Research

Research Areas

Corporate Governance, FinTech, Financial Institutions, Hedge Funds

Education

  • Ph.D. in Economics, Columbia University, New York, 2013
  • M.A. in Statistics, Columbia University, New York, 2008
  • M.S. in Architecture and Urban Design, Columbia University, New York, 2005
  • Bachelor of Architecture, Tongji University, Shanghai, 2004

Publications

Social Networks and Hedge Fund Activism,” with Ellen Yazhou He, Review of Finance 26(5), 1267-1308, September 2022. Previously circulated under the title “The Benefits of Friendship in Hedge Fund Activism.” 

Consumer Behavior and Food Prices during the COVID-19 Pandemic: Evidence from Chinese Cities,” with Elaine Bixuan Yang and Frank Asche, Economic Inquiry 60(3), 1437-1460, July 2022.

The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings,” with Jongsub Lee and Donghwa Shin, Review of Corporate Finance Studies 11(1), 1-46, February 2022 (Editor’s Choice).

Investor Ideology,” with Patrick Bolton, Enrichetta Ravina, and Howard Rosenthal, Journal of Financial Economics 137(2), 320-352, August 2020.

The Long Rise and Quick Fall of Appraisal Arbitrage,” with Wei Jiang and Randall Thomas, Boston University Law Review 100(6), 2133-2177, December 2020.

Seeking Out Non-Public Information: Sell-Side Analysts and the Freedom of Information Act,” with April Klein and Bobo Zhang, The Accounting Review 95(1), 233-257, January 2020.

“Influencing Control: Jawboning in Risk Arbitrage,” with Wei Jiang and Danqing Mei, Journal of Finance 73(6), 2635-2675, December 2018.

  • Best Paper Award, 2015 FMA Consortium on Activist Investors, Corporate Governance and Hedge Funds
  • Finalist, 2016 Crowell Memorial Prize, PanAgora Asset Management

“Outsourcing Corporate Governance: Conflicts of Interest Within the Proxy Advisory Industry,” Management Science 64(6), 2951-2971, June 2018.

“Appraisal: Shareholder Remedy or Litigation Arbitrage?” with Wei Jiang, Danqing Mei, and Randall Thomas, Journal of Law and Economics 59(3), 697-729, August 2016.

Activist M&A Arbitrage in Acquirers,” with Wei Jiang and Danqing Mei (2018), Finance Research Letters 29, 156-161, June 2019.

“The Value of Access to Rail Transit in a Congested City: Evidence from Housing Prices in Beijing,” Real Estate Economics 48(2), 556-598, Summer 2020.

Working Papers

“The Dark Side of Decentralized Finance: Evidence from Meme Tokens,” with Donghwa Shin, Chuyi Sun, and Baolian Wang (2022). Presentations: AEA

Institutional Synergies and the Fragility of Loan Funds,” with Mustafa Emin, Christopher James, and Jing Lu (2021). Previously circulated under the title “How Fragile Are Loan Mutual Funds?” Presentations: NBER Summer Institute, Utah, Fixed Income and Financial Institutions Conference, CICF, Financial Stability Board Conference (on Liquidity Mismatch in Open-Ended Funds), FMA

  • Semi-finalist, Best Paper Award, 2022 FMA Annual Conference

Conflicting Objectives of ESG Funds: Evidence from Proxy Voting,” with Lakshmi Naaraayanan and Kunal Sachdeva (2021). Presentations: Clemson University ESG Conference, CICF, FMA, FMA Europe

  • Semi-finalist, Best Paper Award, 2022 FMA Annual Conference

Recontracting CEO Compensation,” with Elaine Bixuan Yang (2021). Presentations: 2022 Business Economics & Law Workshop, 16th Annual Conference on Empirical Legal Studies, 8th ICGS Conference, FMA, 12th Financial Markets and Corporate Governance Conference

Power Grab: Activists, Short Sellers, and Disagreement,” with Pedro Saffi and Daheng Yang (2021). Presentations: EFA 2022, SFS Cavalcade Asia-Pacific, Cambridge-Nova Workshop, AsianFA, Markit/S&P Securities Finance Forum

  • Winner of the INQUIRE Europe Award
  • Winner of the Best Paper in Corporate Finance, SFS Cavalcade Asia-Pacific 2022
  • Coverage: Institutional Investor magazine

Municipal Finance During the COVID-19 Pandemic,” with Jing Lu (2020). Presentations: Virtual Municipal Finance Workshop 2021, AFA Poster, Midwest Finance Association

Cryptocurrency Pump-and-Dump Schemes,” with Donghwa Shin and Baolian Wang (2018).

Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests,” with Alon Brav, Wei Jiang, and James Pinnington (2019), Columbia Business School Research Paper No. 18-16; ECGI Finance Working Paper No. 601/2019. Online Appendix. Updated version (2022).

Acquiring and Trading on Complex Information: How Hedge Funds Use the Freedom of Information Act,” with April Klein (2015). Previously circulated under the title “Costs and Benefits of Acquiring Information: How Hedge Fund Managers Trade on the Freedom of Information Act.”

  • Presentations: EFA, American Law & Economics Association, Annual Hedge Fund Research Conference (Paris), EFMA, FMA
  • Best Paper Award, 2015 EFMA Annual Conference
  • Semi-finalist, Best Paper Award, 2015 FMA Annual Conference
  • Coverage: Barclay’s Insider Report

Fellowships and Honors

  • Dean’s Award for Teaching Excellence on the MBA Program, Warwick Business School, 2015.
  • Best Paper in Corporate Finance, SFS Cavalcade Asia-Pacific 2022: “Power Grab: Activists, Short Sellers, and Disagreement.”
  • The Jensen Prize for Corporate Finance and Organizations, Journal of Financial Economics Best Paper Contest 2020, Second Place: “Investor Ideology.” 
  • The 2020 Aberdeen Standard Investments Finance Prize (ECGI Working Paper series): “Picking Friends Before Picking (Proxy) Fights: How Mutual Fund Voting Shapes Proxy Contests.”
  • The 2019 Aberdeen Standard Investments Finance Prize (ECGI Working Paper series): “Investor Ideology.” 
  • The 2018 INQUIRE Europe Award (€10,000), “Power Grab: Activists, Short Sellers, and Disagreement.
  • Best Paper Award, 2018 Conference on Asia-Pacific Financial Markets (CAFM): “The Wisdom of Crowds in FinTech: Evidence from Initial Coin Offerings.”
  • Finalist, 2016 Crowell Memorial Prize, PanAgora Asset Management: Influencing Control: Jawboning in Risk Arbitrage.
  • Best Paper Award, 2015 European Financial Management Association (EFMA): “Costs and Benefits of Acquiring Information: How Hedge Fund Managers Trade on the Freedom of Information Act.”
  • Semi-finalist, Best Paper Award, 2015 Financial Management Association (FMA): “Costs and Benefits of Acquiring Information: How Hedge Fund Managers Trade on the Freedom of Information Act.”
  • Best Paper Award, 2015 Consortium on Activist Investors, Corporate Governance and Hedge Funds: Influencing Control: Jawboning in Risk Arbitrage.
  • Nominee for the Excellence Award for Assistant Professors, University of Florida, 2021
  • William Kinne Fellows Memorial Traveling Prize, Columbia University, 2005.

Selected Media Citations

Other Publications

Book Review

Merger Masters: Tales of Arbitrage (2018) by Kate Welling and Mario Gabelli (GAMCO Investors, Inc.)

Conference Committee Service

  • Member of the Program Committee for the Crypto and Blockchain Economics Research (CBER) Conference, 2021-2023
  • Member of the Program Committee and session chair for the 8th ICGS Conference (Corporate Governance in a Digital Era), 2022
  • Member of the Program Committee and session chair for the UF Research Conference on Machine Learning in Finance, 2022
  • Member of the Program Committee for the inaugural Hogeg Blockchain Research Institute Conference, 2021
  • Member of the Program Committee for the 2021 Florida Finance Conference
  • Member of the Best Paper Award Review Committee for the 2020 FMA Conference
  • Member of the 2020 Midwest Finance Association Program Committee
  • Member of the Program Committee for the 2019 FMA Consortium on Factor Investing
  • Member of the 2018 Eastern Finance Association Program Committee
  • Member of the Program Committee for the 2018 FMA Consortium on Trading Strategies and Institutional Investing
  • Member of the 2017 EFA Program Committee
  • Member of the 2017 FMA Program Committee
  • Session chair, 2017 Shanghai Fintech Conference
  • Member of the Program Committee for the 2014 Frontiers of Finance Conference