Fuji Bank and Heller Professor of Finance

Latest Research Highlights

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, 11/2021, 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.

Investing in Lending Technology: IT Spending in Banking, 10/2021, with Sheila Jiang, Douglas Xu, and Xiao Yin.
Link banks’ IT spending in various categories to different lending technologies. Investment in communication IT is associated more with improving banks’ ability of soft information production and transmission, while investment in software IT helps enhance banks’ hard information processing capacity.

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