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Applied Theory, Digital Economics, Entrepreneurship, Finance, FinTech, Information Economics


AI & Big Data, Asset Pricing, Blockchains, China's Economy & Financial System, Corporate Finance, Digital Assets, Financial Innovation, Heterogeneity, Intervention & Regulation, Mechanism & Information Design, ​Platforms, Real Options.


Dynamic Interventions and Informational Linkages 
(with Steven Grenadier and Yunzhi Hu) | 2020, Journal of Financial Economics, 135(1), pp. 1-15.  
SSRN  |   Information Design | Intervention | Global Games 

Timing of Auctions of Real Options
2020, Management Science, 66(9), pp. 3799-4358, iii-iv.  
SSRN  |   Real Options | Auctions | Entrepreneurship | Corporate Finance 

Persuasion in Relationship Finance
(with Ehsan Azarmsa) | 2020, Journal of Financial Economics, 138(3), pp. 818-837.  
SSRN |  Information Design | Relationship Banking | Entrepreneurship | Security Design 

Persistent Blessings of Luck: Theory and an Application to Venture Capital 
(with Yizhou Xiao) | 2022, Review of Financial Studies, 35(3), pp. 1183-1221. 
SSRN  Contracting | Venture Capital | Entrepreneurship | Investment Skill 

Information Cascades and Threshold Implementation: Theory and an Application to Crowdfunding (with Yizhou Xiao) | 2022, Journal of Finance, Forthcoming. 
SSRN  FinTech | Crowdfunding | Entrepreneurship | Dynamic Learning 

Knowledge Accumulation, Privacy, and Growth in a Data Economy
(with Danxia Xie and Longtian Zhang) | 2021, Management Science, 67(10), pp. 6480-6492. 
SSRN  Growth | Privacy | Data Economy | Innovation 

Endogenous Growth under Multiple Uses of Data
(with Wenshi WeiDanxia Xie, and Longtian Zhang) | 2022, Journal of Economic Dynamics and Control, Forthcoming. 
SSRN  Growth | Privacy | Data Economy | Innovation 

Blockchain Disruption and Smart Contracts

(with Zhiguo He) | 2019, Review of Financial Studies, 32(5), pp. 3412-3460. 

SSRN  |   FinTech | Blockchain | IO | Contracting 

Decentralized Mining in Centralized Pools
(with Zhiguo He and Jiasun Li) | 2021, Review of Financial Studies, 34(3), pp. 1191-1235. 

SSRN  BLockchain | Bitcoin | Sustainability | IO 

Tokenomics: Dynamic Adoption and Valuation 

(with Ye Li and Neng Wang) | 2021, Review of Financial Studies, Editor's Choice, 34(3), pp. 1105-1155

SSRN  |   Tokenomics | Blockchain | Platforms | Asset Pricing 

Token-based Platform Finance

(with Ye Li and Neng Wang| 2022, Journal of Financial Economics, 144(3), pp. 972-991. 

SSRN  |   Tokenomics | Platforms | Corporate Finance | Monetary Policy 

Deep Sequence Modeling: Development and Applications in Asset Pricing

(with Ke Tang, Jingyuan Wang, and Yang Zhang) | 2020, Journal of Financial Data Science, 3(1), pp 28-42. 

arXiv  |   Asset Pricing | Time Series | Machine Learning | AI 

Blockchain Architecture for Auditing Automation and Trust-building in Public Markets

(with Sean Cao, Meng Han, Qixuan Hou, and Baozhong Yang) | 2020, IEEE Computer, 53(7), pp. 20-28. 

arXiv  |   Accounting | Blockchain | Privacy-Preserving MPC 

Tax-Loss Harvesting with Cryptocurrencies (with Wayne Landsman, Edward Maydew, & Daniel Rabetti) | 2023, Journal of Accounting and Economics, 76(2-3)

SSRN | PDF |   Cryptocurrency | NFTs | Taxation 

National Bureau of Economic Research (NBER) Featured Working Paper, Jan 17, 2023

CIRF-PBFJ Research Excellence Award, 8th China International Risk Forum, 2022

Best Conference Paper Award, 15th International Risk Management Conference, 2022

Best Paper Award, 12th Financial Markets and Corporate Governance Conference, 2022

Best Paper Award (1st Prize), 4th UWA Blockchain and Cryptocurrency Conference, 2021

Scaling Smart Contracts via Layer-2 Technologies: Some Empirical Evidence

(with Xiang Hui, Catherine Tucker, and Luofeng Zhou) | 2023, Management Science, Forthcoming. 

