Published/Forthcoming Papers
(7) Unsmoothing Returns of Illiquid Funds (with Spencer Couts and Andrea Rossi)
* Review of Financial Studies, Forthcoming
* Media Coverage: Canadian Investment Review
(6) The Fundamental-to-Market Ratio and the Value Premium Decline (with Gregory Leonard)
* Journal of Financial Economics, 2023, 147(2): 382-405
* Data: FE/ME Portfolios + FE/ME Estimates
* Runner-up Award, 2020 Brandes Institute Prize
* Best Paper Award, 2020 Chicago Quantitative Alliance Academic Competition
* Media Coverage: CXO Advisory Group; The Evidence-Based Investor; Klement on Investing; Avenir Capital
(5) Leverage and Cash Dynamics (with Harry DeAngelo and René Stulz)
* Review of Finance, 2022, 26(5): 1101-1144
(4) Reinvestment Risk and the Equity Term Structure
* Journal of Finance, 2021, 76(5): 2153-2197
* Outstanding Paper Award, 68th MFA Meeting
* Best Paper Award, 14th FRA Michael J. Barclay Award to best young scholar solo-authored paper
* Best Paper Award, 5th USC Marshall Ph.D. Conference in Finance (Corecipient)__
(3) The Short Duration Premium
* Journal of Financial Economics, 2021, 141(3): 919-945
* Data: Dur Portfolios + Dur Estimates
* Data: Dur Portfolios + Dur Estimates (updated to 2023)
* Media Coverage: alpha architect
(2) Aggregation, Capital Heterogeneity, and the Investment CAPM (with Chen Xue and Lu Zhang)
* Review of Financial Studies, 2020, 33(6): 2728-2771
(1) Corporate Deleveraging and Financial Flexibility (with Harry DeAngelo and René M. Stulz)
* Review of Financial Studies, 2018, 31(8): 3122-3174