Assistant Professor of Finance at the Ohio State University

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

Research: money and banking, liquidity in macroeconomy, asset pricing, network, fintech (payment and digital currency)

Teaching: corporate finance (Undergrad), continuous-time finance (PhD)

Papers accepted or 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, SSRN 

Dynamic Banking and the Value of Deposits, with Patrick Bolton, Neng Wang, Jinqiang Yang, revise & resubmit at the Journal of Finance, NBERSSRN

The Procyclicality of Intermediated Credit, revise & resubmit at the Journal of Finance, under revision


Bank Credit and Money Creation on Payment Networks: A Structural Analysis of Externalities and Key Players, updated Jan. 2022, with Yi Li, Huijun Sun, SSRN

Link to more working papers

Presentation and discussion in 2022  ( * discussion;  ** presentation by coauthors ):  AFA, ABFER Webinar (Innovation, Productivity, and Challenges in the Digital Era), Adam Smith Workshop at INSEAD, ASU Sonoran Winter Finance Conference*, Boston College finance seminar, European Winter Finance Summit, EBC Network Conference at Tilburg,  Federal Reserve Board**, GSU-RFS Fintech Conference**, HEC-McGill Winter Finance Workshop, Imperial College finance seminar, NYU Econ/Stern macro seminar, Midwest Finance Association**, RCFS Winter Conference*, University of Zurich, Utah Winter Finance Conference**