Publications

·  “Regional Clusters and Product Market Outcomes: Evidence from the Great Recession”, 2025, with Sandy Klasa and Matthew Serfling, Journal of Financial and Quantitative Analysis, forthcoming.

·  “Shielding firm value: Employment protection and process innovation”, 2022, with Jan Bena and Elena Simintzi, Journal of Financial Economics 146, 637-664.

·  “Protection of Trade Secrets and Capital Structure Decisions”, 2018, with Sandy Klasa, Matthew A. Serfling, and Shweta Srinivasan, Journal of Financial Economics 128, 266-286.

·  “Real Asset Illiquidity and the Cost of Capital”, 2014, with Gordon Phillips, Journal of Financial and Quantitative Analysis 49(1), 1-32 (lead article).

·  “A Natural Robustification of the Ordinary Instrumental Variables Estimator”, 2013, with Gabriela Cohen-Freue and Ruben Zamar, Biometrics 69, 641-650.

·  “Pyramidal Ownership and the Creation of New Firms”, 2013, with Jan Bena, Journal of Financial Economics 108, 798-821.

·  “Do Non-Financial Stakeholders Affect the Pricing of Risky Debt? Evidence from Unionized Workers”, 2012, with Jason Chen and Marcin Kacperczyk, Review of Finance 16, 347-383.

·  “Average Stock Variance and Market Returns: Evidence of Time-Varying Predictability at the Daily Frequency”, 2011 with Jason Chen and Stacey Zhang, Journal of Portfolio Management 37, 86-95.

·  “Labor Unions, Operating Flexibility, and the Cost of Equity”, 2011, with Jason Chen and Marcin Kacperczyk, Journal of Financial and Quantitative Analysis 46, 25-58.

·  “The Strategic Use of Corporate Cash Holdings in Collective Bargaining with Labor Unions”, 2009, with Sandy Klasa and William F. Maxwell, Journal of Financial Economics 92, 421-442.

·  “Voting with Their Feet: Institutional Investors Shy Away from Dual-Class Firms”, 2009, with Kai Li and Xinlei Zhao, Canadian Investment Review 22, 6-13.

·  “Do Voting Rights Affect Institutional Investment Decisions? Evidence from Dual-Class Firms”, 2008, with Kai Li and Xinlei Zhao, Financial Management, Winter, 713-745.

·  “Career Concerns of Top Executives, Managerial Ownership and CEO Succession”, 2008, with M. Martin Boyer, Corporate Governance: An International Review 16, 178-193.

·  “Lending to Small Businesses: The Role of Loan Maturity in Addressing Information Problems”, 2008, with Maria F. Penas, Small Business Economics 30, 361-383.

·  “Executive Compensation and Capital Structure: The Effects of Convertible Debt and Straight Debt”, 2007, Journal of Accounting and Economics 43, 69-93.

·  “Top-Management Incentives and the Pricing of Corporate Public Debt”, 2006, Journal of Financial and Quantitative Analysis Vol. 41, 317-340.