Upcoming conferences and seminars
University of Wisconsin–Madison, CKGSB, PBC Tsinghua, Macro Finance workshop, OFR/Cleveland Fed Financial Stability Conference, Boston College, Conference on Corporate Finance at WUSTL, FMA, AFA, NBER Financial Innovation and Regulation Conference
Winner of the SummerHaven Investment Management Prize for Best Paper at the Wharton--Rodney L. White Center 2019 conference
Featured in March 2019 NBER Digest, "Retail Investors Reach for Income when Interest Rates Fall".
Investors flow into income-generating assets such as high-dividend stocks and high-yield bonds when rates are low. This reaching for income behavior constitutes a transmission channel of monetary policy.
Liquidity regulation has unintentionally shifted liquidity transformation from regulated intermediaries to unregulated ones.
The conventional wisdom is that the only way that financial intermediaries can create liquidity is to issue claims with stable value. We show this is not true.
The increased reliance on mutual funds as financial intermediaries has turned the flight to liquidity by individual investors into an aggregate reverse flight to liquidity in financial markets in COVID-19 crisis.
Exploiting the staggered adoption of a contact-tracing app in 322 Chinese cities, this paper finds that this big data technology created an economic value of 2% of GDP and saved 190,000 lives during the COVID-19 outbreak in China.
We propose a new fuzzy bunching estimator of regulatory costs exploiting bunching around regulatory threshold. It has better finite sample property compared with sharp bunching estimators.
Watch what they do, not what they say: Estimating regulatory costs from revealed preferences, With Adrien Alvero and Sakai Ando
Regulation costs inferred from banks' endogenous response to regulation are significantly lower than self-reported estimates in surveys on banks.
Under the surface of the Chinese Communist Party, there are rules that govern power sharing among rival factions and keep high-ranking individuals moving up the ladder.