[1] "Getting the Banks on Board: Accounts Receivable Financing in the US”  

• I hand collect data on the contracts of accounts receivable based loans and trade credit terms. Accounts receivable based loans are widely used by product sellers experiencing payment delays. Seller moral hazard that leads to bad-quality products is one determinant of payment delays, and although difficult to observe in existing data, can be uncovered from these loan terms. Lenders help improve the quality of sellers. 

• Conferences: SFS Cavalcade 2023

[2] "The Case for Convenience: How CBDC Design Choices Impact Monetary Policy Pass-Through", with Rodney Garratt and Haoxiang Zhu [updated June 2022].

• We explore the implications of introducing a central bank digital currency (CBDC) through commercial banks that differ in size, focusing on two design features of CBDCs: the interest rate and payment convenience.

• Conferences: AFA 2022, SEM 2022 (Calgary)

[3] "Undercutting the Exchanges: Private Trading, Fee Competition, and Price Discovery at the Market Close", with Jingxiong Hu [updated August 2022]. 

• "Guaranteed close" executes orders for investors at close prices set on the primary exchange, and is subject to dual trading. Trade volume at "guaranteed close" reached about 30% of that in close auctions. We find that "guaranteed close" improves price discovery, both empirically and theoretically.

• Conferences: EuroFA 2022, NFA 2022, FMA 2022, AsianFA 2022, Microstructure Exchange 2022, Trans-Atlantic Doctoral Conference 2021, MFA 2020

[4] "Return to Venture Capital in the Aggregate", with Ravi Jagannathan, and Shumiao Ouyang, NBER working paper

• The Gornall and Strebulaev (2020) upward bias in later-stage pre-money-valuations, while affecting all funding-round-to-exit returns, does not affect the performance of Aggregate Portfolio of All Equity Investments (APAEI). APAEI had an internal rate of return of 22%, and a superior Generalized Public Market Equivalent of 1.44. APAEI declines after 1999. 

• Conferences: AFA 2020

[5] "Capital Spillover, House Prices, and Consumer Spending: Quasi-Experimental Evidence from House Purchase Restrictions", with Yinglu Deng, Li Liao and Yu Zhang, The Review of Financial Studies 35(6), June 2022, pp.3060-3099.

• Policy-induced out-of-town housing demand increases house prices. The rising house prices lead to an increase in household consumption through the housing wealth effect channel. The welfare consequences of the house price increase are redistributive: renters lose and homeowners gain.

[6] "Subsidizing Failing Firms: Evidence from Chinese Restaurants", with Yinglu Deng, Fangzhou Lu and Hao Zheng, forthcoming at Journal of Financial and Quantitative Analysis. [WP link] 

• Financial stimulus policies (rent reductions) during macro distress improve restaurants' performance, and strengthen private efforts to resurrect. The effect of rent reductions varies with a restaurant's size and organizational structure.