Xiaoji Lin

About

Xiaoji Lin is the Arthur Upgren Chair in Investment Management and a Professor of Finance at the University of Minnesota. His research focuses on Theoretical and Empirical Asset Pricing, Macroeconomics, and Corporate Finance.

Research topics

• Economics
• Computer Security
• Computer Science
• Monetary economics
• Labour economics
• Finance
• Macroeconomics
• Financial system
• Virology
• Medicine

Selected publications

• The Elephant in the Room: The Impact of Labor Obligations on Credit Markets

  American Economic Review · 2020 · 139 citations

  We show that labor market frictions are first-order for understanding credit markets. Wage growth and labor share forecast aggregate credit spreads and debt growth as well as or better than alternative predictors. They also predict credit risk and debt growth in a cross section of international firms. Finally, high labor share firms choose lower financial leverage. A model with labor market frictions and risky long-term debt can explain these findings, and produce large credit spreads despite re…

  PublisherOA PDFDOI

• External Equity Financing Shocks, Financial Flows, and Asset Prices

  Review of Financial Studies · 2018-12-05 · 74 citations

  article

  Abstract We develop a dynamic model with time variation in external equity financing costs and show that variation in these costs is important for the model to quantitatively capture the joint dynamics of firms’ asset prices, real quantities, and financial flows in the U.S. economy. Growth firms and high investment firms are less risky in equilibrium, because they can substitute more easily debt financing for equity financing when it becomes more costly to raise external equity, which are high m…

  PublisherDOI

• Investment, Tobin’s q, and interest rates

  Journal of Financial Economics · 2018-05-02 · 53 citations

  article1st author
  PublisherDOI

• The Opposing Effects of Complexity and Information Content on Uncertainty Dynamics: Evidence from 10-K Filings

  Management Science · 2023-10-01 · 29 citations

  article

  We evaluate the impact of complexity and information content of 10-K filings on uncertainty dynamics following the filings. We have three main findings. First, the option-implied volatility on average increases in the first four weeks after the filings, followed by a net decrease in the subsequent six weeks. Second, this hump-shaped volatility dynamic is more pronounced for firms with larger 10-K file sizes. Third, we provide a novel decomposition of 10-K file size based on the individual sectio…

  PublisherDOI

• Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor

  National Bureau of Economic Research · 2015-08-01 · 17 citations

  reportOpen access

  We introduce labor-force heterogeneity in a neoclassical investment model. In the baseline model, we highlight the fact that labor adjustment costs are higher for high skilled workers than for low skilled workers. The model predicts that the negative hiring-expected return relation should be steeper in industries that rely more on high skilled workers because firm's hiring responds less elastically to changes in the discount rate when labor adjustment costs are higher. In an extended version of…

  PublisherOA PDFDOI

Frequent coauthors

• Frederico Belo

  35 shared

• Jack Favilukis

  24 shared

• Xiaofei Zhao

  11 shared

• Maria Ana Vitorino

  10 shared

• Fan Yang

  8 shared

• Lu Zhang

  University of Cambridge

  6 shared

• Berardino Palazzo

  Federal Reserve

  6 shared

• Lu Zhang

  5 shared

Education

• Ph.D., Finance

  University of Minnesota

Awards & honors

• Trefftzs award at 2008 Western Finance Association annual me…
• Carlson School Outstanding Research Award in 2021

Similar researchers at University of Minnesota

• Robert Goldsteinh-58
• Andrew Wintonh-45
• Murray Z Frankh-40