Research
Working Papers
The Labor Market Impact of Shareholder Power: Worker-Level Evidence, with Antonio Falato, Daniel Gallego, and Till von Wachter, August 2023.
Draft coming soon.
The Selection Effects of Part-Time Work: Experimental Evidence from a Large-Scale Recruitment Drive, with Hyuncheol Bryant Kim and John Zhu, June 2023.
Revise and Resubmit, Review of Economics and Statistics
Shareholder Power and the Decline of Labor, with Antonio Falato and Till von Wachter, May 2022.
NBER WP 30203; coverage by Bloomberg, Equitable Growth, UCLA Anderson
Executive Mobility in the United States, 1920 to 2011, with John Graham and Dawoon Kim, December 2020.
Sticking around Too Long? Dynamics of the Benefits of Dual-Class Voting, with Roni Michaely, January 2019
Simulating Corporate Marginal Income Tax Rates and Implications for Corporate Debt Policy, with John Graham, 2012.
Published and Accepted Papers
Delayed Creative Destruction: How Uncertainty Shapes Corporate Assets, with Murillo Campello and Gaurav Kankanhalli, Journal of Financial Economics 153, 2024; NBER WP 28971.
Coverage by NBER Digest
Employee Costs of Corporate Bankruptcy, with John Graham, Si Li, and Jiaping Qiu, Journal of Finance 78, 2023, 2087-2137; NBER WP 25922; Chicago Fed WP 2022-09.
Best Paper Awards in Corporate Finance, NFA and FMA Asia
Coverage by NBER Digest, Economic Mobility Project @ Chicago Fed
Strong Employers and Weak Employees: How Does Employer Concentration Affect Wages?, Journal of Human Resources 57, 2022, S200-S250, with Efraim Benmelech and Nittai Bergman; NBER WP 24307.
2023 Highly Cited Paper Award, Journal of Human Resources
Coverage by NBER Digest, Wall Street Journal, New York Times, Bloomberg, Bloomberg#2, ProMarket, Economic Policy Institute, Forbes.
Cited by 2022 Economic Report of the President, White House CEA, Joint Economic Committee, Treasury Department.
How Does Labor Market Size Affect Firm Capital Structure? Evidence from Large Plant Openings, Journal of Financial Economics 138, 2020, 277-294.
SAC Capital PhD Candidate Award for Outstanding Research, WFA
CEO-Board Dynamics, Journal of Financial Economics 137, 2020, 612-636, with John Graham and Mark Leary; NBER WP 26004.
Coverage by Harvard Law School Forum on Corporate Governance and Financial Regulation
The Asset Redeployability Channel: How Uncertainty Affects Corporate Investment, Review of Financial Studies 30, 2017, 245-280, with Howard Kung.
Best Paper in Corporate Finance Award, SFS Finance Cavalcade
Dataset of Asset Redeployability index
The Real Effects of Hedge Fund Activism: Productivity, Asset Allocation, and Labor Outcomes, Review of Financial Studies 28, 2015, 2723-2769, with Alon Brav and Wei Jiang; NBER WP 17517.
Michael J. Brennan Best Paper Award, Review of Financial Studies
Lead article and editor’s choice
Coverage by Harvard Business Review, Bloomberg
The Effects of the Length of the Tax-Loss Carryback Period on Tax Receipts and Corporate Marginal Tax Rates, National Tax Journal 62, 2009, 413-427, with John Graham; NBER WP 15177.
Non-Referred Publications
Recent Advances in Research on Hedge Fund Activism: Value Creation and Identification, Annual Review of Financial Economics 7, 2015, 579-595, with Alon Brav and Wei Jiang.
Hedge Fund Activism, with Alon Brav and Wei Jiang, Chapter 7 in Research Handbook on Hedge Funds, Private Equity and Alternative Investments, Edited by Phoebus Athanassiou, 2012.
Hedge Fund Activism: A Review, Foundations and Trends in Finance, 4:3, 2009, 185-246, with Alon Brav and Wei Jiang.