RESEARCH FIELD:

TOPICS:  Financial Technology & Innovation, Mechanism & Information Design, Entrepreneurship, ​AI & Big Data Analytics, Intervention & RegTech, Real Options, China.

SELECT PUBLICATIONS:  

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

Information Design | Intervention | Global Games

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

Real options | Auctions | Entrepreneurship | Corporate Finance

Persuasion in Relationship Finance
(with Ehsan Azarmsa) | 2020, Journal of Financial Economics, 138(3), pp. 818-837. 

Information Design | Relationship Banking | Entrepreneurship | Security Design

Persistent Blessings of Luck: Theory and an Application to Venture Capital (with Yizhou Xiao) | 2020, Review of Financial Studies, Forthcoming. 

Venture Capital | Contracting | Innovation | Delegated Investment

Blockchain Disruption and Smart Contracts
(with Zhiguo He) | 2019, Review of Financial Studies, 32(5), pp. 3412-3460. 

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. 

Blockchain | Bitcoin | IO | Crypto Mining

Tokenomics: Dynamic Adoption and Valuation
(with Ye Li and Neng Wang) | 2021, Review of Financial Studies, 34(3), pp 1105-1155

Tokenomics | Blockchain | Platforms | Asset Pricing

Deep Sequence Modeling: Development and Applications in Asset Pricing
(with Ke Tang, Jingyuan Wang, and Yang Zhang) | 2020, Journal of Financial Data Science, Forthcoming. 

AI | Asset Pricing | Machine Learning | Time Series

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. 

Accounting | Blockchain | Privacy-preserving MPC

Knowledge Accumulation, Privacy, and Growth in a Data Economy
(with Danxia Xie and Longtian Zhang) | 2020, Management Science, Forthcoming. 

Growth | Big Data

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. 

China | Credit | Intervention | Capital Market

Policy Uncertainty and Innovation: Evidence from IPO Interventions in China (with Sabrina Howell) | 2020, Management Science, Forthcoming.

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.

China | Entrepreneurship | Intervention | Innovation | Capital Market

WORKING PAPERS:  

Information Cascades and Threshold Implementation
(with Yizhou Xiao) | 2018, Journal of Finance, Revise and Resubmit. 

FinTech | Crowdfunding | Dynamic Learning | Entrepreneurship

Token-based Platform Finance
(with Ye Li and Neng Wang| 2020, Journal of Financial Economics, Accepted. 

Platforms | Corporate Finance | Tokenomics | Digital Currency

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 Reinforcement Learning and Interpretable AI
(with Ke Tang, Jingyuan Wang, and Yang Zhang) | 2020, Working Paper. 

AI | Portfolio Theory | Reinforcement Learning

Crypto Wash Trading
(with Xi Li, Ke Tang, and Yang Yang) | 2020, Working Paper. 

Cryptocurrency | Regulation | Forensic Finance

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, Preliminary Working Paper. 

COVID 19 | AI | Epidemiology