Wenlan Qian

National University of Singapore - NUS Business School

Professor of Finance and Real Estate

15 Kent Ridge Drive

Singapore 117592, 119245

Singapore

  • National University of Singapore - NUS Business School

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    • Tel: (65) 65163015
SCHOLARLY PAPERS

38

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420

Scholarly Papers (38)

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1.

The Impact of the COVID-19 Pandemic on Consumption: Learning from High Frequency Transaction Data

Number of pages: 51 Posted: 06 Apr 2020 Last Revised: 22 Aug 2021
Haiqiang Chen, Wenlan Qian and Qiang Wen
Xiamen University, National University of Singapore - NUS Business School and Sichuan University - Business School
Downloads 6,901 (2,293)
Citation 53

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COVID-19, coronavirus, pandemic, consumption, economic impact, policy response, fiscal stimulus, transaction data

2.

The Real Impact of FinTech: Evidence from Mobile Payment Technology

Number of pages: 72 Posted: 13 Apr 2020 Last Revised: 16 May 2025
Sumit Agarwal, Wenlan Qian, Yuan Ren, Hsin-Tien Tiffany Tsai and Bernard Yin Yeung
National University of Singapore, National University of Singapore - NUS Business School, Zhejiang University, National University of Singapore (NUS), Department of Economics and National University of Singapore (NUS) - NUS Business School
Downloads 5,259 (3,685)
Citation 15

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FinTech, Mobile payment, Cash, Credit card, Real effect, Small business, Business creation, Entrepreneurship, Consumption, Banking, Digital economy, Transaction cost, Inclusive growth

3.

How Constraining Are Limits to Arbitrage?

Downloads 2,063 (16,873)
Citation 51

How Constraining Are Limits to Arbitrage?

Institute of Global Finance Working Paper No. 7
Number of pages: 69 Posted: 20 Nov 2013 Last Revised: 06 May 2016
Alexander Ljungqvist, Alexander Ljungqvist and Wenlan Qian
Centre for Economic Policy Research (CEPR)Swedish House of Finance and National University of Singapore - NUS Business School
Downloads 1,909 (18,782)
Citation 2

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Informational arbitrage, limits to arbitrage, short sale constraints, mispricing, short selling, activist short sellers, trading strategies, behavioral finance, market efficiency

How Constraining are Limits to Arbitrage? Evidence from a Recent Financial Innovation

NBER Working Paper No. w19834
Number of pages: 52 Posted: 25 Jan 2014 Last Revised: 13 Mar 2022
Alexander Ljungqvist, Alexander Ljungqvist and Wenlan Qian
Centre for Economic Policy Research (CEPR)Swedish House of Finance and National University of Singapore - NUS Business School
Downloads 154 (414,754)
Citation 49

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4.

Mortgage Debt, Hand-to-Mouth Households, and Monetary Policy Transmission

Number of pages: 60 Posted: 27 Dec 2018 Last Revised: 14 Oct 2020
Sumit Agarwal, Yongheng Deng, Quanlin Gu, Jia He, Wenlan Qian and Yuan Ren
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, Peking University, Nankai University, National University of Singapore - NUS Business School and Zhejiang University
Downloads 1,135 (41,704)
Citation 3

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Consumption, Monetary Policy, Disposable Income Shocks, MPC, Mortgage, Housing, Policy, Constraints, Credit Access, Wealthy Hand-to-Mouth, Debt, Deleverage, Credit Cards, Household Finance, China

5.

Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore

Number of pages: 77 Posted: 04 Apr 2013 Last Revised: 24 Jul 2014
Sumit Agarwal and Wenlan Qian
National University of Singapore and National University of Singapore - NUS Business School
Downloads 1,125 (42,241)
Citation 59

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Consumption, Spending, Debt, Credit Cards, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending, Fiscal Policy, Tax Rebates, Liquidity Constraints, Credit Constraints, Precautionary Savings, Anticipated and Unanticipated Income Shocks, Announcement Effects.

6.

