Fintech and Market Microstructure

Auctioning Time to Mitigate Latency Races: Theory and Evidence from Blockchains (with B. Zhu). (preprint)

Liquidity Provision on Blockchain-based Decentralized Exchanges (with R. Jia). Winner of the 2021 INFORMS Finance Services Student Paper Competition. Review of Financial Studies, 38, 10, 3040–3085, 2025.

Price Discovery on Decentralized Exchanges (with R. Jia and S. Yu). Published on-line at the Review of Financial Studies. Press coverage (Bloomberg).

Privacy-Enhanced Payment Systems (with B. Zhu and M. Lee). (preprint)

Maximal Extractable Value and Allocative Inefficiencies in Public Blockchains (with R. Jia and Y. Wang). (preprint). Forthcoming at Journal of Financial Economics. Winner of the 2022 Annual CBER Conference Best Paper Prize. Press Coverage (Telegraph).

Proposer-Builder Separation, Payment for Order Flows, and Centralization in Blockchain (with R. Jia and S. Olafsson). Major Revision at Management Science. (preprint)

The Paradox Of Just-in-Time Liquidity in Decentralized Exchanges: More Providers Can Sometimes Mean Less Liquidity (with R. Jia and B. Zhu). (preprint). Link to podcast.

Large Orders in Small Markets: Execution with Endogenous Liquidity Supply (with A. Menkveld and H. Zhang). Review of Finance, 29, 1, 201–239, 2025.

Advances in Blockchain and Crypto Economics (with B. Biais, A. Capponi, L.W. Cong, V. Gaur, and K. Giesecke). Editorial of the Special Issue on Crypto Economics and Blockchain. Management Science, 69(11), 6417–6426, 2023.

Blockchain Private Pools and Price Discovery (with R. Jia and Y. Wang). AEA Papers and Proceedings, Vol. 113, 2023.

Decentralized Finance: Protocols, Risks, and Governance (with G. Iyengar and J. Sethuraman). Invited Paper. Foundations and Trends in Privacy and Security, 5(3), 144–188, 2023.

Proof of Work Cryptocurrencies: Does Mining Technology Undermine Centralization (with H. Alsabah and S. Olafsson). Management Science, Vol. 29, No. 11, 6417–7150, 2023. Winner of the 2019 INFORMS Finance Services Student Paper Competition. Winner of the best doctoral paper award at the second Toronto Fintech conference.

Intraday Market Making with Overnight Inventory Costs (with T. Adrian, E. Vogt, and H. Zhang). Journal of Financial Markets, Lead Paper, 50, 100564, 2020.