2. Market Feedback: Evidence from the Horse's Mouth with Bibo Liu and Liyan Yang, Journal of Financial Economics, vol. 180, article 104255, June 2026

3. Information Sharing in Financial Markets with Yan Xiong and Liyan Yang, Journal of Financial Economics, vol. 163, article 103967, January 2025

4. Utility Tokens as a Commitment to Competition with Deeksha Gupta and Ruslan Sverchkov, Journal of Finance, vol. 79(6), pp. 4197-4246, December 2024

5. Liquidity Transformation and Fragility in the US Banking Sector with Qi Chen, Zeqiong Huang, and Rahul Vashishtha, Journal of Finance, vol. 79(6), pp. 3985-4036, December 2024

6. Bank Heterogeneity and Financial Stability with Alexandr Kopytov, Lin Shen, and Haotian Xiang, Journal of Financial Economics, vol. 162, article 103934, December 2024

7. Corporate Responses to Stock Price Fragility with Richard Friberg and Kristine Hankins, Journal of Financial Economics, vol. 153, article 103795, March 2024

8. The Real Effects of Modern Information Technologies: Evidence from the EDGAR Implementation with Shijie Yang and Luo Zuo, Journal of Accounting Research, vol. 61(5), pp. 1699-1733, December 2023

9. Optimal Deposit Insurance with Eduardo Davila, Journal of Political Economy, vol. 131(7), pp. 1676-1730, July 2023

10. Bank Transparency and Deposit Flows with Qi Chen, Zeqiong Huang, and Rahul Vashishtha, Journal of Financial Economics, vol. 146(2), pp. 475-501, November 2022

11. Commodity Financialization and Information Transmission with Liyan Yang, Journal of Finance, vol. 77(5), pp. 2613-2667, October 2022

12. Financial Fragility in the COVID-19 Crisis: The Case of Investment Funds in Corporate Bond Markets with Antonio Falato and Ali Hortacsu, Journal of Monetary Economics, vol. 123, pp. 35-52, October 2021

13. Mutual Fund Flows and Fluctuations in Credit and Business Cycles with Azi Ben-Rephael and Jaewon Choi, Journal of Financial Economics, vol. 139(1), pp. 84-108, January 2021

14. Credit Rating Inflation and Firms’ Investments with Chong Huang, Journal of Finance, vol. 75(6), pp. 2929-2972, December 2020

15. Monetary Stimulus and Bank Lending with Indraneel Chakraborty and Andrew MacKinlay, Journal of Financial Economics, vol. 136(1), pp. 189-218, April 2020

16. Good Disclosure, Bad Disclosure with Liyan Yang, Journal of Financial Economics, vol. 131(1), pp. 118-138, January 2019

17. Government Guarantees and Financial Stability with Franklin Allen, Elena Carletti, and Agnese Leonello, Journal of Economic Theory, vol. 177, pp. 518-557, September 2018

18. Stress Tests and Information Disclosure with Yaron Leitner, Journal of Economic Theory, vol. 177, pp. 34-69, September 2018

19. Housing Price Booms and Crowding-Out Effects in Bank Lending with Indraneel Chakraborty and Andrew MacKinlay, Review of Financial Studies, vol. 31(7), pp. 2806-2853, July 2018

20. Investor Flows and Fragility in Corporate Bond Funds with Hao Jiang and David Ng, Journal of Financial Economics, vol. 126(3), pp. 592-613, December 2017

21. Incentives for Information Production in Markets where Prices Affect Real Investment with James Dow and Alexander Guembel, Journal of the European Economic Association, vol. 15(4), pp. 877-909, August 2017

22. Feedback Effects, Asymmetric Trading, and the Limits to Arbitrage with Alex Edmans and Wei Jiang, American Economic Review, vol. 105(12), pp. 3766-3797, December 2015

23. Government Intervention and Information Aggregation by Prices with Philip Bond, Journal of Finance, vol. 70(6), pp. 2777-2811, December 2015

24. Information Diversity and Complementarities in Trading and Information Acquisition with Liyan Yang, Journal of Finance, vol. 70(4), pp. 1723-1765, August 2015

25. Speculation and Hedging in Segmented Markets with Yan Li and Liyan Yang, Review of Financial Studies, vol. 27(3), pp. 881-922, March 2014

26. Trading Frenzies and Their Impact on Real Investment with Emre Ozdenoren and Kathy Yuan, Journal of Financial Economics, vol. 109(2), pp. 566-582, August 2013

27. The Real Effects of Financial Markets: The Impact of Prices on Takeovers with Alex Edmans and Wei Jiang, Journal of Finance, vol. 67(3), pp. 933-971, June 2012

28. Self-Fulfilling Credit Market Freezes with Lucian Bebchuk Review of Financial Studies, vol. 24(11), pp. 3519-3555, November 2011

29. Learning and Complementarities in Speculative Attacks with Emre Ozdenoren and Kathy Yuan, Review of Economic Studies, vol. 78(1), pp. 263-292, January 2011

