Guiying Laura Wu  Îâ¹ðÓ¢




Curriculum Vitae


Associate Professor in Economics

School of Social Sciences

Nanyang Technological University



Address: HSS-04-77

               48 Nanyang Ave

               Singapore 639818


Office Phone: +65 6592 1553





Research Interests

Primary field:      Development Economics regarding Firm Investment, Corporate Finance and

                             Productivity; Chinese Economy

Secondary field:  Structural Estimation, Applied Econometrics                                         



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.


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.


I¡¯m currently working on two research projects: first, the motives, valuations, and economic consequences of overseas listing by Chinese firms; and second, the effect of digital infrastructure on production, innovation and resource reallocation.





2010 D.Phil. in Economics, Nuffield College, University of Oxford


D.Phil. Thesis: Uncertainty, Investment and Capital Accumulation: A Structural Econometric Approach


(Edgeworth Prize for an Outstanding D.Phil. Thesis)


2006 M. Phil. in Economics, Brasenose College, University of Oxford (with Distinction)


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)


2002 B.A. in Economics, School of Economics, Fudan University



Editorial Services

08/2020 ¨C  Associate Editor, Singapore Economic Review

10/2019 ¨C  Associate Editor, Economic Modelling



Working Papers

¡°A Narrative on Overseas Listing by Chinese Firms¡±, (with Qu Feng, Shang-Jin Wei, and Mengying Yuan).


¡°The Cost of Capital Market Distortions: Evidence from Chinese Overseas IPOs ¡±, (with Qu Feng, Shang-Jin Wei, and Mengying Yuan).


¡°Asset Pricing under Capital Control: Evidence from A-H Price Premium¡±, (with Qu Feng and Mengying Yuan).


¡°Digital Infrastructure and Labor Productivity¡±, (with Zhifeng Wang and Qu Feng).


¡°Identifying Growth Effect of Internet Penetration¡±, (with Mengyuan Cai).



Selected Publications

¡°Budgets and Government Revenues¡±, Oxford Bibliographies in Chinese Studies, Sept 2022.


¡°Save Lives or Save Livelihoods? A Cross-country Analysis of COVID-19 Pandemic and Economic Growth¡±, (with Qu Feng, Mengying Yuan and Shihao Zhou), Journal of Economic Behavior and Organization, 2022, 197, 221-256.


¡°A Structural Estimation on the Return to Infrastructure Investment in China¡±, (with Qu Feng and Zhifeng Wang), Journal of Development Economics, 2021, 102672.


¡°Wrong Skewness and Finite Sample Correction in the Normal-Half Normal Stochastic Frontier Model¡±, with Jun Cai, Qu Feng, William Horrace, Empirical Economics, 2021, 60, 2837-2866.


¡°Productivity of Core Infrastructure Investment in China: An Input-Output Approach¡±, (with Zhifeng Wang and Qu Feng), World Economy, 2020, 3384-3406.


¡°Competition, Markups and Gains from Trade: A Quantitative Analysis of China Between 1995 and 2004¡±, (with Wen-Tai Hsu and Yi Lu), Journal of International Economics, 2020, 103266.


¡°Productivity Dynamics of Chinese Manufacturing Firms¡±, (with Qu Feng and Zhifeng Wang), Singapore Economic Review, 2019, 899-919.


¡°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.


¡°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.


¡°Bubble or Riddle? An Asset-Pricing Approach Evaluation on China¡¯s Housing Market¡±, (with Qu Feng), Economic Modelling, 2015, 46, 376¨C383.


¡°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.


Optimization in Economic Theory, by Avinash K. Dixit, (translation with Qu Feng), 2006, Shanghai People¡¯s Press.


¡°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).



Dormant Working Papers

¡°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¡±.


¡°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).



Last updated: Jan 2023