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style="margin-right:3.5pt;tab-stops:418.5pt"><o:p>&nbsp;</o:p></p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">Trumbull-Adams Professor of Finance</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">Professor of Economics</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt"><a href="http://www.princeton.edu/economics/">Department of Economics</a> and <a href="http://www.princeton.edu/bcf/">Bendheim Center for Finance</a></p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">Princeton University</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">20 Washington Road, Princeton, NJ 08540, USA</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">Telephone: (609) 258-0282<br /> Fax: (609) 258-0771</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center; tab-stops:418.5pt">Email: wxiong@princeton.edu</p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center"><o:p>&nbsp;</o:p></p> <p align="center" class="MsoNormal" style="margin-right:3.5pt;text-align:center">Co-Editor<em>, Journal of Finance</em></p> </td> </tr> </tbody> </table> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="font-size:13.5pt"><a href="CV.pdf">CV</a>, <a href="Bio.pdf">BIO</a></span></b><span style="font-size:13.5pt;mso-bidi-font-weight: bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .5in;tab-stops:418.5pt"><span style="font-size:13.5pt;mso-bidi-font-weight: bold"><o:p>&nbsp;</o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><b><a href="http://voxchina.org/">VoxChina.org</a></b><span style="mso-bidi-font-weight: bold"> (a bridge on economic issues between China and the world)</span><span style="color:red"> </span><span style="mso-bidi-font-weight:bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><b><u><a href="https://www.chinafinancialsystem.com/">Handbook of China&rsquo;s Financial System</a></u></b><span style="color:red"> NEW</span><b><u><span style="font-size:13.5pt"><o:p></o:p></span></u></b></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="font-size:13.5pt"><o:p>&nbsp;</o:p></span></b></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><b><span style="font-size: 13.5pt">RECENT PROFESSIONAL ACTIVITIES </span></b><span style="font-size:11.0pt; mso-bidi-font-weight:bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><a href="http://papers.nber.org/sched/CEf18">2018 NBER Chinese Economy Meeting at Tsinghua University</a></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://papers.nber.org/sched/CEf17">2017 NBER-CUHK Shenzhen Chinese Economy Meeting</a></span><span style="color:red"> </span><span style="font-size:11.0pt;mso-bidi-font-weight:bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://jrc.princeton.edu/annual-conference/sixth-annual-conference/program">6<sup>th</sup> JRC Conference---Escalating Risks: China&#39;s Economy, Society and Financial System</a></span><span style="color:red"> </span><span style="font-size:11.0pt; mso-bidi-font-weight:bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="STS/Stock_Trading_Systems.html">Workshop on Stock Trading Systems: China and US Comparison</a> <o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://conference.nber.org/confer/2016/CEMf16/program.html">2016 NBER Commodity Meeting</a> <o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://www.scfm.org.cn/en/program--2">2016 Symposium on Emerging Financial Markets: China and Beyond</a> </span><span style="color:red"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt"><a href="http://conference.nber.org/confer/2016/CEs16/program.html">2016 NBER-CUHK Shenzhen Chinese Economy Meeting</a></span><span style="color:red"> </span><span style="font-size:4.0pt;mso-bidi-font-weight:bold"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://www.scfm.org.cn/en/sefm2015--4">2015 Symposium on Emerging Financial Markets: China and Beyond</a><span style="color:red"> </span><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://conference.nber.org/confer/2015/URCs15/URCs15prg.html">2015 NBER <span style="mso-bidi-font-weight:normal">Universities&#39; Research Conference on Economics of Commodity Markets</span></a><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="papers/Xiong%20NBER%20Reporter%202014.pdf">NBER Reporter Summary of My Commodity Research</a> <o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://www.scfm.org.cn/en/sefm2014--3">2014 Symposium on Emerging Financial Markets: China and Beyond</a><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://conference.nber.org/confer/2013/CWf13/CWf13prg.html">2013 NBER Meeting on Economics of Commodity Markets</a><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://www.scfm.org.cn/en/sefm2013">2013 Symposium on Chinese Financial Markets</a><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://conference.nber.org/confer/2012/CWf12/CWf12prg.html">2012 NBER Meeting on Economics of Commodity Markets</a> <o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:233.9pt;margin-bottom:5.0pt;margin-left: .75in;tab-stops:418.5pt"><span style="font-size:11.0pt;mso-bidi-font-weight: bold"><a href="http://www.scfm.org.cn/en/scfm2012">2012 Symposium on Chinese Financial Markets</a><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt"><span style="mso-no-proof:yes"><o:p>&nbsp;</o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="font-size:13.5pt;color:black">WORKING PAPERS</span></b><span style="color:black">&nbsp; <o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">1.