J. Zhiyu Fu
I am an assistant professor at Washington University in St. Louis, Olin School of Business. Before joining Olin, I graduated from the University of Chicago in 2024 with a Ph.D. in Financial Economics. My primary research interests are asset pricing and international macro finance.
To students: If you would like to chat about research, career or just life in general, feel free to email me to schedule a meeting. I will dedicate 30 mins every week for such meetings.
News
In a sequel to the Price Impact Bound, Rethinking Volume, we show that the surge in gross trading volume since 1980 created an illusion of liquidity. Once round-trip trades are netted out, net volume — and long-term liquidity — has barely changed.
Our new paper, A Bound on Price Impact and Disagreement, argues that if one acknowledges investors are heterogeneous, one must also accept that trading has a large price impact – that the market is inelastic.
I proposed a title Heterogeneity‑Inelasticity Duality, but it was rejected for…obvious reasons.