Research Fields: Network, Fintech, Corporate Finance, Financial Intermediation, China's Financial System.
Working Papers
Joint with Iftekhar Hasan (Fordham), Hao Zhao (Durham), and Yun Zhu (St. John's), 2022.
Reject and resubmit at Management Science
Presented at MFA 2023, etc joint with Franklin Allen (Imperial), Giovanni Covi (Bank of England), Oskar Kowalewski (IESEG) and Mattia Montagna (ECB), 2021
Winner of AsianFA 2019 Best Paper Award.
Presented at Bank of Finland/CEPR Conf, FMA 2018, WFA 2019, CICF 2019, AsianFA 2019; FIRS 2020; Mid-Atlantic Research Conference 2020; CEBRA 2020; RiskLab/BoF/ESRB conference on systemic risk 2021; MFA 2022; Penn (Economics); Philadelphia Fed; UConn, etc
ECB Working paper No. 2374, February 2020. Link
Bank of England Working paper No. 862. May 2020. Link joint with Franklin Allen (Imperial), Junhui Cai (Notre Dame), Jun "QJ" Qian (Fudan), Linda Zhao (Wharton), and Wu Zhu (Tsinghua), 2022
Winner of CFRC 2021 Best Paper Award.
Presented at USYD workshop on banking, Bank of Finland, MFA 2020, NBER Chinese Economy Working Group Meeting 2020, NSF/Chicago Booth Conference on Network Science in Economics 2021, AFA 2021, CICF 2021, CFRC 2021, ABFER, etc joint with Franklin Allen (Imperial), Junhui Cai (Notre Dame), Jun "QJ" Qian (Fudan), Linda Zhao (Wharton), and Wu Zhu (Tsinghua), 2021
Winner of CICF 2021 Xiyue Best Paper Award.
Presented at Penn Economics, CICF 2021, MFA 2022, FIRS 2022, etc
Media: VoxChina joint with Jill Fisch (Penn), 2022
ECGI Finance working paper; University of Pennsylvania Institute for Law and Economics working paper.
Presented at HEC-McGill Winter Finance Workshop 2022, Paris December Finance Meeting 2022, etc
Media: Harvard Law School Forum on Corporate Governance
Bank of England Working Paper.
Reject and resubmit at Management Science
Presented at MFA 2023, etc joint with Franklin Allen (Imperial), Giovanni Covi (Bank of England), Oskar Kowalewski (IESEG) and Mattia Montagna (ECB), 2021
Winner of AsianFA 2019 Best Paper Award.
Presented at Bank of Finland/CEPR Conf, FMA 2018, WFA 2019, CICF 2019, AsianFA 2019; FIRS 2020; Mid-Atlantic Research Conference 2020; CEBRA 2020; RiskLab/BoF/ESRB conference on systemic risk 2021; MFA 2022; Penn (Economics); Philadelphia Fed; UConn, etc
ECB Working paper No. 2374, February 2020. Link
Bank of England Working paper No. 862. May 2020. Link joint with Franklin Allen (Imperial), Junhui Cai (Notre Dame), Jun "QJ" Qian (Fudan), Linda Zhao (Wharton), and Wu Zhu (Tsinghua), 2022
Winner of CFRC 2021 Best Paper Award.
Presented at USYD workshop on banking, Bank of Finland, MFA 2020, NBER Chinese Economy Working Group Meeting 2020, NSF/Chicago Booth Conference on Network Science in Economics 2021, AFA 2021, CICF 2021, CFRC 2021, ABFER, etc joint with Franklin Allen (Imperial), Junhui Cai (Notre Dame), Jun "QJ" Qian (Fudan), Linda Zhao (Wharton), and Wu Zhu (Tsinghua), 2021
Winner of CICF 2021 Xiyue Best Paper Award.
Presented at Penn Economics, CICF 2021, MFA 2022, FIRS 2022, etc
Media: VoxChina joint with Jill Fisch (Penn), 2022
ECGI Finance working paper; University of Pennsylvania Institute for Law and Economics working paper.
Presented at HEC-McGill Winter Finance Workshop 2022, Paris December Finance Meeting 2022, etc
Media: Harvard Law School Forum on Corporate Governance
- Interbank Network and Bank Credit Supply
Bank of England Working Paper.
Journal Publications
- Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products (with Franklin Allen, Wei Li, Jun "QJ" Qian, Yiming Qian), Journal of Financial Economics, August 2023 (lead article).
- Political Ties and Capital Raising in Global Markets: Evidence from Yankee Bonds (with Gene Ambrocio and Iftekhar Hasan), Journal of Corporate Finance, 2022.
- Institutions and Corporate Reputation: Evidence from Public Debt Markets (with Haitian Lu and Iftekhar Hasan). Journal of Business Ethics. 2022.
- Political Influence and Financial Flexibility: Evidence from China (with Iftekhar Hasan and Yun Zhu), Journal of Banking and Finance, February 2019.
- Does Economic Structure Determine Financial Structure?(with Franklin Allen, Oskar Kowalewski and Laura Bartiloro), Journal of International Economics, September 2018.
Invited Publications
- FinTech, Cryptocurrencies, and CBDC: Financial Structural Transformation in China (with Franklin Allen and Julapa Jagtiani), Journal of International Money and Finance, 2022. Editor's choice.
- A Survey of FinTech (with Franklin Allen and Julapa Jagtiani), Review of Corporate Finance, 2021, Vol. 1 (lead article); Best Paper Prize in 2021.
- The Interplay between Regulations and Financial Stability (with Franklin Allen), Journal of Financial Services Research, June 2018. CEPR
- An Overview of China’s Financial System (with Franklin Allen, and Jun “QJ” Qian), Annual Review of Financial Economics, November 2017.
Book Chapters
- Financial Structure and Economic Development (with Franklin Allen and Oskar Kowalewski), in Handbook of Finance and Development (ed. T. Beck and R. Levine), Edward Elgar Publishing, 2018. CEPR
- The Roles of Banks in Financial Systems (with Franklin Allen and Elena Carletti), in The Oxford Handbook of Banking (Second Edition), Chapter 2, Oxford University Press, November 2014.
- The People’s Bank of China: 1948-2016 (with Franklin Allen and Jun “QJ” Qian), in Sveriges Riksbank and the History of Central Banking (ed. R. Edvinsson, T. Jacobson, and D. Waldenstrom), Cambridge University Press, 2018
- China’s Financial System: Growth and Risk (with Franklin Allen and Jun "QJ" Qian), in Foundations and Trends in Finance, Vol. 9, No. 3-4, pp. 197-319, December 2015.
