CV

Ph.D.

Stockholm School of Economics

Finance

M.S.

Cornell University

Applied Economics and Management

B.A.

Central University of Finance and Economics

Public Finance

Heterogeneous Investor Beliefs in the Age of AI

This research project investigates the impact of advancing artificial intelligence (AI) technologies on the dispersion of investors’ beliefs in stock markets. By empirically examining whether AI influences the heterogeneity of investor beliefs positively or negatively, and developing a novel theoretical framework based on previous work on heterogeneous beliefs, this study aims to bridge the gap between financial technologies and investor psychology. The findings are expected to contribute valuable insights to the literature on FinTech and investor beliefs, offering a new perspective on the dynamics of investor decision-making in the age of AI.

• Investor beliefs
• Large language models

ESG Rating Divergence and Corporate Behaviors

This paper studies the impact of ESG rating divergences on corporate behaviors using data on firms in the EU from 2010 to 2022. Utilizing monthly ratings from three major providers - Sustainalytics, Refinitiv, and RepRisk, I find that these divergences can significantly and detrimentally affect tangible ESG practices. Additionally, such divergences lead firms to adopt more cautious financial strategies. The study highlights the need for standardization among rating agencies and underscores the substantial consequences of rating divergences on firms’ subsequent practices and sustainability objectives.

• ESG rating
• Corporate social responsibility