From 741ec18da39fa682651750d2bf29da714f834f0a Mon Sep 17 00:00:00 2001
From: Chen Yang <yc4646@gmail.com>
Date: Tue, 23 Apr 2024 10:03:03 +0800
Subject: [PATCH] Updated research interests

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@@ -91,7 +91,7 @@ Postgraduate Courses
 
 <p>
 <h3>Research Interest</h3>
-Stochastic Control; Market Frictions; Market Microstructure; FinTech; Deep Learning for Stochastic Control.
+Stochastic Control; Portfolio Selection; Asset Pricing; Market Frictions; Market Microstructure; FinTech.
 </p>
 
 <hr class="style-one">
@@ -100,7 +100,7 @@ Stochastic Control; Market Frictions; Market Microstructure; FinTech; Deep Learn
 <h3>Selected Publications</h3>
 <ul style="list-style-type:square">
     <li>Liquidity Pool Design on Automated Market Makers (with <a href="https://sites.google.com/site/xuedonghepage/home" target="_blank">Xuedong He</a> and Yutian Zhou).<br>
-    [<a href="" onclick="toggleAbstract('abs_AMM');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4801468" target="_blank">SSRN</a>]<br>
+    <b>working paper</b>. [<a href="" onclick="toggleAbstract('abs_AMM');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4801468" target="_blank">SSRN</a>]<br>
         <div style="display:none" id="abs_AMM">
         <hr>
         <i>Automated market makers are a popular type of decentralized exchange in which users trade assets with each other directly and automatically through a liquidity pool and a fixed pricing function. The liquidity provider contributes to the liquidity pool by supplying assets to the pool and in return they earn transaction fees from traders who trade through the pool. We propose a model of optimal liquidity provision in which the risk-averse liquidity provider decides the investment proportion of wealth she would like to supply to the pool, trade in a centralized market, and consume in multiple periods. We derive the liquidity provider's optimal strategy by dynamic programming and numerically find the optimal liquidity pool that maximizes the liquidity provider's utility. Our findings indicate that the exchange rate volatility on the centralized market exerts a positive effect on the optimal transaction fee. Moreover, the optimal constant mean pricing formula is found to be related to the relative performance of the underlying assets on the centralized market.</i>