• • I work on the intersection of asset pricing and corporate finance with a focus on financial intermediation, and received my Ph.D. in Economics from Harvard University in 2016.

  • My current agenda explores the interplay between banks and various non-banks, including mutual funds, ETFs, and FinTech lending and payment service companies that all behave more like banks post-crisis, and the financial stability and macroeconomic implications. 

  • A recent webinar (with slides) on Basel III Endgame and its implications on banks and financial markets, an op-ed on the Silicon Valley Bank collapse, and a blog post on mutual funds summarize my research and views on financial stability risks and how we can fight against them.

Working Papers

15. "The Making of an Alert Depositor: How Payment and Interest Drive Deposit Dynamics," with Xu Lu and Yang Song

• • • Media Mentions: Knowledge@Wharton

14. "Payments, Reserves, and Financial Fragility," with Itay Goldstein and Ming Yang

13. "Stablecoin Runs and the Centralization of Arbitrage," with Yiming Ma and Anthony Lee Zhang

Papers under Review/Revision

12. "Steering a Ship in Illiquid Waters: Active Management of Passive Funds," with Naz Koont, Yiming Ma, and Lubos Pastor

• • • Revise and Resubmit, Review of Financial Studies

    • Media Mentions: Financial Times (1), Financial Times (2), Barron's, Knowledge@Wharton, Chicago Booth Review, Becker Friedman Institute, ETF Stream

11. "Bank Debt, Mutual Fund Equity, and Swing Pricing in Liquidity Provision," with Yiming Ma and Kairong Xiao

• Revise and Resubmit, Review of Financial Studies

• Mentioned in the SEC's proposed rule on Open-End Fund Liquidity Risk Management Programs and Swing Pricing

• Mentioned in the SEC's proposed rule on Money Market Fund Reforms

• Media Mentions: Wharton Initiative on Financial Policy and Regulation

10. “Coordination and Fragility in Liquidity Provision,” with Ming Yang

• Revise and Resubmit, Review of Financial Studies

9. “ETF Arbitrage under Liquidity Mismatch,” with Kevin Pan

• Revise and Resubmit, Journal of Finance

• Arthur Warga Award for the Best Paper in Fixed Income, SFS Finance Cavalcade (North America)

• Finalist of the ECB Research Prize in memory of Ieke van den Burg

• Mentioned by SEC Commissioner Robert J. Jackson, Jr. in his Statement on Proposed Rules Regarding Exchange Traded Funds (ETFs)

• Media Mentions: Bloomberg (Matt Levine's Money Stuff Column), ETF Stream (Interview), ETF Stream (2), Bloomberg (2), NBER Digest, Financial Times (1), Financial Times (2), Washington Post, DTCC, Alpha Architect, Absolut Research

8. “A Dynamic Theory of Mutual Fund Runs and Liquidity Management”

• • • Revise and Resubmit, Review of Financial Studies, invited submission

• First Prize for the Best Finance Theory Job Market Paper, Finance Theory Group

• Trefftzs Award for the Best Student Paper, WFA

• Cubist Systematic Strategies Ph.D. Candidate Award for Outstanding Research, WFA

• Mentioned in the SEC's final rule on Money Market Fund Reforms

• Mentioned in the SEC's proposed rule on Open-End Fund Liquidity Risk Management Programs and Swing Pricing

• Mentioned in the SEC's proposed rule on Money Market Fund Reforms

• Media Mentions: Bloomberg, WSJ, Risk.net, Money, Banking, and Financial Markets

Publications

7. "FinTech Lending and Cashless Payments," with Pulak Ghosh and Boris Vallee

• • • Journal of Finance, forthcoming

    • Media Mentions: Knowledge@Wharton

6. "Mutual Fund Liquidity Transformation and Reverse Flight to Liquidity," with Yiming Ma and Kairong Xiao

• Review of Financial Studies, 35(10): 4674-711, October 2022.

• Replicated for a sample of global funds in the IMF Financial Stability Report

• Mentioned in the SEC's proposed rule on Open-End Fund Liquidity Risk Management Programs and Swing Pricing

• Mentioned in the SEC's proposed rule on Money Market Fund Reforms

• Mentioned in the Federal Reserve's November 2021 Financial Stability Report

• Mentioned by New York Fed Executive Vice President Lorie K. Logan in her remarks on Treasury Market Liquidity and Early Lessons from the Pandemic Shock

• Mentioned by the Americans for Financial Reform Education Fund (AFREF) in a Comment on Potential Money Market Fund Reform Measures in President’s Working Group Report

5. “Silence is Safest: Information Disclosure When the Audience's Preferences are Uncertain,” with Philip Bond

• Journal of Financial Economics, 145(1): 178-93, July 2022.

• Media Mentions: Columbia Law School Blue Sky Blog

4. “Mutual Funds as Venture Capitalists? Evidence from Unicorns,” with Sergey Chernenko and Josh Lerner

• • • Review of Financial Studies, 34(5): 2362-410, May 2021. Code to Download Data

    • Media Mentions: Reuters, Bloomberg (Matt Levine's Money Stuff Column), Harvard Law School Forum on Corporate Governance and Financial Regulation, Boston Globe, Citywire, MoFo Jumpstarter

3. “Marketplace Lending: A New Banking Paradigm?” with Boris Vallee

• • • Review of Financial Studies, 32(5): 1939-82, May 2019. Replication Code and Data 

    • Media Mentions: HBS Working Knowledge, PYMTS.com

2. “Financing Entrepreneurial Production: Security Design with Flexible Information Acquisition,” with Ming Yang

• Review of Financial Studies, 32(3): 819-63, March 2019. 

• Editor's Choice (lead article)

1. “Multi-Agent Inference in Social Networks: A Finite Population Learning Approach,” with Jianqing Fan and Xin Tong

• Journal of the American Statistical Association, 110, Theory and Methods: 149-58, April 2015.