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Wei Xiong (2018), <a href="papers/Mandarin.pdf">The Mandarin Model of Growth</a> <span style="color:red">NEW</span> <o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">2.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Michael <span class="SpellE">Sockin</span> and Wei Xiong (2018), <a href="papers/Crypto.pdf">A Model of Cryptocurrencies</a> <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">3.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Matthew Baron, Emil Verner, and Wei Xiong (2018), <a href="papers/BankingCrisis.pdf">Bank Equity and Banking Crises</a> <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">4.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Jinghan</span> <span class="SpellE">Cai</span>, <span class="SpellE">Jibao</span> He, <span class="SpellE">Wenxi</span> Jiang, and Wei Xiong (2017), <a href="papers/Whac_a_mole.pdf">The Whack-A-Mole Game: Tobin Taxes and Trading Frenzy</a> <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">5.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Ting Chen, Laura Liu, Wei Xiong, and Li-An Zhou (2017), Real Estate Boom and Misallocation of Capital in China <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">6.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Markus Brunnermeier, Michael Sockin, and Wei Xiong (2017), <a href="papers/ChinaTrading.pdf">China&#39;s Model of Managing the Financial System</a> [<a href="papers/ChinaTrading_Appendix.pdf">Online Appendix</a>] <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">7.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Ziying</span> Fan, Wei Xiong, and Li-An Zhou (2016), <a href="papers/Famine.pdf">Information Distortion in Hierarchical Organizations: A Study of China&#39;s Great Famine</a><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">8.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Zhenyu Gao, Michael Sockin, and Wei Xiong (2017), <a href="papers/Speculation.pdf">Economic Consequences of Housing Speculation</a> [<a href="papers/Speculation_Appendix.pdf">Online Appendix</a>] <span style="color:red">NEW</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">9.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Zhenyu Gao, Michael Sockin, and Wei Xiong (2017), <a href="papers/Housing.pdf">Learning about the Neighborhood</a> <span style="color:red">Updated</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">10.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE"><span style="color:black">Kewei</span></span><span style="color:black"> Hou, Lin Peng, and Wei Xiong (2009), <a href="papers/anomaly.pdf">A Tale of Two Anomalies: The Implication of Investor Attention for Price and Earnings Momentum</a><b style="mso-bidi-font-weight: normal"> </b></span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l0 level1 lfo2;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">11.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE"><span style="color:black">Kewei</span></span><span style="color:black"> Hou, Lin Peng, and Wei Xiong (2013), <a href="papers/R2.pdf">Is R-Squared a Measure of Market Inefficiency?</a><b style="mso-bidi-font-weight:normal"> </b></span><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="color:black"><o:p>&nbsp;</o:p></span></b></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="font-size:13.5pt;color:black">ACADEMIC PUBLICATIONS<o:p></o:p></span></b></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">1.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Zheng Song and Wei Xiong (2018), <a href="papers/Risk.pdf">Risks in China&rsquo;s Financial System</a>, prepared for <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Annual Review of Financial Economics</i></b> <span style="color:red">NEW</span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt"><!--[if !supportLists]--><span style="mso-fareast-font-family:&quot;Times New Roman&quot;"><span style="mso-list:Ignore">2.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Ting Chen, Zhenyu Gao, <span class="SpellE">Jibao</span> He, <span class="SpellE">Wenxi</span> Jiang, and Wei Xiong (2017), <a href="papers/PriceLimit.pdf">Daily Price Limits and Destructive Market Behavior</a> [<a href="papers/PriceLimit_Appendix.pdf">Online Appendix</a>], <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style: normal">Journal of Econometrics</i></b>, forthcoming.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: 1.25in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><span style="font-size: 11.0pt">Summary of findings and implications on <a href="http://www.voxchina.org/show-3-49.html"><span class="SpellE">VoxChina</span></a></span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">3.