Publications

All That Glitters: A Theory of Multiple Bubbles with Implications for Cryptocurrencies (with Jungsuk Han)

Journal of Monetary Economics (2025): 103764 

NH Investment and Securities Paper Award

Heterogeneous rational bubbles interact through competition and complementarity. A cryptocurrency portfolio benefits from diversification and a compensation effect—when some burst, survivors appreciate, offsetting losses. This suggests that fragile bubbles, such as a crypto ETF, can rival a single, more stable bubble.

  Working Papers

Flexible Monitoring, Double Moral Hazard, and Fixed-Wage Contracts (with Liang Dai and Ming Yang)

High-Frequency Trading, Endogenous Capital Commitment and Market Quality  

Dynamic Contracting with Flexible Monitoring (with Liang Dai and Ming Yang) 

Do Electronic Markets Improve Execution If You Cannot Identify Yourself? (with John Shim) 

Insider Trading When There May Not Be an Insider (with Liang Dai and Ming Yang)

Learning from Awareness