Mobile Wallet and Entrepreneurial Growth

Number of pages: 30 Posted: 27 Dec 2018
Sumit Agarwal, Wenlan Qian, Bernard Yin Yeung and Xin Zou
National University of Singapore, National University of Singapore - NUS Business School, National University of Singapore (NUS) - NUS Business School and Hong Kong Baptist University (HKBU)
Downloads 1,114 (42,868)
Citation 24

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mobile wallet, cashless payment, entrepreneurship, small business, sales growth, credit card, debit card, banking, fintech, digital economy

7.

Thy Neighbor’s Misfortune: Peer Effect on Consumption

American Economic Journal: Economic Policy, forthcoming
Number of pages: 78 Posted: 19 May 2016 Last Revised: 12 Oct 2020
Sumit Agarwal, Wenlan Qian and Xin Zou
National University of Singapore, National University of Singapore - NUS Business School and Hong Kong Baptist University (HKBU)
Downloads 1,068 (45,446)
Citation 41

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Peer Effect, Social Multiplier, Consumption, Spending, Bankruptcy, Debt, Credit Cards, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending

8.

Disaggregated Sales and Stock Returns

Management Science
Number of pages: 56 Posted: 09 Jan 2017 Last Revised: 11 May 2022
Sumit Agarwal, Wenlan Qian and Xin Zou
National University of Singapore, National University of Singapore - NUS Business School and Hong Kong Baptist University (HKBU)
Downloads 989 (50,664)
Citation 6

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return predictability, informed investors, disaggregated sales, customer demand, credit cards, consumption, household finance, financial institution, big data

9.

Age of Decision: Pension Savings Withdrawal and Consumption and Debt Response

Number of pages: 56 Posted: 28 Aug 2014 Last Revised: 24 Apr 2018
Sumit Agarwal, Jessica Pan and Wenlan Qian
National University of Singapore, National University of Singapore (NUS) and National University of Singapore - NUS Business School
Downloads 842 (63,263)
Citation 23

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Aging, Pension Savings, Consumption, Spending, Debt, Credit Cards, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending, Liquidity Constraints, Credit Constraints

10.

Disguised Corruption: Evidence from Consumer Credit in China

Number of pages: 68 Posted: 13 Apr 2018 Last Revised: 06 Dec 2018
Sumit Agarwal, Wenlan Qian, Amit Seru and Jian Zhang
National University of Singapore, National University of Singapore - NUS Business School, Stanford University and The University of Hong Kong - Faculty of Business and Economics
Downloads 821 (65,477)
Citation 38

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Corruption, Credit Cards, Credit, Debt, Household Finance, Government, Bureaucrats, Banking, Political Connections, China

11.

Access to Home Equity and Consumption: Evidence from a Policy Experiment

Number of pages: 47 Posted: 19 Jun 2013 Last Revised: 30 Sep 2015
Sumit Agarwal and Wenlan Qian
National University of Singapore and National University of Singapore - NUS Business School
Downloads 708 (79,525)
Citation 14

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Consumption, Spending, Debt, Credit Cards, Home Equity, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending, Precautionary Savings, Credit Constraints

12.

Competition of the Informed: Does the Presence of Short Sellers Affect Insider Selling?

Journal of Financial Economics (JFE), Forthcoming, INSEAD Working Paper No. 2014/63/FIN
Number of pages: 51 Posted: 10 Dec 2014 Last Revised: 11 Dec 2014
Massimo Massa, Wenlan Qian, Weibiao Xu and Hong Zhang
INSEAD - Finance, National University of Singapore - NUS Business School, National University of Singapore (NUS) and Singapore Management University - Lee Kong Chian School of Business
Downloads 666 (85,899)
Citation 9

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Short Selling, Insider Trading, Informed Trader, Market Efficiency

13.

Housing Booms and Shirking

Number of pages: 68 Posted: 19 Jun 2018 Last Revised: 23 Sep 2022
Quanlin Gu, Jia He, Wenlan Qian and Yuan Ren
Peking University, Nankai University, National University of Singapore - NUS Business School and Zhejiang University
Downloads 638 (90,836)
Citation 4

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Labor supply, shirking, effort, wealth effect, housing wealth, incentive cost, productivity, credit card, household finance, China

14.

