I'm an associate professor of finance at the UChicago Booth School of Business. Here's my CV. You can reach me at anthony.zhang@chicagobooth.edu.
Competition in the Cryptocurrency Exchange Market, with Junyi Hu, March 2025. R&R, Journal of Financial Economics.
Digital Veblen Goods, with Sebeom Oh and Samuel Rosen, December 2023. R&R, Journal of Finance.
Media: Chicago Booth Review
Stablecoin Runs and the Centralization of Arbitrage, with Yiming Ma and Yao Zeng, June 2024. R&R, Review of Financial Studies.
Media: Chicago Booth Review
Data and Welfare in Credit Markets, with Mark Jansen, Fabian Nagel, and Constantine Yannelis, September 2024. R&R, Journal of Financial Economics.
Media: Chicago Booth Review
Quantifying Bargaining Power Under Incomplete Information: A Supply-Side Analysis of the Used-Car Industry, with Brad Larsen, November 2021. R&R, Review of Economic Studies.
Subsumes some material from A Mechanism Design Approach to Identification and Estimation.
Intermediaries in Bargaining: Evidence from Business-to-Business Used-Car Inventory Negotiations, with Carol Lu and Brad Larsen, September 2024. R&R, Journal of Political Economy.
Media: CEC, Chicago Booth Review
The Pricing of Property Tax Revenues, with Baiyun Jing and Erica Jiang, April 2025
Automated Market Making and Loss-Versus-Rebalancing, with Jason Milionis, Ciamac C. Moallemi, and Tim Roughgarden, May 2024.
User's guide for empiricists trying to use LVR to measure LP returns
Concentration in Product Markets, with Lanier Benkard and Ali Yurukoglu, September 2023. Conditionally Accepted, AEJ: Microeconomics.
Media: The Times, NBER Digest, 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 Nasdaq Veles California Water Index Futures 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.
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.
Liquidity in Residential Real Estate Markets, with Erica Jiang and Nadia Kotova, March 2024.
Zoning for Profits: How Public Finance Shapes Land Supply in China, with Zhiguo He, Scott Nelson, Yang Su, and Fudong Zhang, December 2023
Media: Chicago Booth Review, Vox China
The Credit Channel of Monetary Policy
Transmission: Evidence From the Chonsei System, with Baiyun Jing and Seongjin Park, November 2022.
Media: Chosun Ilbo Part 1, Part 2, Chicago Booth Review