Fuji Bank and Heller Professor of Finance

Latest Research Highlights

Multi-Dimensional Information with Specialized Lenders, 8/2023, with Jing Huang and Cecilia Parlatore. NEW.
Two lenders possess “hard” signals regarding the borrower’s quality, while the specialized bank has access to a “soft” signal. Private-information-based-pricing delivers the empirical regularity that loans by specialized lenders have lower rates. By discerning between broader and more precise data, our model captures the emerging trend in fintech lending where traditionally subjective information becomes more objective and concrete.

Homemade Foreign Trading, 1/2023, with Xiaoquan Zhu and Yuehan Wang.
Provide evidence that Chinese mainland insiders evade the see-through surveillance by round-tripping via the Stock Connect program, based on custodian holding data. After the 2018 Northbound Investor Identification reform, the correlation between insider trading and northbound flows decays, and so does the return predictability of northbound flows.

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