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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.


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

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

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

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, Working Paper. 

COVID 19 | AI | Epidemiology

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

(with Nathan George and Guojun Wang) | 2018, Under Revision. 


Factor Models | Mispricing | RIM | Value Premium

Endogenous Growth and Multiple Uses of Data (with Wenshi Wei, Danxia Xie, and Longtian Zhang) | 2021, Journel of Economic Dynamics and ControlForthcoming. 

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 


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