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

Frictions in Financial Markets and Product Markets

Micro-Founded Macroeconomic Models, Macro-Labor-Search


Room 5005, Department of Finance

Lee Shau Kee Business Building

Hong Kong University of Science and Technology

Clear Water Bay, Kowloon, Hong Kong


Working Papers

Granular vs Micro Uncertainty: Credit Misallocation and Endogenous Disasters (with Winston Dou, Pengfei Wang, 2020)

Predation or Self-Defense? Endogenous Competition and Financial Distress (with Hui Chen, Winston Dou, Hongye Guo, 2019)

High Discounts and High Competition (with Winston Dou, Wei Wu, 2019, Online Appendix), Revise and Resubmit, Journal of Financial Economics

Job Search under Debt: Aggregate Implications of Student Loans (2020, Online Appendix)

External Financing and Customer Capital: A Financial Theory of Markups (with Winston Dou, 2019), Revise and Resubmit, Management Science



Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income (with Era Dabla-Norris, Robert Townsend, D. Filiz Unsal, 2020, Online Appendix), Journal of Monetary Economics, forthcoming

Inalienable Customer Capital, Corporate Liquidity, and Stock Returns (with Winston Dou, David Reibstein, Wei Wu, 2019, Online Appendix), Journal of Finance, forthcoming


Work in Progress

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

Bad Beta and Good Beta under Imperfect Competition (with Winston Dou, Wei Wu)