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Markus Brunnermeier, Michael <span class="SpellE">Sockin</span>, and Wei Xiong (2017), <a href="papers/China_AERP&amp;P.pdf">China&#39;s <span class="SpellE">Gradualistic</span> Economic Approach and Financial Markets</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal"><span style="color:black">American Economic Review Papers &amp; Proceedings, </span></i></b><span style="color:black">107(5): 608-613. </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">4.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Matthew Baron and Wei Xiong (2017), <a href="papers/CreditExpansion.pdf">Credit Expansion and Neglected Crash Risk</a> [<a href="papers/CreditExpansion_Appendix.pdf">Online Appendix</a>], <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Quarterly Journal of Economics </i></b>132, 713-764.<span style="mso-no-proof:yes"> </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">5.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Chunxin Jia, Yaping Wang, and Wei Xiong (2017), <a href="papers/AH_Reaction.pdf">Market Segmentation and Differential Reactions of Local and Foreign Investors to Analyst Recommendations</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Review of Financial Studies</i></b> 30, 2972-3008.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">6.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Hanming Fang, <span class="SpellE">Quanlin</span> <span class="SpellE"><span class="GramE">Gu</span></span>, Wei Xiong, and Li-An Zhou (2016), <a href="papers/HousingBoom.pdf">Demystifying the Chinese Housing Boom</a>, <b><i>NBER Macroeconomics Annual</i></b>, edited by Martin <span class="SpellE">Eichenbaum</span> and Jonathan Parker, 105-166.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: 1.25in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><span style="mso-bidi-font-weight: bold;mso-bidi-font-style:italic">Housing price indices for 120 Chinese cities are available upon an email request</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">7.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Michael Sockin and Wei Xiong (2015), <a href="papers/feedback.pdf">Informational Frictions and Commodity Markets</a> [<a href="papers/feedback_Appendix.pdf">Online Appendix</a>], <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Journal of Finance </i></b>70, 2063-2098<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">8.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Ing</span>-haw Cheng, Andrei Kirilenko, and Wei Xiong (2015), <a href="papers/Convection.pdf">Convective Risk Flows in Commodity Futures Markets</a>, <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Review of Finance</i></b> 19, 1733-1781.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">9.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span></span><!--[endif]-->Markus Brunnermeier, Alp <span class="SpellE">Simsek</span>, and Wei Xiong (2014), <a href="papers/welfare.pdf">A Welfare Criterion for Models with Distorted Beliefs</a>,<b style="mso-bidi-font-weight:normal"> <i style="mso-bidi-font-style:normal">Quarterly Journal of Economics</i></b> 129 (4), 1711-1752.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">10.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Ing</span>-haw Cheng, <span class="SpellE">Sahil</span> Raina, and Wei Xiong (2014), <a href="papers/WallStreet.pdf">Wall Street and the Housing Bubble</a> [<a href="papers/WallStreet_Appendix.pdf">Online Appendix</a>], <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">American Economic Review</i></b> 104, 2797-2829.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: 1.25in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><span style="font-size: 11.0pt">Summary on <a href="http://www.voxeu.org/article/distorted-beliefs-and-financial-sector"><span class="SpellE">VoxEU</span></a>; coverage by [<a href="http://www.ft.com/intl/cms/s/2/3b0e701e-91bc-11e2-b4c9-00144feabdc0.html#axzz2Q4GLXKO0">FT Gillian <span class="SpellE">Tett</span></a>], [<a href="http://www.econbrowser.com/archives/2013/03/understanding_t_1.html">James Hamilton</a>], [<a href="http://blogs.wsj.com/economics/2013/03/24/mortgage-securitizers-didnt-know-housing-was-going-bust/">WSJ Justin Lahart</a>]</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">11.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Ing</span>-haw Cheng and Wei Xiong (2014), <a href="papers/Review_Financialization.pdf">The <span class="SpellE">Financialization</span> of Commodity Markets</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Annual Review of Financial Economics</i></b> 6, 419-441.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">12.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Ing</span>-haw Cheng and Wei Xiong (2014), <a href="papers/JLS.pdf">Why Do Hedgers Trade So Much?</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Journal of Legal Studies</i></b> 43, S183-S207.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">13.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span class="SpellE">Conghui</span> Hu and Wei Xiong (2013), <a href="papers/Barometer.pdf">Are Commodity Futures Prices Barometers of the Global Economy?</a>, <span class="SpellE"><b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Apres</i></b></span><b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal"> le Deluge: Finance and the Common Good after the Crisis</i></b>, edited by E. Glen Weyl, Edward L. <span class="SpellE">Glaeser</span>, and <span class="SpellE">Tano</span> Santos.