Research Papers
Here is a list of my papers with short thematic summaries. New working papers are at the top, while published papers are organized by topic underneath. A chronological listing of my papers can be found on my CV.
To download any paper, just click on the paper's title.
To download any paper, just click on the paper's title.
New Working Papers
The Politicization of Social Responsibility(with Manish Jha and Meng Wang)
Working paper, November 2023. State-level politics appear to impact institutional investors’ voting decisions. Support for SRI proposals is lower in the same state when it is led by Republicans instead of Democrats.
When do Judges Throw the Book at Companies?
|
Active Investors and Index Investing(with Jiaen Li and Donald B. Keim)
Working paper, coming soon! Increased index ownership affects active investors’ trading behavior and the characteristics of the active investors that exit and enter the active management universe.
Bonds Lie in the Portfolio of the Beholder:
|
Corporate Governance
Who's Paying Attention? Measuring Common Ownership and Its Impact on Managerial Incentives(with Erik P. Gilje and Doron Levit)
Journal of Financial Economics, 137(1), 2020, 152-178. Accounting for investor attention is important for assessing common ownership's impact on managerial incentives.
Playing it Safe?
|
The Big Three and Board Gender Diversity:
|
Identification
Common Errors: How to (and Not to) Control for Unobserved Heterogeneity(with David A. Matsa)
Review of Financial Studies, 27(2), 2014, pp. 617-61. [2012 Marshall Blume Prize in Financial Research, Honorable Mention] Discusses limitation of alternative estimators used to control for unobserved group-level heterogeneity, such as firms' industry or stocks' risk factors.
|
Identification Using Russell 1000/2000 Index Assignments: A Discussion of Methodologies(with Ian R. Appel and Donald B. Keim)
Critical Finance Review, Forthcoming, October 2020. This paper discusses tradeoffs of various empirical methods used in recent papers that rely on Russell 1000/2000 index assignments for identification.
|
Miscellaneous Topics
More Informative Disclosures, Less Informative Prices? Portfolio and Price Formation Around Quarter Ends(with Zachary Kaplan and Aadhaar Verma)
Journal of Financial Economics, 146(2), 2022, 665-688. Fund trades vary systematically with the quarterly reporting cycle, and this change in trade dynamics is associated with greater return reversals and lower price efficiency at quarter ends.
Limited Participation and Consumption-Saving Puzzles: A Simple Explanation and the Role of Insurance(with Hong Liu and Guofu Zhou)
Journal of Financial Economics, 96(2), 2010, 331-344. Individuals’ desire to avoid downside risks can also explain their low stock market participation rates and high saving rates.
|
Too Big to Fail?
|
Banking
Costly Information, Entry, and Credit AccessJournal of Economic Theory, 154, 2014, pp. 633-67.
Lender entry has the potential to create a segmented credit market where firms targeted by the new lenders benefit but all other firms are worse off.
The Impact of Foreign Bank Entry in Emerging MarketsJournal of Financial Intermediation, 19(1), 2010, pp. 26-51.
[Awarded most significant paper published in journal that year] Consistent with the above theory, not all local firms benefit from foreign bank entry; many firms lose access to credit and suffer declines in subsequent performance.
Quiet Life No More?
|
Do Firms Adjust Their Timely Loss Recognition in Response to Changes in the Banking Industry?(with Bong Kim and Xiumin Martin)
Journal of Accounting Research, 50(1), 2012, pp. 159-196. The globalization of financial intermediation can also affect the incentives of local borrowers. We provide evidence that firms improve the quality of their financial statements following the entry of foreign lenders.
Do Public Equity Markets Matter in Emerging Economies? Evidence from India(with Radha Gopalan)
Review of Finance, 27, 2013, pp. 1571-1615. Researchers have long debated the relative importance of banks and capital markets for financial development and whether they are substitutes. We find that public equity markets are an important, not easily replaced source of financing.
|