SSRN  |   Information Economics | Blockchain | Smart Contract Scaling 

Crypto Wash Trading 

(with Xi Li, Ke Tang, and Yang Yang) | 2023, Management Science, Forthcoming

Asseth-Kaiko Prize for Research in Cryptoeconomics (Best Paper & Talk)

Crypto and Blockchain Economics Research Conference Best Paper Award

Best Paper, ML Conference: “Human Sovereignty and Machine Efficiency in the Law"

Best Paper, 17th Annual Conf. of the Asia-Pacific Association of Derivatives (APAD)

Cornell Center for Social Sciences Research Grant

Media Coverage: Cornell Reunion & eCornell Keynotes; Bloomberg; SC Johnson Faculty News

Cryptocurrency | Regulation | Forensic Finance

Credit Allocation under Economic Stimulus: Evidence from China (with Haoyu Gao, Jacopo Ponticelli, and Xiaoguang Yang) | 2019, Review of Financial Studies, 32(9), pp. 3412-3460. 

SSRN  |   China | Credit | Intervention | Capital Market 

Policy Uncertainty and Innovation: Evidence from IPO Interventions in China 

(with Sabrina Howell) | 2020, Management Science, F67(11), pp. 6629-7289, iii-iv.

SSRN  |   China | IPO | Intervention | Innovation | Uncertainty 

Financing Entrepreneurship and Innovation in China (with Charles Lee, Yuanyu Qu, and Tao Shen) | 2020, Foundations and Trends® in Entrepreneurship, 16(1), PP. 1-64.

SSRN  |   China | Entreprneeurship | Intervention | Innovation | Capital Market 

RIM-based Value Premium and Factor Pricing Using Value-Price Divergence

(with Nathan George and Guojun Wang) | 2023, Journal of Banking and Finance, Vol. 149, 106812.

SSRN  |   Factor Models | Asset Pricing | RIM | Value Investing 

IQAM Institute 2nd Research Prize Award for Excellent Capital Market Research, 2022

Factor Models | Mispricing | RIM | Value Premium


A Brief Introduction to Blockchain Economics
(with Long Chen and Yizhou Xiao) | Chapter 1 in Information for Efficient Decision Making: Big Data, Blockchain and Relevance,  edited by Kashi Balachandran, Work Scientific Publishers (December 2020), pp. 1-40. 
SSRN  |   Blockchain | DeFi | FinTech | System Design 

Analyzing Textual Information at Scale
(with Tengyuan Liang, Baozhong Yang, and Xiao Zhang)Chapter 10 in Information for Efficient Decision Making: Big Data, Blockchain and Relevance,  edited by Kashi Balachandran, Work Scientific Publishers (December 2020), pp. 239-271. 
SSRN  |   Textual Analysis | Interpretable AI | Unstructured Data 

Alternative Data in FinTech and Business Intelligence
(with Beibei Li and Tony Zhang) | Book Chapter in Palgrave Handbook of FinTech and Blockchain,  edited by Maurizio Pompella and Roman Matousek, Palgrave MacMillan (2021), pp. 217-242. 
SSRN  FinTech | Big Data | Business Analytics 

Categories and Functions of Crypto-Tokens
(with Yizhou Xiao) | Book Chapter in Palgrave Handbook of FinTech and Blockchain,  edited by Maurizio Pompella and Roman Matousek, Palgrave MacMillan (2021), pp. 267-284. 
SSRN  Cryptocurrency | Digital Asset | Asset Pricing 

Educating Entrepreneurs and Financing Innovation in Asia
 Fei Yan, Yong Suk Lee, Charles Eesley, and Charles M.C. Lee) | Chapter 1 in Drivers of Innovation: Entrepreneurship, Education, and Finance in Asia,  edited by Yong Suk Lee and Fei Yan, Stanford University, CA. Shorenstein Asia-Pacific
Research Center Series with Brookings Institution Press (September 2022)

Amazon |   Entrepreneurship | Innovation | Development | China 

Financing Innovative Enterprises in China: A Public Policy Perspective
(with Charles M.C. Lee, Yuanyu Qu, and Tao Shen) | Chapter 11 in Drivers of Innovation: Entrepreneurship, Education, and Finance in Asia,  edited by Yong Suk Lee and Fei Yan, Stanford University, CA. Shorenstein Asia-PacificResearch Center Series with Brookings Institution Press (September 2022)
Amazon |   Entrepreneurship | Financial Market | Interventions | China 


Rise of Factor Investing: Security Design and Asset Pricing Implications

(with Shiyang Huang and Douglas Xu) | 2020, Journal of Finance, Revise and Resubmit.. 


