Research Fields: Network, Fintech, Corporate Finance, Financial Intermediation, China's Financial System.
- Implicit Guarantees and the Rise of Shadow Banking: the Case of Trust Products (with Franklin Allen, Wei Li, Jun "QJ" Qian and Yiming Qian), 2022
Winner of CFRC 2019 New Structural Financial Economics Best Paper Award.
Presented at CICF 2017, NBER Chinese Economy Working Group Meeting 2017, Penn Wharton China Conference 2017, CFRC (China Financial Research Conference) 2019; NYU Stern, Tsinghua PBCSF, Fudan, CUFE, HKMA, CFRC 2019, Fed Board, PKU.
- The Interbank Market Puzzle (with Franklin Allen, Giovanni Covi, Oskar Kowalewski and Mattia Montagna), 2021
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; University of Connecticut.
ECB Working paper No. 2374, February 2020. Link
Bank of England Working paper No. 862. May 2020. Link
- Ownership Network and Firm Growth: What Do Forty Million Companies Tell About Chinese Economy (with Franklin Allen, Junhui Cai, Jun "QJ" Qian, Linda Zhao, and Wu Zhu), 2021
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.
- Centralization or Decentralization? The Evolution of State-Ownership in China (with Franklin Allen, Junhui Cai, Jun "QJ" Qian, Linda Zhao, and Wu Zhu), 2021
Presented at Penn Economics, CICF 2021, FIRS 2022.
- Political Ties and Capital Raising in Global Markets: Evidence from Yankee Bonds (with Gene Ambrocio and Iftekhar Hasan), 2022
- Friends in High Places: SEC Oversight of Foreign Firms (with Jill Fisch), 2022
- Up the "Political Tree": A Story Told by Machine Learning (with Iftekhar Hasan, Linda Zhao, Yun Zhu), 2021
Selected Journal Publications
- Does Economic Structure Determine Financial Structure?(with Franklin Allen, Oskar Kowalewski and Laura Bartiloro), Journal of International Economics, September 2018.
- 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.
- Institutions and Corporate Reputation: Evidence from Public Debt Markets (with Haitian Lu and Iftekhar Hasan). Journal of Business Ethics. 2021.
- An Overview of China’s Financial System (with Franklin Allen, and Jun “QJ” Qian), Annual Review of Financial Economics, November 2017.
- Political Influence and Financial Flexibility: Evidence from China (with Iftekhar Hasan and Yun Zhu), Journal of Banking and Finance, February 2019.
- The Interplay between Regulations and Financial Stability (with Franklin Allen), Journal of Financial Services Research, June 2018. CEPR
- 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.