RESEARCH INTEREST: Financial Economics, Information Economics, Asset Pricing, FinTech
TOPICS: Financial Technology & Innovation, Blockchains, Mechanism & Information Design, Entrepreneurship, AI & Big Data Analytics, Digital Economy, Intervention & RegTech, China.
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 Wei, Danxia 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
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
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
Crypto Wash Trading (with Xi Li, Ke Tang, and Yang Yang) | 2020, Working Paper.
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
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.
Media Coverage: eCornell FinTech Initiative Launch; Cornell Research
RIM-based Value Premium and Factor Pricing Using Value-Price Divergence
(with Nathan George and Guojun Wang) | 2018, Under Revision.
Endogenous Growth and Multiple Uses of Data (with Wenshi Wei, Danxia Xie, and Longtian Zhang) | 2021, Journel of Economic Dynamics and Control, Forthcoming.
SSRN | Growth | Big Data | Privacy | Innovation
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
Tax-Loss Harvesting with Cryptocurrencies (with Wayne Landsman, Edward Maydew, & Daniel Rabetti) | 2021, Working Paper.
SSRN | Cryptocurrency | NFTs | Taxation
Best Paper Award (1st Prize), 4th UWA Blockchain and Cryptocurrency Conference
Asset Pricing with Panel Trees under Global Split Criteria (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