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Education

PhD – Finance, Arizona State University, Tempe AZ

MA – Economics, University of New Mexico, Albuquerque NM

MBA – University of New Mexico, Albuquerque NM

BS – Operations Research, USAF Academy, Colorado Springs CO

Publications

1) “Compensation Goals and Firm Performance” with Carr Bettis, Radha Gopalan and Todd Milbourn

--Journal of Financial Economics , 124(2), 307-330, 2017

--Winner of the 2016 Olin Award "Recognizing Research that Transforms Business"

--Featured on the Harvard Law School Forum

--Presented at: Northeastern University, University of Amsterdam, Washington University in St Louis, University of Kentucky, University of Oklahoma, University of Western Ontario, Hong Kong University of Science and Technology, 2017 AFA Meetings (Chicago)

2) “Does the Stock Market Make Firms More Productive?" with René Stulz and Zexi Wang

         --Journal of Financial Economics, 136(2), 281-306, 2020

         --To be featured on the Harvard Law School Forum

         --Presented at: Ohio State University

3) "How are Bankers Paid?" with Radha Gopalan and Anjan Thakor

--Review of Corporate Financial Studies, 10(4), 788-812, 2021

--Featured on the Columbia Law School Forum

--Presented at: FDIC CSR

4) “When Pay for Luck is Pay for Action:  CEO Compensation and Real Estate Prices” with Claudia  Custodio, Dragana Cvijanovic and Ana Albuquerque

--Review of Accounting Studies, 1-47, 2022

--Presented at: 2015 AFA Meetings (Boston), 2015 WFA Meetings, Arizona State University, Nova School of Business (Lisbon Portugal), European Summer Symposium in Financial Markets (CEPR), and the Workshop on Executive Compensation and Corporate Governance (Erasmus University, Rotterdam Netherlands), 2015 Lubrafin Conference (Lisbon), Bocconi, University of St Gallen, University of North Carolina Conference on Financial Economics and Accounting, 2016 4-Nations Cup Conference, Indiana University, Instituto de Empresa IESE-Barcelona, Queen Mary University London, and WHU-Otto Beisheim School of Management

5) “Clawback Provisions and Firm Risk” with Ilona Babenka, John Bizjak, Jeff Coles and Jason Sandvik

--Review of Corporate Finance Studies, 12(2):191-239, 2023 (Lead Article, Editor’s Choice)

--Presented at: 2012 European Finance Association meetings, 2013 Western Finance Association meetings, 2013 Global Finance Conference in Dubai,  Arizona State University, Hong Kong Polytechnic University, University of Nebraska, Southern Methodist University, and Texas Tech University, Texas Tech University, Southern Methodist University, 2013 Society for Financial Studies Cavalcade, 2013 European Finance Association, 2013 Western Finance Association, Arizona State University

6) “Regulating CEO Pay: Evidence from the Nonprofit Revitalization Act” with Ilona Babenko and Rik Sen

--Conditionally accepted at Review of Financial Studies

--Presented at: University of Lancaster, Arizona State University, University of Alberta, University of New South Wales, 2021 NTA, 2021 FIRN, 2021 CICF, Boston College, 2022 WFA, 2022 EFA

--Best Paper: 2021 FIRN Annual Conference

Working Papers

1) "Does Enhanced Disclosure Curb CEO Pay? Evidence from a Modern Information Technology Improvement" with Ilona Babenko and Zexi Wang

--Revise and resubmit at Journal of Finance

--Presented at: 2023 BMCFC Annual Corporate Finance Conference (University of Exeter), 2024 Drexel Corporate Governance Conference, 2024 CICF, 2024 HKU Summer Finance Workshop, 2025 AFA, 2025 Penn-NYU Law and Finance Conference 

--To be featured on the Columbia Law School Forum

2) “Stock Repurchases and the 2017 Tax Cuts and Jobs Act" with Ana Albuquerque, Petro Lisowsky, and  Zexi Wang

--Revise and resubmit at Journal of Accounting and Economics

--Presented at: Bocconi University, Erasmus University, World Finance Conference 2024, Current Research in Taxation  Conference (Portugal) 2024, University of Colorado, University Carlos III (Madrid), European Accounting Association 2025 (Rome), LubraFin 2025

--To be featured on the Columbia Law School Forum

3) “Paid Leave Pays Off: Evidence from U.S. Public and Private Firms" with Isil Erel, Lea Stern, and Zexi Wang

--Revise and resubmit at Review of Finance

--Featured on: Harvard Business Review

--Presented at: 2020 AFA, 2020 EFA, 2020 FIRS, 2021 SFS Cavalcade, 2022 Delaware ECGI Corporate Governance Symposium

4) “Firm-Level Litigation Risk: Measurement and Effects" with Charles Ham, Todd Milbourn, and Zexi Wang

--Revise and resubmit at Management Science

--Presented at: 2020 AFA

5) “Does Greater Public Scrutiny Hurt a Firm's Performance?" with René Stulz and Zexi Wang

--Featured on: MSN, Bloomberg, Bloomberg, Marketwatch, The Economist, Harvard Law School Forum, Columbia Law School Forum

--Presented at: Ohio State University, Cornell University, University of Central Florida, 2024 AFA

6) "CECL and Bank CEO Compensation" with Ilona Babenko, Gauri Bhat, and Todd Milbourn

--Presented at: Univ of Miami, Southern Methodist University, Federal Reserve Bank of St Louis Workshop on Financial Institutions Research, 2024 Australasian Finance and Banking Conference, Tulane University

7) “When Loyalty is Optional: The Economics of Corporate Opportunity Waivers and CEO Compensation" with Ilona Babenko and Zexi Wang

--Presented at: China Europe International Business School (CIEBS)

8) “How Executive Compensation Changes In Response to Personal Income Tax Shocks" with Jeff Coles and Zexi Wang

--Presented at: 2021 AFA, 2021 FMA, Penn State University, 2022 Drexel Corporate Governance Symposium, Lafayette College, University of Birmingham, Univ of North Texas, UC-Riverside, Stevens Institute of Technology

9) “What are the Costs of Weakening Shareholder Primacy? Evidence from a U.S. quasi-natural Experiment" with René Stulz and Zexi Wang

--Presented at: 

--Featured on: Harvard Law School Forum

10) "When the Tax Break Breaks: CEO Pay and Turnover Following TCJA" with Ilona Babenka and Dragana Cvijanovic

--Presented at:

11) "Do Informative Stock Prices Simplify Executive Compensation?" with Gerald Garvey, Todd Milbourn, and Zexi Wang

--Presented at: 2020 AFA

12) “The Collateral Value of Housing: Evidence from Service Member Pension Choices” with Radha Gopalan and Thomas Maurer

 --Presented at: Washington University in St Louis, 2017 MFA, 2017 FIRS, 2017 SGF (Zurich), 2017 Boulder Summer Conference

13) “Managerial Compensation and Stock Price Informativeness" with Gerald Garvey, Todd Milbourn, and Zexi Wang

--Presented at: Rice University, SFI Research Days 2017 Gerzensee, PFMC 2017 Paris, EFA 2018, EFMA 2018 Milan

Research In Progress

1) "A Study of Academic Wage Inequality" with Wilson Law and James West

2) “Pay for Complexity” with Ilona Babenko, Rik Sen, and Zexi Wang

3) “Disclosure, Competition, and Performance” with John Bizjak, Swami Kalpathy, and Zexi Wang

4) Stock Market project with Justin Birru and Xuewei Xiao