Professor, Department of Finance, HKUST

[Curriculum Vitae]     [Google Scholar]

Comments and questions welcome -- please email me.

Publications:

• Roads and Loans (with Sumit Agarwal and S. Lakshmi Naaraayanan)

 -- Review of Financial Studies, Volume 36, Issue 4, April 2023, Pages 1508–1547 

Media:     Forbes     World Bank     Financial Express 

• Measuring vaccine effectiveness from limited public health datasets: Framework and estimates from India’s second COVID-19 wave (with George Panayotov, Rik Sen, Harsha Dutta, and Pulak Ghosh)

--Science Advances, Vol 8 Issue 18, May 2022

• Inside Brokers (with Frank Weikai Li and Rik Sen)

-- Journal of Financial Economics 141 (3), 1096-1118, September 2021 (Internet Appendix)

• Eye in the Sky: Private Satellites and Government Macro Data (with George Panayotov and Janghoon Shon)

-- Journal of Financial Economics 141 (1), 234-254, July 2021 (Internet Appendix)

-- CFA Institute-ARX/ CFA Melbourne Best Paper Award (Finance Down Under, 2020)

Media: CFA Practitioner's Brief

• Do Corporate Taxes Hinder Innovation? (with Manpreet Singh and Alminas Zaldokas)

-- Journal of Financial Economics 124 (1), 195–221, April 2017

Media:  Bloomberg   Tax Foundation    Cato Institute     National Affairs    Carolina Journal    Hong Kong Economic Journal    IEMS  

Tweet by then Chief Economist to the US Vice President

-- Central Bank of Lithuania Vladas Jurgutis Award 2022 for Research in Economics

-- New Product Introductions Data: Brief Description & Conditions for Use  Excel data file

• Learning About Mutual Fund Managers (with Darwin Choi and Bige Kahraman)

-- Journal of Finance 71 (6), 2809-2859, December 2016

Media: South China Morning Post

• Prospect Theory and Stock Returns: An Empirical Test (with Nicholas Barberis and Baolian Wang)

-- Review of Financial Studies 29 (11), 3068-3107, November 2016

-- The Chinese Finance Association Best Paper in Asset Pricing (2014)

Media: CFA Institute

• Do Debt Contract Enforcement Costs Affect Financing and Asset Structure?  (with Radhakrishnan Gopalan and Manpreet Singh)

-- Review of Financial Studies 29 (10), 2774-2813, October 2016

Working Papers:

• Superstar Firms and College Major Choice (with Darwin Choi and Dong Lou) (Internet Appendix)

  • Revise-and-resubmit, Journal of Political Economy Microeconomics

  • Media:  Brookings

• Sanctions, Satellites, Suspect Ships (with Avi Dutt, George Panayotov, Debjit Roy and Xudong Wen) (Internet Appendix)

• Stakes and Mistakes (with Steffen Andersen and Kasper Nielsen)

  • Presented at AFA (2023)

  • Best Paper Award in Asset Pricing and Investments, FMA 2022 Global Conference 

• Rural Roads, Small Business Creation and the Gender-gap in Entrepreneurship (with Sumit Agarwal, Pulak Ghosh and S. Lakshmi Naaraayanan)

• Price Pressure and the Turn-of-the-month Effect: Evidence from Retirement Accounts (with Darwin Choi, Claire Yurong Hong and Dong Lou)

• New Products (with Tomas Thornquist and Alminas Zaldokas)

  • Funded by Brookings Institution

• Are Control Rights Less Valuable When Shareholders Lack Information?