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.
Other Academic Appointments
- Finance PhD program area advisor, University of Chicago, Booth School of Business
- Director of Becker Friedman Institute for Economics in China, University of Chicago
- Faculty co-director of the Fama-Miller Center, University of Chicago
- Executive Editor of Review of Asset Pricing Studies
- Special-term Alibaba Foundation Professor, Tsinghua University, School of Economics and Management
- Research associate at National Bureau of Economic Research (NBER)
- Senior fellow at Asian Bureau of Finance and Economic Research (ABFER)