Research Interests: empirical corporate finance, behavioral corporate finance, corporate diversification, labor finance.
Selected Publications (FT 50 Journals):
1. The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity, 2018, with Daniel Carvalho and Gordon Phillips, Journal of Finance, 73(6), 2787-2836.
2. Employment Protection, Investment, and Firm Growth, 2020, with DJ Fairhurst and Matthew Serfling, Review of Financial Studies, 33(2), 644-688 (Historical Headquarters Data)
3. Research: How Employee Protections Affect Investment and Growth, with DJ Fairhurst and Matthew Serfling, Harvard Business
Review (Online), 2019
4. Organizational Form and Trade Liberalization: Plant-level Evidence, 2021, Management Science, 67(12), 7755–7784 (Solo-authored)
5. Management Practices and Mergers and Acquisitions, 2022, with Wang Jin and Matthew Serfling, Management Science, 68(3),
1591–2376
Media Coverage: Columbia Law School Blue Sky Blog; Coller Capital
6. Social Capital and Individual Behaviors: Evidence from Financial Advisers", with Chenguang Shang, Chi Wan, and Eddie Zhao,
Journal of Business Ethics (2021), 1-24
7. Research: How Management Practices Impact M&A Outcomes, 2021, with Wang Jin and Matthew Serfling, Harvard Business Review (Online) 2021
8. What a Difference a (Birth) Month Makes: the Relative Age Effect and Fund Manager Performance, 2019, with Linlin Ma, Kevin Mullally, and David H. Solomon, Journal of Financial Economics, 123(1), 200-221
Media Coverage: Wall Street Journal; Harvard Law School Forum on Corporate Governance and Financial Regulation
9. Fund Manager Skill in an Era of Globalization: Offshore Concentration and Fund Performance, 2021, with Yuehua Tang, Chi Wan, and Zafer Yuksel, Journal of Financial Economics, 145(2) Part A, 18-40 (Mutual Fund Offshore Concentration Data)
10. "What do Outside CEOs Really Do? Evidence from Plant-level Data", 2022, with Anahit Mkrtchyan, Journal of Financial Economics, 147(1), January 2023, 27-48
11. "Proximity and Knowledge Spillovers: Evidence from the Introduction of New Airline Routes", 2023, with Wang Jin and Sifan Zhou, Management Science, 70(11), pp.7464-7485
12. "Your Company Will Need Remote Work as Extreme Weather Gets Worse", with Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan, Harvard Business Review (Online) 2023
13. "Platform-provided Disclosure on Investor Base and Entrepreneurial Success: Evidence from Crowdfunding", 2025, with Ting Chen, Xiumin Martin, and Chi Wan, The Accounting Review, 99(5), pp.97-122
14. "Everyone Steps Back? The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear is High", 2025, with Bill Kerr, Chi Wan, and Alptug Yorulmaz, Research Policy, 54(1) p.105141
15. "Local Labor Market Competition and Capital Structure Decisions", 2022, with Massimo Massa, Chi Wan, and Yan Wang (Journal of Financial and Quantitative Analysis, Forthcoming)
Working Papers:
1. "Cloud Adoption and Firm Performance: Evidence from Labor Demand", 2023, with Wang Jin, (R&R at Management Science)
2. "Executives vs. Chatbots: Unmasking Insights through Human-AI Differences in Earnings Conference Q&A", 2023, with Nicole Boyson, Yi Cao, Miao Liu, and Chi Wan (R&R at Management Science))
3. "Thematic Investing in Mutual Funds", 2023, with Yuehua Tang, Chi Wan, and Zafer Yuksel (R&R at Review of Financial Studies)
4. "Nudges on Environmental Engagement: Evidence from Crowdfunding", 2023, with Yi Cao, Xiumin Martin, and Chi Wan (R&R at Review of Accounting Studies)
5. "Are Mutual Fund Managers Paid for Performance? Evidence from U.S. Administrative Earnings Data", 2022, with Linlin Ma, Kevin Mullally, and Yuehua Tang (Reject and Resubmit at JFE)
WFA 2024, Hawaii
