Professor Ashley Wang’s primary research interest lies in the area of empirical asset pricing. Her current research involves liquidity risk, institutional equity flows, equity ownership structure and the implications on stock returns. She has worked on the rationalization of Fama-French 3-factor model under the Inter-temporal CAPM framework with a stochastic investment opportunity set. She has also conducted an empirical analysis on whether the electricity forward prices reflect compensation for risk exposures. Her work will appear in Journal of Finance.