Teacher team-based incentives: Evidence from a natural experiment in a Chinese middle school, Singapore Economic Review 2021, pp. 1-37 (with Kaiwen Leong, Huailu Li and Yuchen Xie)

基于教师团队的激励：以一所中国中学的自然实验结果为例。 《新加坡经济评论》，2021年，1-37页（与 Kaiwen Leong、Huailu Li和Yuchen Xie合著）

Abstract：

Using a natural experiment, we examine the causal effect of a team incentive scheme on teachers in a Chinese middle school that intended to help the school’s students improve in their weak subjects. The scheme was successful, the average treatment effect is positively significant in math and total scores. The most improvement observed in top students’ weak subjects. The top students weak in math, English and social science improved in those subjects by 0.12, 0.10, 0.16 standard deviations, respectively. Students at the bottom 20% of the testing distribution also improved in Chinese and math.

摘要：

通过自然实验，我们研究了一所中国中学的教师团队激励方案所产生的因果效应，该方案旨在帮助本校学生提升薄弱科目。该方案获得了成功，从平均治疗效果来看，在数学学科和总分上具有明显正面效应。其中，在优等生的薄弱科目中所观察到的进步最为显著，优等生在数学、英语和社会科学这三个薄弱科目中分别提高了0.12、0.10和0.16 个标准差。在测试中位于后20% 的学生也在语文和数学科目上有所提升。

Price volatility and tracking ability of ETFs, Journal of Asset Management 2009(10): 210-221 (with Jack W Aber and Luc Can). 

ETF的价格波动和跟踪能力。《资产管理杂志》，2009年，第10期，第210-221页（与 Jack W Aber、Luc Can合著）

Abstract：
In this paper, we examine the price volatility and tracking ability of four iShares exchange-traded funds (ETFs). We use three measures: the premium and discount position, daily return, and tracking error, compared with conventional index mutual funds tracking the same index. Our results indicate that the ETFs are more likely to trade at a premium than at a discount, with comparatively large daily price fluctuations; and that both fund types have approximately the same degree of comovement with their benchmarks, but differ slightly in their tracking ability. On average, the Vanguard conventional index funds beat their corresponding iShares competitors in terms of tracking error.

摘要：

在本文中，笔者研究了四支iShares交易型开放式指数基金（ETF）的价格波动和跟踪能力。笔者使用了三个衡量指标：溢价和折价头寸（premium and discount position）、每日收益、跟踪误差，并与跟踪同一指数的常规指数共同基金进行了比照。结果表明，ETF 更有可能以溢价交易而非折价交易，每日价格波动相对较大；并且这两种基金类型与其基准的联动程度大致相同，但跟踪能力略有不同。总的来说，在跟踪误差方面，Vanguard 传统指数基金击败了其竞争对手 iShares。