Hugo Chu

About Me

Thu, 09 Apr 2026 00:00:00 +0000

I am an undergraduate economics student at China University of Petroleum (Beijing), and I studied as an exchange student at Central University of Finance and Economics during my sophomore year. My time at CUFE profoundly shaped my academic path, offering the inclusive and rigorous environment where my intellectual curiosity genuinely flourished.

My research lies at the intersection of political economy, development economics, and industrial organization. Stemming from my early childhood observations of the world around me, these interests have evolved into a core academic inquiry: how do micro-level actors strategically respond to institutional frictions and policy interventions? Influenced by the Austrian School of Economics and the work of Xiaokai Yang, I study the ongoing tension between rigid institutional designs and the spontaneous order of the market.

Empirically, I move beyond conventional datasets, leveraging unique micro-administrative records, geospatial data, and unstructured text to identify hidden strategic behaviors. Currently, I am working on integrating experimental economics into my research framework to more precisely capture actors’ true preferences and decision-making dynamics. Through these tools, I aim to unpack the unintended consequences of policy designs and understand how grassroots survival strategies shape the long-term trajectory of transitional economies.

Publications

From shadows to spotlight: How big data bureaus unveil corporate R&D gaming?
Yang, X., Zhang, X., Zang, H., Chu, H., & Feng, C. (2025). Finance Research Letters, 108932. (JCR 1, ABS2)

Working Papers

Home is peace, not a place: How does urban storytelling impact talent’s “vote with their feet”?
With Xiwei Men and Jiaxiang Wei. Submitted to the 8th National Development Youth Forum (NSD, Peking University)
Sifting the Gold: Defensive Screening and the Evolutionary Adaptation of Connected Firms
With Dr. Hong Zang, Prof. Chao Feng, and Xiaoyin Yang. With Editor at Journal of Business Ethics (JCR 1, ABS3, FT50)
Washing the Stain: Punitive Decoupling and the Sacrificial Cost for Connected Firms
With Prof. Chao Feng, Dr. Xinmin Zhang, and Prof. Miao Wang. With Editor at The Economic Journal (JCR 1, ABS4*)
Weathering the tempest: Natural disasters and firm entry
With Prof. Chao Feng, Dr. Xinmin Zhang, and Xiaoyin Yang. With Editor at Economic Geography (JCR 1, ABS3)
Why Do Stricter Policies Lead to More Corporate Greenwashing? An Explanation Based on Four-Party Game Theory
With Songhao Guo, Dr. Xinmin Zhang, and Xiaoyin Yang. With Editor at Renewable Energy (JCR 1, ABS3)
Transferred Social Responsibility: Government Disaster Bailout and Corporate Philanthropy
With Prof. Chao Feng and Prof. Miao Wang. Under Review at Journal of Development Economics (JCR 1, ABS3)

Ultimately, research is less about crafting a perfect resume and more about feeding a genuine curiosity. Not every paper will change the world. Still, uncovering a small piece of the truth is rewarding enough. Enjoy the process and do not let the academic grind wear you down.

We Choose to Run a Marathon

Thu, 09 Apr 2026 00:00:00 +0000

My fellow organs, muscles, and weary neural pathways:

We convene today at a critical turning point.

For the past two years, we have confined ourselves to the desk, pouring our energy into economics coursework, data processing, and demanding research. While our minds have expanded, our physical vessel has paid a heavy toll. We have grown sedentary, letting our natural vigor slip away into the glowing screen of an academic grind.

But we must remember who we are. This is the body of Hugo Chu—a body that once thrived on the trails and roads as an avid runner, a resilient cyclist, and a heavy-load trekker. The time has come to awaken that dormant strength.

We choose to run a marathon. We choose to dedicate the next hundred days to this training plan, culminating in a 42.2km race on July 1st, 2026. We choose to run this marathon, and to tackle every interval and long run along the way, not because they are easy, but because they are hard. Because this goal will serve to organize and measure the very best of our energies and skills.

You might ask: why choose this? Why demand such immense physical suffering when our intellectual burdens are already so heavy?

But then I ask you: Why did Marc-André Leclerc choose to free-solo the most unforgiving, unroped alpine peaks? Why did Eliud Kipchoge stare down the impossible two-hour marathon barrier and decide to break it?

They did it because the ultimate test of the human spirit is not found in comfort. We are not just running to build endurance for a PhD or a career in academia. We are running to forge an unbreakable architecture for our entire existence. We are building a resilience that transcends the library and the laboratory. When we learn to breathe through the burning pain of a 32km long run, we learn to breathe through any crisis life throws our way. This cardiovascular engine will not just power our sharpest thoughts; it will cultivate a fierce, undeniable vitality that will carry us through the triumphs, the tragedies, and the sheer unpredictability of a life fully lived.