FSRDC Research Project No. 1987 (proposal submitted in May 2017 and approved in February 2019)
6. "Beyond Profit: Unraveling the Social Face of State-Owned Enterprises in Labor Events", 2023, with Liu Yang and Donghua Zhou (R&R at Management Science)
7. "Weathering the Storm: How Remote Work Protects Firm Performance during Natural Disasters", 2021, with Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan (R&R at MIS Quarterly)
8. "Creativity without Walls: the Case of Open Innovation", 2025, with Rui Dai, Anahit Mkrtchyan, and Chi Wan (Submitted)
9. "The Digital Wordsmith: AI-Assisted Disclosures and Crowdfunding Success", 2023, with Yi Cao and Chi Wan (being revised for submission)
10. "Thy Bust, My Boom: Micro Evidence on Small Firms' Tech Evolution after Dot Com Bubble Burst", 2023, with Li Chen and Wenting Ma (being revised for submission)
on the 2026 AFA program (scheduled)
11. "Uneven Loads: Understanding the Decline and Variability in U.S. Manufacturing Capacity Utilization over the Past 40 Years", 2021, with Wang Jin, Chen Shen and Donghua Zhou (Revising to be submitted)
12. "Global Sales Network and Analyst Forecasting Accuracy", 2022, with Zhaoyang Gu, Chi Wan, and Chi Zhang (Submitted)
13. "If You Cannot Beat Them, Acquire Them: Local Labor Market Competition and Mergers and Acquisitions", 2022, with Yi Cao, Tyler Hull, Chen Shen, and Chi Wan (R&R at Financial Review)
14. "Board Connectedness and Innovation Search Strategy", 2023, with Mengchao Ai, Chi Wan, and Alptug Yorulmaz (R&R at Financial Management)
15. "Talent War, Financial Development, and Income Inequality", 2025, with Minggui Yu and Mengmeng He (submitted)
16. "From Property to Productivity: The Impact of Real Estate Purchase Restrictions on Robotics Adoption in China", 2025, with Minggui Yu and Mengmeng He (submitted)
17. "The Price of a News Desert: Local Newspaper Closure and Financial Service Quality", 2025, with Poojan Patel, Chi Wan, and Donghua Zhou (coming soon)
Work-in-Progress:
1. "Deciphering the Unnecessary Obfuscation from the Necessary Complexity: Machine Learning Decomposition of Financial Reporting Readability", 2022, with Yi Cao, Feng Li, and Chi Wan
2. "Pay Secrecy Laws and Corporate Social Responsibility", 2023, with Senlin Miao, Chi Wan, and Minggui Yu
3. "Technology Adoption and Organizational Structure", 2025, with Rongda Chen, Chenglu Jin, Wang Jin, and Chen Shen (coming soon)
4. "Real Impact of Misinformation", 2025, with Yi Cao, Chi Wan, and Sean Wang
Other Publications:
1. "Capital Market Frictions and Human Capital Investment: Evidence from Workplace Safety around Regulation SHO", 2020, with Eunju Lee and Chi Zhang, The Financial Review, 55(2), 339-360
2. "Financial Disclosure Transparency and Employee Wages", 2022, with Matthew Serfling and Sarah Shaikh, The Financial Review, 57(4), 751-773
3. "The Impact of Social Capital on Individual Responses to COVID-19 Pandemic: Evidence from Social Distancing", 2022, with Shuili Du, Wang Jin, and Chi Wan, Forthcoming, Empirical Economics
4. "Shareholder Litigation Risk and Peer Firm Disclosure", 2021, with Mengchao Ai, Ting Chen, Senlin Miao, and Amy Sun, Forthcoming, Journal of Accounting, Auditing and Finance
5. "Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions", 2021, with Yongqiang Chu, Chen Shen, and Chi Wan, Quarterly Journal of Finance, Vol. 14, No. 01, 2450006 (2024)
6. "Growing Pains: The Effect of Labor Mobility on Corporate Investment over the Business Cycle", 2022, with Ashleigh Eldemire-Poindexter and Matthew Serfling, Forthcoming, Journal of Banking and Finance
7. "Sea‐level rise and firms' financial structure decisions". Review of Financial Economics, 42(4), pp.442-466.