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Published Papers

• Limited attention to detail in financial markets: Evidence from reduced-form and structural estimation, with Tomislav Ladika, Elisa Pazaj, and Zacharias Sautner, 2024, Forthcoming Journal of Financial Economics.

• Does finance make us less social?, with Mitch Warachka and Frank Yu, 2023, Journal of Financial and Quantitative Analysis, 58, 1230-1262.

  • • Best Paper Award in category "Financial Markets & Institutions," Financial Management Association's Annual Meeting, 2020.

• Visual finance: The pervasive effects of red on investor behavior, with William J. Bazley and Milica Mormann, 2021, Management Science 67, 5616-5641.

  • • Featured in The Wall Street Journal and Barron's. 

• When nudges are forever: Inertia in the Swedish Premium Pension Plan, with Richard H. Thaler and Frank Yu, 2018, AEA Papers & Proceedings 108, 153-158.

  • • Featured in Nudge - The Final Edition, Chapter 10 "Do Nudges Last Forever? Perhaps in Sweden."

• Shaped by their daughters: Executives, female socialization, and corporate social responsibility, with Frank Yu, 2017, Journal of Financial Economics 126, 543-562.

  • • Featured in Harvard Business Review, Forbes, and The Washington Post.

• Languages and corporate savings behavior, with Shimin Chen, Serene Ni, and Frank Zhang, 2017, Journal of Corporate Finance 46, 320-341.

  • • Best Paper Award in Finance, Accounting & Finance Association of Australia and New Zealand, 2016.

• The fetal origins hypothesis in finance: Prenatal environment, the gender gap, and investor behavior, with Alessandro Previtero, Stephan Siegel, and Roderick E. White, 2016, Review of Financial Studies 29, 739-786.

  • • Featured in Forbes.

• Value versus growth investing: Why do different investors have different styles?, with Stephan Siegel and Frank Yu, 2015, Journal of Financial Economics 117, 333-349.

  • • Featured on CNBC and in The Wall Street Journal and The Economist. 

• The origins of savings behavior, with Stephan Siegel, 2015, Journal of Political Economy 123, 123-169.

  • • Featured in Time Magazine.

• The genetics of investment biases, with Stephan Siegel, 2014, Journal of Financial Economics 113, 215-234.

  • • Outstanding Paper Award, National Taiwan University International Conference on Finance, 2012.

    • Faculty Research Award of the Betty F. Elliott Initiative for Academic Excellence awarded annually by the College of Business at the University of Michigan - Dearborn, 2011.

    • Featured in The Economist and The Wall Street Journal.

• Genetics, homeownership, and home location choice, with Florian Münkel and Stephan Siegel, 2014, Journal of Real Estate Finance and Economics 48, 79-111. 

  • • Best Paper Award in category "Innovative Thinking -- Thinking Out of the Box," American Real Estate Society (award sponsored by the Maury Seldin Advanced Studies Institute), 2012.

• CEO contract design: How do strong principals do it?, with Rüdiger Fahlenbrach, 2013, Journal of Financial Economics 108, 659-674.

• Behavioral consistency in corporate finance: CEO personal and corporate leverage, with Anil K. Makhija and Scott E. Yonker, 2012, Journal of Financial Economics 103, 20-40. 

  • • Best Paper Award, Mitsui Finance Symposium, University of Michigan, Stephen M. Ross School of Business, 2010.

    • Featured in The New York Times.

• Estimating the effects of large shareholders using a geographic instrument, with Bo Becker and Rüdiger Fahlenbrach, 2011, Journal of Financial and Quantitative Analysis 46, 907-942.  (Lead article.)

• Nature or nurture: What determines investor behavior?, with Amir Barnea and Stephan Siegel, 2010, Journal of Financial Economics, 98, 583-604.

  • • Best Paper Award in category "Investments," Financial Management Association's Annual Meeting, 2010.

    • Yihong Xia Best Paper Award, China International Conference in Finance, 2010. 

    • Best Paper Award, The Rothschild Caesarea Center Annual Conference on "Recent Advances in Financial Economics Research,'' The Arison School of Business, Interdisciplinary Center (IDC) Herzliya, Israel, 2010. 

• Large shareholders and corporate policies, with Rüdiger Fahlenbrach, 2009, Review of Financial Studies 22, 3941-3976.  

• Do entrenched managers pay their workers more?, with Fredrik Heyman, Mattias Nilsson, Helena Svaleryd, and Jonas Vlachos, 2009, Journal of Finance 64, 309-339. 

  • • Best Paper Award, Financial Management Association (European meeting), 2006.

    • Research Award, Family Owned Business Institute, Grand Valley State University, 2005.

• The choice between rights offerings and private equity placements, with Mattias Nilsson, 2005, Journal of Financial Economics 78, 375-407. 

• Design choices in privatized social-security systems: Learning from the Swedish experience, with Richard H. Thaler, 2004, American Economic Review 94, 424-428.

  • • Featured in The New York Times.

    • Featured in Nudge, Chapter 9 "Privatizing Social Security: Smorgasbord Style."

• Agency costs of controlling minority shareholders, with Mattias Nilsson, 2003, Journal of Financial and Quantitative Analysis 38, 695-719.  (Lead article.)

  • • Featured in The Financial Times.

• Why agency costs explain diversification discounts, with Peter Högfeldt and Mattias Nilsson, 2001, Real Estate Economics 29, 85-126.

Book Chapters 

• Behavioral and Social Corporate Finance, with Désirée-Jessica Pély, in Oxford Research Encyclopedia of Economics and Finance, edited by Jonathan Hamilton, Avinash Dixit, Sebastian Edwards, and Kenneth Judd, and published by Oxford University Press, United Kingdom, 2019.

• Individual Investors, with Danling Jiang, in Financial Behavior: Players, Services, Products, and Markets, edited by H. Kent Baker, Greg Filbeck, and Victor Ricciardi, and published by Oxford University Press, United Kingdom, 2017.

Working Papers & Work in Progress

• Corporate divorces: An economic analysis of divested acquisitions, with Désirée-Jessica Pély, 2020. 

• Working-class CEOs: Formation of occupational norms and corporate labor policies, with Irena Hutton and Danling Jiang, 2019.

  • Featured in Harvard Business Review. 

• Long-lasting effects of choice architecture and nudges in pension plans, with Richard H. Thaler and Frank Yu, 2018.

• Corporate governance and the creation of the SEC, with Arevik Avedian and Marc D. Weidenmier, 2017.

  • • Outstanding Paper Award in category "Applied Corporate Finance," Midwest Finance Association's Annual Meeting, 2015.

• Advertising and portfolio choice, 2006.  

  • • Featured in USA Today.