Employee Output Response to Stock Market Wealth Shocks

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 51 Posted: 27 Aug 2020 Last Revised: 11 May 2022
Teng Li, Wenlan Qian, Wei A. Xiong and Xin Zou
Sun Yat-sen University, National University of Singapore - NUS Business School, Shenzhen Stock Exchange and Hong Kong Baptist University (HKBU)
Downloads 617 (94,789)
Citation 9

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Stock Investment Return, Stock Market Wealth, Consumption, Worker Output, Work Performance, Labor Supply, Reference Dependence, Household Finance

15.

Fortunes of Dragons: Cohort Size Effects on Life Outcomes

Agarwal, Sumit, Wenlan Qian, Tien Foo Sing and Poh Lin Tan. 2021. Fortunes of Dragons: Cohort Size Effects on Life Outcomes. Population Studies 75(2): 191-207. DOI: 10.1080/00324728.2020.1864458
Number of pages: 43 Posted: 08 Sep 2017 Last Revised: 08 Sep 2021
Sumit Agarwal, Wenlan Qian, Tien Foo Sing and Poh Lin Tan
National University of Singapore, National University of Singapore - NUS Business School, National University of Singapore (NUS) - Department of Real Estate and National University of Singapore (NUS) - Lee Kuan Yew School of Public Policy
Downloads 538 (112,772)
Citation 10

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Cohort Size, Cohort Effect, Superstition, Fertility, Education, Income, Consumption, Consumer Behavior, Household Finance

16.

The Role of Consumption in Marriage Commitment: Evidence from Singapore’s Build-to-Order Program

Number of pages: 43 Posted: 06 Dec 2021 Last Revised: 26 Sep 2023
Sumit Agarwal, Yi Fan, Wenlan Qian and Tien Foo Sing
National University of Singapore, National University of Singapore (NUS) - Sustainable & Green Finance Institute (SGFIN), National University of Singapore - NUS Business School and National University of Singapore (NUS) - Department of Real Estate
Downloads 495 (124,788)

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public housing, affordability, private consumption, marriage friction

17.

Tax Differential and Cross-Border Shopping: Evidence from Singapore

Downloads 474 (131,503)
Citation 5

Tax Differential and Cross-Border Shopping: Evidence from Singapore

Number of pages: 49 Posted: 08 May 2013 Last Revised: 02 Mar 2017
Sumit Agarwal, Souphala Chomsisengphet, Wenlan Qian and Weibiao Xu
National University of Singapore, Government of the United States of America - Office of the Comptroller of the Currency (OCC), National University of Singapore - NUS Business School and National University of Singapore (NUS)
Downloads 312 (208,983)
Citation 2

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Consumption, Spending, Credit Cards, Household Finance, Banks, Discretionary Spending, Fiscal Policy, Tax

Tax Differential and Cross-Border Shopping: Evidence from Singapore

Georgetown McDonough School of Business Research Paper No. 3038550
Number of pages: 41 Posted: 19 Sep 2017 Last Revised: 12 Apr 2018
Sumit Agarwal, Souphala Chomsisengphet, Wenlan Qian and Weibiao Xu
National University of Singapore, Government of the United States of America - Office of the Comptroller of the Currency (OCC), National University of Singapore - NUS Business School and Singapore University of Social Sciences
Downloads 162 (396,881)
Citation 3

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Cross Border Shopping, Consumption, Spending, Credit Cards, Household Finance, Banks, Discretionary Spending, Fiscal Policy, Taxation

18.

Supporting Seniors: How Low-Income Elderly Individuals Respond to a Retirement Support Program

Number of pages: 75 Posted: 14 Jul 2020 Last Revised: 28 Mar 2023
Sumit Agarwal, Wenlan Qian, Tianyue Ruan and Bernard Yin Yeung
National University of Singapore, National University of Singapore - NUS Business School, National University of Singapore (NUS) - Department of Finance and National University of Singapore (NUS) - NUS Business School
Downloads 436 (145,223)

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retirement support, cash transfer, consumption, liquidity constraints

19.

