Research

Published and Accepted Papers

[21] “Do Short-term Incentives Affect Long-Term Productivity?,” with Heitor Almeida, Nuri Ersahin, Rustom Irani, and Mathias Kronlund,
Review of Financial Studies, Accepted

[20] “Innovation Under Pressure,” with Heitor Almeida, Po-Hsuan Hsu, Mathias Kronlund, and Kevin Tseng,
Journal of Financial and Quantitative Analysis, Accepted

[19] “Gig-Labor: Trading Safety Nets for Steering Wheels,” with Naser Hamdi, Ankit Kalda, and Jordan Nickerson
 Journal of Financial Economics, Forthcoming

[18] “Informed Trading Intensity,” with Vincent Bogousslavsky and Dmitry Muravyev
Journal of Finance, Forthcoming

[17] “Short Campaigns by Hedge Funds,” with Ian Appel
Review of Financial Studies, Vol. 37, Issue 5, May 2024, Pages 1460-1493
 Coverage: Harvard Law School Corporate Governance Forum

[16] “The Distribution of Voting Rights to Shareholders,” with Clifford Holderness
Journal of Financial and Quantitative Analysis, Vol.  58,  No. 5, August 2023, Pages 1878-1910
                John L. Weinberg/IRRCI Research Award
                Coverage: Harvard Law School Corporate Governance Forum, The Deal

[15] “Tuition, Debt, and Human Capital,” with Rajashri Chakrabarti, Andres Liberman, and Constantine Yannelis
Review of Financial Studies,  Vol. 36, Issue 4, April 2023, Pages 1667-1702
                LBS Summer Finance Symposium Best Paper Award
                Coverage: NASFAA

[14] “Value Creation in Shareholder Activism,” with Rui Albuquerque and Enrique Schroth
        Journal of Financial Economics, Volume 145, Issue 2, Part A, August 2022, Pages 153-178
         Editor's Choice article

[13] “Institutional Investors and Corporate Governance,” with Amil Dasgupta and Zacharias Sautner
        Foundations and Trends in Finance, 2021, Vol. 12: No. 4, Pages 276-394

[12] “Informed Trading in the Stock Market and Option Price Discovery,” with Pierre Collin-Dufresne and Dmitry Muravyev,
      Journal of Financial and Quantitative Analysis, Volume 56(6), September 2021, Pages 1945-1984,
[Link to Internet Appendix]

[11] “The Sound of Many Funds Rebalancing,” with Alex Chinco
        Review of Asset Pricing Studies, Volume 11(3), September 2021, Pages 502-551
         The 14th Annual Meeting of the Financial Research Association Best Paper Award
         Best paper Award, Review of Asset Pricing Studies
         Coverage: VOX column 

[10] “Activism, Strategic Trading, and Liquidity,” with Kerry Back, Pierre Collin-Dufresne, Tao Li, and Alexander Ljungquist
        Econometrica, Volume 86, Issue 4, July 2018, Pages 1431-1463
       Note: This paper subsumes parts of two working papers: Back, Li, and Ljungquist (2015) and Collin-Dufresne and Fos (2015)
        Coverage: Harvard Law School Corporate Governance Forum

[9] “Do Director Elections Matter?,” with Kai Li and Margarita Tsoutsoura
        Review of Financial Studies, Volume 31, Issue 4, April 2018, Pages 1499-1531
        Coverage: Harvard Law School Corporate Governance Forum

[8] “The Disciplinary Effects of Proxy Contests”
        Management Science, Volume 63, Issue 3, March 2017, Pages 655-671
        SAC Capital PhD Candidate Award for Outstanding Research
        Coverage: Harvard Law School Corporate Governance Forum, Council of Institutional Investors’ letter to the SEC

[7] “Out-of-The-Money CEOs: Private Control Premium and Option Exercises,” with Wei Jiang
        Review of Financial Studies, Volume 29, Issue 6, November 2016, Pages 1549-1585
        The Seventh Annual Academic Conference on Corporate Governance Best Paper Award
        Coverage: Harvard Law School Corporate Governance Forum, Market Watch, The Wall Street Journal

[6] “Insider Trading, Stochastic Liquidity, and Equilibrium Prices,” with Pierre Collin-Dufresne
        Econometrica, Volume 84, Issue 4, July 2016, Pages 1441-1475
        TCW Best Paper Award, CICF
        Best Paper Award, Affi Spring International  Conference

[5] “The Real Effects of Share Repurchases,” with Heitor Almeida and Mathias Kronlund
              Journal of Financial Economics, Volume 119, Issue 1, January 2016, Pages 168-185
               Coverage: Harvard Law School Corporate Governance Forum, Senator Tammy Baldwin’s letter to the SEC

[4] “Do Prices Reveal the Presence of Informed Trading?,” with Pierre Collin-Dufresne
        Journal of Finance, Volume 70, Issue 4, August 2015, Pages 1555-1582
        Amundi Smith Breeden Distinguished Paper Prize
        Coverage: Bloomberg, Harvard Law School Corporate Governance Forum

[3] “Shareholder Democracy in Play: Career Consequences of Proxy Contests,” with Margarita Tsoutsoura
        Journal of Financial Economics, Volume 114, Issue 2, November 2014, Pages 316-340
        Coverage: Harvard Law School Corporate Governance Forum, IR magazine, Activism Monthly

[2] “Inferring Reporting-Related Biases in Hedge Fund Databases from Hedge Fund Equity Holdings”, with
Vikas Agarwal and Wei Jiang
        Management Science, Volume 59, Issue 6, June 2013, Pages 1271-1289
        Coverage: All About Alpha 

[1] “A Portfolio Choice Model with Utility from Anticipation of Future Consumption and Stock Market
Mean Reversion”, with Arik Kuznitz, Shmuel Kandel
        European Economic Review, Volume 52, Issue 8, November 2008, Pages 1338-1352

Working Papers