Working Papers

Selected Working papers (* indicates presentation by coauthor)

SSRN page: http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=455621

     1. The Debt-Equity Spread, joint with Hui Chen (MIT) and Jun Li (UT-Dallas)

-- Propose the debt-equity spread as a new measure of the valuation gap between debt and equity at the bond and firm level. This measure predicts the cross-sectional stock and bond returns in opposite directions, as well as simultaneous equity issuance and debt retirement.

-- Revise & Resubmit at the Journal of Finance.

-- Seminars and Conferences:  Arrowstreet Capital*, Rice University*, Citi Quant*, BI Norwegian Business School, City University of London, Babson University, Chinese University of Hong Kong, Hong Kong Baptist University*, Peking University HSBC Business School, Southern University of Science and Technology, Midwest Finance Association annual meeting*, Financial Intermediation Research Society annual meeting*,  China International Conference in Finance annual meeting, UNSW asset pricing workshop, Fixed Income and Institutions Symposium, European Finance Association annual meetings, and American Finance Association annual meetings*.

2. Maturity Overhang: Evidence from M&A, joint with Dirk Hackbarth (Boston), Jarrad Harford (Washington) and Yuxin Luo (Boston)

-- Provide empirical evidence and theoretical support for the  maturity overhang problem that is due to shorter debt maturities creating higher rollover risk. 

-- Seminars and Conferences: American Finance Association annual meetings,  Midwest Finance Association annual meetings, Financial Intermediation Research Society annual meetings (Berlin), Asian FA (Scheduled), China International Conference in Finance (scheduled), and Xiamen University (School of Economics).

3. Public Seeds, Private Blooms: A Q-Theoretical Exploration of Public and Private Investment, joint with Ran Duchin (BC) and Daniel Kim (Waterloo). new!

 --  Conferences:  Northern Finance Association annual meetings (scheuduled)

4. Bargaining Power, Business Cycle and Levered Equity Risk, joint with Ilya A. Strebulaev (Stanford).

-- Develop and test an agency-based contingent claims model that features debt renegotiation for cross-sectional stock returns. The model performs well for portfolios formed on financial leverage, book-to-market equity, and asset growth. 

 --  Conferences: American Finance Association Annual Meetings  (Philadelphia), European Finance Association Annual Meetings (Cambridge, UK), Sonoran Winter Finance Conference (Arizona State  University).