Working papers

Artificial Intelligence and the Rents of Finance Workers (with Jean-Edouard Colliard) [SSRN]

(Revise and Resubmit at Management Science)

We analyze how advancements in AI affect the task allocation and rents of finance workers.

Demystifying Cheap Sustainability Talks: Theory and Evidence (with Tianhao Yao) [SSRN]

We demonstrate that firms’ sustainability talks can be impactful even if they are non-verifiable.

Sell-Side Research and Buy-Side Agency Issues (with Wei Zhao) [SSRN]

We show how sell-side research exacerbates the moral hazard issues faced by buy-side managers.

The Value of Payment Innovation to Households (With Weilong Zhang and Yapei Zhang)

New draft soon.

Who Benefits (More) from the Growth of Data? [SSRN]

Financial institutions do not benefit equally when the amount of data increases. It depends on the type of data and institutions’/analysts’ relative advantages.

Work in progress

Who Pays for Information? (with Giovanni Cespa and Wei Zhao)

Firms as Risk Monopolies (with Jin Guo, Rouzhi Wang)

Inactive working paper

Financial Advisors in the Private Market