Working Papers (SSRN)

• [2026/05] 弱替代：因子动物园是从哪里冒出来的？The Origins of the Factor Zoo: Investors Weakly Substitute Across StocksMay 2026
• [2025] 这一次，美元贬给了谁看？——从一次「反常」的贬值，读出储备货币地位的松动Dollar Upheaval: This Time is DifferentJun 2026
• [2025] 机器学习是不是在「重新发明」套利？——给神经网络的超额收益找一个经济学基准Machine Learning as Arbitrage: Can Economics Help Explain AI?Jun 2026
• [2025] 把优化器塞进神经网络：当机器学习撞上 MarkowitzMachine Learning Meets MarkowitzJun 2026
• [2024] 把抵押品从老债主手里「抢」过来，反而是件好事？Creditor-on-Creditor Violence and Secured Debt DynamicsJun 2026
• [2021] 一个买卖价差，为什么越来越贵了？——把信用利差的「流动性那一块」拆给你看The Importance of Investor Heterogeneity: An Examination of the Corporate Bond MarketJun 2026
• [2019/04] 两种市场收益的故事：当「市场组合」其实只是一小撮巨头A Tale of Two Market Returns: The Broad Market Factor and the Idiosyncratic Financial FactorMay 2026