Publications

• “The Start Matters: Time-Varying Investor Demand, Hedge Fund Inceptions and Performance”, Review of Finance,  forthcoming, with Lin Sun and Lu Zheng.

• “Partisan Return Gap: The Polarized Stock Market in the Time of a Pandemic”, Management Science, forthcoming, with Jinfei Sheng and Wanyi Wang.

• "How Fast Do Investors Learn? Asset Management Investors and Bayesian Learning”

Review of Financial Studies, forthcoming, with Chris Schwarz 

• “Does mutual fund illiquidity introduce fragility into asset prices? Evidence from the corporate bond market”

Journal of Financial Economics 143 (2022), 277-302, with Hao Jiang, Yi Li, and Ashley Wang.

• “Reaching for Dividends” 

Journal of Monetary Economics 115 (2020), 321-338, with Hao Jiang.

• “Home Bias and Local Contagion: Evidence from Funds of Hedge Funds”

 Review of Financial Studies 33 (2020),4771-4810, with Clemens Sialm and Lu Zheng.

• “Only Winners in Tough Times Repeat: Hedge Fund Performance Persistence over Different Market Conditions”

Journal of Financial and Quantitative Analysis 53 (2018), 2199-2225, with Ashley Wang and Lu Zheng,

• "Weighted Elastic Net Penalized Mean-Variance Portfolio Design and Computation"

SIAM Journal on Financial Mathematics 6 (2015), 1220-1244, with Michael Ho and Jack Xin.

• “Dispersion in Beliefs among Active Mutual Funds and the Cross-Section of Stock Returns”

 Journal of Financial Economics 114 (2014), 341-365, with Hao Jiang.

• “The Road Less Traveled: Strategy Distinctiveness and Hedge Fund Performance”

Review of Financial Studies 25 (2012), 96-143, with Ashley Wang and Lu Zheng.

• “Institutional Stock Trading on Loan Market Information”

Journal of Financial Economics 100 (2011), 284-303, with Victoria Ivashina.

• “Institutional Demand Pressure and Cost of Corporate Loans”

Journal of Financial Economics 99 (2011), 500-522, with Victoria Ivashina.

Working Papers

• “Capital Concentration of the Bond Fund Industry and Bond Market Fragility”, 2022, with Yong Chen and Mengqiao Du

• “Underwriter Competition and Institutional Loan Pricing”, 2021, with Will Shuo Liu, Chenyu Xiong and Qifei Zhu.

• “Religious Belief and Socially Responsible Investing”, 2015, with John Bae and Lu Zheng.

• “News and Corporate Bond Liquidity”, 2013, with Hao Jiang.