Research Interests: 

          Macro-finance, Theoretical and Empirical Asset Pricing

Publications:

• Leasing as a Mitigation of Financial Accelerator Effects, with Kai Li,  Review of Finance, Volume 27, Issue 6, November 2023, Pages 2015–2056. 

• The Technical Default Spread, with Emilio Bisetti and Kai Li, Review of Financial Studies, Volume 37, Issue 11, November 2024, Pages 3386–3430. 

Working Papers:

• The Undrawn Credit Line Premium

• Leasing and Idiosyncratic Volatility Puzzle, with Kai Li and Kaihong Song, 2026

• Shallow Greening: Financial Frictions and the Composition of Compliance, with Xiang Shi, 2026

Work in Progress:

• Bubbly Premium, with Ding Dong and Pengfei Wang

• Acceptance Default and Bank Run in Supply Side: Banking Crises over Business Cycles, with Xiang Shi