Financial Innovation | Security Design | Market Microstructure | Asset Pricing

AlphaPortfolio: Direct Construction Through Deep Reinforcement Learning and Interpretable AI (with Ke Tang, Jingyuan Wang, and Yang Zhang) | 2021, Working Paper. 
The Institute for Quantitative Investment (INQUIRE Europe) Research Grant​
Best Paper Award, 3rd China International Forum on Finance and Policy
International Centre for Pension Management ICPM Research Award. 

Media Coverage: CFA Society Chicago; Cornell Reunion & eCornell Keynotes; 
Cornell Research

AI | Portfolio Theory | Reinforcement Learning

Textual Factors: A Scalable, Interpretable, and Data-driven Approach to Analyzing Unstructured Information

(with Tengyuan Liang and Xiao Zhang) | 2020, Management Science, Revise and Resubmit. 

AI | Big Data | Textual Analysis | Econometrics | Factor Models

Asymmetric Cross-side Network Effects on Financial Platforms: Theory and Evidence from Marketplace Lending(with Ke Tang, Danxia Xie, and Qi Miao) | 2020, Working Paper. 


FinTech | Multi-sided Platforms | P2P Lending

An AI-assisted Economic Model of Endogenous Mobility and Infectious Diseases: The Case of COVID-19 in the United States 

(with Ke Tang, Bing Wang, and Jingyuan Wang) | 2021, Working Paper. 

COVID 19 | AI | Epidemiology

A Model of Influencer Economy (with Siguang Li) | 2022, Working Paper. 

SSRN  |   Digital Economics | Industrial Organization | Marketing | Platforms 

Production, Trade, and Cross-Border Data Flows (with Qing Chang, Liyong Wang, and Longtian Zhang) | 2023, Working Paper. 

SSRN  |   Data Economy | International Trade | General Equilibrium 

SMEs Amidst the Pandemic and Reopening: Digital Edge and Transformation (with Xiaohan Yang and Xiaobo Zhang) | 2021, Center for Global Development Working Paper. 

SSRN  |  COVID-19 | Digital Economy | e-Commerce | SMEs 

The Coming Battle of Digital Currencies (with Simon Mayer) | 2021, Working Paper. 

SSRN  CBDCs | Cryptocurrency | Stablecoin | Tokenomics 

Growing Panel Trees to Harvest Basis Portfolios and Pricing Kernels (with Gavin Feng, Jingyu He, & Xin He) | 2021, Working Paper. 
SSRN |  Macine Learning | AI | Asset Pricing 

Inclusion and Democratization Through Web3 and DeFi? Initial Evidence from the Ethereum Ecosystem (with Ke Tang, Yanxin Wang, & Xi Zhao) | 2022, Working Paper. 

SSRN |  FinTech | Blockchains | DeFi | Digital Economy 

Antitrust and User Union in the Era of Digital Platforms and Big Data 

(with Simon Mayer) | 2022, Working Paper. 

SSRN  Data Sharing | Digital Economy | FinTech | Open Banking 


Sparse Modeling Under Grouped Heterogeneity with an Application to Asset Pricing (with Gavin Feng, Jingyu He, & Junye Li) | 2023, Working Paper. 
SSRN |  AI | Asset Pricing | Panel Data 

Value Premium, Network Adoption, and Factor Pricing of Crypto-Assets (with Andrew Karolyi, Ke Tang, & Weiyi Zhao) | 2021, Working Paper. 
SSRN |  Asset Pricing | Cryptocurrencies | International Finance 

Firm Disclosure Under Relationship Lending: Theory and Evidence from PPP Loans (with Daniel Rabetti) | 2023, Working Paper. 
SSRN |  Accounting | Disclosure | Intervention 

Financial and Informational Integration Through Oracle Networks (with Eswar Prasad & Daniel Rabetti) | 2023, Working Paper. 
SSRN |  DeFi | Information Economics | International Economics 

Market Integration, Risk-Taking, and Income Inequality (with Ron Kaniel and Yizhou Xiao) | 2023, Working Paper. 
SSRN  Entrepreneurship | International Economics | Applied Theory 

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