Fuji Bank and Heller Professor of Finance

Latest Research Highlights

The Stock Connect to China, 01/2023, with Xiaoquan Zhu and Yuehan Wang. Prepared for AEA Papers and Proceedings.
The Stock Connect bridges Chinese mainland and international financial markets. Cross-border flows respond to macro-related shocks. Important to profile heterogeneous cross-border participants over market integration.

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.

Digital Currencies: THE US, CHINA, AND THE WORLD AT A CROSSROADS.
Central bank digital currencies have taken flight globally, and China is boldly leading the way. I contributed the second Chapter on this book.

Investing in Lending Technology: IT Spending in Banking, 08/2022, with Sheila Jiang, Douglas Xu, and Xiao Yin.
Link banks’ IT spending in various categories to different lending technologies. Communication IT is associated more with improving banks’ ability of soft information production and transmission, while software IT helps enhance banks’ hard information processing capacity. Large banks respond more in IT spending to Fintech entry.

Other Academic Appointments