30. Payoff Complementarities and Financial Fragility: Evidence from Mutual Fund Outflows with Qi Chen and Wei Jiang, Journal of Financial Economics, vol. 97(2), pp. 239-262, August 2010

31. Market-Based Corrective Actions with Philip Bond and Edward Simpson Prescott, Review of Financial Studies, vol. 23(2), pp. 781-820, February 2010

32. Activist Arbitrage: A Study of Open-Ending Attempts of Closed-End Funds with Michael Bradley, Alon Brav, and Wei Jiang, Journal of Financial Economics, vol. 95(1), pp. 1-19, January 2010

33. Directors' Ownership in the U.S. Mutual Fund Industry with Qi Chen and Wei Jiang, Journal of Finance, vol. 63(6), pp. 2629-2677, December 2008

34. Manipulation and the Allocational Role of Prices with Alexander Guembel, Review of Economic Studies, vol. 75(1), pp. 133-164, January 2008

35. The Positive Effects of Biased Self-Perceptions in Firms with Simon Gervais, Review of Finance, vol. 11(3), pp. 453-496, September 2007

36. Price Informativeness and Investment Sensitivity to Stock Price with Qi Chen and Wei Jiang, Review of Financial Studies, vol. 20(3), pp. 619-650, May 2007

37. An Information Based Trade off Between Foreign Direct Investment and Foreign Portfolio Investment with Assaf Razin, Journal of International Economics, vol. 70(1), pp. 271-295, September 2006

38. Demand Deposit Contracts and the Probability of Bank Runs with Ady Pauzner, Journal of Finance, vol. 60(3), pp. 1293-1328, June 2005

39. Strategic Complementarities and the Twin Crises Economic Journal, vol. 115, pp. 368-390, April 2005

40. The Choice of Exchange Rate Regime and Speculative Attacks with Alex Cukierman and Yossi Spiegel, Journal of the European Economic Association, vol. 2(6), pp. 1206-1241, December 2004

41. Contagion of Self-Fulfilling Financial Crises Due to Diversification of Investment Portfolios with Ady Pauzner, Journal of Economic Theory, vol. 119(1), pp. 151-183, November 2004

OTHER ACADEMIC PUBLICATIONS

42. What Drives Money Competition: Comparative Advantage in Payments versus Reserves with Ming Yang and Yao Zeng, American Economic Association Papers and Proceedings, vol. 116, pp. 439-445, May 2026

43. Fragility of Financial Markets with Chong Huang and Liyan Yang, Annual Review of Financial Economics, vol. 17, pp. 27-48, December 2025

44. The Role of Theory in Finance Research, The Financial Review, vol. 60(3), pp. 657-666, August 2025

45. The Next Chapter of Big Data in Finance with Chester Spatt and Mao Ye, Review of Financial Studies, vol. 38(3), pp. 605-622, March 2025

46. Information in Financial Markets and Its Real Effects, Review of Finance, vol. 27(1), pp. 1-32, February 2023

47. Stress Tests Disclosure: Theory, Practice, and New Perspectives with Yaron Leitner, in Handbook of Financial Stress Testing, edited by J. Doyne Farmer, Alissa M. Kleinnijenhuis, Til Schuermann, and Thom Wetzer (Cambridge University Press), pp. 208-223, April 2022

48. COVID-19 and Its Impact on Financial Markets and the Real Economy with Ralph Koijen and Holger Mueller, Review of Financial Studies, vol. 34(11), pp. 5135-5148, November 2021

49. Big Data in Finance with Chester Spatt and Mao Ye, Review of Financial Studies, vol. 34(7), pp. 3213-3225, July 2021

50. To FinTech and Beyond with Wei Jiang and G Andrew Karolyi, Review of Financial Studies, vol. 32(5), pp. 1647-1661, May 2019

51. The Interplay among Financial Regulations, Resilience, and Growth with Franklin Allen and Julapa Jagtiani, Journal of Financial Services Research, vol. 53 (2-3), pp. 141-162, June 2018

52. Information Disclosure in Financial Markets with Liyan Yang, Annual Review of Financial Economics, vol. 9, pp. 101-125, December 2017

53. Comment on “Redemption Risk and Cash Hoarding by Asset Managers” by Morris, Shim, and Shin Journal of Monetary Economics, vol. 89, pp. 88-91, August 2017

54. Financial Regulation in Europe: Foundations and Challenges with Thorsten Beck and Elena Carletti, in Economics without Borders: Economic Research for European Policy Challenges, edited by Richard Blundell et al. (Cambridge University Press), pp. 470-511, April 2017

55. Enhancing Prudential Standards in Financial Regulations with Franklin Allen, Julapa Jagtiani, and William Lang, Journal of Financial Services Research, vol. 49(2-3), pp. 133-151, June 2016

56. Bayesian Persuasion in Coordination Games with Chong Huang, American Economic Review Papers and Proceedings, vol. 106(5), pp. 592-596, May 2016

