Latest Research Highlights

Why Don’t Old Firms Do New Things?, 03/2026, with Nicolas Crouzet, Victor Lyonnet, and Yueran Ma. 
Although Schumpeterian force is often viewed as new firms implementing new technologies, limited research explains when and why new firms are needed. We show organizational workstyles is the key: in the data, young firms grow faster than old firms when new technologies requires different workstyles.

Household Migration and Collateral Constraint: Cash-based Housing Resettlement in China, 03/2026, with Zehao Liu, Xinle Pang, Yang Su, and Kunru Zou.
In a dynamic spatial setting, endogenous location choices amplify the impact of Beijing’s liquidity injection policy on relaxing collateral constraints, leading to greater cross-sectional dispersion in housing prices and higher housing expenditures in China during 2016–2020.

Other Academic Appointments

• Executive Editor of Review of Asset Pricing Studies
• Special-term Alibaba Foundation Professor, School of Economics and Management, Tsinghua University
• Research Associate at National Bureau of Economic Research (NBER)
• Faculty Affiliate with Stanford Center on China’s Economy and Institutions
• Senior Fellow at Stanford Institute for Economic Policy Research
• Senior Fellow at Asian Bureau of Finance and Economic Research (ABFER)
• Member of Finance Theory Group (FTG)