His research has spanned the areas of delegated portfolio management, corporate finance, and asset pricing, with two central themes: 1) The functioning and issues of the asset management industry; 2) The effects of economic fundamentals (including firm characteristics, industry competition, and macroeconomic conditions) on corporate investment/financial decisions and expected stock returns. He holds a B.A. and a M.A. in Economics from Peking University, He holds a Ph.D. in Finance from University of Vienna.