Welcome to my website! I am an assistant professor at Copenhagen Business School. I obtained my PhD in Finance from Stockholm School of Economics. I am interested in banking, corporate finance, and financial intermediation. You can find my CV here and some of my ongoing projects below.
Email: yingjiee.qi@gmail.com
Address: Solbjerg Pl. 3, 2000 Frederiksberg, Denmark
Working papers
The Impact of Finfluencers on Retail Investment (with Isaiah Hull)
Abstract: Financial influencers (finfluencers) are on the rise and many people—especially those who are young—are increasingly exposed to their advice. However, we lack evidence on whether and how much these finfluencers impact their followers’ decisions. This paper studies the real transactions on both equity and non-equity investments made by investors on an online trading platform and sheds light on the characteristics, behavior, and impact of finfluencers. We find that higher past returns, longer trading histories, and lower communication costs increase popularity. In addition, finfluencers do generate significant impact on their followers, and selling is more impactful than buying. Lastly, we find suggestive evidence that finfluencers monetize their popularity and generate trading volume for the platform.
Financing Trade Credit (with Niklas Amberg and Tor Jacobson)
Abstract: The increasingly lengthy trade credit maturity creates uncertainty and financial constraints for suppliers. Using novel invoice-, contract-, and firm-level data, this paper studies how a recent innovation in trade credit industry---Supply Chain Finance (SCF)---reduces suppliers' financial constraints and improves supply chain efficiency. We compare SCF with traditional factoring and document its effects. Preliminary analyses show that both suppliers and buyers reduce their borrowing of bank debt upon joining the program. While suppliers see an increase in employment, sales, and investment, buyers are largely unaffected. Overall, evidence suggests that SCF increases supply chain efficiency but also raises the concern over hidden debt.
Conferences: CICF 2023
Cost of Loans and Moral Hazard: Evidence From A Quasi-Experiment in Sweden (with Clara Fernström)
Abstract: We document the effects of higher borrowing cost on private firms in the presence of financial frictions by exploiting a quasi-experiment and a unique and comprehensive dataset from Sweden. In June 2010, the central bank of Sweden increased the repo rate unexpectedly and exposed firms with long term loan maturing right before or after the hike to different cost of borrowing. Consistent with the debt overhang theory, we find that higher cost of borrowing has a significant negative effect on investment, but more for highly levered firms. These results are robust to carefully controlling for firms' credit demand. Our findings highlight the importance of balance sheet heterogeneity in the responsiveness of firms to interest rate shocks.
Conferences: CEPR Second Annual Spring Symposium in Financial Economics (PhD poster session)
Publications
Big Broad Banks: How Does Cross-Selling Affect Lending? Review of Finance, Volume 28, Issue 2, March 2024, Pages 551–592
Abstract: This paper investigates how cross-selling affects relationship lending with internal data of a large bank and the Swedish credit registry. I show that within a bank-firm relationship, profit earned from non-loan products cross-subsidizes loans and increases 1) credit supply and 2) lenience in delinquency. For identification, I exploit the Basel II-induced exogenous variation in products' profitability while holding constant the firms' creditworthiness and relationship informativeness. I find that the average affected firms experienced a decrease of 6.1% ($400,000) in credit supply and 24% (9.9 pp) in lenience in delinquency. The results inform optimal regulatory design for lenders who multi-produce.
Conferences: AFA 2021, CICF 2021, EFA 2020, European Central Bank Young Economists’ Competition 2020
Awards: Peter Högfeldt Award for Outstanding PhD Thesis 2022, ECB Young Economists' Competition Finalist 2020, Handelsbanken Doctoral Award 2019, EFA Doctoral Tutorial Best Paper Prize 2019
Bank Misconduct and Online Lending (with Christoph Bertsch, Isaiah Hull, and Xin Zhang) Journal of Banking and Finance, Volume 116, July 2020
Summary: Misconduct (mis-selling and hidden fees etc.) in traditional banking sector drives borrowers to online lenders.
Conferences: EFA 2018, CEPR Third European Workshop on Household Finance, 4th IWH-FIN-FIRE Workshop in Halle
Teaching
Corporate Finance (Bachelor Program at Copenhagen Business School)
2022 Evaluation: median = 5/5, mean = 4.9/5, N = 130
2023 Evaluation: median = 5/5, mean = 4.7/5, N = 70
Discussions
Bank Lending and Firm Internal Capital Markets following a Deglobalization Shock by Imbierowicz, Nagengast, Prieto and Vogel 2023 Slides
Are (Nonprofit) Banks Special? The Economic Effects of Banking With Credit Unions by Shahidinejad 2023 Slides
How do common owners coordinate—is it the proxy advice industry? by Forsbacka, 2023 Slides
Managing Regulatory Pressure: Bank Regulation and its Impact on Corporate Bond Intermediation by Rapp and Waibel, 2023 Slides
Is Flood Risk Priced in Bank Returns? by Schubert 2022 Slides
Democratization, Leader Education and Growth: Firm-level Evidence from Indonesia by Pelzl and Poelhekke 2022 Slides
“There is No Planet B”, but for Banks “There are Countries B to Z”: Domestic Climate Policy and Cross-Border Bank Lending by Banincasa, Kabas and Ongena 2022 Slides
Bank Compensation for Penalty-Free Loan Prepayment: Theory and Tests by Eckbo, Su and Thorburn 2021 Slides
Creative Destruction? How do Firms Recover From Idiosyncratic Shocks? by Bustos, Engist, Martinsson and Thomann 2021 Slides