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

Predators or Defenders? Endogenous Competition and Financial Distress (with Hui Chen, Winston Dou, Hongye Guo, 2019)

Competition, Profitability, and Risk Premia (with Winston Dou, Wei Wu, 2019, Online Appendix)

Job Search under Debt: Aggregate Implications of Student Loans (2019)

External Financing and Customer Capital: A Financial Theory of Markups (with Winston Dou, 2018), 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, 2019, Revise and Resubmit), Journal of Monetary Economics



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

Misallocation: Trends and Cycles (with Winston Dou, Pengfei Wang)

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