Fuji Bank and Heller Professor of Finance

Latest Research Highlights

Share Pledging in China: Funding Listed Firms or Funding Entrepreneurship?, 01/2022, with Bibo Liu and Feifei Zhu.
Challenge the common wisdom that share pledging funds in China circle back to the listed firms: a majority of the largest shareholders (67.3%) use pledging funds outside the listed firms. Connect share pledging and entrepreneurial activities, with an identification strategy based on the launch of the exchange market in 2013 that favors natural person shareholders against that by legal entity shareholders.

An Economic Model of Consensus on Distributed Ledgers, 11/2021, with Hanna Halaburda and Jiasun Li.
Develop economic framework to analyze Byzantine fault tolerance (BFT) problem by assuming that rational non-Byzantine nodes are ambiguity averse (Knightian uncertain) about Byzantine actions, with decisions/inferences are all based on local information.

Intermediation via Credit Chains, 12/2021, with Jian Li.
Build a dynamic model of credit chains where one institution’s asset is another institution’s liability, delivering a new insight on the benefit of intermediation via layers: Credit chains insulate interim negative fundamental shocks and protect the underlying real project from being liquidated in bad times, resulting in a greater borrowing capacity.

Other Academic Appointments