Published and Accepted Papers

• The Crowding-in Effect of Public Information on Private Information Acquisition
  
  • Journal of Financial and Quantitative Analysis, September 2025
• Coexisting Exchange Platforms: Limit Order Books and Automated Market Makers
  
  • Joint with Yuki Ito
  • Journal of Political Economy Microeconomics, August 2025

Working Papers

• When Silicon Valley Meets Wall Street: A Theory of Financial Overengineering
  
  • Joint with Sato Yuki
  • Last updated, January 2026
• Reputation and Fragility
  
  • Joint with Sato Yuki and Raluca Toma
  • Last updated, February 2025
• Toxicity-Competitiveness Tradeoff in Concentrated Liquidity Provision
  
  • Joint with Wang-Hei Ip, Kohei Kawaguchi, and Shinya Tsuchida
  • Last updated: November 2025 (submitted)
• Competing DAOs
  
  • Joint with Yuki Ito
  • Awarded the Hong Kong ECS Grant (2024)
  • Under substantial revision
• Liquidity Provision by Automated Market Makers
  
  • Last updated: April 2023
• Endogenously Slow Market and its Crowding-in Effect on Speed Acquisition
  
  • Job Market Paper for 2021
  • Awarded the ISER Moriguchi Prize in 2018
  • Last updated: April 2023