Research Interests
Theoretical and Empirical Asset Pricing, Behavioral Finance, Corporate Finance
Publications
[1] First-Mover Advantage, Time to Finance, and Cash Holdings (with Antonio Mello and Youchang Wu), Journal of Corporate Finance, 62 (2020), 101584
2015 European FA, 2015 FMA, 2014 SFS Finance Cavalcade, 2014 EFIC, 2014 FIRS, 2014 CICF
[2] The Causal Effect of Limits to Arbitrage on Asset Pricing Anomalies (with Yongqiang Chu and David Hirshleifer), Journal of Finance, 75 (2020), 2631-2672
NBER Working Paper w24144
2017 AFA, 2016 Rodney L. White Center for Financial Research Conference on Financial Decisions and Asset Markets at Wharton
Featured in Yahoo! Finance
[3] Multifactor Models and Their Consistency with the APT (with Ilan Cooper, Paulo Maio, and Dennis Philip), Review of Asset Pricing Studies, 11 (2021), 402-444 (Code)
[4] Financial Reporting Quality and Noise in Stock Returns: Evidence from Chinese A-B Twin Shares (with Tao Ma and Henry Friedman), Journal of Financial Reporting, 6 (2021), 137-162
Featured in Moore Knowledge
[5] What Does the Cross-Section Tell About Itself? Explaining Equity Risk Premia with Stock Return Moments (with Ilan Cooper and Paulo Maio), Journal of Money, Credit and Banking, 54 (2022), 73-118
[6] Reproducibility in Management Science (with Miloš Fišar, Ben Greiner, Christoph Huber, Elena Katok, Ali Ozkes, and the Management Science Reproducibility Collaboration), Management Science, 70 (2024), 1343-1356 [Note: Member of the Management Science Reproducibility Collaboration]
[7] What Drives Closed-End Fund Discounts? Evidence from COVID-19 (solo-authored), Financial Management, 53 (2024), 119-143
6th SDU Finance Workshop, 2021 Asian FA, 2021 CIRF, 2021 ABFE, 2021 IRMC, 2021 FMA, 2021 CFRIC, 2021 AFBC, 2021 NZFM, 2022 ASSA
Working Papers
(Some under Revise and Resubmit)
[8] The Effect of New Information Technologies on Asset Pricing Anomalies (with David Hirshleifer)
NBER Working Paper w32767
NBER Featured Working Paper
[9] The Factor Multiverse: The Role of Interest Rates in Factor Return Measurement (with Jules van Binsbergen)
2024 American Finance Association Meeting
2023 Financial Management Association Meeting, Semifinalist for Best Paper Award in Investments
2023 NBER Summer Institute Asset Pricing Meeting
2023 China International Conference in Finance (CICF), Winner of the XiYue Best Paper Award
15th (2023) Annual Hedge Fund Conference
2023 Financial Intermediation Research Society (FIRS) Conference
[10] Overconfidence, Macro Information, and Momentum
(previously titled "A Model of Momentum and Market States: Theory and Evidence")
Presented at numerous conferences and institutions
[11] Less is More: Lender Distraction and Workplace Safety (with Yifei Liao and Tonni Xia)
2025 California Corporate Finance Conference
2024 Financial Management Association Meeting, Semifinalist for Best Paper Award in Corporate Finance
2024 American Accounting Association Annual Meeting
2024 Canadian Academic Accounting Association Conference
2024 American Accounting Association SPARK Meeting
[12] Small Hands, Big Losses: Stock Market Reactions to Child Labor Abuse News (with Tonni Xia)
[13] The Value and Profitability Premiums (with Hong Yan)
2016 Northern Finance Association Meeting, 2016 KAFA Conference
2015 Summer Institute of Finance Conference, 2015 China International Conference in Finance
[14] Costly Arbitrage and the Closed-End Fund Puzzle: Evidence from a Natural Experiment (with Yongqiang Chu)
2016 SFS Finance Cavalcade, 2016 Fixed Income and Financial Institutions Conference, 2016 FMA