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 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 

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 

Working Papers:  

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
AI | Portfolio Theory | Reinforcement Learning

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

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. 


Media Coverage: eCornell FinTech Initiative Launch; Cornell Research

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