Publications
Government Debt and Corporate Leverage: International Evidence
(with Irem Demirci and Clemens Sialm, April 2018, forthcoming, Journal of Financial Economics)
Complex Mortgages
(with Gene Amromin, Clemens Sialm, and Edward Zhong, Review of Finance, 2018, 1975–2007)
Risk Shifting and Mutual Fund Performance
(with Clemens Sialm and Hanjiang Zhang, Review of Financial Studies, 24 (8), 2011, 2575-2616)
Market Liquidity, Asset Prices, and Welfare
(with Jiang Wang, Journal of Financial Economics, 95(1), 2010, 107-127, received the best paper award for DeGroote/IIROC 3rd Annual Conference on Market Structure and Market Integrity)
Liquidity and Market Crashes
(with Jiang Wang, Review of Financial Studies, 22(7), 2009, 2607-2643, received NYSE Award for the best paper on equity trading at 2007 WFA and 2007 Morgan Stanley Equity Market Microstructure Research Grant)
Taxable and Tax-Deferred Investing: A Tax-Arbitrage Approach
(Review of Financial Studies, 21(5), 2008, 2173-2207)
Participation Costs and the Sensitivity of Fund Flows to Past Performance
(with Kelsey D. Wei and Hong Yan, Journal of Finance, 62 (3), 2007, 1273-1311)
The Tradeoff between Mortgage Prepayments and Tax-Deferred Retirement Savings
(with Gene Amromin and Clemens Sialm, Journal of Public Economics, 91, 2007, 2014-2040, finalist for the 2008 TIAA-CREF Paul A. Samuelson Award)
Are Stocks Desirable in Tax-Deferred Accounts?
(with Lorenzo Garlappi, Journal of Public Economics, 90 (12), 2006, 2257-2283)
Market Structure, Security Prices and Informational Efficiency
(with Jiang Wang, Macroeconomic Dynamics, 1, 1997, 169-205 )
Working Papers
Discretionary Stock Trading Suspension
(with Donghui Shi, Zhongzhi Song, and Bin Zhao, July 2018)
Why Do We Have So Many Funds? The Organizational Structure of Mutual Fund Families
(with Zhigang Qiu, Yuehua Tang, and Xiaoyu Xu, May 2018)
The Separation of Alpha and Beta in the Money Management Industry
(with Zhigang Qiu, November 2017)
Optimal Liquidity Policy
(with Jiang Wang, November 2017)
Investor Learning and Mutual Fund Flows
(with Kelsey D. Wei and Hong Yan, March 2012)
Internal Capital Allocation and Firm Performance
(with Ilan Guedj and Johan Sulaeman, September 2009)
Are ETFs Replacing Index Mutual Funds?
(with Ilan Guedj, April 2009, received 2007 McCombs Research Excellence Grant and 2008 Q-group Grant)