Working Papers

Asset Pricing with Misallocation, 2021
with Winston Dou, Di Tian, and Pengfei Wang
Best Paper Award on Asset Pricing, Northern Finance Association (NFA) Annual Conference, 2020

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

Dynamic Bank Expansion: Spatial Growth, Financial Access, and Inequality, 2022  [Online Appendix]
with Songyuan Teng and Robert M. Townsend
Journal of Political Economy, revise and resubmit

Publications

The Oligopoly Lucas Tree  [Online Appendix]
with Winston Dou and Wei Wu
Review of Financial Studies, Volume 35, Issue 8, p. 3867-3921, 2022
AAII Award for Outstanding Paper on Investments, Midwest Finance Association (MFA) Annual Conference, 2020

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
Best Paper Award, China International Conference in Macroeconomics (CICM), 2019

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
PwC 3535 Finance Forum Best Paper Award, 2021
Marshall Blume Prize in Financial Research, Rodney L. White Center at Wharton, 2017

External Financing and Customer Capital: A Financial Theory of Markups  [Online Appendix]
with Winston Dou
Management Science, Volume 67, No. 9, p. 5569-5585, 2021

Job Search under Debt: Aggregate Implications of Student Loans  [Optimal Contract][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 (lead article), Volume 117, p. 1-18, 2021