2022 - now (untenured) Associate Professor of Finance, School of Economics and Management, Tsinghua University

2018 - 2021 Assistant Professor of Finance, School of Economics and Management, Tsinghua University

2017 – 2018 Economist, Bank of England

2016 – 2017 Visiting Researcher, Bank of England

Investment (Undergraduate, Master)

Financial Market and Institutions (Master)

Non-Bank Financial Institutions (Mutual/Hedge fund, Pension/Insurer, Dealer), International Finance, AI and Finance

Published Papers

• "Unintended Consequences of Holding Dollar Assets" , with Robert Czech, Shiyang Huang, and Dong Lou, 2025, Journal of Finance (forthcoming)

• "Global Volatility and Firm-Level Capital Flows" , with Marcin Kacperczyk and Jaromir Nosal, 2025, Journal of Financial Economics, 169

• "The correlation risk premium: international evidence" , with Robert Kosowski and Faria Goncalo, 2022, Journal of Banking and Finance, 136:1-14

• "Do Foreign Investors Improve Price Efficiency?", with Marcin Kacperczyk and Savitar Sundaresan, 2021, Review of Financial Studies, 34(3), 1317-1367.

• "Informed Trading in the Government Bond Market" , with Robert Czech, Shiyang Huang, and Dong Lou, 2021, Journal of Financial Economics, 142(3), 1253-1274

• "Currency Mispricing and Dealer Balance Sheets" , with Gino Cenedese and Pasquale Della Corte, 2021, Journal of Finance, 76, 2763-2803.

Working Papers

Macro Financial Markets

• "FX Option Volume", with Robert Czech, Pasquale Della Corte, and Shiyang Huang, 2025, (2rd) R&R, Journal of Finance

• "Energy Prices and the Carbon Premium" (with Patrick Bolton and Marcin Kacperczyk), 2024.

• "Stablecoin Flows, Dollar Convenience Yields and Exchange Rates", with Shiyang Huang, Dong Lou, and Zhenhan Shao, 2026

Artificial Intelligence, Investors and Financial Markets

• "Different Opinions or Information Asymmetry: Machine-based Measurement and Consequences", with Kang Guo and Yang Liu, 2024

• "Large Language Model Disagreement", with Jiatao Liu and Yang Liu, 2025

• "Emotions and Fund Flows: Evidence from Managers’ Live Streams", with Marcin Kacperczyk, Mingrui Liu, and Xueyong Zhang, 2025.

• "Does Artificial Intelligence Reduce Investor Disagreement? Evidence from AI-Human Interactions Data", with Shiyang Huang, Zhenhan Shao, Yaling Song, and Jian Xue, 2026

China Market and Others

• "IPO Lottery, Mutual Fund Performance, and Market Stability", with Feng Gao, Jingchen Yang and Bulin Wang, 2025

• "Variation in Put-Call Parity Violation and Option Returns",  with Chun Liu,  Yintian Wang and Hong Xiang, 2022, Reject & Resubmit at Journal of Banking and Finance

• "Overnight-Intraday Reversal Everywhere", with Chun Liu, Yang Liu, Guofu Zhou, and Yingzi Zhu, 2020

PwC 3535 Finance/Accounting Forum, Best Paper Award, 2021

China International Finance Annual Conference, Best Paper Award, 2019

Annual Conference in International Finance, Best Paper Award, 2019

Institute of Structured Finance & Global Risk Institute Research Grant, 2017

INQUIRE EUROPE Research Grant, 2017