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@@ -94,8 +94,16 @@ Stochastic Control; Portfolio Selection; Asset Pricing; Market Frictions; Market
 <p>
 <h3>Selected Publications</h3>
 <ul style="list-style-type:square">
+    <li>Optimal Tax-Timing with Transaction Costs (with <a href="https://sites.google.com/view/mindai/home" target="_blank">Min Dai</a>, Yaoting Lei, and Hong Liu).<br>
+    <b>submitted</b>. [<a href="" onclick="toggleAbstract('abs_TaxTC');return false">Abstract</a>|<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4952040" target="_blank">SSRN</a>]<br>
+        <div style="display:none" id="abs_TaxTC">
+        <hr>
+        <i>We develop a dynamic portfolio model incorporating capital gains tax (CGT), year-end taxation, and transaction costs. We find that transaction costs affect loss deferrals much more than gain deferrals, and such effects are asymmetric in the presence of accumulated realized gains and losses. Our model can help explain the puzzle that even when investors face equal long-term/short-term CGT rates or almost zero interest rates, they may still defer realizing large capital losses. In addition, it provides several unique, empirically testable predictions.</i>
+        </div>
+    </li><br>
+
     <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>
-    <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>|<a href="https://arxiv.org/abs/2404.13291" target="_blank">arXiv</a>]<br>
+    <b>submitted</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>|<a href="https://arxiv.org/abs/2404.13291" target="_blank">arXiv</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>