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">14.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Zhiguo He and Wei Xiong (2013), <a href="papers/segmentation.pdf">Delegated Asset Management, Investment Mandates, and Capital Immobility</a><b style="mso-bidi-font-weight: normal">, <i style="mso-bidi-font-style:normal">Journal of Financial Economics</i></b> 107, 239-258 (lead article). </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">15.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Wei Xiong (2013), <a href="papers/review.pdf">Bubbles, Crises, and Heterogeneous Beliefs</a>, </span><b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Handbook for Systemic Risk</i></b>, edited by Jean-Pierre <span class="SpellE">Fouque</span> and Joe <span class="SpellE">Langsam</span>, Cambridge University Press, 663-713.<o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">16.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Ke Tang and Wei Xiong (2012), <a href="papers/commodity.pdf">Index Investment and <span class="SpellE">Financialization</span> of Commodities</a>,<b style="mso-bidi-font-weight:normal"> <i style="mso-bidi-font-style: normal">Financial Analysts Journal</i></b> 68 (6), 54-74.</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: 1.25in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><span style="font-size: 11.0pt">Summary of findings and implications on <a href="http://www.voxeu.org/index.php?q=node/5859"><span class="SpellE">VoxEU</span></a>.</span><o:p></o:p></p> <p style="margin-top:0in;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">17.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Zhiguo He and Wei Xiong (2012), <a href="papers/credit.pdf">Debt Financing in Asset Markets</a> [<a href="papers/credit_appendix.pdf">Online Appendix</a>], <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">American Economic Review Papers &amp; Proceedings</i></b> 102, 88-94.</span><o:p></o:p></p> <p style="margin-top:0in;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">18.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Zhiguo He and Wei Xiong (2012), <a href="papers/dynamic.pdf">Dynamic Debt Runs</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Review of Financial Studies</i></b> 25, 1799-1843.</span><o:p></o:p></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">19.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Zhiguo He and Wei Xiong (2012), <a href="papers/rollover.pdf">Rollover Risk and Credit Risk</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Journal of Finance</i></b> 67, 391-429 (lead article).</span><o:p></o:p></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: 1.25in;tab-stops:418.5pt;-ms-layout-grid-mode: char"><span style="color:black">Awarded 2012 <b style="mso-bidi-font-weight:normal">Smith Breeden Prize </b>(first prize)<o:p></o:p></span></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;;color:black"><span style="mso-list:Ignore">20.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Nicholas <span class="SpellE">Barberis</span> and Wei Xiong (2012), <a href="papers/rg.pdf">Realization Utility</a>, <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Journal of Financial Economics</i></b> 104, 251-271.<o:p></o:p></span></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">21.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Wei Xiong and Jialin Yu (2011), <a href="papers/warrant.pdf">The Chinese Warrants Bubble</a>, </span><b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">American Economic Review</i></b> 101, 2723-2753.<o:p></o:p></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;;color:black"><span style="mso-list:Ignore">22.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Wei Xiong and Hongjun Yan (2010), <a href="papers/bond.pdf">Heterogeneous Expectations and Bond Markets</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Review of Financial Studies</i></b><i style="mso-bidi-font-style:normal"> </i>23, 1433-1466.<o:p></o:p></span></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;;color:black"><span style="mso-list:Ignore">23.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Nicholas <span class="SpellE">Barberis</span> and Wei Xiong (2009), <a href="papers/disposition.pdf">What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation</a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Journal of Finance</i></b><i style="mso-bidi-font-style:normal"> </i>64, 751-784.<o:p></o:p></span></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">24.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Jianping Mei, Jose Scheinkman, and Wei Xiong (2009), <a href="papers/china.pdf">Speculative Trading and Stock Prices: Evidence from Chinese A-B Share <span class="SpellE">Premia</span></a>, <b style="mso-bidi-font-weight:normal"><i style="mso-bidi-font-style:normal">Annals of Economics and Finance</i></b><i style="mso-bidi-font-style:normal"> </i>10, 225-255.</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">25.