About
I am an Assistant Professor of Finance at the Shanghai University of Finance and Economics.
My research lies at the intersection of corporate finance, product markets, and innovation.
Publication
Information Spillovers and Cross Monitoring between the Stock Market and the Loan
Market (joint with Matt Billett and Xuan Tian), Journal of Banking and Finance, February 2025. Link to paper
Working Papers
Managerial Horizon: an LLM Approach (joint with Evgeny Lyandres and Chen Xu)
Abstract: This paper develops a novel, large language model (LLM)–based measure of managerial horizon using
managers’ language in earnings calls. Leveraging a hybrid GPT–BERT framework, we classify millions of transcript segments into performance,
strategy, and activity content and construct a firm-quarter measure of managerial short-termism based on the relative emphasis on performance.
Firms with more short-term–oriented managerial language exhibit lower R&D and capital investment,
weaker innovation output, slower earnings growth, and poorer long-run stock performance.
The effects are economically meaningful and strongest among opaque firms,
demonstrating that narrative disclosure reveals managers’ intertemporal preferences and has real valuation implications.
Working Paper
The Impact of Bank Deregulation on Competition and Product Innovation
Revise and Resubmit
- Presented at Peking University SOE, Guangzhou University, Shanghai Tech.
Analyst Coverage and Innovation: Evidence from New Product Introduction
Working Paper
- Presented at the MFA Annual Meeting, Indiana University, Peking University GSM, Southwestern
University of Finance and Economics, Zhongnan University of Economics and Law
Financial Constraints and the Cyclicality of New Product Introductions
Working Paper
- Presented at the AFFECT Mentoring Workshop
Teaching
- Corporate Finance (Undergraduate)
- Advanced Corporate Finance (Undergraduate)
- Empirical Methods in Corporate Finance (PhD)
- Financial Reporting and Security Analysis (Graduate, Fudan-FISF)
- Academic Norms and Thesis Writing (Graduate)
- Investments (Undergraduate)
- Securities Trading and Market Making (Undergraduate)
