Contact Information
202-452-3540
fang.cai@frb.gov

Fields of Interest
Asset Pricing
Financial Markets
Market Microstructure

Education
Ph.D., Finance, University of Michigan, 2002
M.S., Economics, Iowa State University, 1997
B.A., International Finance, The People's University of China, 1993

Professional Experience
Board of Governors of the Federal Reserve System, 2002-present

Selected Publications

• ''Transmission of Volatility and Trading Activity in the Foreign Exchange Market'' (with Edward Howorka and Jon Wongswan), Journal of International Money and Finance (forthcoming).
• ''Trader exploitation of order flow information during the LTCM crisis,'' Journal of Financial Research (forthcoming).
• ''Home Country Bias,'' in Kenneth A. Reinert and Ramkishen S. Rajan, eds., The Princeton Encyclopedia of the World Economy. Princeton, NJ: Princeton University Press, forthcoming.
• Sovereign CDS and Bond Pricing Dynamics in Emerging Markets: Does the Cheapest-to-Deliver Option Matter? (with John Ammer), International Finance Discussion Papers 912. Washington: Board of Governors of the Federal Reserve System, 2007.
• ''Institutional Trading and Stock Returns'' (with Lu Zheng), Finance Research Letters, vol. 1 (September 2004), pp. 178-189.
• International Diversification at Home and Abroad (with Francis E. Warnock), International Finance Discussion Papers 793. Washington: Board of Governors of the Federal Reserve System, 2004.