Published and Accepted Papers

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

Working Papers

• Reputation and Fragility
  
  • Joint with Sato Yuki and Raluca Toma
  • Under revision, February 2025
• Toxicity-Competitiveness Tradeoff in Concentrated Liquidity Provision
  
  • Joint with Wang-Hei Ip, Kohei Kawaguchi, and Shinya Tsuchida
  • Last updated: April 2024
• Competing DAOs
  
  • Joint with Yuki Ito
  • Awarded the Hong Kong ECS Grant (2024)
  • Last updated: November 2023
• 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

Work in Progress

• An Economic Theory of Financial Engineering
  
  • Joint with Yuki Sato