Yuzheng Sun

Yuzheng Sun

Bellevue, Washington, United States
16K followers 500+ connections

About

Data science is a craft. The useful knowledge lies in applications.

At its core…

Articles by Yuzheng

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Experience

  • Statsig Graphic

    Statsig

    Seattle, Washington, United States

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    Shenzhen, Guangdong, China

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    Seattle, Washington

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    Greater Seattle Area

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    Greater Seattle Area

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    Ithaca, New York Area

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    Beijing City, China

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    Ithaca, New York Area

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    New York City

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    Ithaca, New York Area

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Education

  • Cornell University Graphic

    Cornell University

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    Concentration in Empirical Corporate Finance, with interest in International Finance.

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    Economics and Mathematics majors, Physics minor
    NCAA swimming team
    Student assembly representative
    President of Chinese Students and Scholars Association

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    Activities and Societies: National Olympiad in Informatics (NOI) first-class award, 2005 and 2006

Projects

  • The Causal Effect of IPO on Firms' Investment

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    This paper provides strong evidence of a causal effect of IPO on firms’ investment. Utilizing the 2012 Chinese IPO moratorium, an event that independently sorted IPO permission to two groups of similar IPO applicant firms, allowing 154 firms to go public on schedule, while delaying the IPO process for over a year of another 332 firms, I revisit the question of whether firms invest more after they go public. Using a difference-in-difference method to quantify the treatment effect, I find that…

    This paper provides strong evidence of a causal effect of IPO on firms’ investment. Utilizing the 2012 Chinese IPO moratorium, an event that independently sorted IPO permission to two groups of similar IPO applicant firms, allowing 154 firms to go public on schedule, while delaying the IPO process for over a year of another 332 firms, I revisit the question of whether firms invest more after they go public. Using a difference-in-difference method to quantify the treatment effect, I find that firms who go public on schedule make significantly more investment on fixed assets after their IPO compared to similar firms who faced a one-year delay in IPO process. The increase in investment is pronounced, on average is equal to 18.5% of the firms’ pre-IPO fixed asset, thus generating policy implications. My findings suggest that a loosening of financial constraints outweighs potential agency problems during the process of IPOs.

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