RESEARCH

Selected Working Papers:

• Bond Market Illiquidity: Is Portfolio Trading the Solution?   (with Jessica Li, Maureen O'Hara and Andreas Rapp)

Revise and Resubmit, Journal of Finance.

Conferences: 2024 American Finance Association (AFA) Annual Conference. 

• The Value of Value Investors (with Maureen O'Hara and Andreas Rapp)

Revise and Resubmit, Review of Financial Studies.

Conferences: 2023 American Finance Association (AFA) Annual Conference, 2023 IMF-WIFPR Conference, 2022 China International Conference in Finance (CICF). 

• Liquidity Provision in a One-Sided Market: The Role of Dealer-Hedge Fund Relations  (with Mathias Kruttli, Marco Macchiavelli, and Phillip Monin)

Conferences: 2025 American Finance Association (AFA) Annual Conference, NBER Financial Market Frictions and Systemic Risks Meeting, NYU Stern/Salomon Microstructure Conference, 2024 ECB-FRBNY Workshop on Non-Bank Financial Institutions, 7th Annual Federal Reserve/Maryland Short-Term Funding Markets Conference.

• Assessing Gains from Primary Market Allocations in Corporate Bonds  (with Thomas Flanagan and Simi Kedia)

Selected Academic Publications:

• Mutual Fund Fragility, Dealer Liquidity Provisions, and the Pricing of Municipal Bonds  (with Yi Li and Maureen O'Hara)

Management Science, forthcoming.

2021 WFA Two Sigma Award for the Best Paper on Investment Management

• Things Fall Apart: Fixed Income Markets in the Covid Crisis (with Maureen O'Hara)

Annual Review of Financial Economics, 2023,  Vol. 15, 55-68.

• Funding Liquidity and Market Liquidity: the Broker-Dealer Perspective (with Marco Machiavelli)

Management Science, 2022, 68(5), 3379–3398.

• Liquidity Restrictions, Runs, and Central Bank Interventions: Evidence from Money Market Funds (with Lei Li, Yi Li, and Marco Machiavelli)

Review of Financial Studies, 2021, 34(11), 5402–5437.

Policy Implication: Report of the President's Working Group on Money Market Funds, SEC's Money Market Fund Reforms.

Media: VoxEU, Financial Times (1), Financial Times (2), Crane Data, Money and Banking Blog.

• Anatomy of a Liquidity Crisis: Corporate Bonds in the COVID-19 Crisis (with Maureen O'Hara)

Journal of Financial Economics, 2021, 142(1), 46–68.

• The Electronic Evolution of Corporate Bond Dealers (with Maureen O'Hara)

Journal of Financial Economics, 2021, 140(2), 368–390.

• Credit Default Swaps and Bank Regulatory Capital (with Chenyu Shan, Dragon Tang, and Hong Yan)

Review of Finance, 2021, 25(1), 121–152.

Media: The Wall Street Journal.

• Investment Commonality across Insurance Companies: Fire Sale Risk and Corporate Yield Spreads (with Vikram Nanda and Wei Wu) 

Journal of Financial and Quantitative Analysis, 2019, 54(6), 2543–2574.

• The Execution Quality of Corporate Bonds (with Maureen O’Hara and Yihui Wang) 

Journal of Financial Economics, November 2018, 130(2), 308–326.

Media: CFA Institute Journal Review, Cadwalader Cabinet.

• The Volcker Rule and Corporate Bond Market-Making in Times of Stress (with Jack Bao and Maureen O’Hara) 

Journal of Financial Economics, October 2018, 130(1), 95–113.

Media: The Wall Street Journal (1), The Wall Street Journal (2), The Wall Street Journal (3), CNN, Financial Times, Forbes, S&P Global, Keynote remarks by Fed Vice Chair Stanley Fisher, Center for Financial Stability, Business Insider, Institutional Investor, sr-sv.com, Center for the Study of Financial Market Evolution, American Banker, govinfo.gov, Wolters Kluwer, Financial Services Forum.

• Large Shareholders and Credit Ratings (with Simi Kedia and Shiva Rajgopal)

Previously circulated under the title "Does it Matter who Owns Moody's?"

Journal of Financial Economics, June 2017, 124(3), 632–653.

Media: Financial Times, Forbes, insurancenewsnet.com.

• Did Going Public Impair Moody’s Credit Rating? (with Simi Kedia and Shiva Rajgopal)

Journal of Financial Economics, November 2014, 114(2), 293–315.

Media: Bloomberg.

• Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction (with Song Han) 

Management Science, March 2014, 60(3), 675–694.

Selected Policy and Invited Publications:

• Corporate Bond Trading: Finding the Customers' Yachts (with Maureen O'Hara) 

Journal of Portfolio Management, special issue on "Market Microstructure", 2022. 

• The Corporate Bond Market Crises and the Government Response (with Steven Sharpe) 

FEDS Notes, October 07, 2020. 

PROFESSIONAL SERVICE

Editorship:

• Associate Editor, Journal of Empirical Finance, 2022-present.

• Associate Editor, Journal of Financial Markets, 2023-present.

• Associate Editor, International Review of Finance, 2023-present.

• Guest Editor, Journal of Risk and Financial Management, special issue on "Corporate Debt," 2020.

Referee:

• Journal of Finance, Journal of Financial and Quantitative Analysis, Journal of Financial Economics, Management Science, Review of Finance, Review of Financial Studies, among others.

Conference Organization:

• Co-organizer, Federal Reserve/University of Maryland Short-Term Funding Markets Conference (2020)

Conference Program Committee:

• CICF, STFM, OFR Rising Scholars Conference, MFA, FMA.

Grant Assessment:

• The Research Grant Council (RGC) of Hong Kong 

EDUCATION

Ph.D., Cornell University, 2008