Senior Economist

Luohan Academy, Alibaba Group


Research Interests

Macroeconomics, Corporate Finance, Carbon Economics


"Credit and Firm-Level Volatility of Employment," with Vincenzo Quadrini, (Journal of the European Economic Association, 16-5, 2018)

"Financing Intangible Capital," with Mindy Zhang Xiaolan, (Journal of Financial Economics, 133-3, 2019)

"Cash Holdings, Capital Structure, and Financing Risk," with Junjie Xia, (Journal of Financial and Quantitative Analysis, 57-2, 2022)

Cyclical Dynamics of Trade Credit with Production Networks,” with Wukuang Cun, Vincenzo Quadrini, and Junjie Xia, (Economic Journal, accepted)

Working Papers

“Getting Rich in China: An Empirical and Structural Investigation of Wealth Mobility,” with Vincenzo Quadrini, Junjie Xia, and Ting Zeng , 2020

“Capitalist Human Capital," with Vincenzo Quadrini and Yicheng Wang, 2020

"The Real Effects of Shadow Bank Lending in China", 2017