About
I'm an associate professor of finance at the University of Chicago Booth School of Business. Here's my CV. You can reach me at anthony.zhang@chicagobooth.edu.
Working Papers
The Pricing of Property Tax Revenues with Baiyun Jing and Erica Jiang, July 2025. R&R, Journal of Financial Economics.
Media: Chicago Booth Review
Land (Mis)allocation and Local Public Finance in China with Zhiguo He, Scott Nelson, Yang Su, and Fudong Zhang, August 2025. R&R, Review of Financial Studies.
Media: Chicago Booth Review, Vox China
Markets for Price Risk with Baiyang Han and Junyi Hu, July 2026.
Corporate Governance by Workers with Hongda Zhong, May 2026.
Automated Market Making and Loss-Versus-Rebalancing with Jason Milionis, Ciamac C. Moallemi, and Tim Roughgarden, May 2026.
User's guide for empiricists trying to use LVR to measure LP returns
Endogenous Arbitrage Networks in the Cryptocurrency Exchange Market with Junyi Hu, March 2026.
Preference-Driven Herding in Primary Markets: Evidence from Non-Fungible Tokens with Sebeom Oh and Samuel Rosen, January 2026.
Media: Chicago Booth Review
A Mechanism Design Approach to Identification and Estimation with Brad Larsen, January 2026.
Welfare-Improving Price Controls in Incomplete Markets with Baiyang Han and Junyi Hu, February 2026.
Accepted and Published Papers
Intermediaries in Bargaining: Evidence from Business-to-Business Used-Car Inventory Negotiations with Carol Lu and Brad Larsen, November 2025. Accepted, Journal of Political Economy.
Media: CEC, Chicago Booth Review
Quantifying Bargaining Power Under Incomplete Information: A Supply-Side Analysis of the Used-Car Industry with Brad Larsen, February 2026. Accepted, Review of Economic Studies.
Stablecoin Runs and the Centralization of Arbitrage with Yiming Ma and Yao Zeng, May 2025. Accepted, Review of Financial Studies.
Media: Chicago Booth Review
Concentration in Product Markets with Lanier Benkard and Ali Yurukoglu. AEJ: Microeconomics (2026).
Media: The Times, NBER Digest, Chicago Booth Review
Data and Welfare in Credit Markets with Mark Jansen, Fabian Nagel, and Constantine Yannelis. Journal of Financial Economics (2025).
Media: Chicago Booth Review
Collateral Value Uncertainty and Mortgage Credit Provision with Erica Jiang. Journal of Financial Economics (2025)
Media: Chicago Booth Review, Chicago Booth Review Video
Monetary Policy Transmission
in Segmented Markets with Jens Eisenschmidt and Yiming Ma. Journal of Financial Economics (2024)
Media: ECB, Chicago Booth Review, Central Banking
Competition and Selection in Credit Markets with Constantine Yannelis, Journal of Financial Economics (2023)
Competition and Manipulation in Derivative Contract Markets Journal of Financial Economics (2022)
Media: Regulatory Compliance Watch. Cited in Petition to CFTC to ban the Nasdaq Veles California Water Index Futures contracts, and IATP Letter to CFTC regarding the listing of Voluntary Carbon Credit Derivative Contracts.
Depreciating Licenses with Glen Weyl. AEJ: Economic Policy (2022).
MD4SG post, PolicyTracker. Referenced in UK Office of Communications (Ofcom) Consultation on Supporting the UK’s wireless future. Discussed in Ofcom-LSE Conference on Foothold Auctions.
Short Papers
Redesigning Spectrum Licenses with Paul Milgrom and Glen Weyl, Regulation, 2017, 40(3): 22–26.
Implementability, Walrasian Equilibria, and Efficient Matchings with Piotr Dworczak, Economics Letters, 2017, 153 pp. 57–60.