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Harrison Hong, Jose Scheinkman, and Wei Xiong (2008), <a href="papers/advisor.pdf">Advisors and Asset Prices: A Model of the Origins of Bubbles</a>, <b style="mso-bidi-font-weight: normal"><i style="mso-bidi-font-style:normal">Journal of Financial Economics</i></b> 89, 268-287.</span><o:p></o:p></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">26.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Ronnie Sircar and Wei Xiong (2007), <a href="papers/eso.pdf">A General Framework for Evaluating Executive Stock Options</a>, <b style="mso-bidi-font-weight:normal"><i>Journal of Economic Dynamics and Control</i></b><i> 31,</i> 2317-2349.</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">27.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Lin Peng, Wei Xiong, and Tim <span class="SpellE">Bollerslev</span> (2007), <a href="papers/comovement.pdf">Investor Attention and Time-Varying <span class="SpellE">Comovements</span></a>, <b style="mso-bidi-font-weight:normal"><i>European Financial Management</i></b><i> 13,</i> 394-422.</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">28.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Albert Kyle, Hui <span class="SpellE">Ou</span>-Yang, and Wei Xiong (2006), <a href="papers/prospect.pdf">Prospect Theory and Liquidation Decisions</a>, <b style="mso-bidi-font-weight:normal"><i>Journal of Economic Theory</i></b><i> 129</i>, 273-288.</span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">29.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Lin Peng and Wei Xiong (2006), <a href="papers/attention.pdf">Investor Attention, Overconfidence and Category Learning</a>, <b style="mso-bidi-font-weight:normal"><i>Journal of Financial Economics</i></b><i> 80, 563-602.</i> </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">30.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Harrison Hong, Jose Scheinkman, and Wei Xiong (2006), <a href="papers/float.pdf">Asset Float and Speculative Bubbles</a><b style="mso-bidi-font-weight:normal">, <i>Journal of Finance</i></b><i> 61, 1073-1117. &nbsp; </i></span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">31.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Patrick Bolton, Jose Scheinkman, and Wei Xiong (2006), <a href="papers/ceo.pdf">Executive Compensation and Short-<span class="SpellE">termist</span> Behavior in Speculative Markets</a>, <b style="mso-bidi-font-weight:normal"><i>Review of Economic Studies</i></b> 73, 577-610. </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">32.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]-->Patrick Bolton, Jose Scheinkman, and Wei Xiong (2005),<span style="color:#330033"> <a href="papers/law.pdf">Pay for Short-Term Performance: Executive Compensation in Speculative Markets</a><b style="mso-bidi-font-weight:normal">, </b></span><b style="mso-bidi-font-weight: normal"><i><span style="color:black">Journal of Corporation Law</span></i></b><i><span style="color:black"> 30, 721-747</span></i><span style="color:black">.&nbsp; </span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;;color:black"><span style="mso-list:Ignore">33.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Jose Scheinkman and Wei Xiong (2003), <a href="papers/survey.pdf">Heterogeneous Beliefs, Speculation and Trading in Financial Markets</a>, <b style="mso-bidi-font-weight:normal"><i>Paris-Princeton Lectures on Mathematical Finance</i></b><i>, 217-250,</i> Springer-<span class="SpellE">Verlag</span>, Berlin.&nbsp;<o:p></o:p></span></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">34.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Jose Scheinkman and Wei Xiong (2003),</span> <a href="papers/bubble.pdf">Overconfidence and Speculative Bubbles</a>, <b style="mso-bidi-font-weight:normal"><i><span style="color:black">Journal of Political Economy</span></i></b><span style="color:black"> <i>111, 1183-1219. </i></span><o:p></o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">35.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Albert Kyle and Wei Xiong (2001), <a href="papers/contagion.pdf">Contagion as a Wealth Effect</a><b style="mso-bidi-font-weight:normal">, <i>Journal of Finance</i></b><i> 56, 1401-1440.</i> </span><o:p></o:p></p> <p style="margin-top:3.0pt;margin-right:3.25in;margin-bottom:12.0pt;margin-left: .75in;text-indent:-.25in;mso-list:l1 level1 lfo4;tab-stops:list .75in left 418.5pt; -ms-layout-grid-mode: char"><!--[if !supportLists]--><span style="mso-fareast-font-family: &quot;Times New Roman&quot;"><span style="mso-list:Ignore">36.<span style="font:7.0pt &quot;Times New Roman&quot;">&nbsp; </span></span></span><!--[endif]--><span style="color:black">Wei Xiong (2001), <a href="papers/convergence.pdf">Convergence Trading with Wealth Effects: An Amplification Mechanism in Financial Markets</a>, </span><b style="mso-bidi-font-weight: normal"><i>Journal of Financial Economics</i></b><i> 62, 247-292.</i></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .5in;tab-stops:418.5pt"><b><span style="font-size:13.5pt;color:black"><o:p>&nbsp;</o:p></span></b></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;tab-stops:418.5pt"><o:p>&nbsp;</o:p></p> <p style="margin-top:5.0pt;margin-right:3.25in;margin-bottom:6.0pt;margin-left: .75in;tab-stops:418.5pt"><o:p>&nbsp;</o:p></p> </div>