Published Papers
The Finance Uncertainty Multiplier, 2024, with Iván Alfaro and Nick Bloom, Journal of Political Economy, 132 (2): 577-615 | Replication|Firm Level Uncertainty Instruments on EPU website
What Drives Firms’ Hiring Decisions? An Asset Pricing Perspective, 2023, with Frederico Belo, Andres Donangelo and Ding Luo, Review of Financial Studies, 36 (9): 3825-3860 | Online Appendix
The Opposing Effects of Information Complexity and Information Content on Uncertainty Dynamics: Evidence from 10-K Filing, 2022, with Joon Woo Bae, Frederico Belo, Jun Li and Xiaofei Zhao, Management Science, 69 (10): 6313--6332
The Elephant in the Room: the Impact of Labor Obligations on Credit Markets, 2020, with Jack Favilukis and Xiaofei Zhao, American Economic Review, 110 (6): 1673-1712
The Risks of Old Capital Age: Asset Pricing Implications of Technology Adoption, 2020, with Berardino Palazzo and Fan Yang, Journal of Monetary Economics, 115: 145-161 | Firm Level Capital Age Data Updated
External Equity Financing Shocks, Financial Flows, and Asset Prices, 2019, with Frederico Belo and Fan Yang, Review of Financial Studies, 32 (9): 3500–3543 | Online Appendix | External Equity Issuance Shock Data Updated
Investment, Tobin’s q, and Interest Rates, 2018, with Chong Wang, Neng Wang, and Jinqiang Yang, Journal of Financial Economics, 130 (3): 620-640
Labor-Force Heterogeneity and Asset Prices: The Importance of Skilled Labor, 2017, with Frederico Belo, Jun Li, and Xiaofei Zhao, Review of Financial Studies, 30 (10): 3669-3709 | Online Appendix | Industry Level Skill Data
Does Wage Rigidity Make Firms Riskier? Evidence from Long-Horizon Return Predictability, 2016, with Jack Favilukis, Journal of Monetary Economics, 78, 80-95 | Online Appendix
Wage Rigidity: A Quantitative Solution to Several Asset Pricing Puzzles, 2016, with Jack Favilukis. Review of Financial Studies, 29 (1), 148-192 | Online Appendix
Labor Hiring, Investment and Stock Return Predictability in the Cross Section, 2014, with Frederico Belo and Santiago Bazdresch. Journal of Political Economy, 122(1) 129-177 | Online Appendix
Brand Capital, Firm Value, and Asset Returns, 2014, with Frederico Belo and Maria Ana Vitorino. Review of Economic Dynamics, 17(1) 150-169 | Online Appendix
Long Run Productivity Risk and Aggregate Investment, 2013, with Jack Favilukis, Journal of Monetary Economics, 60 (6): 737-751. Supersedes the working paper previously circulated as Micro Frictions, Asset Pricing, and Aggregate Implications
The Investment Manifesto, 2013, with Lu Zhang. Journal of Monetary Economics, 60 (3): 351-366.
The Inventory Growth Spread, 2012, with Frederico Belo. Review of Financial Studies, 25 (1): 278-313
Endogenous Technological Progress and the Cross Section of Stock Returns, 2012. Journal of Financial Economics, 103 (2): 411-428 [Winner of the Trefftzs Award for the Best Student Paper, WFA 2008]