Assistant Professor of Finance and William W. Alberts Endowed Professor at the University of Washington
Research: money and banking, liquidity in macroeconomy, asset pricing, network, fintech (payment, digital currency)
Teaching: corporate finance (Undergrad), continuous-time finance (PhD)
Papers accepted/under revision at journals
Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability, conditional accept at the American Economic Review, SSRN
Tokenomics: Dynamic Adoption and Valuation, with Lin Will Cong, Neng Wang, Review of Financial Studies Volume 34, Issue 3, March 2021 (Editor's Choice), RFS, NBER, 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
Token-Based Platform Finance, with Lin Will Cong, Neng Wang, Forthcoming at the Journal of Financial Economics, JFE NBER, SSRNFirm Quality Dynamics and the Slippery Slope of Credit Intervention, with Wenhao Li, revise & resubmit at the Review of Economic Studies, SSRN
Dynamic Banking and the Value of Deposits, with Patrick Bolton, Neng Wang, Jinqiang Yang, revise & resubmit at the Journal of Finance, NBER, SSRN
The Procyclicality of Intermediated Liquidity, revise & resubmit at the Journal of Finance, under revision, old version
New projects
Bank Credit and Money Creation on Payment Networks: A Structural Analysis of Externalities and Key Players, updated Feb. 2022, with Yi Li, Huijun Sun, SSRN
Presentation and discussion in 2022 (*discussion; **presentation by coauthors): AFA, ABFER (Innovation, Productivity, and Challenges in the Digital Era), Adam Smith Workshop at INSEAD, Advances in Macro-Finance Tepper-LAEF Conference, ASU Sonoran Winter Finance Conference*, BSE (Barcelona School of Economics) Summer Forum, Boston College finance seminar, Cambridge Corporate Finance Theory Symposium*, CESifo Macro, Money, and International Finance, Chicago Fed**, European Winter Finance Summit, European Banking Center Network Conference at Tilburg, European Central Bank research seminar, European Finance Association (EFA), Federal Reserve Board**, Financial Intermediation Research Society (FIRS) Conference, Frankfurt School of Finance & Management, GSU-RFS Fintech Conference**, HEC-McGill Winter Finance Workshop, Imperial College finance seminar, Midwest Finance Association**, NYU Econ/Stern macro seminar, Northeastern University Finance Conference**, OCC Symposium on Systemic Risk and Stress Testing**, Purdue Fintech Conference, RCFS Winter Conf.*, SFS Cavalcade North America (paper & discussion), Stanford University finance seminar, UCLA finance seminar, UIUC finance seminar**, UNC Junior Roundtable, University of Zurich/ETH research seminar, Utah Winter Finance Conference**