Selected Working Papers
[1] "Political Alignment and Housing Transactions", with Michael-Paul James and Roman Wang (Download)
Individuals affiliated with the same party as the sitting president are more likely to engage in housing transactions because they perceive lower uncertainty in the economy. Consequently, housing supply in neighborhoods with more aligned households increase and house prices in those neighborhoods decrease.
[2] "Partisan Loan Officers and the Racial Gap in Mortgage Lending" (Download) (Audio)
Democratic loan officers originate more loans to minority borrowers by lowering the lending standard based on hard information.
2025 Boulder Summer Conference on Consumer Financial Decision Making
2026 ASSA/AREUEA (scheduled)
[3] "The Cultural Origin of Household Debt", with Xinming Li (Download)
The ethnic origin of households affects how much leverage they use when buying houses.
[4] "Political Homphily and Director Appointments", with Ruiyao Zhu (Download)
Candidates sharing similar political views as the CEOs are more likely to be appointed to the board of directors.
[6] "Fintech and Gender Discrimination," with Chunxing Sun, Bohui Zhang, Daxuan Zhao (Download).
AI algorithm increases price discrimination against female borrowers
EFA 2023
Revise and Resubmit, Journal of Financial and Quantitative Analysis
[7] "Green Hedge Fund Activists," with Daxuan Zhao (Download)
Revise and Resubmit, Review of Finance
The emission of toxic chemicals decreases after a firm is targeted by hedge fund activism
[8] "Herding in Corporate Climate Risk Disclosure", with Alfred Z. Liu and Angela X. Liu (Download)
[9] "Language Style Matching and CFO Turnover," with Angela Liu (Download)
Language style matching between the CEO and the CFO can predict CFO turnover
MFA 2022
[10] "Shareholder-Creditor Conflict and Limits to Arbitrage: Evidence from the Equity Lending Market," with Luca Lin, Pedro Saffi, and Jason Sturgess (Download)
Shareholder-creditor conflict affects institutional investors' incentives to lend out shares to short sellers.
MFA 2022
[11] "Affiliated Analysts and Loan Contracting," with Tao Ma and Roman Wang (Download)
Coverage by analysts affiliated with the lenders enhances monitoring and reduces loan spreads.
[12] "Monetary Policy and Bank Concentration," with Tim Zhang (Download)
Tightening monetary policy can increase bank concentration.
[13] "Banking Deregulation and Discrimination in Mortgage Lending," with Xiaonan (Flora) Ma (Download)
Interstate banking deregulation increases entering banks' discrimination against African American borrowers in mortgage origination.