Golf Buddies and Board Diversity

Number of pages: 17 Posted: 13 Dec 2015
Sumit Agarwal, Wenlan Qian, David M. Reeb and Tien Foo Sing
National University of Singapore, National University of Singapore - NUS Business School, National University of Singapore - Dept of Accounting and National University of Singapore (NUS) - Department of Real Estate
Downloads 417 (152,965)
Citation 1

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Board of Directors, Golf, Gender, Board Diversity

20.

Speculative Investors and Transactions Tax: Evidence from the Housing Market

Number of pages: 51 Posted: 19 Sep 2011 Last Revised: 22 Apr 2015
Yuming Fu, Wenlan Qian and Bernard Yin Yeung
National University of Singapore, National University of Singapore - NUS Business School and National University of Singapore (NUS) - NUS Business School
Downloads 387 (166,396)
Citation 11

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transaction tax, volatility, speculators, informed traders, noise traders, housing market

21.

The Composition Effect of Consumption around Retirement: Evidence from Singapore

Number of pages: 18 Posted: 01 Nov 2014
Sumit Agarwal, Jessica Pan and Wenlan Qian
National University of Singapore, National University of Singapore (NUS) and National University of Singapore - NUS Business School
Downloads 353 (184,257)
Citation 17

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Life Cycle, Aging, Pension Savings, Consumption, Spending, Debt, Credit Cards, Household Finance, Banks, Loans, Durable Goods, Discretionary Spending, Liquidity Constraints, Credit Constraints

22.

Taxing the Rich to Finance Redistribution – Evidence from a Permanent Tax Increase in Singapore

Forthcoming in Management Science
Number of pages: 67 Posted: 24 Apr 2020 Last Revised: 24 Feb 2023
Sumit Agarwal, Wenlan Qian, Bernard Yin Yeung and Huanhuan Zheng
National University of Singapore, National University of Singapore - NUS Business School, National University of Singapore (NUS) - NUS Business School and National University of Singapore
Downloads 311 (211,421)

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income tax; consumption; savings; redistributive policy; fiscal policy

23.

Like Father Like Son? Social Engineering and Intergenerational Mobility in Housing Consumption

Number of pages: 46 Posted: 27 Dec 2021 Last Revised: 26 Sep 2023
Sumit Agarwal, Yi Fan, Wenlan Qian and Tien Foo Sing
National University of Singapore, National University of Singapore (NUS) - Sustainable & Green Finance Institute (SGFIN), National University of Singapore - NUS Business School and National University of Singapore (NUS) - Department of Real Estate
Downloads 301 (218,963)

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housing consumption, intergenerational mobility, social engineering programs, human capital

24.

The Effectiveness of Housing Collateral Tightening Policy

Number of pages: 46 Posted: 15 Feb 2017 Last Revised: 12 Apr 2018
Sumit Agarwal, Cristian Badarinza and Wenlan Qian
National University of Singapore, National University of Singapore (NUS) and National University of Singapore - NUS Business School
Downloads 280 (236,305)
Citation 5

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credit supply, mortgage market, household finance

25.

Singles Day and Consumer Spending Offline

Number of pages: 47 Posted: 29 Jun 2020 Last Revised: 30 Nov 2020
Haiqiang Chen and Wenlan Qian
Xiamen University - Wang Yanan Institute for studies in Economics and National University of Singapore - NUS Business School
Downloads 272 (243,413)

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Spending, Consumption, E-Commerce, Online, Offline, Redistributive Effect, Stimulus Program, Credit Card, Debit Card, Household Finance, Shopping Holiday, Singles Day, China

26.

Scared Away: Credit Demand Response to Expected Motherhood Penalty in the Labor Market

Number of pages: 64 Posted: 16 Aug 2023 Last Revised: 13 Apr 2025
Darwin Choi, Zhenyu Gao, Sing-Sen Lam, Tian Li and Wenlan Qian
Hong Kong University of Science & Technology (HKUST) - Department of Finance, The Chinese University of Hong Kong (CUHK) - CUHK Business School, Sun Yat-sen University (SYSU) - Lingnan (University) College, TCL Corporate Research and National University of Singapore - NUS Business School
Downloads 240 (275,881)

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Motherhood Penalty, Two-child Policy, Gender Gap, P2P lending, Household Finance

27.

