Peer-reviewed Journal Publications

1. Information Sharing in Financial Markets , with Itay Goldstein and Yan Xiong, Journal of Financial Economics, 2025, 163, 103967.

2. Disclosing and Cooling-Off: An Analysis of Insider Trading Rules, with Jun Deng, Huifeng Pan, and Hongjun Yan, Journal of Financial Economics, 2024, 160, 103913.

3. Securities Markets in Which Some Investors Receive Information About Cash Flow Betas, with Shiyang Huang, Jan Schneemeier, and Avanidhar Subrahmanyam, Management Science, forthcoming.

4. Financialization and Commodity Market Serial Dependence, with Zhi Da, Ke Tang, and Yubo Tao, Management Science, 2024, 70(4), 2122-2143.

5. Secret and Overt Information Acquisition in Financial Markets, with Yan Xiong, Review of Financial Studies, 2023, 36(9), 3643-3692.

6. Commodity Financialization and Information Transmission, with Itay Goldstein, Journal of Finance, 2022, 77(5), 2613-2667.

7. Skill Acquisition and Data Sales, with Shiyang Huang and Yan Xiong, Management Science, 2022, 68(8), 6116-6144.

8. Costly Interpretation of Asset Prices, with Jordi Mondria and Xavier Vives, Management Science, 2022, 68(1), 52-74.

9. Disclosure, Competition and Learning from Asset Prices, with Yan Xiong, Journal of Economic Theory, 2021, 197, 105331.

10. Strategic Trading When Central Bank Intervention Is Predictable, with Haoxiang Zhu, Review of Asset Pricing Studies, 2021, 11(4), 735-761.

11. Back-Running: Seeking and Hiding Fundamental Information in Order Flows, with Haoxiang Zhu, Review of Financial Studies, 2020, 33(4), 1484-1533.

12. Institutionalization, Delegation, and Asset Prices, with Shiyang Huang and Zhigang Qiu, Journal of Economic Theory, 2020, 186, 104977.

13. Good Disclosure, Bad Disclosure, with Itay Goldstein, Journal of Financial Economics, 2019, 131(1), 118-138.

14. State-Owned Enterprises, Competition, and Disclosure, with Francesco Bova, Contemporary Accounting Research, 2018, 35(2), 596-621.

15. Non-Fundamental Speculation Revisited, with Haoxiang Zhu, Journal of Finance, 2017, 72(6), 2759-2772.

16. Employee Bargaining Power, Inter-Firm Competition, and Equity-Based Compensation, with Francesco Bova, Journal of Financial Economics, 2017, 126(2), 342-363.

17. Disagreement, Underreaction, and Stock Returns, with Ling Cen and John Wei, Management Science, 2017, 63(4), 1214-1231.

18. Differential Access to Price Information in Financial Markets, with David A. Easley and Maureen O'Hara, Journal of Financial and Quantitative Analysis, 2016, 51(4), 1071-1110.

19. Public Information and Uninformed Trading: Implications for Market Liquidity and Price Efficiency, with Bing Han and Ya Tang, Journal of Economic Theory, 2016, 163(5), 604-643.

20. Loss Aversion, Survival, and Asset Prices, with David A. Easley, Journal of Economic Theory, 2015, 160(12), 494-516.

21. Information Diversity and Complementarities in Trading and Information Acquisition, with Itay Goldstein, Journal of Finance, 2015, 70(4), 1723-1765.

22. Opaque Trading, Disclosure, and Asset Prices: Implications for Hedge Fund Regulation, with David A. Easley and Maureen O'Hara, Review of Financial Studies, 2014, 27(4), 1190-1237.

23. Speculation and Hedging in Segmented Markets, with Itay Goldstein and Yan Li, Review of Financial Studies, 2014, 27(3), 881-922.

24. Rational Information Leakage, with Raffi Indjejikian and Hai Lu, Management Science, 2014, 60(11), 2762-2775.

25. Prospect Theory, the Disposition Effect, and Asset Prices, with Yan Li, Journal of Financial Economics, 2013, 107(3), 715-739.

26. Asset-Pricing Implications of Dividend Volatility, with Yan Li, Management Science, 2013, 59(9), 2036-2055.

27. Social Networks, Information Acquisition, and Asset Prices, with Bing Han, Management Science, 2013, 59(6), 1444-1457.

28. Investor Sentiment, Disagreement, and the Breadth-Return Relationship, with Ling Cen and Hai Lu, Management Science 2013, 59(5), 1076-1091.

29. Testing Conditional-Factor Models: A Nonparametric Approach, with Yan Li, Journal of Empirical Finance, 2011, 18(5), 972-992.

30. Complementarities, Multiplicity, and Supply Information, with Jayant Vivek Ganguli, Journal of the European Economic Association, 2009, 7(1), 90-115.

31. Theory of Negative Consumption Externalities with Applications to the Economics of Happiness, with Guoqiang Tian, Economic Theory, 2009, 39(3), 399-424.

Non-refereed Articles

1. Fragility of Financial Markets, with Itay Goldstein and Chong Huang, Annual Review of Financial Economics, forthcoming.

2. Shaping Corporate ESG Performance: Role of Social Trust in China's Capital Market , with Tiantian Tang, China Finance Review International, 2024, 14(1), 34-75.

3. Loss Aversion in Financial Markets , Journal of Mechanism and Institution Design, 2019, 4(1), 119-137.

4. Information Disclosure in Financial Markets, with Itay Goldstein, Annual Review of Financial Economics, 2017, 9, 101-125.