Address : 343K Wohlers Hall 1206 South Sixth Street              Champaign, IL, 61820

Tel : 217-244-0474                       Email :

Citizenship: China, U.S. Permanent Resident





January 2011        Cornell University                                                                                         Ithaca, NY

               Ph.D., Economics


August 2004        University of british Columbia                                                                    Vancouver, Canada  

                              M.A., Economics  


July 2002              Renmin University of China                                                           Beijing, P. R. China

                        M.A., Finance


July 1999              Southeast University                                                                      Nanjing, P. R. China

B.A., Accounting



2011- Present   University of Illinois at Urbana-Champaign

Assistant Professor of Finance

2013                 Beckman Fellow, Center for Advanced Studies, University of Illinois at Urbana-Champaign

(Reduced teaching load for 2013-2014 academic year)



Market Microstructure, Big Data


  1. Is Market Fragmentation Harming Market Quality? with Maureen O’Hara   Journal of Financial Economics, Vol. 100, No. 3, June, 2011, pp. 459-474. Lead article
  2. What is Not There: The Odd-lot Bias of TAQ Data, With Maureen O’Hara and Chen Yao, Journal of Finance Volume 69, Issue 5, 2014, pages 2199–2236
  • Media coverage in Washington Post, Bloomberg news (three times), Businessweek and Trader’s Magazine
  • Lead to the policy change in trade report requirement in the United States starting from December 9, 2013



  • Why Trading Speed Matters: A Tale of Queue Rationing under Price Controls,  with Chen Yao (Revise and resubmit, Review of Financial Studies)
  • Tick Size Constraints, Two Sided Markets and Competition between Stock Exchanges, with Yong Chao and Chen Yao
  • A Glimpse into the Dark Pool: Price Formation, Transaction Cost and Market Share of the Crossing Network
  • The Externalities of High Frequency Trading, with Jiading Gai and Chen Yao.
  • Cited in U.S. Senate testimony on computerized trading, September 20, 2012
  • Media coverage in Institutional Investor magazine and Quartz
  • Catching Fire: An Anatomy of Information Diffusion using Retweets, with Nitesh Chawla, Zhi Da and Jian Xu
  • When Fast Trading Looks Like Priced Noise, with Alex Chinco
  • Sparse signals in the cross-section of returns, with Alex Chinco and Adam Clark-Joseph.
  • Designated Market Makers Still Matter: Evidence from Two Natural Experiments, with Adam Clark-Joseph and Chao Zi




FIN 511: Portfolio Management for Professional MBA

  • Winner of Professional MBA Teaching Excellence Award
  • List of Teachers Ranked as Outstanding

FIN 411: Portfolio Management for undergraduates.

  • Most Recent Course Evaluation (5.0/5.0)
  • List of Teachers Ranked as Outstanding



2006-2008           Trustee, Board of Trustees, Cornell University

2006-2008       Columnist, Cornell Daily Sun



National Science Foundation grant: $255,851, Principal Investigator, joint with Robert Sinkovits from San Diego Supercomputing Center

National Science Foundation’s XSEDE (Extreme Science and Engineering Discovery Environment) program

  • Pittsburg Supercomputer Center: 1,250,000 Service Units from Blacklight supercomputer and Staff support from Anirban Jana and David O’Neal
  • San Diego Supercomputer Center: 2,000,000 service units from Gordon supercomputer and staff support from Robert Sinkovits and

NASDAQ OMX Education Foundation, 2009-2010, $15,000 for “Price Discovery and Liquidity in a Fragmented Stock Market”



Ad-hoc Referee: Quarterly Journal of Economics, Journal of Finance, Review of Financial Studies, Journal of Financial and Quantitative Analysis, Management Science, Journal of Financial Markets, Review of Finance, Journal of Financial Intermediation, Journal of Empirical Finance, Quantitative Finance

Conferences: Committee for the Best Paper in Market Microstructure: Financial Management Association Annual Meeting, program committee for Society of Financial Studies Cavalcade, European Finance Association Annual Meeting and Financial Intermediation Research Society Conference, Section Chair for China International Finance Conference and Financial Intermediation Research Society Conference

Grant/Proposal Reviewer:  United Kingdom Government Office for Science, Hong Kong Research Grants Council

Ph.D. Dissertation Committee:

Dmitriy Muravyev (Initial Placement: Boston College)

Jaehoon Lee (Initial Placement: University of New South Wales)

Chen Yao (Initial Placement: University of Warwick)



2015               List of Teachers Ranked as Outstanding for Undergraduate Teaching

2015             Professional MBA Teaching Excellence Award

2013               HPCwire Editor’s Choice Award for best use of high performance computing in financial services

2013               Beckman Fellow, Center for Advanced Studies, University of Illinois, Urbana-Champaign

2013               Domain Champion in Economics, National Science Foundation’s XSEDE program

2013               Best paper award:  Mid-Atlantic Research Conference in Finance

2005-2010     Sage Fellowship, Cornell University

2008               American Finance Association travel grant

2007                           Speaker for 142nd New Student Convocation at Cornell University:  invited to deliver the welcome speech to 3,500 new students and their parents on behalf of all Cornell students



2016: AFA, Utah Winter Finance Conference

2015: Harvard Business School and Harvard Department of Economics, Utah Winter Finance Conference, WFA, Finance Research Association Annual Meeting, SFS Cavalcade, NYU Stern Market Microstructure Meeting, Washington University at St. Louis, FIRS, HEC Lausanne, EPFL, University of Illinois (Economics), University of Notre Dame, Conference on Current Topics in Financial Regulation

2014: AFA, Midway Market Design Workshop at Chicago Booth, University of Notre Dame, HEC Paris, City University of New York, Baruch College, Paris Hedge Fund Conference, University of Illinois, FMA, JP Morgan, IEX Stock Exchange, Office of Financial Research at U.S. Department of Treasury, Conference on Market Fragmentation, Fragility and Fees at University of Maryland and FINRA

2013: AFA, NBER, SEC, CFTC/American University, Michigan State University Conference on Investments and Financial Institutions, University of Illinois, FIRS, CICF, FMA, Mid-Atlantic Research Conference in Finance

2012: AFA, NBER, SFS Cavalcade, University of Toronto, University of Memphis, Annual Central Bank Workshop on Market Microstructure, EFA, FMA

2011: WFA, NBER, Vienna Graduate School of Finance, Syracuse University, Goldman Sachs, NASDAQ and State University of New York at Buffalo

2010: University of Illinois, University of Utah, Southern Methodist University and Barclays Capital

2009: Cornell University Johnson School of Management



Professor David Easley (Chair)
450 Uris Hall Department of Economics Cornell University Ithaca, NY 14853 607-255-6283
Professor Maureen OHara (Co-chair)
447 Sage Hall Johnson Graduate School of Management Cornell University Ithaca, NY 14853-6201 607-255-3645
Professor Gideon Saar
455 Sage Hall Johnson Graduate School of Management Cornell University Ithaca, NY 14853-6201 607-255-7484


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