The Ownership Complaint Gap: Mutual vs. Stock Intermediaries

Number of pages: 46 Posted: 16 Feb 2019
Jiang Cheng, Wenlan Qian and David M. Reeb
Lingnan University, National University of Singapore - NUS Business School and National University of Singapore - Dept of Accounting
Downloads 233 (284,179)
Citation 1

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Organizational Structure; Insurance; Regulation; Consumer Complaints; Financial Intermediary; Ownership; Consumer Financial Protection; Property-Casualty; Claim Delay; Claim Denial

28.

The Hidden Peril: The Role of the Condo Loan Market in the Recent Financial Crisis

Number of pages: 48 Posted: 08 Nov 2012 Last Revised: 07 May 2014
Sumit Agarwal, Yongheng Deng, Chenxi Luo and Wenlan Qian
National University of Singapore, Wisconsin School of Business, University of Wisconsin-Madison, National University of Singapore (NUS) - Department of Real Estate and National University of Singapore - NUS Business School
Downloads 218 (302,943)
Citation 5

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Financial Crisis, Condo Market, Default, Mortgages, Household Finance, Investors, Speculators, Subprime Mortgages

29.

How Constraining Are Limits to Arbitrage?

Downloads 199 (330,087)
Citation 7

How Constraining Are Limits to Arbitrage?

27th Australasian Finance and Banking Conference 2014 Paper
Number of pages: 57 Posted: 22 Aug 2014
Alexander Ljungqvist, Alexander Ljungqvist and Wenlan Qian
Centre for Economic Policy Research (CEPR)Swedish House of Finance and National University of Singapore - NUS Business School
Downloads 134 (465,596)
Citation 2

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Informational arbitrage, limits to arbitrage; short sale constraints; mispricing; short selling; activist short sellers; trading strategies; behavioral finance; market efficiency

How Constraining are Limits to Arbitrage?

Number of pages: 58 Posted: 29 Jul 2014
Alexander Ljungqvist, Alexander Ljungqvist and Wenlan Qian
Centre for Economic Policy Research (CEPR)Swedish House of Finance and National University of Singapore - NUS Business School
Downloads 65 (759,863)
Citation 5

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informational arbitrage; limits to arbitrage; short sale constraints; mispricing; short selling; activist short sellers; trading strategies; behavioral finance; market efficiency

30.

Liquidity Constraint Threat and Household Indebtedness

Number of pages: 51 Posted: 10 May 2023 Last Revised: 24 Oct 2024
Sumit Agarwal, Wenlan Qian and Xin Zou
National University of Singapore, National University of Singapore - NUS Business School and Hong Kong Baptist University (HKBU)
Downloads 177 (367,408)

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Liquidity Constraints, Household Indebtedness, Financial Regulations, Unsecured Debt, Credit Suspension, Credit Cards, Household Finance

31.

Speculators and Price Overreaction in the Housing Market

Downloads 164 (392,900)
Citation 5

Speculators and Price Overreaction in the Housing Market

Number of pages: 42 Posted: 18 Mar 2011 Last Revised: 23 Oct 2012
Yuming Fu and Wenlan Qian
National University of Singapore and National University of Singapore - NUS Business School
Downloads 164 (392,604)
Citation 5

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short-term speculators, price overreaction, momentum trading, housing market

Speculators and Price Overreaction in the Housing Market

Real Estate Economics, Forthcoming
Posted: 17 Apr 2013
Yuming Fu and Wenlan Qian
National University of Singapore and National University of Singapore - NUS Business School

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short-term speculators, price overreaction, momentum trading, housing market

32.

