Xiao is a researcher at SummerHaven Investment Management. He sits on the editorial board of the Journal of Portfolio Management. His research has been featured in Forbes and Institutional Investor Journals, and won a best paper award at R/Finance 2016. Prior to SummerHaven, Xiao built predictive models forecasting the stock market at Hull Investments, and has worked in Morgan Stanley’s wealth management division. Xiao received a B.S. in economics from the Wharton School and a B.S. in engineering from the School of Engineering and Applied Sciences at the University of Pennsylvania, graduating summa cum laude in both. He received a Finance PhD from the University of Chicago, where he was Eugene Fama’s teaching assistant.