Added paper with Lingfei and Qianyu; unbold submitted status.

index.html

@@ -146,6 +146,15 @@
     <p>
     <h3>Selected Publications</h3>
     <ol>
+        <li>Optimal Investment with Quadratic Transaction Costs in a Multi-factor and Stochastic Interest Rate Environment (with <a class="authorlink" href="https://sites.google.com/view/lingfeili/home"
+                target="_blank">Lingfei Li</a> and Qianyu Liu).<br>
+            Working Paper. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_investFactor');return false">Abstract</a>|<a class="paperlink"
+                href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5652190" target="_blank">SSRN</a>]</span><br>
+            <div class="fade-in" style="display:none" id="abs_investFactor">
+                <hr>
+                This paper studies an optimal investment problem in a comprehensive market environment featuring geometric Brownian motion type asset dynamics, stochastic interest rates, return and volatility factors, and time-varying, state-dependent quadratic transaction costs. Under a finite-horizon mean-quadratic variation objective, we derive a semi-analytical solution for the value function and optimal trading strategy and establish the well-posedness of the associated system of nonlinear PDEs along with the verification theorem. The optimal strategy retains a tractable structure that echoes the core economic principle of trading gradually toward an aim portfolio as proposed in Gârleanu and Pedersen (2013). Specifically, the aim portfolio is adjusted for hedging demands against the interest rate risk, and the trading speed reflects an intertemporal trade-off between immediate rebalancing costs and future market liquidity. Additionally, we propose a deep learning scheme to enable efficient implementation in high-dimensional settings based on observable market data and estimated factor models.             
+            </div>
+        </li><br>
         <li>Arbitrage on Decentralized Exchanges (with <a class="authorlink" href="https://sites.google.com/site/xuedonghepage/home"
                 target="_blank">Xuedong He</a> and <a class="authorlink" href="https://hk.linkedin.com/in/yutian-zhou-555870189" target="_blank">Yutian Zhou</a>).<br>
             Working Paper. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_arbDEX');return false">Abstract</a>|<a class="paperlink"
@@ -169,7 +178,7 @@
         <li>Periodic Evaluation with Non-Concave Utility (with <a class="authorlink"
                 href="https://scholar.google.com/citations?user=OzeF8T0AAAAJ&hl" target="_blank">Cong Qin</a> and <a class="authorlink"
                 href="https://www.ma.ic.ac.uk/~hz/"> Harry Zheng</a>).<br>
-            <b>submitted</b>. <span class="links">[<a class="paperlink" href=""
+            submitted. <span class="links">[<a class="paperlink" href=""
                 onclick="toggleAbstract('abs_periodicEvaluation');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5305617" target="_blank">SSRN</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_periodicEvaluation">
@@ -194,7 +203,7 @@
         <li>Pricing Model for Data Assets in Investment-Consumption Framework with Ambiguity (with <a class="authorlink"
                 href="https://scholar.google.com/citations?user=os0TtfkAAAAJ&hl=en" target="_blank">Xiaoshan Chen</a>
             and <a class="authorlink" href="https://www.researchgate.net/profile/Zhou-Yang-9" target="_blank">Zhou Yang</a>).<br>
-            <b>submitted</b>. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_dataAsset');return false">Abstract</a>|<a class="paperlink"
+            submitted. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_dataAsset');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5263455" target="_blank">SSRN</a>|<a class="paperlink"
                 href="https://arxiv.org/abs/2505.16106" target="_blank">arXiv</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_dataAsset">
@@ -218,7 +227,7 @@
 
         <li>Arbitrage in Perpetual Contracts (with <a class="authorlink" href="https://sites.google.com/view/mindai/home"
                 target="_blank">Min Dai</a> and <a class="authorlink" href="https://sg.linkedin.com/in/linfeng-li-263843184" target="_blank">Linfeng Li</a>).<br>
-            <b>submitted</b>. Updated: September 2025. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_arbPerp');return false">Abstract</a>|<a class="paperlink"
+            submitted. Updated: September 2025. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_arbPerp');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5262988" target="_blank">SSRN</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_arbPerp">
                 <hr>
@@ -235,7 +244,7 @@
 
         <li>Optimal Design of Automated Market Makers on Decentralized Exchanges (with <a class="authorlink"
                 href="https://sites.google.com/site/xuedonghepage/home" target="_blank">Xuedong He</a> and <a class="authorlink" href="https://hk.linkedin.com/in/yutian-zhou-555870189" target="_blank">Yutian Zhou</a>).<br>
-            <b>submitted</b>. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_AMM');return false">Abstract</a>|<a class="paperlink"
+            submitted. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_AMM');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4801468" target="_blank">SSRN</a>|<a class="paperlink"
                 href="https://arxiv.org/abs/2404.13291" target="_blank">arXiv</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_AMM">
@@ -257,7 +266,7 @@
         <li>Calibration of Local Volatility Models under the Implied Volatility Criterion (with <a class="authorlink"
                 href="https://scholar.google.com/citations?user=MbbX8kUAAAAJ&hl=en" target="_blank">Xinfu Chen</a>, <a class="authorlink"
                 href="https://sites.google.com/view/mindai/home" target="_blank">Min Dai</a>, and <a class="authorlink" href="https://www.researchgate.net/profile/Zhou-Yang-9" target="_blank">Zhou Yang</a>).<br>
-            <b>submitted</b>. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_LocalVol');return false">Abstract</a>|<a class="paperlink"
+            submitted. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_LocalVol');return false">Abstract</a>|<a class="paperlink"
                 href=" https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4801520" target="_blank">SSRN</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_LocalVol">
                 <hr>
@@ -277,7 +286,7 @@
         <li>Patience is a Virtue: Optimal Investment in the Presence of Market Resilience (with <a class="authorlink"
                 href="https://www1.se.cuhk.edu.hk/~nchenweb/index.htm" target="_blank">Nan Chen</a>, <a class="authorlink"
                 href="https://sites.google.com/view/mindai/home" target="_blank">Min Dai</a>, and Qiheng Ding).<br>
-            <b>submitted</b>. Updated: July 2025. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_LOB');return false">Abstract</a>|<a class="paperlink"
+            submitted. Updated: July 2025. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_LOB');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4671774" target="_blank">SSRN</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_LOB">
                 <hr>
@@ -301,7 +310,7 @@
 
         <li>Non-Concave Utility Maximization with Transaction Costs (with <a class="authorlink"
                 href="https://sites.google.com/view/shuaijie-qian" target="_blank">Shuaijie Qian</a>).<br>
-            <b>submitted</b>. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_NonconcaveTC');return false">Abstract</a>|<a class="paperlink"
+            submitted. Updated: March 2025. <span class="links">[<a class="paperlink" href="" onclick="toggleAbstract('abs_NonconcaveTC');return false">Abstract</a>|<a class="paperlink"
                 href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4500965" target="_blank">SSRN</a>|<a class="paperlink"
                 href="https://arxiv.org/abs/2307.02178" target="_blank">arXiv</a>]</span><br>
             <div class="fade-in" style="display:none" id="abs_NonconcaveTC">