Miao Ben Zhang is a doctoral candidate in Finance at the University of Texas at Austin. Ben received a B.S. in Mathematics from Peking University and a M.Phil. in Finance from the University of Hong Kong. The focus of Ben's research is to understand firms' exposure to macroeconomic risk and asset prices. His job market paper examines firms' options to replace labor with machines and the effects of these options on firms' hiring, investment, and stock returns. Ben's paper on the fluctuation of local factor prices and firm risk, coauthored with Selale Tuzel of USC, has been accepted for publication in the Journal of Finance. His earlier paper, coauthored with Eric Chang and Dragon Tang (both from HKU), studies household investment in structured financial products in Hong Kong. This paper was published in the Journal of Financial and Quantitative Analysis.