Publications

Political Sentiment and Innovation: Evidence from Patenters
with Joseph Engelberg, Runjing Lu, and William Mullins
Review of Financial Studies, 2025, 38(9): 2718–2758

Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers
with Ufuk Akcigit, Sina T. Ates, Josh Lerner, and Yulia Zhestkova
Journal of Monetary Economics, 2024, 141: 14–39

Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
with Shai Bernstein and Ting Xu
Review of Financial Studies, 2024, 37(3): 837–881

Does Career Risk Deter Potential Entrepreneurs?
with Joshua D. Gottlieb and Ting Xu
Review of Financial Studies, 2022, 35(9): 3973–4015
RFS Editor’s Choice

Can the Market Multiply and Divide? Non-Proportional Thinking in Financial Markets
with Kelly Shue
Journal of Finance, 2021, 76(5): 2307–2357
AQR Insight Award (1st Prize)

How Do Consumers Fare When Dealing with Debt Collectors? Evidence from Out-of-Court Settlements
with Ing-Haw Cheng and Felipe Severino
Review of Financial Studies, 2021, 34(4): 1617–1660, Lead Article
RFS Editor’s Choice

Do Household Wealth Shocks Affect Productivity? Evidence from Innovative Workers During the Great Recession
with Shai Bernstein and Timothy McQuade
Journal of Finance, 2021, 76(1): 57–111

Are Early Stage Investors Biased Against Women?
with Michael Ewens
Journal of Financial Economics, 2020, 135(3): 653–677

How Do Quasi-Random Option Grants Affect CEO Risk-Taking?
with Kelly Shue
Journal of Finance, 2017, 72(6): 2551–2588

Growth through Rigidity: An Explanation for the Rise in CEO Pay
with Kelly Shue
Journal of Financial Economics, 2017, 123(1): 1–21, Lead Article
JFE Jensen Prize for Best Papers in Corporate Finance and Organizations (2nd Prize)

The Impact of Venture Capital Monitoring
with Shai Bernstein and Xavier Giroud
Journal of Finance, 2016, 71(4): 1591–1622

Propagation of Financial Shocks: The Case of Venture Capital
Management Science, 2015, 61(11): 2782–2802

Working Papers

Entrepreneurial Spawning from Remote Work
with Alan Kwan, Ben Matthies, and Ting Xu

Interest Rate Predictability Confusion
with Kelly Shue and Chen Wang
Arthur Warga Award for Best Paper in Fixed Income, SFS Cavalcade North America, 2025

Do Startups Benefit from Their Investors’ Reputation? Evidence from a Randomized Field Experiment
with Shai Bernstein, Timothy McQuade, and Ting Xu

Cycles, Clusters, and VC-Backed Innovation: Evidence from Four Decades of U.S. Patenting
with Sabrina Howell, Josh Lerner, and Ramana Nanda