Working Papers. AI-Powered Trading, Algorithmic Collusion, and Price Efficiency, 2024 [Online Appendix] with Winston Dou and Itay Goldstein Best Paper Award, Melbourne Asset Pricing Meeting, 2023 Jacob Gold & Associates Best Paper Prize, ASU Sonoran Winter Finance Conference, 2024

CURRICULUM VITAE Yan JI Liwei Huang Associate Professor of Business Room 5009, Department of Finance Lee Shau Kee Business Building Hong Kong University of Science and Technology

WINSTON WEI DOU, YAN JI, DAVID REIBSTEIN, and WEI WU∗ ABSTRACT We develop a model in which customer capital depends on key talents’ contribu-tion and pure brand recognition. Customer capital guarantees stable demand but is fragile to financial constraints risk if retained mainly by talents, who tend to quit

2 E. Dabla-Norris, Y. Ji and R.M. Townsend et al. / Journal of Monetary Economics 117 (2021) 1–18 Fig. 1. Ratio of private credit to GDP versus various financial system indicators. Note: Data is from the World Bank’s Enterprise Surveys and World Development Indicators. The breadth, depth, and efficiency of a country’s financial

2023年6月27日 · Yan Ji Hong Kong University of Science and Technology Songyuan Teng Yale University Robert M. Townsend Massachusetts Institute of Technology ... Ji is grate-ful for the financial support of a Hong Kong Research Grants Council General Research Fund grant (project no. 16500718). Townsend gratefully acknowledges research support

Yan Ji, LSK 5005, Department of Finance, Hong Kong University of Science and Technology, Clear Water Bay, Hong Kong. Email: [email protected]. Tel: 852- 23588298.

Winston Wei Dou , Yan Ji (2021) External Financing and Customer Capital: A Financial Theory of Markups. Management Science 67(9):5569-5585. https://doi.org/10.1287/mnsc.2020.3739

W.W. Dou, Y. Ji and W. Wu Journal of Financial Economics 140 (2021) 582–620 among market leaders. 1 When rival firms undercut profit margins aggressively to gain revenue and market share, the industry competition intensifies. The competition inten- sity, as reflected in profit margins, fluctuates dramatically over time and concerns ...

paper differs considerably from Dou, Ji, and Wu (2021) and contributes to the literature along three respects. First, our model shows how gross profitability and book-to-market ratios are jointly determined by two primitive industry characteristics, the market leadership turnover rate and the cash flow loading on expected growth.

Yan Ji April 20, 2019 Abstract This short note solves the optimal insurance problem for an agent facing search frictions in the labor market. In a model with exogenous income risks (e.g.Mirrlees,1971), the optimal contract considers the tradeoff between insurance against income risks and the incentive to work.