Xiaoji LIN

Dr. Xiaoji LIN is a Visiting Professor of Finance at Cheung Kong Graduate School of Business (CKGSB).

Apart from his role at CKGSB, Dr. Xiaoji Lin is the US Bancorp Professor in Financial Markets and Institutions and a Professor of Finance at the University of Minnesota, Carlson School of Management. Before joining Minnesota in 2018, Dr. Lin taught at London School of Economics and Political Science and the Ohio State University (tenured in 2018).

His research fields include asset pricing, corporate finance, and macroeconomics. Dr. Lin has published at leading academic journals including American Economic Review, Journal of Political Economy, Journal of Financial Economics, Journal of Monetary Economics, and Review of Financial Studies. His doctoral thesis won the Trefftzs award at 2008 Western Finance Association annual meetings. He is also the recipient of the Carlson School Outstanding Research Award in 2021.

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• Keynote speaker of Summer Macro Finance Workshop, SUFE, 2023
• Faculty of the Year Master of Finance – Specialty Courses, University of Minnesota, 2023, 2024
• CFRI Research Excellence Award, China International Risk Forum, 2023
• Finance Faculty Milestone Award, University of Minnesota, 2022
• Carlson School Outstanding Research Award, University of Minnesota, 2021
• Dean’s Travel Grant, Minnesota, 2019
• Research Fellow, Charles A. Dice Center for Research in Financial Economics, OSU, 2011-2018.
• STICERD Research Grant, LSE, 2009
• FMG Research Grant, LSE, 2008
• Trefftzs Award, Western Finance Association, 2008
• NYSE Student Travel Grant, Western Finance Association, 2007
• Financial Management Association Doctoral Student Consortium, 2007
• Carlson School Dissertation Fellowship, University of Minnesota, Fall 2007
• Carlson School Summer Research Fellowship, University of Minnesota, 2005-2007
• Carlson School Fellowship, University of Minnesota, 2003-2007

• 1. The Finance Uncertainty Multiplier, 2024, with Iván Alfaro and Nick Bloom, Journal of Political Economy, 132 (2): 577-615
• 2. What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective, 2023, with Frederico Belo, Andres Donangelo and Ding Luo, Review of Financial Studies, 36 (9): 3825–3860
• 3. The Opposing Effects of Information Complexity and Information Content on Uncertainty Dynamics: Evidence from 10-K Filing, 2022, with Joon Woo Bae, Frederico Belo, Jun Li and Xiaofei Zhao, Management Science, 69 (10): 6313–6332
• 4. The Elephant in the Room: the Impact of Labor Obligations on Credit Markets, 2020, with Jack Favilukis and Xiaofei Zhao, American Economic Review, 110 (6): 1673-1712
• 5. The Risks of Old Capital Age: Asset Pricing Implications of Technology Adoption, 2020, with Berardino Palazzo and Fan Yang, Journal of Monetary Economics, 115: 145-161
• 6. External Equity Financing Shocks, Financial Flows, and Asset Prices, 2019, with Frederico Belo and Fan Yang, Review of Financial Studies, 32 (9): 3500–3543
• 7. Investment, Tobin’s q, and Interest Rates, 2018, with Chong Wang, Neng Wang, and Jinqiang Yang. Journal of Financial Economics, 130 (3): 620-640
• 8. Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor, 2017, with Frederico Belo, Jun Li, and Xiaofei Zhao, Review of Financial Studies, 30 (10): 3669–3709
• 9. Does Wage Rigidity Make Firms Riskier? Evidence from Long-Horizon Return Predictability, with Jack Favilukis, 2016, Journal of Monetary Economics, 78: 67-79
• 10. Wage Rigidity: A Quantitative Solution to Several Asset Pricing Puzzles, with Jack Favilukis, 2016, Review of Financial Studies, 29 (1): 148-192
• 11. Labor Hiring, Investment and Stock Return Predictability in the Cross Section, 2014, with Frederico Belo and Santiago Bazdresch, Journal of Political Economy, 122(1): 129-177
• 12. Brand Capital, Firm Value, and Asset Returns, 2014, with Frederico Belo and Maria Ana Vitorino. Review of Economic Dynamics, 17(1): 150-169
• 13. Long Run Productivity Risk and Aggregate Investment, 2013, with Jack Favilukis, Journal of Monetary Economics, 60 (6): 737–751
• 14. The Investment Manifesto, with Lu Zhang, 2013, Journal of Monetary Economics, 60 (3), 351-366.
• 15. The Inventory Growth Spread, with Frederico Belo, 2012. Review of Financial Studies, 25 (1): 278-313.
• 16. Endogenous Technological Progress and the Cross Section of Stock Returns, 2012, Journal of Financial Economics, 103 (2): 411-427. [Winner of the Trefftzs Award for the Best Student Paper, Western Finance Association Meetings 2008]

• 17. Do Bankers Matter for Main Street? The Financial Intermediary Labor Channel, 2024, with Yuchen Chen, Jack Favilukis, and Xiaofei Zhao
• 18. State Ownership, Asset Prices, and Monetary Policy Transmission: A Tale of Two Sectors, 2024, with Frederico Belo, Dapeng Hao, Zhigang Qiu, and Jincheng Tong
• 19. Unpacking Financial Sources of Risks: the Asset Pricing Implications of Financial Shocks, 2024, with Frederico Belo, Juliana Salomao and Fan Yang
• 20. The ICT Human Capital on Remote Work and Asset Prices, 2024, with Jack Favilukis, Jing Gao, Ali Sharifkhani and Xiaofei Zhao
• 21. Labor Force Telework Flexibility and Asset Prices: Evidence from the Covid-19 Pandemic, 2020, with Jack Favilukis, Ali Sharifkhani and Xiaofei Zhao

• 22. Investor Protection, Corporate Investment, and Valuation, with Yingcong Lan, Neng Wang and Jinqiang Yang
• 23. Labor Market Dynamics and Corporate Liquidity Management: Theory and Empirical Analysis, with Jack Favilukis, Neng Wang, and Xiaofei Zhao
• 24. A Unified Explanation for the Decline of the Value Premium and the Rise of the Markup, with Chao Ying and Terry Zhang