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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, History and Finance


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

  • Presentations: AEA, NBER Summer Institute DAE, EFA, FIRS, SFS Cavalcade, Fixed Income and Financial Institutions conference, St. Louis Fed Conference on Innovations in Central Banking, Chicago Financial Institutions Conference, CICF

"A Labor Capital Asset Pricing Model," with Lars-Alexander Kuehn and Mikhail Simutin (SSRN) (BibTeX) (Internet Appendix) (Data) , 2017, Journal of Finance, 72 (5), 2131--2178

  • 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) 2017, Review of Economic Dynamics, 26, 62--90

Working Papers

[New!] "Access to Finance and Technological Innovation: Evidence from Antebellum America," with Yifei Mao (SSRN) (BibTeX)

  • Presentations: WFA, NBER Summer Institute, AFA, EFA, SFS Cavalcade, Texas Finance Festival, University of Kentucky Finance Conference, Young Scholars Finance Consortium, Chicago Financial Institutions Conference, CICF

[New!] "Central Clearing and the Sizing of Default Funds," with Agostino Capponi and Hongzhong Zhang (SSRN)(BibTeX)(Slides)

  • Presentations: 2018 NYU Stern Microstructure Conference, 2019 Finance Down Under

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

"Asset Pricing with Dynamic Labor Contracts" (BibTeX)

Seminar Presentations

  • 2018-2019: UCLA, Halle Institute for Economic Research
  • 2017-2018: Washington University in St. Louis, University of Calgary
  • 2016-2017: St. Louis Fed, ASU brownbag
  • 2015-2016: UT Dallas, ASU econ, University of Arizona, HEC Lausanne brownbag, Centro de Investigacion y Docencia Economicas (CIDE Mexico), ASU brownbag

  • 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)

  • 2019: AFA, Finance Down Under, GSU CEAR-Finance Conference: Financing Tangible and Intangible Capital, FIRS
  • 2018: Young Scholars Finance Consortium (Texas A&M University), Chicago Financial Institutions Conference, Texas Finance Festival, University of Kentucky Finance Conference, SFS Cavalcade, WFA, NYU Stern Microstructure Conference, CICF, NBER Summer Institute, EFA
  • 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 2018, Fall 2016, 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

  • Arizona State University: 2018--2019 Finance Recruiting Committee, 2018--2019 Undergraduate Programs Committee, 2016--2017 Seminar Coordinator
  • Journal Referee: Annals of Finance, Applied Economic Letters, Contemporary Economic Policy, Economics, Management, and Financial Markets, International Journal of Financial Studies, Journal of Business \& Economic Statistics, Journal of Monetary Economics, Journal of Finance, Journal of Financial and Quantitative Analysis, Management Science, Mathematics and Financial Economics, Review of Finance, Review of Financial Studies
  • Grant Reviewer: National Science Foundation, Research Grants Council of Hong Kong
  • Program Committee: 2016--2019 ASU Sonoran Winter Finance Conference, 2019 EFA, 2017--2019 FMA, 2017--2018 FIRN annual meeting, 2016 MFA, 2014 FMA
  • Conference Co-Organizer: 2017 Labor and Finance Group conference
  • Doctoral Thesis Committee: Fangfang Du (2018, first job: California State University, Fullerton), DuckKi Cho (2017, first job: University of Sydney)

Media Mentions


  • "Central Counterparty Default Waterfalls and Systemic Loss" by Paddrik and Zhang, WFA, 2019
  • "Debt Overhang and Investment: The Case of Gold Clauses in the 1930s" by Gomes, Kilic, and Plante, SFS Cavalcade, 2019
  • "A Model of Capital Structure Under Labor Market Search" by Liu, SFS Cavalcade, 2018
  • "Financial Restructuring and Resolution of Banks" by Colliard and Gromb, Chicago Financial Institutions Conference, 2018
  • "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