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About
About me
I am a financial economist. My research uses large-scale microdata to uncover economically relevant incentives and constraints that shape financial intermediation. My work has examined how features of asset management affect equity prices and monetary transmission, and how depositor behavior influences bank deposit pricing and monetary pass-through.
Before joining the University of Washington, I earned my PhD in Finance from Stanford GSB in 2023. Prior to that, I received bachelor's degrees in Economics, Finance, and Mathematics from Tsinghua University in 2017.
Curriculum vitae (May 2026).
Link to Google Scholar, SSRN.
Work
Accepted Papers
Monetary Transmission and Portfolio Rebalancing: A Cross-Sectional Approach (2026),
with Lingxuan Wu.
Journal of Financial Economics, accepted.
Remeasuring Scale in Active Management (2026),
with Shiyang Huang, Yang Song, and Hong Xiang.
Review of Financial Studies, forthcoming.
Working Papers
Banking on Inattention,
with Lingxuan Wu; updated: Apr 2026.
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VoxEU article: "Banking on inattention: When deposits hedge or amplify interest rate risk."
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Supported by the NBER Financial Frictions and Market Risk Initiative, and AWS Cloud Credit for Research.
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Upcoming conference presentations: Barcelona Summer Forum, Oxford Saïd-VU SBE Macro-finance Conference, ECWFC, NBER Summer Institute (Joint Session: Macro, Money and Financial Frictions; Monetary Economics), EFA, Chicago Asset Pricing Conference.
The Dynamics of Deposit Flightiness and its Impact on Financial Stability,
with Kristian Blickle, Jane Li, and Yiming Ma; updated: Mar 2026.
Review of Financial Studies, revise and resubmit.
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Liberty Street Economics article:"The rise in deposit flightiness and its implications for financial stability."
Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness,
with Yang Song, and Yao Zeng; updated: Sep 2025.
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Knowledge at Wharton article: "How bank depositors are becoming more alert."
The Political Economy of China's Housing Boom,
with Adam Zhang; updated: Mar 2023.
Discussions
Deposit Competition Beyond Rates, by Benetton, Hébert and McQuade
Deposits: Sticky or Flighty, by Basten, Cucic and Schepens
Earnings Information Spillovers and Depositor Contagion, by Chen, Goldstein, Vashishtha and Yin
The Response of Debtors to Rate Changes, by Gianinazzi, Fuster, Hackethal, Schnorpfeil and Weber
Steering a Ship in Illiquid Waters: Active Management of Passive Funds, by Koont, Ma, Pastor and Zeng
Teaching
Teach
Finance 423: Banking and the Financial System, Winter 2024
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