Full-time Faculty

Faculty CV

Academic Appointments

2014 – Now        Tsinghua University, PBC School of Finance

                              Assistant Professor

2016 summer    Hong Kong University of Science and Technology, Business School
                              Visiting Assistant Professor

Education Background 

2008-2014      Ph.D. in Economics, Columbia University

                          Committee members: Kent Daniel, Paul Tetlock, Patrick Bolton, Joseph Stiglitz, and Jushan Bai.

2004-2008      B.A. in Economics, B.S. in Mathematics, Peking University (With highest honor)


Research Interests  

Empirical Asset Pricing

Behavioral Finance



[1]. “Asset Pricing When Traders Sell Extreme Winners and Losers” (previously distributed under the name “The V-shaped Disposition Effect”), Review of Financial Studies, 2016, Vol. 29 (3), 823-861.

        Award: Chicago Quantitative Alliance (CQA) Academic Competition, First Prize, 2014.

                      Crowell Memorial Prize, PanAgora Asset Management, Third Prize, 2014.

       Media Coverage: CFA Digest

[2]. “Barriers to Long-Term Cross-Border Investing: A Survey of Institutional Investor Perceptions” (with Rachel Harvey, Patrick Bolton, Laurence Wilse-Sampson, and Frederic Samama), Rotman International Journal of Pension Management, 2014, Vol. 7 (2).

Working Papers     

[1]. “V-shaped Disposition: Mutual Fund Trading Behavior and Price Effects” (with Bronson Argyle), Feb 2015.

Presented at the 2015 EFMA annual conference and 2015 Red Rock Finance Conference.

[2]. “Lottery-Related Anomalies: The Role of Reference-Dependent Preferences” (with Huijun Wang, Jian Wang, and Jianfeng Yu), June 2016.

        • Presented at 2015 NFA, 2016 FIRS, 2016 CICF, 2016 EFA conferences and scheduled for 2016 FMA.

Fellowship, Honors and Awards          

1.      Chicago Quantitative Alliance Academic Competition, First Prize, 2014.

2.      Crowell Memorial Prize by PanAgora Asset Management, Third Prize, 2014

3.      Faculty Fellowship, Columbia University, 2008-2014

4.      Peking University Undergraduate Award (with highest honor), 2004-2008

5.      Presidential Scholarship for Undergraduate Research, Peking University, 2007


Seminar Presentations and Conferences       

2016  FIRS, CICF, EFA, FMA†*, Hong Kong University, Chinese University of Hong Kong.

2015  Hong Kong University of Science and Technology⃰, Cheung Kong Graduate School of Business ⃰, Peking University GSM ⃰, Red Rock Finance Conference†, Northern Finance Association, European Financial Management Association, Wuhan University.

2014  Columbia Business School, PBC School of Finance at Tsinghua University, PanAgora Asset Management, Research Affiliates, Moody’s Analytics, Cornerstone Reserch, The Brattle Group, Analysis Group, Chicago Quantitative Alliance.

*: scheduled, †: presented by coauthor

Ad-hoc Referee                

Review of Financial Studies, Management Science,  Journal of Empirical Finance.



Financial Derivative (Master). 

Other Professional Activities     

Research Assistant, Columbia University
      •    Joseph Stiglitz, 2010-2013.
      •    Patrick Bolton, for Sovereign Wealth Fund Research Initiative, 2010-2011.
Summer Intern, Asian Century Quest Capital, 2010.


>Tsinghua National Institute of Financial Research