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Assistant Professor, Department of Finance, LSE.
Research Affiliate, CEPR.
Research Interests: Asset Pricing, Behavioral Economics, Behavioral Finance, Household Finance.
Click here for a recent CV.
We are organizing meetings for London-based students and faculty members to regularly meet up and discuss research on behavioral economics and finance. Check here for more information.
Working Papers
Working Papers
"The Term Structure of Return Expectations," with Federico Bastianello.
"Factor Demand and Factor Returns," with Chen Wang.
CFAM-ARX Paper Award, Finance Down Under Conference, 2022.
CQA Academic Competition Second Prize, 2022.
Publications
Publications
"The Law of Small Numbers in Financial Markets: Theory and Evidence," with Lawrence Jin. Conditionally Accepted, Review of Financial Studies.
"The Inference-Forecast Gap in Belief Updating," with Tony Fan and Yucheng Liang (Experimental Instructions). Forthcoming, Econometrica.
"The Gender Gap in Household Bargaining Power: A Revealed-Preference Approach," with Ran Gu and Weilong Zhang, Forthcoming, Review of Financial Studies.
Media coverage: The Conversation, Science X, ScienMag, U of Essex News.
"Investor Memory and Biased Beliefs: Evidence from the Field," with Zhengyang Jiang, Hongqi Liu, and Hongjun Yan (2025), Quarterly Journal of Economics 140, 2749–2804.
"Reaching for Yield: Evidence from Households," with Francisco Gomes, Oksana Smirnova, and Ning Zhu (2025), Journal of Financial Economics 168, 104057.
"Personality Differences and Investment Decision-Making," with Zhengyang Jiang and Hongjun Yan (2024), Journal of Financial Economics 153, 103776.
Summary: BC Center for Retirement Research.
Media coverage: Yahoo Finance, The Wall Street Journal, Kellogg Insight, Manager Magazin.
"Asset Complexity and the Return Gap," with Paul Gao, Allen Hu, Peter Kelly, and Ning Zhu (2024), Review of Finance 28, 511-550.
"Extrapolative Bubbles and Trading Volume," with Jingchi Liao and Ning Zhu (2022), Review of Financial Studies 35, 1682–1722.
"Taming the Bias Zoo," with Hongqi Liu, Wei A. Xiong, and Wei Xiong (2022), Journal of Financial Economics 143, 716–741.
CFRC Best Paper Award, 2021.
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