UMass Boston

Financial Economics 

PhD in Economics 

Selected Publications

1. "Sufficient Communication in Repeated Games with Imperfect Private Monitoring" (2010), Economics Letters, Vol 108, Page 322-326.
2. "Investment and CEO Compensation under Limited Commitment" with Hengjie Ai (2015), Journal of Financial Economics, Vol 116, Page 452-472.
3. "Dynamic Agency with Persistent Observable Shocks" (2017), Journal of Mathematical Economics, Vol 71, Page 74-91.
4. "Moral hazard in investment and endogenous risk-taking" (2017), Economics Letters, Vol 157, Page 112-115.
5. "A tractable model of limited enforcement and the life-cycle dynamics of firms" with Hengjie Ai (2018), Economics Letters, Volume 163, Page 136-140.
6. "Dynamic Agency and Large-Risk Taking" (2019), International Review of Finance, Volume 19, Page 471-480.
7. "Corporate Investment and Foreign Penetration: Imports and Inward Foreign Direct Investment" with Chi Wan and Mengying Wang (2018), Journal of International Money and Finance, Vol 85, Pages 124-144
8. "A unified model of firm dynamics with limited commitment and assortative matching" (2021) with Hengjie Ai, Dana Kiku, and Jincheng Tong, Journal of Finance, Volume 76, Page 317-356. 
9.  "A Quantitative model of dynamic moral hazard" (2022) with Hengjie Ai, Dana Kiku, forthcoming Review of Financial Studies.

Working Papers

1. "Optimal Unemployment Insurance and Cyclical Fluctuations."(2014) with Noah Williams.
2. "Optimal Contracts with Hidden Risk." (2016) with Noah Williams.
3. "Moral Hazard and Investment-Cash-Flow Sensitivity" (2017) with Hengjie ai and Kai Li.