I’m a behavioral economist at Vanguard.
My research interests are household and personal finance.
I currently study these topics in financial decision making:
- Retail investor beliefs and biases
- Portfolio choice (over the life cycle)
- Debt mistakes
I received my Ph.D. in Economics from Columbia University.
Email: xiaoxu2251[AT]gmail[DOT]com
Disclaimer: This is a personal site to share research ideas. The views expressed are strictly my own and do not represent those of Vanguard.
Partisan Disagreement and Retail Trading During the COVID-19 Pandemic
Dissertation Chapter 3
Markets in turmoil,
red and blue rush different ways,
beliefs fuel the trade.
The Reopening Effect of COVID-19 Vaccines on Corporate Earnings
with Harrison Hong, Jeffrey Kubik, Neng Wang, Jinqiang Yang
Media Coverage: NYTimes DealBook
Forecast lines whisper,
vaccine clocks hidden in curves,
earnings tell the time.
Industry and Policy Research
Principles for behavioral design: Nudging for better investment outcomes
with Suzie Mulesky, Sachin Padmawar, Jacklyn Kalter, Jes Koepfler
Dual mandate: ease, outcomes;
ACE —Attentiveness, Commitment, Empathy;
Principles guide behavioral designs.
AI, demographics, and the U.S. economy – Quantifying the coming tug-of-war
with Joseph Davis, Kevin Khang, Lukas Brandl-Cheng, Andrew Clarke, Grant Feng, Andrew Patterson, Shaan Raithatha, Adam Schickling
AI pulls forward,
aging drags the tide behind,
futures hinge on strength.
Vanguard Investor Pulse (2022 – Now)
Covered by WSJ, CNBC, MarketWatch, InvestmentNews, USNews, etc.
Beliefs drift forward,
persistent, extrapolative,
shaping trades in part.
Buying local: Local bias in individual stock portfolios
with Tom De Luca and James Rowley
Investors stay near,
home-ground stocks crowd their holdings,
funds spread risk wider.
Xiao Xu's Personal Website 