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, forthcoming

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, forthcoming

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, forthcoming

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


Working Papers

The Oligopoly Lucas Tree: Consumption Risk and Industry-Level Risk Exposure, 2020  [Online Appendix]
with Winston Dou and Wei Wu
Review of Financial Studies, revise and resubmit

Granular Uncertainty and Disastrous Misallocation, 2020
with Winston Dou 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

Finance, Growth, and Inequality across Local Spatial Markets: The Dynamics of Bank Expansion, 2020
with Songyuan Teng and Robert M. Townsend


Work in Progress

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