a quantitative
economic laboratory for counterfactuals and welfare analyses. I¡¯m also
genuinely interested in topics on Chinese economy, for example how
industrialization, globalization and urbanization serve as the three growth
engines for China, and how the local governments play a role in development
under the regionally decentralized authoritarianism. |
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Degree |
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2010 D.Phil. in
Economics, Nuffield College, University of Oxford |
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D.Phil. Thesis: Uncertainty,
Investment and Capital Accumulation: A Structural Econometric Approach |
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(Edgeworth Prize
for an Outstanding D.Phil. Thesis) |
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2006 M. Phil. in
Economics,
Brasenose College, University of Oxford (with Distinction) |
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M.Phil Thesis: Using
Investment-Cash Flow Sensitivity to Test for Financing Constraints: Empirical
Evidence and Evaluation using Simulated Investment Data (Proxime Accessit for George Webb
Medley Prize for the Best M.Phil. Thesis) |
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2002 B.A. in
Economics, School of Economics, Fudan University |
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Editorial Services 10/2019 ¨C Associate
Editor, Economic Modelling 08/2020 ¨C Associate
Editor, Singapore Economic Review Selected Publications |
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¡°Wrong Skewness and Finite Sample Correction in
the Normal-Half Normal Stochastic Frontier Model¡±, with
Jun Cai, Qu Feng, William Horrace, forthcoming, Empirical Economics. ¡°Productivity
of Core Infrastructure Investment in China: An Input-Output Approach¡±, (with Zhifeng Wang and
Qu Feng), forthcoming, World Economy.
¡°Competition, Markups
and Gains from Trade: A Quantitative Analysis of China Between 1995 and 2004¡±, (with Wen-Tai Hsu and Yi Lu), 2020, Journal of International Economics. ¡°Productivity
Dynamics of Chinese Manufacturing Firms¡±, (with Qu Feng and Zhifeng
Wang), 2019, 899-919, Singapore
Economic Review. ¡°China¡¯s
Economic Development: A Perspective on Capital Misallocation¡±, as Chapter 2 in The
Chinese Economic Transformation: Views from Young Economists, 2019,
Australian National University Press. ¡°Investment-Cash Flow
Sensitivities and Capital Misallocation¡±, (with Chanbora Ek), Journal
of Development Economics,
2018, 133, 220-230. ¡°On the Reverse Causality
between Output and Infrastructure: the Case of China¡±, (with Qu Feng), 2018,
74, 97-104, Economic Modelling. ¡°Capital Misallocation
in China: Financial Frictions or Policy Distortions?¡± Journal
of Development Economics,
2018, 130, 203-223. |
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¡°Investment Frictions and the Aggregate Output Loss in
China¡±, online appendix, Oxford Bulletin of Economics
and Statistics,
2015, 77, 437¨C465. ¡°Does Local Governments¡¯ Budget Deficit Push Up
Housing Prices in China?¡± (with Qu Feng and Pei Li), China Economic Review, 2015, 35, 183-196. |
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¡°Bubble or Riddle? An Asset-Pricing
Approach Evaluation on China¡¯s Housing Market¡±, (with Qu Feng), Economic Modelling, 2015, 46,
376¨C383. |
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¡°Pursuing the Wrong Options? Adjustment Costs and the
Relationship between Uncertainty and Capital Accumulation¡±, (with Stephen Bond and Måns
Söderbom), Economics Letters, 2011,
111, 249-251. |
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Optimization in
Economic Theory,
by Avinash K. Dixit, (translation with Qu Feng),
2006, Shanghai People¡¯s Press. |
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¡°The Estimation of China's Provincial Capital Stock:
1952-2000¡±, (with Jun Zhang and Jipeng Zhang), Economic Research Journal, 2004, 10, 35-44 (Google
Scholar citation). |
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Working Papers |
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¡°Asset Pricing under Capital Control: Evidence from A-H Price Premium¡±,
(with Qu Feng and Mengying Yuan). ¡°Save Lives or Save Livelihoods? A Cross-country Analysis of COVID-19 Pandemic and Economic Growth¡± (with Qu Feng, Mengying
Yuan and Shihao Zhou). |
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¡°A Structural Estimation on the Return
to Public Infrastructure Investment in China¡±, (with Qu Feng and Zhifeng Wang), R&R, Journal of Development Economics. |
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¡°Identifying Capital Misallocation¡±,
(with Zheng Michael Song), R&R, American
Economic Journal: Macroeconomics. Early versions were
circulated as ¡°Identifying Capital Market Distortions¡±, ¡°A Structural
Estimation on Capital Market Distortions in Chinese Manufacturing¡± and ¡°A
Structural Estimation on Capital Market Distortions in UK and Chinese
Manufacturing Firms¡±. |
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¡°A
Structural Estimation for the Effects of Uncertainty on Capital Accumulation
with Heterogeneous Firms¡±, (with Stephen Bond and Måns
Söderbom). ¡°Investment
and Financial Constraints: Empirical Evidence for Firms in Brazil and China¡±,
(with Stephen Bond and Måns Söderbom). ¡°Uncertainty
and Capital Accumulation: Empirical Evidence for African and Asian Firms¡±,
(with Stephen Bond and Måns Söderbom). |
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Last
updated: Jan 2021