Assistant Professor of Finance

Hong Kong University of Science and Technology

Ph.D. in Economics, MIT, 2017

Research Interests:

Asset Pricing and Its Connection with Industrial Organization

Macroeconomic Aspects of Financial Frictions and Economic Development


Room 5005, Department of Finance

Lee Shau Kee Business Building

Hong Kong University of Science and Technology

Clear Water Bay, Kowloon, Hong Kong



Competition, Profitability, and Discount Rates  [Online Appendix]
with Winston Dou and Wei Wu
Journal of Financial Economics, Volume 140, Issue 2, p. 582-620, 2021

External Financing and Customer Capital: A Financial Theory of Markups  [Online Appendix]
with Winston Dou
Management Science, forthcoming

Job Search under Debt: Aggregate Implications of Student Loans  [Online Appendix]
Journal of Monetary Economics, Volume 117, p. 741-759, 2021

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and the Distribution of Income  [Online Appendix]
with Era Dabla-Norris, Robert M. Townsend, and D. Filiz Unsal
Journal of Monetary Economics, Volume 117, p. 1-18, 2021

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns  [Online Appendix]
with Winston Dou, David Reibstein, and Wei Wu
Journal of Finance, Volume 76, Issue 1, p. 211-265, 2021


Working Papers

The Oligopoly Lucas Tree, 2020  [Online Appendix]
with Winston Dou and Wei Wu
Review of Financial Studies, revise and resubmit

Asset Pricing with Misallocation, 2021
with Winston Dou, Di Tian, and Pengfei Wang

Feedback and Contagion through Distressed Competition, 2020  [Online Appendix]
with Hui Chen, Winston Dou, and Hongye Guo
Journal of Finance, revise and resubmit

Branch Expansion versus Digital Banking: The Dynamics of Growth and Inequality in a Spatial Equilibrium Model, 2021  [Online Appendix]
with Songyuan Teng and Robert M. Townsend


Work in Progress

Monetary Policy, Competition, and Asset Prices
with Winston Dou and Michael Weber