University of Washington (Foster School of Business) : Assistant Professor and William W. Alberts Endowed Professor of Finance

University of Pennsylvania (Wharton): Judith L. and William G. Bollinger Visiting Assistant Professor

PhD in Finance and Economics,  2012 - 2017,  Columbia.

Research: money and banking, payment, network, asset pricing, macroeconomics
CV - Oct. 2024
Research Statement

Papers accepted or under revision

Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability, accepted at the American Economic Review, SSRN 

Dynamic Banking and the Value of Deposits, with Patrick Bolton, Neng Wang, Jinqiang Yang, accepted at the Journal of Finance, NBER, SSRN

Firm Quality Dynamics and the Slippery Slope of Credit Intervention, with Wenhao Li, revise & resubmit at the Review of Economic Studies, SSRN

Public Liquidity and Intermediated Liquidity, revise & resubmit at the Journal of Finance, SSRN

Network Risk and Key Players: A Structural Analysis of Interbank Liquidity, with Ed Denbee, Christian Julliard, Kathy Yuan, Journal of Financial Economics, Volume 141, Issue 3, Sep. 2021 (Lead Article), JFE, SSRN 

Tokenomics: Dynamic Adoption and Valuation, with Lin W. Cong, Neng Wang, Review of Financial Studies Volume 34, Issue 3, March 2021 (Editor's Choice), RFS, NBER,  SSRN

Token-Based Platform Finance, with Lin W. Cong, Neng Wang, Journal of Financial Economics, Volume 144 Issue 3 Jun. 2022, JFE NBER, SSRN 

New projects

The Network Structure of Money Multiplier, with Yi Li, Huijun Sun, SSRN

Slicing an Asset to Learn about Its Future: A New Perspective on Return and Cash-Flow Forecasting, with Chen Wang, SSRN

Payment Risk and Bank Lending: Reassessing the Bundling of Payment Services and Credit Provision, with Yi Li, SSRN

Link to more working papers