EMPLOYMENT
Georgetown University, McDonough School of Business
-- Professor of Finance 2022 - present
-- Provost's Distinguished Associate Professor of Finance 2022
-- Associate Professor of Finance 2019 - 2022
-- Assistant Professor of Finance 2013 - 2019
Federal Reserve Bank of New York
-- Economist 2008 - 2013
EDITORIAL POSITION AND AFFILIATION
Associate editor, Journal of Financial Economics 2021 -- 2024
Associate editor, Management Science 2021 -- 2024
Associate editor, Journal of Financial Intermediation 2022 -- present
National Bureau of Economic Research
-- Research Associate (Asset Pricing Program) 2019 - present
-- Faculty Research Fellow 2019
Asian Bureau of Finance and Economic Research
-- Research Fellow 2022 - present
The Wharton School, University of Pennsylvania
-- Visiting Scholar 2025 Spring
The Board of Governors of the Federal Reserve System
-- Academic Consultant 2015-2016
-- Advisory Council Member 2017-2020
European Central Bank
-- Academic Consultant 2016-2017
-- The Wim Duisenberg Research Fellowship 2025
RESEARCH INTEREST
Credit markets (asset pricing of debt and its connection with corporate finance), Banking and Non-Bank Financial Institutions, Information Economics, Climate Finance, Art Market
SEMINARS AND CONFERENCE PRESENTATIONS
2024:
AFA (session chair, discussant)
WFA (session chair)
EFA (session chair)
ABFER
Geneva Institute of Wealth Management Annual Conference
London Business School
Tuck School of Business at Dartmouth
Federal Reserve Bank of New York
University of Geneva
University of Melbourne
University of Cincinnati
University of Massachusetts - Amherst
University of Nebraska
University of Oklahoma
Alliance Manchester Business School
Lancaster University Management School
George Washington University
Drexel University
2023:
AFA
WFA (session chair)
UBS Quant Conference (Invited talk)
MIT Sloan
Harvard University (Economics & Kennedy School)
Hong Kong University
Hong Kong University of Science and Technology
Case Western Reserve University
Northeastern University
Bank for International Settlements (BIS)
University of Chicago, the Booth PhD 100th Anniversary Celebration
Villanova University
Federal Reserve Board
Frankfurt School of Finance & Management
University of Zurich
2022:
AFA
Geneva Institute for Wealth Management annual conference
WAPFIN@STERN Senior Panel
4th Future Information in Finance Conference (Stockholm)
Plato Partnership MI3 conference
INQUIRE
Cornell University
University of Kansas
Georgia State University
University of Texas at Dallas
City University of Hong Kong
Federal Reserve Bank of San Francisco
Durham University
George Washington University (econ)
AIG (invited talk)
2021:
NBER Asset Pricing Spring conference
ABFER 8th Annual Conference
FIRS
EFA (Milan)
World Investment Forum (invited talk)
The Santiago Finance Workshop
Guanghua International Finance Symposium
University of Oregon
University of Utah
Nanyang Technological University
NOVA School of Business and Economics
University of Technology Sydney
2020 :
AFA (San Diego)
Goldman Sachs Alternative Risk Premia Roundtable Forum (invited talk)
FIRS (Budapest)
Future of Financial Information Conference (Stockholm)
Washington University in St. Louis
John Hopkins University (Carey business school)
University of Virginia
2019 :
AFA (Atlanta)
The Q-Group annual conference (Charleston),
Rodney L. White Center Conference on Financial Decisions and Asset Markets at Wharton, UPenn
Consob-Bocconi Baffi-Carefin meeting (Milan),
SFS Cavalcade (Pittsburg)
WFA (Huntington Beach)
University of Cambridge (Judge Business School)
American University
University of Houston
University of Liverpool Management School
Utrecht University
Bloomberg
2018: London School of Economics and Political Science, The Federal Reserve Board of Governors
University of Maryland, The Corporate Finance Day (Antwerp)
2017: AFA, Office of Financial Research, Rutgers University, the Federal Reserve Bank of Atlanta and IMF joint conference on China, Asian Bureau of Finance and Economics Research annual conference, FRIC'17 Conference on Financial Frictions, EFA (Manheim), MIT Golub Center for Finance and Policy 4th Annual Conference
2016: AFA, AEA, Texas Finance Festival, SFS FinanceCalvacade, WFA, IMF, ECB, Uninversity of Lausanne and EPFL, EFA(Oslo), University of Texas as Dallas, Yale SOM Workshop on Financial Stability, NBER summer institute Asset Pricing conference, SIFR conference on Credit Markets after the Crisis (Stockholm), Southern Methodist University, University of Texas at Austin, Federal Reserve Board, Rice University, the 8th European Banking Center network conference, the Financial Stability Conference by OFR and Federal Reserve Bank of Cleveland
