PHD CANDIDATE, DEPARTMENT of FINANCE, KELLOGG SCHOOL OF MANAGEMENT

Contact Information
Department of Finance
Kellogg School of Management
Northwestern University
2211 Campus Drive
Evanston, IL 60208

s-xia@kellogg.northwestern.edu

I am on the job market 2019-2020. I will be available for interviews at the 2019 European Job Market in Rotterdam and at the 2020 ASSA meetings in San Diego.

 

 

Education
Ph.D., Finance, Northwestern University, Jun. 2020 (expected)
M.S., Quantitative Finance, Washington University in St. Louis, Dec. 2013
B.S., Mathematics (Honors), University of Wisconsin-Madison, May 2012

Research Interests
Asset Pricing, International Finance, Macroeconomics

Curriculum Vitae
Download CV (PDF)

Job Market Paper

“Real Exchange Rates with Heterogeneous Beliefs”
Download Draft (PDF)

Abstract: This paper proposes a parsimonious two-country, two-good model featuring heterogeneous beliefs to address three puzzles in international finance. The presence of the time-varying difference-in-beliefs has direct and indirect effects on equilibrium exchange rates. The direct channel operates through a wedge in the pricing kernels while the indirect effect operates through the dynamic reallocation of equilibrium consumption shares. In simulations, the model explains the Backus-Smith, volatility, and forward premium puzzles by generating low correlation between exchange rate growth and cross-country consumption growth differentials, highly correlated pricing kernels, moderately correlated cross-country consumption growths, modest level of exchange rate volatility as well as sizable currency risk premium.

Work in Progress
“Inflation Risk Pricing” with Thuy-Duong To and Ngoc-Khanh Tran
“Specified Recovery” with Ngoc-Khanh Tran

References
Prof. Konstantin Milbradt (Committee Chair)
Prof. Ian Dew-Becker
Prof. Zhengyang Jiang
Prof. Sergio Rebelo