57. Three Branches of Theories of Financial Crises with Assaf Razin, Foundations and Trends in Finance, vol. 10(2), pp. 113-180, December 2015

58. Moral Hazard and Government Guarantees in the Banking Industry with Franklin Allen, Elena Carletti, and Agnese Leonello, Journal of Financial Regulation, vol. 1(1), pp. 30-50, March 2015

59. Corporate Finance Theory: Introduction to Special Issue with Dirk Hackbarth, Journal of Corporate Finance, vol. 29, pp. 535-541, December 2014

60. Should Banks’ Stress Test Results be Disclosed? An Analysis of the Costs and Benefits with Haresh Sapra, Foundations and Trends in Finance, vol. 8, pp. 1-54, March 2014

61. The Real Effects of Financial Markets with Philip Bond and Alex Edmans, Annual Review of Financial Economics, vol. 4, pp. 339-360, December 2012

62. Empirical Literature on Financial Crises: Fundamentals vs. Panic in The Evidence and Impact of Financial Globalization, edited by Gerard Caprio (Elsevier, Amsterdam), pp. 523-534, December 2012

SELECTED WORKING PAPERS

63. Market Feedback about Emerging Technologies, with Sean Cao, Jie He, and Yabo Zhao

64. Earnings Information Spillovers and Depositor Contagion, with Qi Chen, Rahul Vashishtha, and Benda Yin

65. AI-Powered Trading, Algorithmic Collusion, and Price Efficiency, with Winston Dou and Yan Ji

66. Financial Market Fragility in the Era of AI Planning, with Winston Dou and Yan Ji

67. Human Edge, Machine Limits: AI-Human Competition in Financial Markets, with Winston Dou, Zigang Li, and Liyan Yang,

68. Target Allocation Funds, Strategic Complementarities, and Market Fragility, with Chuck Fang

69. Bank Diversification and Lending Resiliency, with Michael Gelman and Andrew MacKinlay

70. Monetary Policy in the Age of Universal Banking, with Michael Gelman and Andrew MacKinlay

71. Open Banking under Maturity Transformation, with Chong Huang and Liyan Yang

72. Payments, Reserves, and Financial Fragility, with Ming Yang and Yao Zeng

COLUMNS IN THE POPULAR PRESS

· The Bright Side of Bank Diversification with Michael Gelman and Andrew MacKinlay, The Banker, August 2023

· SVB: US Regulators Have Generated “A Moral Hazard” with Yao Zeng, The Banker, March 2023

· The Real Effects of the Chinese Stock Market with Bibo Liu and Liyan Yang, Vox-China, September 2021

· As Inflation Risk Rises, Banks Should Step Up Stress Tests, The Banker, August 2021

· Lessons from Corporate Bond Market Fragility, The Banker, April 2021

· Why We Should Worry about Trading Frenzies, The Banker, March 2021

· Fintech and the New Financial Landscape with Julapa Jagtiani and Aaron Klein, Banking Perspectives, March 2019

· The Current State and Future Challenges of Financial Regulation with Thorsten Beck and Elena Carletti, VoxEU, November 2016

· Dark Side of Housing-Price Appreciation with Indraneel Chakraborty and Andrew MacKinlay, VoxEU, November 2013

· Theories of Financial Crises with Assaf Razin, VoxEU, March 2013

· How to Give Banks Confidence to Lend to Businesses with Lucian Bebchuk, Financial Times, December 2008

PHD-LEVEL LECTURE NOTES

Mini Course on Financial Intermediation and Crises (Recent Slides)

Mini Course on Information in Financial Markets (Recent Slides)

Lecture on Information and Fragility in Financial Markets

Lecture on Information in Financial Markets and Its Real Effects

Lecture on Financial Markets, Information, and Real Investments

Lecture on Short Term Debt and Incentives in Banks

PhD course on Corporate Finance and Financial Institutions; covers theories of Corporate Finance, Financial Institutions, and Financial Markets:

New Syllabus (with references to lecture notes above and additional lecture notes on the following topics: Moral Hazard, Theory of the Firm, Capital Structure, Financial Contracting, Corporate Control, Financial Intermediation and Crises, Financial Markets, Feedback Effects)

KEYNOTE SPEECHES AND PANELS

SOME REPRESENTATIVE SLIDES

AI Trading in Financial Markets: An Emerging Research Agenda

Tracing the Sources of Fragility in the Financial System

Information in Financial Markets and Its Real Effects

Financial Innovation and Tokenization

Current Issues in Finance from Fragility to Technology

Amplification and Fragility in Financial Markets

The Role of Theory in Finance Research

FinTech and Decentralized Finance

Banking Fragility

Financial Fragility and Mutual Funds

Trading Frenzies and Real Effects

Corporate Finance and Financial Markets

Financial Market Feedback: Foundations and New Directions

FinTech Decentralization and Utility Tokens

Learning from Market Prices

Tradeoffs in Disclosure of Supervisory Information