2015: AEA, Stanford University, the IMF/World Bank joint seminar, NYU, Office of the Comptroller of the Currency, Tsinghua PBCSF Global Finance Forum, Moody's credit risk conference, George Mason University, Brandeis/Boston Fed Municipal Bond Conference, NBER Chinese Economy conference, 8th Annual Conference on China’s Economic Development and the U.S.-China Relationship (invited talk), Money Market Workshop in ECB, City University of Hong Kong, Hong Kong Monetary Authority
2014: AFA, SFS Finance Calvacade, University of Connecticut Annual Risk Management Conference (invited talk), Western Finance Association, Federal Reserve Board, European Finance Association, BIS Research Network meeting on Banking and Asset Management (invited talk), Annual Bank Research Conference of FDIC, New York University, George Washington University, PBC School of TsingHua University
2013: AFA, EFA (Cambridge), the Day-Ahead Conference of the Federal Reserve System, University of Toronto, Rotman School of Management, Bank of France, Bank of England, Federal Reserve Bank of San Francisco, FDIC-Cornell joint conference on Derivatives Securities and Risk Management, the Department of the Treasury's Office of Financial Research, the Sixth Biennial McGill Global Asset Management Conference in Montreal, Copenhagen Business School, Columbia University*, Financial Stability Analysis by the Federal Reserve Bank of Cleveland and Office of Financial Research, the China International Conference in Finance, European Bank Association's 5th Annual Financial Stability Conference.
Before 2013: NBER Asset Pricing Workshop, the CREDIT Conference on Sovereign Risk and its Consequences for Financial Markets, Institutions and Regulation, Artelligence conference, Society for Economic Dynamics Annual Conference at Cyprus, Fixed Income Conference: Navigating Cathartic Change in Fixed Income, University of South Carolina, University of Florida, Federal Reserve Bank of New York, Cheung Kong Graduate School of Business, New York University, Georgetown University. International Banking, Economics and Finance Association Annual Conference, Rutgers University, Federal Reserve Bank of New York, European Finance Association Annual Conference at Stockholm, City University of New York, Baruch College, Northern Finance Association Annual Conference at Vancouver. The Sixth MTS Conference on Financial Markets by London Stock Exchange and London School of Economics , Columbia-Tsinghua Conference in International Economics at Beijing, China, Rutgers University, European Central Bank, MIDAS workshop at Goethe University Frankfurt. European Economic Association Annual Meetings in Barcelona, the China International Conference in Finance.Federal Reserve Bank of New York, University of Alberta, University of Washington, McGill University, Iowa University, Pennsylvania State University, University of Illinois at Chicago
CONFERENCE DISCUSSIONS
Alan Huang, Russ Wermers, Jinming Xue, "Buy the Rumor, Sell the News: Liquidity Provision by Bond Funds Following Corporate News Events," American Finance Association Annual Conference, January 2024
Nina Boyarchenko, Richard Crump, Anna Kovner, Or Shachar, "Measuring Corporate Bond Market Dislocations," American Finance Association Annual Conference, January 2023
Jian Feng, Xiaolin Huo, Xin Liu, Yifei Mao, and Hong Xiang, "Economic Links from Bonds and Cross-Stock Return Predictability," The 3rd International FinTech Research Forum at Renmin University of China.
Marco Sammon, "Passive Ownership and Price Informativeness," Plato Partnership MI3 Conference, June 2022.
Sergey Chernenko and Viet-Dung Doan, "Forced Sales and Dealer Choice in OTC Markets," American Finance Association Annual Conference, January 2022
Allen N. Berger, Christa H.S. Bouwman, Lars Norden, Raluca A. Roman, Gregory F. Udell, and Teng Wang, ``Is a Friend in Need a Friend Indeed? How Relationship Borrowers Fare during the COVID-19 Crisis", the workshop of ``How is the Covid-19 experience changing finance?'', October 2021
Keqi Chen, Yi Huang, Kathy Yuan, and Hao Zhou, ``How Does Local Government Financing Affect Bond Market in China: Evidence from Municipal Corporate Bond", China International Conference in Finance, July 2021
Bryan Kelly, Diogo Palhares and Seth Pruitt, "Modeling Corporate Bond Returns", the Society for Financial Econometrics seminar, March 2021.
Nathan Foley-Fisher, Borghan Narajabad, and Stéphane Verani, "Securities Lending as Wholesale Funding: Evidence from the US Life Insurance Industry", Financial Management Association Annual Conference, October 2020.
Mikkel Hauerberg, David Lando, and Alexander Tetzlaff, "Forgiven but not forgotten: Emerging market credit spreads following debt relief", European Finance Association Annual Conference, August 2020.
