Latest Research Highlights
Corporate Liquidity and Debt Buybacks, 09/2026, with Jessica Li and Qiping Xu.
In a liquidity-driven default setting, corporate cash holdings that carry a liquidity premium restore the gain of debt buyback, especially when facing sudden termination risk. 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.
Why Don’t Old Firms Do New Things?, 07/2026, 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.
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)