Assistant Professor of Finance

Hong Kong University of Science and Technology

Ph.D. in Economics, MIT, 2017

Research Interests:

Asset Pricing, and Its Connection with Industrial Organization

Frictions in Financial Markets and Product Markets

Micro-Founded Macroeconomic Models, Macro-Labor


Room 5005, Department of Finance

Lee Shau Kee Business Building

Hong Kong University of Science and Technology

Clear Water Bay, Kowloon, Hong Kong


Working Papers

Endogenous Competition and Financial Distress (with Hui Chen, Winston Dou, 2019)

Endogenous Price War Risks (with Winston Dou, Wei Wu, 2019, Online Appendix)

Customer Capital, Financial Constraints and Stock Returns (with Winston Dou, David Reibstein, Wei Wu, 2019, Online Appendix, Revise and Resubmit, Journal of Finance)

Job Search under Debt: Aggregate Implications of Student Loans (2019)

External Financing and Customer Capital: A Financial Theory of Markups (with Winston Dou, 2018, Revise and Resubmit, Management Science)

Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP, and The Distribution of Income (with Era Dabla-Norris, Robert Townsend, D. Filiz Unsal, 2019, NBER Working Paper No. 20821)

Work in Progress

Bank Branch Expansion vs International Capital Flows: Integrating Local Spatial Markets with Macro Aggregates (with Robert Townsend)