Using Vision Large Models to Understand Asset Returns

The War of Hundreds of Large Models 百模大战

General Intelligence and Social Welfare

The Demand for Data in Healthcare AI

Perpetual Futures Contracts and Cryptocurrency Market Quality

Inflation Expectation and Cryptocurrency Investment

Systemic Risks in Financial Networks Under Strategic Attacks: Lessons from the Terra-Luna Crash

Community Governance and Value in Cryptocurrency Ecosystems: Initial Evidence from Tron Network

What Drives Stablecoin Interest Rates?

A Snapshot of the DeFi Landscape in February 2022

Amihud Premium: The Compensation for Illiquidity or Mispricing?

Presentation: Amihud Premium: The Compensation for Illiquidity or Mispricing?

Amihud溢价：非流动性补偿还是错误定价? (Amihud Premium: Illiquidity Compensation or Mispricing?)

差异化红利税能抑制投机吗？(Does Differentiated Dividend Tax Effectively Curb Speculation?)

期权时间价值日内模式与日内定价效率 (Intraday Pattern of Option Time Value and Pricing Efficiency)

Notes on Bond Pricing

What Do We Learn From Fama-MacBeth, Fixed Effects, and OLS Regressions? - I discern the differences of estiamtes in Fama-MacBeth, Fixed Effects, and OLS regressions by math derivations and simulations with carefully designed data generating process. The findings dispell the misconceptions that Fama-MacBeth regressions can be replicated by fixed effects model with clustering errors. Fama-MacBeth regressions is an average of the estimates of a number of cross-sectional regressions and captures the cross-sectional variables. I give an example that Fama-MacBeth, Fixed-effects, and OLS regressions give three different results, and find that changing the order of adding individual fixed effects and time fixed effects can alter the sign of the estimates of fixed-effects models.

What Drives Perpeutals Funding Rates? I study the drivers of crypto perps funding rate, examine candicates from market microstructure measures from crypto markets, and external factors including dollar index, AAA, BAA, T-bill interst rate, exchange rate, LIBOR and more.

Perpetual Funding Rates, Currency Markets, and Bond Markets - I investigate the association between crypto perp funding rates and the foreign exchanges and bond markets.

Prediction Markets On Chain - Study exploring the implementation and efficiency of blockchain-based prediction markets compared to traditional prediction market mechanisms. The focus is at the markets regarding whether Bitcoin or other main cryptocurrencies will hit a price threshold. Leveraging the feature of prediction market with a clear ending date, I can examine the effectiveness of various asset pricing and market microstructure indicators.

The Impact of Forkability on Decentralized Exchange Liquidity - Research investigating how the possibility of blockchain forks powered by the open-source nature of blockchain affects liquidity provision and market efficiency in decentralized exchanges.

Convergence and Disruption: Navigating the Boundaries Between TradFi, CeFi, and DeFi in an Era of Financial Technology and Regulatory Change - A comprehensive analysis of the evolving landscape across traditional finance, centralized crypto finance, and decentralized finance.

AI Agents and Blockchain - AI and blockchains both excel at handling digital content; AI greatly improves productivity at creating digital contents, while blockchains create digital scarcity. This unique complementarity of AI and Blockchain enables the potential of Decentralized Digital Hub. AI agents running on open-source blockchain networks can dramatically reduce economic rents extracted by centralized platforms, creating community-governed models where content creators truly own their digital assets and consumers gain transparency about the AI systems they use. Key applications include AI creating digital content verified and monetized by blockchain, AI agents navigating users through DeFi protocols to build customized financial strategies, and AI agents connecting content creators with consumers in new economic models. Drawing parallels to deep learning's scaling laws, blockchain adoption will accelerate as younger generations adopt solutions with self-custody of digital assets, creating economic network effects that reshape the digital economy. I acknowledge challenges including blockchain congestion from flooding digital content and the risk of AI agents producing harmful content alongside public goods, just like the murdering smart contract depicted in The Oracles by Ari Juels. A solution is community governance and ethical development. - Ripple University Blockchain Research Initiative (UBRI) 2024

Cornell Convenes Digital Assets White Paper - In 2021, the digital asset landscape, with cryptocurrencies exceeding a $3 trillion market cap, was ripe for innovation. The journey began with President Biden’s 2022 executive order on responsible digital asset innovation, setting the stage for the Cornell Convenes Roundtable. This initiative aimed to align digital asset growth with U.S. national interests. Led by Susan Joseph of the Cornell FinTech Initiative, we gathered a diverse panel of experts from legal, industrial, regulatory, and academic backgrounds. The roundtable focused on essential topics like consumer protection, illicit finance, systemic risks, and international cooperation. Guided by experts like Professor Eswar Prasad, these discussions provided a foundation for our subsequent efforts. Post-conference, the white paper was a collaborative endeavor. Each chapter was authored by different roundtable experts, pooling together a wealth of knowledge and perspectives. My role, alongside finance PhD student Artem, Susan, and Mary, a professional writer, was to synthesize these insights into a coherent and comprehensive document. Upon publication, the white paper garnered attention from industry, academia, and the public. It serves as a crucial resource for anyone navigating this evolving field.

维维健康科技有限公司商业计划书 (Weiwei Health Technology Co., Ltd. Business Plan) - Comprehensive business plan for a health technology enterprise focusing on innovative healthcare solutions.