The roadmap is laid out. Heart and lungs, you will face rolling 300s and progressive mile repeats. Legs and core, you must withstand the rigors of dedicated strength days and the ultimate 32km race practice in Week 10. Brain, you must redirect the absolute discipline you use to sit through long study sessions into pushing our feet forward when every fiber of our being begs to stop.

We set sail on this new asphalt sea. It is time to leave the chair behind. Let us begin.

Detailed Plan

This is the 13-week training plan Ruuna designed for me on Day 1 (will be updated in real-time).

Click to download: My Marathon Training Plan Overview (PDF)

Online Preview:

The cherry blossoms in my hometown have bloomed, and it's time for me to leave

Fri, 27 Feb 2026 00:00:00 +0000

The cherry blossoms my second uncle planted by the front yard: Your browser does not support the video tag.

The Two Little Ones' First Day Inspecting the Hometown

Sat, 14 Feb 2026 00:00:00 +0000

The “two little ones” are Dudu (my nephew) and Shanyue (my niece).

The POV shots in the video are from Shanyue and me.

Why isn’t there any footage from Dudu? Because he usually hides upstairs watching TV; he’s too scared of us setting off firecrackers to come downstairs.

Check out our video footage: Your browser does not support the video tag.

2025 Outdoor Year in Review

Sun, 21 Dec 2025 00:00:00 +0000

I spent most of this year holed up working,

but thankfully, I didn’t shut out the scenery completely.

Check out my recap video: Your browser does not support the video tag.

The video is packed with never-before-seen Easter eggs!

Icefield Hiking in Urumqi

Wed, 17 Dec 2025 00:00:00 +0000

My first time experiencing the snowfields of Xinjiang firsthand.

All I can say is that the experience was absolutely incredible. It wasn’t nearly as cold as I had imagined; in fact, I actually felt quite hot (although the trail difficulty was relatively low). For the detailed video, please look out for my upcoming annual review.

A Fantastic Journey to Altay

Wed, 03 Sep 2025 00:00:00 +0000

Perhaps the filters used for Lake Brienz in the K-drama were unnecessary,

but Kanas in September,

is a movie in itself.

Check out our video footage: Your browser does not support the video tag.

A magical scene unfolded at the Diaoyutai (Fishing Pavilion). The weather wasn’t cooperating that morning; hail started falling the moment the shuttle bus dropped us off on the mountain. We bit the bullet and hiked up to the highest peak, and suddenly, the sky cleared up. We didn’t miss out on this beautiful piece of amber.

An equally magical moment happened at the Tuluke Rock Paintings, but it was really strange: why did this trail feel completely abandoned? We didn’t even notice the rock paintings, but this has got to be the absolute best viewing spot for Kanas Lake!

The next day, we saw another side of Kanas Lake at the Three Bays.

Before heading to Kanas, we also visited Baihaba in the far northwest of China, and found the scenery across the border to be surprisingly pristine and magnificent.

We only slept in the tent for one night. We took advantage of the time before the cold snap hit to gaze at the long-lost starry sky, though unfortunately, our gear was too crappy to capture how breathtaking it was in person. Anyway, we fell asleep listening to the wind and rain that night, and woke up freezing the next morning.

Then the cold snap actually hit, so we had no choice but to retreat to a 300-RMB-a-night guesthouse—but I have to admit, it was super comfortable! That evening, we still cooked dinner in the kitchen like a camping meal and watched a badminton final (though I forgot which tournament it was).

The funniest part is that the three of us only did one thing across all the tourist spots in Kanas: we ate grilled sausages from every single vendor…

Of course, in Burqin, we also had the best banmian (pulled noodles) we’ve eaten in Xinjiang in years!!! (Daidai’s Lapizi Banmian and Zhuafan )

During this little gap trip (since we had been stuck at school all summer), one person was terrified of getting mauled by a bear, another was walking around blowing vape clouds from his “character enhancer,” and someone else kept making plans only to watch them get completely derailed by reality.

📷 Photo Credits (Excluding Videos)

Oops, by the way, all the photos above (except the last one) were taken by Sidney Wong with his beloved Panasonic GX85.

Hit him up on Instagram: @aminoacid.w

After the strong winds, are the flowers in these photos still at the Forbidden City?

Sun, 13 Apr 2025 00:00:00 +0000

It’s a shame.

That day, I was too busy admiring Monet’s Water Lilies and Lu Xun’s century-old lilacs. Plus, it was cloudy, so I didn’t really take a good look at the Forbidden City.

Check out the video footage from that day: Your browser does not support the video tag.

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