Publications

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Inattention and credit card repayment date

Published in Journal of Economic Behavior & Organization, 2025

This paper presents an analysis of how inattention affects credit card repayment dates. We show that exogenous reductions in attention levels, stemming from weekday-weekend variations in billing dates and natural disasters, amplify late repayments and diminish early repayments. We find that early repayments are not random errors, and consumers learn to pay earlier or sign up for automatic payment after historical delays.

Recommended citation: Jiang, J., Lee, Y. T., Liu, Y. J., & Meng, J. (2025). Inattention and credit card repayment date. Journal of Economic Behavior & Organization, 230, 106906.

Investor Sentiment, Managerial Manipulation, and Stock Returns

Published in Journal of Money, Credit and Banking, 2024

The degree of earnings manipulation has been shown to be positively associated with stock returns at the aggregate level but negatively so in the cross- section. We examine, both theoretically and empirically, the role of investor sentiment in accounting for such relations. We find that these patterns are primarily driven by high-sentiment periods. Embedding investor sentiment into a game-theoretic model of earnings manipulation with a continuum of firms delivers consistent predictions. Our analysis highlights the importance of increased scrutiny of corporate reporting during market booms, when manipulation is widespread and adds fuel to price exuberance.

Recommended citation: JIANG, J., LIU, Q., & SUN, B. (2024). Investor Sentiment, Managerial Manipulation, and Stock Returns. Journal of Money, Credit and Banking. Forthcoming

Proper fund size: a perspective from both investors and fund managers

Published in Quantitative Finance, 2022

This paper proposes the notion of the proper size interval for funds and the market redemption return in fund markets.

Recommended citation: Zhang, L., Jiang, J., & An, Y. (2022). Proper fund size: a perspective from both investors and fund managers. Quantitative Finance, 22(5), 923-942.

Social heterogeneity and local bias in peer-to-peer lending: Evidence from China

Published in Journal of Comparative Economics, 2020

This paper investigates the presence of local bias in the peer-to-peer (P2P) lending market and explores the social heterogeneous factors that may affect the formulation of the investor's local bias.

Recommended citation: Jiang, J., Liu, Y. J., & Lu, R. (2020). Social heterogeneity and local bias in peer-to-peer lending: Evidence from China. Journal of Comparative Economics, 48(2), 302-324.

Financial literacy and gender difference in loan performance

Published in Journal of Empirical Finance, 2018

We use data from a major peer-to-peer lending marketplace in China to study whether female and male investors evaluate loan performance differently.

Recommended citation: Chen, J., Jiang, J., & Liu, Y. J. (2018). Financial literacy and gender difference in loan performance. Journal of Empirical Finance , 48, 307-320.
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Jiajun Jiang