Latest Research Highlights

Tech-Driven Intermediation in the Originate-to-Distribute Model, 4/2024, with Sheila Jiang and Douglas Xu.
Study the accelerated adoption of information technologies in the intermediated originate-to-distribute model, like CLOs. Show informed intermediation can be welfare reducing given severe adverse selection while informed intermediation always improves welfare.

Information-Based Pricing in Specialized Lenders, 12/2023, with Kristian Blickle, Jing Huang and Cecilia Parlatore.
Two lenders possess “generalized” signals regarding the borrower’s quality, while the specialized bank has access to a “specialized” signal. Private-information-based-pricing delivers the empirical regularity that loans by specialized lenders have higher quality and lower rates.

Other Academic Appointments

• Executive Editor of Review of Asset Pricing Studies
• Special-term Alibaba Foundation Professor, School of Economics and Management, Tsinghua University
• Faculty Affiliate with Stanford Center on China’s Economy and Institutions
• Research Associate at National Bureau of Economic Research (NBER)
• Senior Fellow at Asian Bureau of Finance and Economic Research (ABFER)
• Member of Finance Theory Group (FTG)