Research Interests: empirical corporate finance, behavioral corporate finance, corporate diversification, labor finance.

Selected Publications:

Labor Finance & Organizational Economics:

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
(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),


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

Mutual Funds:

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)

Working Papers:

1. "What do Outside CEOs Really Do? Evidence from Plant-level Data", 2020, with Anahit Mkrtchyan, R&R at Journal of Financial Economics, 3rd Round

2. "Offshore Sales Networks and Stock Return Predictability", 2021, with Priya Garg, and Chi Wan (Revising for submission)

3. "Proximity and Knowledge Spillover", 2021, with Wang Jin and Sifan Zhou (R&R at Management Science, 2nd Round)

5. "Digital Resilience: How Work-From-Home Feasibility Affects Firm Performance", 2021, with Erik Brynjolfsson, Wang Jin, Sebastian Steffen and Chi Wan (R&R at Information Systems Research)

  • Firms with high work-from-home preparedness performs better in all aspects during the COVID-19 pandemic.

6. "Textual Comparability of Financial Reporting", 2021, with Qing Liao Burke, Xiaolu Xu, and Chi Wan (Revising for submission)

7. "Shareholder Litigation Risk and Peer Firm Disclosure", 2021, with Mengchao Ai, Ting Chen, Senlin Miao, and Amy Sun (R&R at Journal of Accounting, Auditing and Finance )

  • Industry peers' litigation spillover risk induces firms to reduce managerial forecast.

9. "Managing Climate Change Risks: Sea Level Rise and Mergers and Acquisitions", 2021, with Yongqiang Chu, Chen Shen, and Chi Wan (being revised for submission)

  • Firms actively manage climate change risks induced by sea level rise through acquisitions that reduce such risks. Market rewards such mergers as evident in the higher acquirer announcement-period returns.

10. "Migration Fear and Minority Crowdfunding Success: Evidence from Kickstarter", 2021, with Bill Kerr, Chi Wan, and Alptug Yorulmaz (Draft available upon request)

  • Public discourse on immigration impacts minority entrepreneurs' success on Kickstarter.

11. "Non-Compete Agreements and Career Paths of STEM Workers: Evidence from Science and Engineering Doctorate Recipients", 2022, with Wang Jin and Sifan Zhou (Revising for submission)

  • Non competes decrease STEM workers' job mobility, returns to tenure, and incentives to improve skills, effectively transforming technologically general human capital to firm specific.


1. "Narrative Risk Disclosures and Mutual Fund Performance: The Role of Education Attainment", 2022, with Yuehua Tang, Chi Wan, and Zafer Yuksel

2. "If You Cannot Beat Them, Acquire Them: Local Labor Market Competition and Mergers and Acquisitions", 2022, with Yi Cao, Chen Shen, Chi Wan, and Yakun Wang

3. "Does Private Equity Really Destroy Jobs? Long-term Effects Using Census Data", 2022, with Gordon Phillips

4. "Deciphering the Unnecessary Obfuscation from the Necessary Complexity: Machine Learning Decomposition of Financial Reporting Readability", 2022, with Yi Cao, Feng Li, and Chi Wan

5. "Global Sales Network and Analyst Forecasting Accuracy", 2022, with Zhaoyang Gu, Chi Wan, and Chi Zhang

6. "Mutual Fund and Supply Chain: New Evidence", 2022, with Chi Wan, Zafer Yuksel, and Rafael Zambrana