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