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Academic Appointment

  • Arizona State University, W.P. Carey School of Business, Tempe, AZ
  • Assistant Professor of Finance, August 2015 - current


  • Carnegie Mellon University, Tepper School of Business, Pittsburgh, PA
  • Ph.D. Economics, minor in Finance, May 2015

    Co-Chairs: Burton Hollifield, Lars-Alexander Kuehn

  • Tsinghua University, School of Economics and Management, Beijing
  • B.Sc. Economics, with Honors, 2009

Research Interests

  • Banking, Networks, Labor and Finance, Asset Pricing


"A Labor Capital Asset Pricing Model," with Lars-Alexander Kuehn and Mikhail Simutin (SSRN) (BibTeX) (Internet Appendix) (Data) Volume 72 (2017) 1887 -- 2375 , Journal of Finance

  • Best Paper Award, ASU Sonoran Finance Conference 2013
  • WRDS Award for an Outstanding Paper in Asset Pricing Research, MFA 2013

"Taxing Atlas: Executive Compensation, Firm Size and Their Impact on Optimal Top Income Tax Rates," with Laurence Ales and Andres Bellofatto (SSRN) (BibTeX) Volume 26 (2017) 62 -- 90, Review of Economic Dynamics

Working Papers

"Bank Networks and Systemic Risk: Evidence from the National Banking Acts," with Mark Paddrik and Haelim Park (SSRN) (BibTeX) (Slides) Revise and Resubmit, American Economic Review

"Distress Dispersion and Systemic Risk in Networks" (Under revision, new version coming soon.)

"Asset Pricing with Dynamic Labor Contracts" (BibTeX)

Seminar Invitations

  • 2016-2017: St. Louis Fed, University of Calgary
  • 2015-2016: UT Dallas, ASU econ, University of Arizona, HEC Lausanne brownbag, Centro de Investigacion y Docencia Economicas (CIDE Mexico)

  • 2014-2015: ASU W.P. Carey, Case Western Weatherhead, CMU Tepper, Columbia Business School, Cornell Johnson, Georgia State Robinson, Johns Hopkins Carey, Minnesota Carlson, Office of Financial Research, RPI Lally, Rutgers Business School, Tulane Freeman, UCLA Anderson

  • 2013-2014: Richmond Fed, Tsinghua SEM

Conference Contributions (including by co-authors)

  • 2017: AEA, Fixed Income and Financial Institutions Conference (South Carolina), FIRS, SFS Cavalcade, EFA, WAPFIN@Stern
  • 2016: Banking and Financial Crises - Lessons from History Workshop by Chicago Fed, Bank of Canada Payment System Workshop, St. Louis Fed Conference on Innovations in Central Banking, Riksbank Workshop on Challenges in Interconnected Financial Systems, CSEF-EIEF-SITE conference, NBER SI, CICF, Early Career Women in Finance conference, The Chicago Financial Institutions Conference, FRS Conference on Monetary and Financial History, MFA , 19th Annual UNC Tax Symposium

  • 2015: 15th FDIC/JFSR - Bank Research Conference, Oxford Financial Intermediation Theory Conference, BIS Global Financial Interconnectedness, Olin Summer School on Financial Intermediation and Contracting, Financial Stability Conference by FRB Cleveland and the OFR, 2nd Workshop of the Australasian Macroeconomic Society

  • 2014: AFA, SED, Tepper/LAEF Advances in Macro-Finance, Financial Stability Conference by FRB Cleveland and the Office of Financial Research, 2nd USC Marshall Ph.D. Finance Conference, MFA, FMA, Summer Econometrics Society

  • 2013: ASU Sonoran Finance Conference (Best Paper Award), MFA (Best Paper Award), SFS Finance Cavalcade, CAPR Workshop on Production Based Asset Pricing BI Norway

  • 2012: Midwest Macro, WEA

  • 2011: World Finance Conference, 11th Society for the Advancement of Economic Theory


  • Alexander Henderson Award for Excellence in Economic Theory, Carnegie Mellon, 2015
  • AFA Travel Grant, 2014
  • AEA CSWEP Summer Fellows, 2013
  • Best Paper Award at the ASU Sonoran Finance Conference, 2013
  • WRDS Award for an Outstanding Paper in Asset Pricing Research, 2013
  • William L. Mellon Fellowship, Carnegie Mellon, 2009-2012
  • Excellent Graduate Award, Tsinghua University, China, 2009
  • National Fellowship, Tsinghua University, China, 2008
  • National Scholarship, Ministry of Education, China, 2007
  • Exchange Student Fellowship, Aalto University School of Business (HSE), Finland, 2007
  • First Prize Academic Scholarship, Tsinghua University, China, 2006

Teaching Experience

  • Instructor: Advanced Managerial Finance, Arizona State University, Fall 2016
  • Instructor: Advanced Managerial Finance, Arizona State University, Spring 2016
  • Instructor: Finance, Carnegie Mellon University, Summer 2012
  • Rating of overall teaching: 4.75/5 - 90th percentile

  • Recitation Leader/Teaching Assistant: Corporate Finance, Derivative Securities, Financial Economics, Intermediate Macroeconomics, Dynamic Competitive Analysis (PhD), Finance Seminar on Dynamic Corporate Finance (PhD), Macroeconomics (PhD)

Professional Service

  • Journal Referee: Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Review of Finance, Annals of Finance, Journal of Business & Economic Statistics, Contemporary Economic Policy, International Journal of Financial Studies, Journal of African Business
  • Program Committee: 2016-2017 ASU Sonoran Winter Finance Conference, 2017 FIRN annual meeting, 2017 FMA, 2016 MFA, 2014 FMA
  • Conference Co-Organizer: 2017 Labor and Finance Group conference
  • Doctoral Thesis Committee: Fangfang Du (2018, expected), DuckKi Cho (2017, University of Sydney)

Media Mentions


  • "Systemic Bank Panics in Financial Networks" by Zhou, CICF, 2016
  • "Mortgage Loan-Flow Networks and Financial Norms" by Walden, Stanton, and Wallace, Fifth ITAM finance conference, 2016
  • "Policy Uncertainty and Mergers and Acquisitions" by Bonaime, Gulen, and Ion, AZ Junior Finance Conference, 2016
  • "Quantifying contagion risk in funding markets: A model-based stress-testing approach" by Anand, Gauthier, and Souissi, Bank of Mexico Network models and stress testing conference 2015
  • "Knowledge Network and the Cross-Section of Expected Returns" by Tseng, WFA 2015
  • "Is Beta Still Useful over a Longer-Horizon? - An Implied Cost of Capital Approach" by Shi and Xu, FMA 2014
  • "Interconnectedness and Systemic Risk in the Banking System" by Ren, MFA 2014
  • "Concentrated Ownership and Equilibrium Asset Prices" by Haddad, MFA 2013
  • "Market Selection and Welfare in a Multi-Asset Economy" by Fedyk, Heyerdahl-Larsen and Walden, World Finance Conference 2011

Professional Experience

  • Federal Reserve Bank of Richmond, Dissertation Intern, June-July 2013
  • China Merchants Securities Co., Ltd., China, Investment Banking Intern, 2008