Financial intermediation and capital reallocation, with Kai Li and Fang Yang, Volume 138, Issue 3, December 2020, Pages 663-686, Journal of Financial Economics. Online appendix.

Financial intermediation frictions affect aggregate output and asset valuation through the capital reallocation channel.

The collateralizability premium, with Kai Li, Jun Li, and Christian Schlag, Review of Financial Studies, Volume 33, Issue 12, December 2020, Pages 5821–5855.

The implication of financial constraints on the cross-section of expected returns.

Capital misallocation and risk sharing, with Anmol Bhandari, Yuchen Chen, and Chao Ying.

Persistence of productivity leads to more capital misallocation in complete markets.