I am a post-doc in the Tepper School of Business at Carnegie Mellon University. I recently completed my PhD in Economics at Boston University. My research falls at the intersection of industrial organization and finance. I apply a wide range of empirical methods, with a focus on using structural estimation to understand welfare implications of policies and market designs. In my current research, I create novel models to help understand how information frictions are generated in finance and technology industries, as well as how they affect competition and welfare. My job market paper uses financial analysts’ forecast data to disentangle their incentives for information provision, and derive policy implications for improving information quality in the financial market.

I am on the 2022/2023 Job Market and will be available for interviews.


Working Papers

Does Competition Between Experts Improve Information Quality: Evidence from the Security Analyst Market [Job Market Paper]
[Draft]
Finalist for Young Economists’ Essay Award (YEEA) at EARIE 2021

Talks: NTU, SMU, IIOC, EARIE, FMA, BU Questrom Finance, AFA (PhD Poster), BU Economics, CMU Tepper Finance (scheduled)
  • Financial analysts are rewarded for being the most accurate. This leads them to distort their forecasts to differentiate themselves from their peers, but also disciplines their optimism bias. In the current market, the disciplinary effect dominates while both effects are present, so it is optimal to have moderate competition between analysts to both improve aggregate information and contain the distortion.

Sticky Consumers and Cloud Welfare [Under Review]
 with Peichun Wang and Sida Peng
[Draft]
Talks: ZJU, NTU, BU Economics
  • Cloud computing creates big welfare benefits, particularly for smaller firms, but we find that cloud customers are sticky to old cloud products, thus undermining cloud’s benefits. Cloud migration services and introductory discounts, which incentivize firms to try new products, can improve both consumer welfare and provider revenue.

The Dynamic Competitive Effect of Reputation Acquisition: Evidence from the Financial Analyst Market
[Draft]
Talks: BU Economics


Work-in-progress

Price Dispersion and Product Proliferation Under Consumer Inertia: Evidence from the ETF Market
 with Zach Brown, Mark Egan, Jihye Jeon, and Alex Wu

Stock Exchange Competition: Fragmentation and Routing Delays
 with Mark Rysman

Non-stationary Processes in Dynamic Games