I am currently a professor of finance at the University of North Carolina at Greensboro. My research interest is asset pricing and I teach investments, options and futures. Here is my vitae.


1. "Limits to Arbitrage: The Long and Short of It" with Yong Chen and Zhi Da, 2018, Forthcoming at the Review of Financial Studies.

2. "Profitability and Stock Returns in Production-Based Asset Pricing with Decreasing Returns to Scale ", with Ronald Balvers and Li Gu, 2017, Journal of Money, Credit and Banking 49, 1621-1651.

3. "Industrial Electricity Usage and Stock Returns", with Zhi Da and Hayong Yun, 2017, Journal of Financial and Quantitative Analysis 37-69. Winner of 2017 Sharpe Award.

4. "The Effect of Growth in Labor Hours per Worker on Future Stock Returns, Hiring and Profitability", with Li Gu, 2017, Review of Finance 21, 2249-2276.

5. "Inflation Illusion and Stock Returns", with William Brown and Fang Wang, 2016, Journal of Empirical Finance 35, 14-24.

6. "Consumption, Money, Intratemporal Substitution and Cross-Sectional Asset Returns", with Li Gu, 2013, Journal of Financial Research 36, 115-146.

7. "Transitory Market States and The Joint Occurrence of Momentum and Mean Reversion", with Ronald Balvers and Ou Hu, 2012, Journal of Financial Research 35, 471-495.

8. "Sales Order Backlogs and Momentum Profits", with Li Gu, 2010, Journal of Banking and Finance 34, 1564-1575.

9. "Technology Prospects and The Cross-Section of Stock Returns", with Po-Hsuan Hsu, 2010, Journal of Empirical Finance 17, 39-53. Recipient of the Best Paper Award in Investments, 2008 FMA.

10. "Cash, Investments and Asset Returns", with Fang Wang, 2009, Journal of Banking and Finance 33, 2301-2311 .

11. "Money and the (C)CAPM", with Ronald Balvers, 2009, Journal of Financial and Quantitative Analysis 44, 337-368.

12. "Evaluation of Linear Asset Pricing Models by Implied Portfolio Performance", with Ronald Balvers, 2009, Journal of Banking and Finance 33, 1586-1596.

13. "Productivity-Based Asset Pricing: Theory and Evidence", with Ronald Balvers, 2007, Journal of Financial Economics 86, 405-445.

14. "Market States and International Momentum Trading Strategies", 2006, Quarterly Review of Economics and Finance July, 437-446.

Working Papers

1. "Anomalies Enhanced: The Value of Higher Frequency Information" with Yufeng Han and Guofu Zhou, 2018.

2. "Oil Driven Stock Price Momentum" with Jianjun Miao, 2018.

3. "Volume and Return: The Role of Mispricing ", with Yufeng Han, Dashan Huang, and Guofu Zhou, 2018.