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.

Fintech Innovation and Financial Inclusion: Evidence from Payment-Integrated Money Market Funds (With Weilong Zhang and Yapei Zhang)[SSRN]

We study how Fintech innovation affects Financial inclusion.

(Earlier version: The Value of Payment Innovation to Households: Evidence from a FinTech Platform)

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)