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

37

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106

Scholarly Papers (37)

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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 6,582 (1,984)
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: 55 Posted: 13 Apr 2020 Last Revised: 29 Sep 2022
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 - Business School
Downloads 3,542 (5,711)
Citation 14

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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 1,897 (15,373)
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 1,766 (16,937)
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 131 (372,763)
Citation 36

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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 1,054 (37,046)
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.

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 - Business School and Hong Kong Baptist University (HKBU)
Downloads 1,004 (39,663)
Citation 15

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

6.

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 959 (42,309)
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.

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 921 (44,740)
Citation 31

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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 826 (52,001)
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 739 (60,325)
Citation 21

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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 734 (60,843)
Citation 29

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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 660 (69,878)
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, LKCSB
Downloads 629 (74,252)
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 576 (82,802)
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 531 (91,717)
Citation 4

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

15.

Tax Differential and Cross-Border Shopping: Evidence from Singapore

Downloads 413 (123,764)
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 286 (183,362)
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 127 (381,713)
Citation 3

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

16.

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 385 (134,134)
Citation 1

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Board of Directors, Golf, Gender, Board Diversity

17.

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 - Business School
Downloads 359 (144,857)
Citation 7

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

18.

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 334 (156,572)
Citation 9

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

19.

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 300 (175,389)
Citation 14

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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

20.

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 - Business School
Downloads 268 (196,970)

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retirement support, cash transfer, consumption, liquidity constraints

21.

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 249 (211,840)
Citation 6

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credit supply, mortgage market, household finance

22.

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 222 (236,681)

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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

23.

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 202 (258,278)
Citation 1

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

24.

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) - Department of Real Estate, National University of Singapore - NUS Business School and National University of Singapore (NUS) - Department of Real Estate
Downloads 196 (265,338)

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public housing, affordability, private consumption, marriage friction

25.

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 - Business School and National University of Singapore
Downloads 194 (267,813)

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

26.

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 176 (291,911)
Citation 4

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

27.

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) - Department of Real Estate, National University of Singapore - NUS Business School and National University of Singapore (NUS) - Department of Real Estate
Downloads 163 (311,727)

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

28.

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 144 (345,349)
Citation 2

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

29.

Speculators and Price Overreaction in the Housing Market

Downloads 139 (355,113)

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 139 (355,881)

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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

30.

How Constraining Are Limits to Arbitrage?

Downloads 129 (376,005)
Citation 5

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 85 (506,891)
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 44 (714,022)
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

31.

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 124 (387,499)

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

32.

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

Downloads 105 (437,381)
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 105 (440,031)
Citation 2

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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

33.

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

Number of pages: 57 Posted: 16 Aug 2023 Last Revised: 30 Aug 2023
Darwin Choi, Zhenyu Gao, Singsen Lam, Tian Li and Wenlan Qian
The Chinese University of Hong Kong (CUHK) - CUHK Business School, The Chinese University of Hong Kong (CUHK) - CUHK Business School, The Chinese University of Hong Kong (CUHK) - CUHK Business School, TCL Corporate Research and National University of Singapore - NUS Business School
Downloads 81 (516,662)

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

34.

Liquidity Constraint Threat and Household Indebtedness

Number of pages: 46 Posted: 10 May 2023 Last Revised: 30 Nov 2023
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 68 (570,051)

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

35.

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 - Business School
Downloads 39 (730,825)

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36.

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 8 (1,000,058)

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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

37.

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: 209
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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 209 (281,614)

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