Hui Chen, Zhuo Chen, Zhiguo He, Jinyu Liu, Rengming Xie, "Pledgeability and Asset Prices: Evidence from the Chinese Corporate Bond Markets," SFS Cavalcade North America, May 2019
Mark Flood, Dror Kenett, Robin Lumsdaine, Jonathan Simon, "The Complexity of Bank Holding Companies: A Topological Approach," and Peter Conti-Brown, "Central banking and institutional change in the United States," The 4th Annual Central Banking and Financial Reform Conference, October 2018.
Sandeep Dahiya, Issam Hallak, and Thomas Matthy, "Targeted by an Activist Hedge Fund -- Do the Lenders Care?" The 15th Corporate Finace Day, September 2018
Azi Ben-Rephael, Bruce Carlin, Zhi Da, Ryan Israelsen, "Demand for Information and Asset Pricing," Western Finance Association Annual Conference, June 2018.
Viral Acharya, Diane Pierret, and Sascha Steffen, "Lender of Last Resort versus Buyer of Last Resort: Evidence from the European Sovereign Debt Crisis," American Finance Association Annual Conference, January 2017.
Nils Friewald, Florian Nagler, and Christian Wagner, "Debt Refinancing and Equity Returns," European Finance Association Annual Conference, August 2016
Stefano Corradin, Maria Rodriguez-Moreno, "Violating the Law of One Price: The Role of Non-conventional Monetary Policy," Financial Intermediation Research Society Conference, June 2016
Karan Bhanot, Carl Larsson, "Uncovering 'The Cost Of Regulatory Uncertainty'," European Finance Association Annual Conference, August 2014
Jaewon Choi, and Or Shachar, "Did Liquidity Providers Become Liquidity Seekers?: Evidence from the CDS-Bond Basis during the 2008 Financial Crisis," Financial Intermediation Research Society Annual Conference, June 2014
Fernando Duarte, and Thomas M Eisenbach, "Fire-Sale Spillovers and Systemic Risk," Financial Intermediation Research Society Annual Conference, June 2014
Phillip Schnabl, Itamar Drechsler, Thomas Drechsel, David Marques-Ibanez, "Who Borrows from the Lender of Last Resort?" University of Connecticut Annual Risk Management Conference, May 2014
Martin Oehmke, and Adam Zawadowski, "Synthetic or Real? The Equilibrium Effects of Credit Default Swaps on Bond Markets," SFS Finance Calvacade, May 2014
Jumye Li, and Gabriele Zinna, "On Bank Credit Risk: Systemic or Bank-Specific? Evidence from the US and the UK," China International Conference in Finance, July 2013
Jens Dick-Nielsen, ``Dealer Inventory and the Cost of Immediacy," USC Fixed-Income Conference, April 2013
Sanjiv Das, Madhu Kalimipalli, and Subhankar Nayak, "Did CDS Trading Improve the Market for Corporate Bonds?" American Economic Association meeting, January 2013.
Nils Friewald, Christian Wagner, and Josef Zechner,“The Cross-Section of Credit Risk Premia and EquityReturns,” Western Finance Association meeting, June 2012.
Richard Stanton and Nancy Wallace, “The Bear’s Lair: Index Credit Default Swaps and the Subprime Mortgage Crisis,” European Finance Association meeting, August 2011.
Iuliana Ismailescu and Blake Phillips, “Savior or Sinner? Credit Default Swaps and the Market forSovereign Debt,” Northern Finance Association meeting, September 2011.
Nikunj Kapadia and Xiaoling Pu, “Limited Arbitrage between Equity and Credit Markets,” China InternationalConference in Finance, July 2009.
EDUCATION
Ph.D. University of Chicago, Booth School of Business
MB.A, University of Chicago, Booth School of Business
B.S., Fudan University
PROFESSIONAL SERVICES
Ad-Hoc Referee for Journal of Finance, Review of Financial Studies, Journal of Financial Economics, Journal of Political Economy, Journal of Financial and Quantitative Analysis, Management Science, Review of Finance, Journal of Banking and Finance, Review of Asset Pricing Studies, Journal of Money, Credit and Banking, Journal of Empirical Finance, Journal of Financial Markets, Journal of Financial Econometrics, European Economic Review, European Financial Management, Pacific-Basin Finance Journal, International Review of Finance, Real Estate Economics, Journal of Risk and Insurance, Journal of Law & Economics
NON-ACADEMIC SERVICES
Member of Chado Urasenke Tankokai Washington DC Association 2022 - present
Docent and librarian at the Metropolitan Museum of Art, 2010 - 2012
Docent at the Field Museum, Chicago, 2003 - 2008
Member of the Asian Art Council, the Art Institute of Chicago, 2003 - 2008
Docent at the Shanghai Museum, Shanghai, China, 1999 - 2002