Short Term Buyers and Housing Market Dynamics

Number of pages: 45 Posted: 12 Sep 2008 Last Revised: 01 Feb 2012
Robert H. Edelstein and Wenlan Qian
University of California, Berkeley - Fisher Center for Real Estate and Urban Economics and National University of Singapore - NUS Business School
Downloads 159 (403,561)
Citation 2

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transaction cost, trading volume, return predictability, housing market, short term investors

33.

Consumption Response to Temporary Price Shock: Evidence from Singapore's Annual Sale Event

Journal of Financial Intermediation, Forthcoming
Number of pages: 60 Posted: 14 Sep 2017 Last Revised: 28 Mar 2022
Sumit Agarwal, Kang Mo Koo and Wenlan Qian
National University of Singapore, Yonsei University, Mirae Campus and National University of Singapore - NUS Business School
Downloads 146 (433,044)

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Consumption, Great Singapore Sale, credit card, debit card, household finance, spending, transitory shocks, fiscal stimulus program

34.

Singles Day and Consumer Spending Offline

Number of pages: 52 Posted: 01 Dec 2023
Haiqiang Chen, Wenlan Qian and Qiang Wen
Xiamen University, National University of Singapore - NUS Business School and Sichuan University - Business School
Downloads 126 (487,538)

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spending, consumption, E-Commerce, online, offline, redistributive effect, stimulus program, credit card, debit card, household finance, shopping holiday, Singles day, China

35.

Why Do Sellers Hold Out in the Housing Market? An Option-Based Explanation

Downloads 125 (490,559)
Citation 2

Why Do Sellers Hold Out in the Housing Market? An Option-Based Explanation

Number of pages: 44 Posted: 24 Jul 2010 Last Revised: 31 Jan 2012
Wenlan Qian
National University of Singapore - NUS Business School
Downloads 125 (492,740)
Citation 2

Abstract:

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trading volume, real estate liquidity, housing market, real options

Why Do Sellers Hold Out in the Housing Market? An Option-Based Explanation

Real Estate Economics, Forthcoming
Posted: 22 Feb 2012
Wenlan Qian
National University of Singapore - NUS Business School

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trading volume, liquidity, housing market, real options

36.

Speculative Investors and Tobin's Tax in the Housing Market

NBER Working Paper No. w19400
Number of pages: 44 Posted: 06 Sep 2013 Last Revised: 06 Jul 2023
Yuming Fu, Wenlan Qian and Bernard Yin Yeung
National University of Singapore, National University of Singapore - NUS Business School and National University of Singapore (NUS) - NUS Business School
Downloads 51 (843,559)

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37.

Association Between Bike-Sharing Systems and the Blood Pressure of Local Citizens: A Cross-Sectional Study in China

Number of pages: 38 Posted: 05 Sep 2024
Sumit Agarwal, Bing Li, Wenlan Qian, Rongju Sun and Yuan Ren
National University of Singapore, Sun Yat-sen University (SYSU) - Lingnan College, National University of Singapore - NUS Business School, Chinese PLA General Hospital and Zhejiang University
Downloads 20 (1,163,335)

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bike-sharing, blood pressure, public health, sharing economy, physical activity

38.

Short-Term Buyers and Housing Market Dynamics

Journal of Real Estate Finance and Economics, Vol. 49, No. 4, 2014
Posted: 15 Nov 2014
Robert H. Edelstein and Wenlan Qian
University of California, Berkeley - Fisher Center for Real Estate and Urban Economics and National University of Singapore - NUS Business School

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Trading volume; Return predictability; Housing markets; Short term buyers

Other Papers (1)

Total Downloads: 304
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1.

Unintended Consequences of Demand-side Housing Policies: Evidence from Household Reallocation of Capital

Number of pages: 60 Posted: 15 Apr 2020 Last Revised: 11 Nov 2022
Wenlan Qian, Hong Tu, Jing Wu and Weibiao Xu
National University of Singapore - NUS Business School, APEC Study Center of Nankai University, Tsinghua University - Hang Lung Center for Real Estate and Singapore University of Social Sciences
Downloads 304 (281,614)

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housing market, housing demand, housing policies, expectation formation, extrapolative belief, stock market participation, investment choice, resource allocation