Latest Research Highlights
Industrial Policy via the IPO Market, 10/2026, with Yiming Qian, Xi Sun, and Renxuan Wang.
IPO market access is an important part of the broad industrial policy adopted by China. The government decideds the number of listing opportunities available across industries, while market forces determine which firms get them based on fundamentals.
Corporate Liquidity and Debt Buybacks, 09/2026, with Jessica Li and Qiping Xu.
We rationalize the notion of “repurchasing debt that is too cheap” in a liquidity-driven default setting. TCJA repatriation shock leads moderately treated firms to retire more bonds while the most treated shift to equity payouts, as the model’s payout boundary predicts.
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)