Education

Ph.D., Department of Finance and Business Economics, Foster School of Business, University of Washington, December 2007

            Thesis Title: Short Sellers and Financial Misrepresentation           
            Thesis Committee: Avraham Kamara, Jonathan Karpoff (Chair), Ed Rice, Ronnie Sadka

M.S., Department of Statistics, Iowa State University

B.A., Department of Insurance and Risk Management, School of Economics, Peking University, Beijing, China

Publications

1.  The Divergence of Liquidity Commonality in the Cross-section of Stocks, Journal of Financial Economics, Volume 89,    Issue 3, September 2008, Pages 444-466. (With Avraham Kamara and Ronnie Sadka)

    Download from SSRN  or ScienceDirect
    Inquire Europe Third Prize, 2008
    Inquire Europe, Autumn Seminar on Liquidity, Credit and Risk, France, 2008
    Q Group Spring 2008 Seminar
    NBER Microstructure Conference, October 2007
    Goldman Sachs Asset Management, 2007
    CRSP Forum, 2006
    University of Washington, 2006

2.  Has the US stock market become more vulnerable over time? Financial Analysts Journal, January/February 2010, Vol. 66, No. 1: 41-52. (With Avraham Kamara and Ronnie Sadka)

3.  Short Sellers and Financial Misconduct. Journal of Finance, Volume 65, Issue 5, October 2010, Pages 1879-1913. (with Jonathan Karpoff)
     Q Group grant, 2008
     CRSP Forum 2008, best paper award, University of Chicago, Booth School of Business
     American Finance Association Annual Meeting, 2009
     European Finance Association Annual Meeting, Athens, Greece, 2008
     China International Finance Conference, Dalian, China, 2008
     FMA Doctoral Student Seminar, Salt Lake City, 2007         

4. Liquidity Level or Liquidity Risk? Evidence from the Financial Crisis, Financial Analysts Journal, Forthcoming. (with Ronnie Sadka)    

Working Papers

1. Underreaction or Risk? Expected Earnings and the Post-Earnings-Announcement Drift,  with Yaniv Konchitchki, Gil Sadka, and Ronnie Sadka

2.  Can Liquidity Events Explain the low-short-interest puzzle? Implication from the Options Market, with Jefferson Duarte and Ronnie Sadka 

    17th Annual Derivatives Securities and Risk Management Conference, Federal Deposit Insurance Corporation (FDIC), 2007
    8^th Texas Finance Festival, San Antonio, 2007
    Northwest Pacific Finance Conference, 2006